As we find ourselves in June 2024, the deadline for filing tax returns has long passed, with April 15th, 2024, marking the original cutoff. However, the Internal Revenue Service (IRS) has extended the deadline for filing income tax returns to October 15th, 2024, for those who have yet to submit their paperwork.
Taxpayers who overpaid their taxes in 2023 may be eligible for refunds from the IRS. This article provides insights on how to track your IRS refund status in 2024 and when you can expect your refund.
IRS Refund Status 2024 Overview
According to IRS data, approximately 66.8 million refunds had been processed by April 5th, 2024, a slight decrease compared to 69.1 million by April 7th, 2023. Taxpayers must file their returns using Form 1040 (U.S. Individual Income Tax Return) and Form W-2, which details annual wages and taxes withheld by employers.
Despite the initial filing deadline of April 15th, 2024, taxpayers now have until October 15th, 2024, to submit their returns if they missed the original deadline.
Tracking Your IRS Refund Status
There are several methods to track your IRS refund status, depending on how you file your returns. If you filed electronically, you could track your refund status within 24 hours of submission. For amended or mailed returns, tracking may be delayed.
Refunds can be issued via direct deposit, mobile payment apps, prepaid debit cards, or paper checks. Direct deposits are transferred directly to the taxpayer’s bank account.
Using the IRS ‘Where’s My Refund’ Tool and IRS2Go Mobile App
The IRS has updated its “Where’s My Refund” tool, allowing taxpayers to track both federal and state tax returns efficiently. This tool provides the fastest way to check the status of your tax return, eliminating the need to contact the IRS directly.
To use the tool, you will need your Social Security Number (SSN), Individual Taxpayer Identification Number (ITIN), filing status, and the expected refund amount.
The “Where’s My Refund” tool will inform you about your refund status in three stages: return processing, return acceptance, and refund approval. Alternatively, you can use the IRS2Go mobile application, which offers similar functionality. Both platforms require accurate entry of your details and will notify you of any updates from the IRS.
When to Expect Your IRS Tax Refund
The IRS does not have fixed dates for issuing tax refunds. The timing of your refund depends on when and how you filed your tax returns. For electronic filings, you can expect your refund within three weeks or 21 days after submission. For amended returns or mailed returns, the wait time can extend to four weeks or longer.
Potential Delays in Receiving Your IRS Refund
Several factors can delay the issuance of your tax refund. Mailing your returns instead of filing electronically can extend the wait time. Additionally, any required corrections or reviews can cause delays. For instance, errors in your Social Security Number or incorrect direct deposit information can significantly impact the timing of your refund.
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If you have not received your refund within three weeks or after the expected delay, it is advisable to contact the IRS for further assistance. Ensuring accuracy when filling out your U.S. Individual Income Tax Return form can help avoid unnecessary delays.