Tax-related identity theft occurs when someone uses stolen personal information, including Social Security numbers, to file a tax return claiming a fraudulent refund. If a person suspects they are a victim of identity theft, they should continue to pay their taxes and file tax refund definition their tax return, even if they must file a paper return. If you filed your tax return and are getting a refund, you might be wondering when that extra cash will hit your account. This article provides you with an estimated tax refund schedule and details about tax refunds. If you claimed one of those credits, plan on a refund showing up by around March 3, the IRS said. Refund money generally will appear faster if you have it directly deposited to a bank account.
When Will I Get My Federal Tax Refund
- In case of a refund delay, you can track its progress using the IRS “Where’s My Refund?” tool or the IRS2Go mobile app.
- While it’s best to pay your taxes on time, setting up an installment agreement (payment plan) can help reduce further penalties.
- The processing date is when the IRS starts working on your refund.
- Taxpayers who don’t have a bank account can find out how to open a bank account at a FDIC-insured bank or the National Credit Union Locator Tool.
- CrossLink is the industry’s leading professional tax software solution for high-volume tax businesses.
- In extreme cases, this liability can lead to more severe actions from the IRS, including property liens and even criminal prosecution.
In case of a refund delay, you can track its progress using the IRS “Where’s My Refund?” tool or the IRS2Go mobile app. To expedite your refund, e-filing is recommended once you have all necessary documentation, including W2s, 1099s, and details of mortgage and student loan interest. Married couples filing a joint return can receive the full credit with income of not more than $400,000, or $200,000 for single parents. Partial credits are available for incomes above those thresholds. The Child Tax Credit offers tax savings to parents, including those who otherwise might not need to file a tax return. It varies based on the number of dependent children and other factors.
Tax Return Extension
From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost. Another way to file for an extension is to complete form 4868. The following factors can also affect your 2024 tax refund date.
Dealing with Delays: What to Do If Your Refund Is Late
According to IRS projections, new returns will be accepted and processed starting on January 29, 2024. It’s really important not to drag your feet adjusting entries when it comes to filing your taxes, especially after you’ve already asked for an extension. If you wait too long without a good reason, you might risk losing your refund. In summary, ensuring an efficient tax filing experience boils down to early preparation, maintaining accurate records, and acting promptly.
When Is the Earliest I Can File?
- According to the latest updates, e-filing with direct deposit remains the fastest way to get your refund.
- The 2025 tax return filing season began on Jan. 27, so it’s only natural that people are thinking about potential refunds.
- Plus you can easily set up budgets and discover valuable financial insights — all at no cost.
- You have to enter your personal information to use the tool, such as your social security number, filing status, and refund amount.
- Typically, filing electronically with direct deposit is quickest, with the refund arriving within three weeks.
- SoFi has no control over the content, products or services offered nor the security or privacy of information transmitted to others via their website.
Nonetheless, always balance the benefits of filing early with being diligent in preparing an accurate and complete return. If your tax refund is delayed, use the IRS “Where’s My Refund?” tool or the IRS2Go app to check its status. E-filing is the quickest way to receive your refund as soon as you have all the necessary documents, such as W2s, 1099s, and mortgage and student loan interest. The normal tax deadline is April 15, 2024 (April 17 for Maine and Massachusetts residents due to state holidays).
- Remember, utilizing deductions like the Earned Income Tax Credit (EITC) or Child Tax Credit can be a major help for those who qualify.
- But if you filed early and are looking for refunds related to two situations — the Earned Income Tax Credit and the Additional Child Tax Credit — you might have to wait a bit longer.
- Should you be unable to meet the April 15 deadline, don’t hesitate to file for an extension using Form 4868.
- According to filing season statistics reported by the IRS, the average tax refund in the 2024 tax season—for tax year 2023—was $3,138.
- WASHINGTON — The Internal Revenue Service opened the 2025 tax filing season today and is accepting and processing federal individual tax year 2024 returns.
- Married couples filing a joint return can receive the full credit with income of not more than $400,000, or $200,000 for single parents.
- Being proactive helps you address issues promptly, leading to a smoother refund experience.
State and Federal Refunds
Direct File automatically guides taxpayers to state tools to complete their state taxes. Get help from IRS customer service representatives through a live chat feature in English and Spanish. Interested taxpayers can go to directfile.irs.gov, where they can determine Legal E-Billing if they are eligible. The IRS expects more than 140 million individual tax returns for tax year 2024 to be filed ahead of the Tuesday, April 15 federal deadline.
