Personal FinanceTax Refund
Apr 23, 2024 07:42 AM EDT
In order to transmit their tax returns to the IRS, almost 30 million Americans waited until the final two weeks of the tax filing season. It's possible that many of them are now unsure of when their refunds will appear in their bank accounts.
It's a significant financial concern since tax refunds sometimes constitute the largest check received by many households all year, enabling them to make substantial purchases, save for emergencies, or even pay off debt. The most recent IRS data shows that the average 2024 tax refund is $2,948-3.8% more than it was a year ago.
Fortunately, there are a few simple methods to find out where your return is. You may use the IRS2Go mobile app, which is compatible with smartphones and other comparable devices, or visit their "Where's my refund?" webpage. The IRS said that during the current tax season, it enhanced the monitoring services by responding to inquiries from customers with greater detail.
However, other people prefer receiving a lump amount in their tax return because, as Rossman pointed out, it essentially functions as a forced savings plan, giving them a single, sizable check each year that they may use for everything from significant purchases to debt repayment.
According to the IRS, you may use its "Where's My Refund?" page to track the progress of your refund as soon as 24 hours after filing your return online.
The website will require the following few fundamental pieces of information from you:
Additionally, according to the IRS, the service has been enhanced to give taxpayers access to more information, including notifications in the event that the agency requires them to reply to a letter asking additional information.
Read Also: Don't Sweat the IRS: Here's How Likely You Are to Get Audited
IRS2Go, a mobile app developed by the IRS, functions similarly to the "Where's My Refund?" website. To retrieve your refund information, the app-which you can download on any iOS or Android device-requires the following information:
While it claims to be targeted at those without internet access, the IRS does provide a phone line for return data.
If that describes you, you may check on the status of the current year's tax return by calling the refund hotline at 800-829-1954. Call 866-464-2050 to inquire about an updated return for previous years.
When it comes to tracking your tax refund status, the process involves monitoring three key stages. Initially, the tracking apps will notify you once the IRS has received your return, indicating that the agency has begun processing your form. Following this, the apps will update you on the approval of your refund by the IRS, along with an estimated issuance date for the check. Finally, you'll receive alerts regarding the transfer of your refund to your bank account via direct deposit or through the mail. The IRS advises that direct deposits may take up to 5 days to reflect in your bank account, while paper checks might require several weeks for delivery.
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