The 2024 tax filing season is well underway and millions of Americans who have already filed their tax returns are expectantly awaiting their refunds. In the midst of the rush, the Internal Revenue Service is working round the clock to process a vast number of forms and ensure swift and accurate payouts.
If you’re among those in the waiting line, prepare for a test of patience and diligence. And remember, if you encounter any hurdles or need assistance, don’t hesitate to consult with a professional tax advisor. This period is crucial for keeping your finances in order, so seeking help, when necessary, is advisable.
To ease the inherent stress of tax filing season, the IRS has introduced the “Where’s My Refund” tool. This platform allows taxpayers to check the status of their refunds, offering a degree of transparency and control. Not only is this tool easy to access via the IRS’s official website, but it’s also designed to keep taxpayers informed about the progress of their refunds, thereby reducing some of the anxieties associated with tax filing.
To use this feature, you’ll need to provide your social security number or taxpayer ID, your filing status, and the precise amount of your anticipated refund. Do note, the tool will only work if the details entered match exactly those submitted in your tax return. Any discrepancies can lead to incorrect tracking or potentially disable the tracking feature.
Generally, e-filed tax returns appear on the tool about a day after submission. Returns from previous years take about three to four days. Paper-filed returns, on the other hand, are updated roughly a month after submission. These timelines are just rough estimates and might vary depending on the number of returns currently being processed.
Aside from tracking, the “Where’s My Refund” tool also provides information on any issues that might delay your refund and offers suggestions to resolve them. In addition, it provides guidance on how to avoid similar issues in the future and allows you to track your refund payment in real time.
Once your refund is ready to be issued, the IRS will notify you. If you selected bank deposit as your refund method, expect your money within five days of this notification. However, receiving a paper check may take a bit longer. Rest assured, regardless of your chosen method, the tool ensures you’re kept informed about your refund status at all times.
