Many American taxpayers are likely to be eagerly awaiting their tax refunds by this time of the year, when reimbursements are made by the Internal Revenue Service (IRS) for any excess amount paid to the federal government.
But when exactly can they expect to receive their refunds? Newsweek has broken down the timeline for you and explains how taxpayers can keep track of their refunds.
Who Will Get a Refund?
Anyone who paid more through the year than they owed in taxes will get some money back, according to the IRS. Even those who didn't pay taxes because they didn't owe any might be eligible for a refund in the form of a refundable credit. One crucial requirement is that taxpayers have filed their tax returns. The IRS gives people three years to claim a tax refund.
When Will Taxpayers Get Their Refunds?
This year's tax season started officially on January 27. The agency said it expects nearly 140 million Americans to file their tax returns by the April 15 deadline.
According to IRS data, about two-third of taxpayers got a refund last year, receiving an average check of $3,100.
The IRS says it usually takes up to 21 days for an e-filed tax return, and four weeks or more for amended returns and returns sent by mail. It might take longer, the agency warns, if a taxpayer's return needs corrections or extra review.
The timing of a taxpayer's refund might also change if they claim the Earned Income Tax or Child Tax Credit; request injured spouse relief; file a form 1040-NR, Nonresident Alien Income Tax Return; file with an individual taxpayer ID number; or have a refund over $2 million.
How Will Taxpayers Get Their Refunds?
It's up to taxpayers how they receive their payments. A refund might come through direct deposit—the fastest way—paper check sent by mail, prepaid debit card, mobile payment apps, or through a deposit made into the taxpayer's existing Inflation Reduction Act [IRA] account.
Where Is Your Refund?
Taxpayers who have already filed their tax returns can check on the status of their refunds on the IRS.gov website using the tool "Where's My Refund?" or use the mobile app called IRS2Go.
To check where your refund might be, you need to insert:
- Your Social Security or individual taxpayer ID number (ITIN);
- Your filing status;
- The exact refund amount on your return.
At this point, you'll see one of the following results:
- Return received;
- Refund approved;
- Refund sent.
If your return has been received, the IRS is still processing and has not yet issued a refund. If the refund has been approved, the agency is preparing to send it by the date shown. If the refund has been sent, it will be with you within up to five days if it has been sent to your bank account and several weeks if it is arriving by mail.
Those who have filed paper returns have to wait about four weeks before the information on the status of their refunds becomes available on the IRS website or mobile app.
What If You Haven't Filed Your Taxes Yet?
If you haven't filed your tax return for the tax year 2024 yet, you still have time until April 15. If you're an American citizen living abroad, you have an extension until June 16. Those who have applied and been approved for an extension have until October 15 to file their returns.
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