Tax Season Underway: Here's When You Can Expect Your Refund
With tax filing season officially underway, millions of Americans are gearing up to file their returns and potentially receive refunds. According to the IRS, a record 164 million individual income tax returns are expected to be filed by April 15.
This year's average refund is projected to be $1,000 higher than last year's, thanks in part to changes in tax law. However, taxpayers can expect some delays due to an exodus of IRS workers since the start of the Trump administration. The national taxpayer advocate has warned that this may lead to challenges for those who encounter problems filing their returns.
If you're expecting a refund, here are some key things to know: Electronic filers can expect to receive their refunds in 21 days or less, while direct deposit recipients can expect even faster processing. Paper filers, on the other hand, may face delays of four weeks or more. The IRS also cautions that taxpayers should not rely on receiving a refund by a certain date, especially when making major purchases or paying bills.
To check the status of your refund, you can use the online tool "Where's My Refund?" which provides projected deposit dates for most early EITC/ACTC refund filers as early as February 21. You'll need to provide your Social Security or individual taxpayer ID number to access this information.
This tax season also marks a shift towards direct deposit refunds, with the IRS phasing out paper tax refund checks in accordance with an executive order. Most taxpayers must now provide their routing and account numbers to receive refunds directly deposited into their bank accounts.
For those eligible, tax credits like the Earned Income Tax Credit (EITC) and Child Tax Credit can also be claimed on their returns. The IRS expects most refunds for these credits to be available in bank accounts or on debit cards by March 2 for taxpayers who choose direct deposit.
Overall, while tax season may bring some challenges, knowing when to expect your refund and how to check its status can help make the process smoother.
With tax filing season officially underway, millions of Americans are gearing up to file their returns and potentially receive refunds. According to the IRS, a record 164 million individual income tax returns are expected to be filed by April 15.
This year's average refund is projected to be $1,000 higher than last year's, thanks in part to changes in tax law. However, taxpayers can expect some delays due to an exodus of IRS workers since the start of the Trump administration. The national taxpayer advocate has warned that this may lead to challenges for those who encounter problems filing their returns.
If you're expecting a refund, here are some key things to know: Electronic filers can expect to receive their refunds in 21 days or less, while direct deposit recipients can expect even faster processing. Paper filers, on the other hand, may face delays of four weeks or more. The IRS also cautions that taxpayers should not rely on receiving a refund by a certain date, especially when making major purchases or paying bills.
To check the status of your refund, you can use the online tool "Where's My Refund?" which provides projected deposit dates for most early EITC/ACTC refund filers as early as February 21. You'll need to provide your Social Security or individual taxpayer ID number to access this information.
This tax season also marks a shift towards direct deposit refunds, with the IRS phasing out paper tax refund checks in accordance with an executive order. Most taxpayers must now provide their routing and account numbers to receive refunds directly deposited into their bank accounts.
For those eligible, tax credits like the Earned Income Tax Credit (EITC) and Child Tax Credit can also be claimed on their returns. The IRS expects most refunds for these credits to be available in bank accounts or on debit cards by March 2 for taxpayers who choose direct deposit.
Overall, while tax season may bring some challenges, knowing when to expect your refund and how to check its status can help make the process smoother.