Over 30 million Americans procrastinated until the final two weeks of the tax-filing season to submit their returns to the IRS. Now, many of them are left wondering when their refunds will show up in their bank accounts.
This is a significant financial concern, as tax refunds often serve as the most substantial check of the year for many households. These refunds help families pay off debts, bolster emergency savings, or treat themselves to a splurge. The average 2024 tax refund is 3.8% higher than last year, standing at $2,948, as per the latest IRS data.
Thankfully, there are several simple ways to monitor the status of your refund. The IRS' "Where's my refund?" website and the IRS2Go mobile app offer convenient options for tracking. For this tax season, the IRS has enhanced its tracking services, providing more detailed responses to users' inquiries.
"Receiving a tax refund is like hitting the jackpot for many individuals," stated Bankrate senior industry analyst Ted Rossman in an interview with CBS New York. Rossman emphasized that it is more beneficial to adjust withholding to receive money periodically throughout the year rather than in a lump sum.
However, Rossman acknowledged that some people prefer the lump sum refund as it serves as a forced savings mechanism. This allows them to receive a substantial check annually, which can be used for various purposes such as debt repayment or significant purchases.
For individuals looking to track their tax refund, here are some steps to follow:
Check the IRS' "Where's My Refund?" website
The IRS provides a "Where's My Refund?" tool that allows taxpayers to monitor the status of their refund within 24 hours of electronically filing their return.
Key information required for tracking includes:
- The tax year being checked
- Your Social Security number or individual taxpayer ID number (ITIN)
- Your filing status
- The exact refund amount from your return
The IRS has also enhanced the service to offer additional details to taxpayers, such as notifying them if further information is needed in response to a letter requesting additional data.
Utilize the IRS2Go app on your smartphone
For a convenient way to track your tax refund, consider using the IRS2Go mobile app. This app functions similarly to the "Where's My Refund?" website and is available for download on both iOS and Android devices. To access your refund information through the app, you will need to provide the following details:
- The tax year you are inquiring about
- Your Social Security number or ITIN
- Your filing status
- The exact amount of your refund
Give the IRS a call for an update
If you prefer to speak with a representative, the IRS offers a phone line specifically for refund inquiries. This service is designed for individuals who may not have internet access. You can reach the refund hotline at 800-829-1954 for information on the current year's tax refund. For inquiries regarding an amended return from previous years, dial 866-464-2050.
Wondering when your tax refund will be deposited into your bank account?
You can track the status of your refund through the app, but this information is typically available closer to the date when the IRS sends out the refund. The app will show you the progress of your refund through three stages:
- First, the applications will indicate that the IRS has received your return, signifying that the form is being processed.
- Next, the applications will inform you of the IRS's approval of the refund and provide an estimated date for the issuance of the check.
- Finally, the platforms will notify you when the IRS has transferred the refund to your bank account through direct deposit or when it has been sent by mail. The IRS mentions that direct deposit refunds may take up to 5 days to reflect in your account, while paper checks may take several weeks for delivery.
