How to Know Estimated IRS Refund Dates

As January approaches, your attention may be on the upcoming 2024 tax filing. And, you may also be one of the people who are waiting for your tax return. If there is extra money coming in from the Internal Revenue Service (IRS), you might be able to use it to pay off some of your debts or put it in a savings account. So, how do you know the estimated IRS refund date? Well, this article will help you find information regarding your estimated tax refund.

IRS Refund Schedule for 2024

The Internal Revenue Service (IRS) has announced that income tax returns will begin processing on January 29, 2024. The deadline to file a tax return in 2024 is April 15. However, this can sometimes vary based on weekends or state holidays. If you have a major income change this year, such as getting married, having a child, getting divorced, or making other significant changes in your life, then you should seek advice from a tax professional such as a CPA to ensure that you keep compliant with tax laws and also take advantage of the new changes.

The good news is now that the Internal Revenue Service (IRS) has added new technology that will help tax returns be processed faster than in recent years. It should be noted that the tax deadline will return to normal on April 15, 2024, except for residents of Maine and Massachusetts the deadline is April 17, as April 15 is a state holiday. If you are unable to file your taxes by April 15, then you will have to file an automatic extension, which will give you an additional six months to file your taxes.

Again, you should keep in mind that the IRS will start accepting and processing tax refunds on January 29, 2024. Depending on when you file your tax return, you will likely be able to receive your federal tax refund payment (direct deposit) within 2-3 weeks. As for paper check refunds, it will take longer. In most cases, tax filers who wish to receive a refund can usually see their refund as early as mid or late February. The Internal Revenue Service (IRS) also said that most tax returns filed electronically will be directly deposited into the taxpayer’s bank account within 10 days after the Internal Revenue Service (IRS) receives the return.

IRS Tax Refund Estimated Time

Typically, you will receive your refund within 21 days of filing. The IRS says that they will issue 90% of refunds within that time frame. If you want your refund to be deposited directly into your account, then you will have to wait five days before you can access it. However, if you want to request a refund check, then you will have to wait a few weeks for the check to arrive. We will provide an estimate of how long you will wait, from the time you file until you receive your refund, through the table below.

Based on how you filed, you can generally expect a refund within this timeframe. You should receive your refund within two weeks after your taxes are received by the Internal Revenue Service (IRS) for direct deposit, and three weeks after electronic filing for paper checks in the mail. But in some cases, you may also have to wait longer.

Estimated Chart of 2024 IRS Income Tax Return

In the chart below, we will provide a week-by-week breakdown of when the Internal Revenue Service (IRS) can accept electronically filed returns and the earliest date for direct deposit refunds.

Some important points to note:

• • The estimated start date for the Internal Revenue Service (IRS) to accept returns is January 29, 2024.
  • The dates of refund will vary, from early February to late May. It depends on the filing date.
  • Filing during peak season (late March – April 15) will entail a longer wait time.
  • Returns with EITC or CTC may see refunds delayed until March to verify eligibility credit.

If you file your tax return electronically (using the online tax preparer), then the IRS will tell you the actual date the agency “Accepted ” your return. Usually, this process will take about 1-3 days from the time you press the “File” or “Submit” button. This is the date you need to use on the left side of the chart above.

Some Factors Affecting Refund Time

Here are some factors that can affect and determine when you can receive your tax refund:

• • Date of filing the return
  • Claims for certain credits such as EITC and CTC
  • Method of return filed (e-filed vs. mailed)
  • Existence of debt to the federal government

Significant events in your life, such as changes in marital status, number of children, home purchase, investment changes, or retirement may require professional tax advice to ensure that you comply with tax laws and obtain optimized tax benefits. In addition, you should know that the Internal Revenue Service (IRS) has new technology to speed up the processing of tax returns. Of course, this new technological tool is a relief for everyone, especially after the delays experienced in previous years due to the backlogs and pandemic.

How to Check IRS Refund Status?

Once you have filed your tax return, you will want to know the status of your IRS refund. So, how do you check your IRS Refund Status? To check the status of a tax refund, the Internal Revenue Service (IRS) provides two main tools: the “Where’s My Refund?” online tool and IRS2Go mobile app. You can choose whichever method you want. Both methods certainly offer an efficient method to track the progress of your IRS refund. You can check the status of your refund within 24 hours if you file your tax return electronically. However, if you mail your tax return, then you will need to wait at least four weeks.

Method 1: The “Where’s My Refund?” Online Tool

You can access the “Where’s My Refund?” online tool on the IRS website. Simply, you can access it by going to irs.gov and navigate to the “Where’s My Refund?” link. To check the status of your IRS refund, you need to provide some information:

• • Social Security Number (SSN)
  • Filing Status
  • Exact Refund Amount

The “Where’s My Refund?” online tool is updated once every 24 hours, typically overnight. Thus, you will be able to check daily for any status updates. The “Where’s My Refund?” online tool provides the most up-to-date information about your IRS refund and has three stages: Return Received, Refund Approved, and Refund Sent.

Note: Make sure you enter your Social Security Number (SSN) correctly. If you accidentally enter an incorrect SSN, it may trigger IRS Error Code 9001. This case will require further identity verification and definitely delay your tax refund.

Method 2: IRS2Go Mobile App

To check the status of your IRS refund through the IRS2Go mobile app, firstly you can download the app from Google Play Store or Apple App Store. This app offers the same functionality as “Where’s My Refund?” tool. After installing the IRS2Go mobile app, you can enter your Social Security number (SSN), filing status, and exact amount for checking your refund status. Besides checking your refund status, you can also use this IRS2Go mobile app to make payments, receive IRS news updates, and access free tax preparation assistance.

Tia Varborough

A bookworm and researcher especially related to law and citizenship education. I spend time every day in front of the internet and the campus library.