IRS Updates on Refunds 2024 – Check Status, Key Date and Factors behind delay!

The IRS has made several improvements to help taxpayers file their taxes for the 2024 tax season, which began on January 29, 2024. Taxpayers with income of $79,000 or less last year can use IRS Free File Guided Tax Software now through October 15.

IRS Updates on Refunds 2024

The IRS has issued over 13 billion dollars in refunds, with nearly 7.5 million taxpayers receiving their funds. Processing times may vary depending on individual circumstances and complexity of tax returns. 

However, the IRS generally aims to provide refunds within 21 days for electronically filed returns with direct deposit. Taxpayers with income of $79,000 or less last year can use IRS Free File Guided Tax Software now through October 15. 

The average refund size is also down 12.8%, from $1,997 for 2023’s tax season through February 10, to $1,741 for this season through February 9.

Key Dates and Deadlines for IRS Refunds 2024

Filing Season:

• Started: January 29, 2024
• Deadline: April 15, 2024 (April 17th for Maine and Massachusetts)

EITC/ACTC Refunds:

• Earliest Issue Date: February 15, 2024 (due to PATH Act)
• “Where’s My Refund” Update: February 17th for most early filers
• Expected Availability: February 27, 2024 (if filed electronically with direct deposit and no issues)

Refund Processing:

• Overall: Expect 21 days for electronically filed returns with direct deposit, but times may vary.
• Current Status: Over 13 billion dollars refunded to 7.5 million taxpayers.

IRS Refund Schedule 2024

In recent years, the IRS has consistently strived to disburse refunds within a 21-day timeframe for electronically submitted tax returns. The refund schedule for 2024 according to the processing time is as follows: 

IRS Refund Status 

Access the “Where’s My Refund” Tool:

• Visit the official IRS website:
• On the main page, look for the “Where’s My Refund?” section and click on the “Check Your Refund Status” button.

Gather Your Information:

• Before proceeding, have the following information readily available:
  • Social Security number or Individual Taxpayer Identification Number (ITIN)
  • Filing status (e.g., Single, Married Filing Jointly)
  • Exact whole dollar amount of your refund (no cents)

Enter Your Information:

• Carefully enter your information in the designated fields.
• Make sure all details are accurate, including spelling and spacing.

Note:

• You can check your refund status 24 hours after the IRS electronically receives your e-filed return.
• For paper returns, allow 4 weeks after mailing before checking.
• The “Where’s My Refund” tool is updated once a day, usually overnight. Checking more frequently won’t speed up the process.
• The tool only provides information for the current year and the two prior years.

Factors Causing Delays in IRS Refunds

While the IRS aims to process most refunds within 21 days for electronically filed returns with direct deposit, delays can occur due to various factors. Here are some common reasons:

Errors on your tax return:

• Incomplete or inaccurate information: Missing Social Security numbers, incorrect bank account details, or any discrepancy in income or deductions can trigger manual review and delay your refund.
• Calculation errors: Mistakes in calculations within your return, even seemingly minor ones, can require verification and slow down processing.
• Missing documents: If the IRS requests supporting documents for specific deductions or credits and you haven’t provided them, your refund will be delayed until they are received.

Complex tax situations:

• Self-employment income: Reporting business income and expenses adds complexity and often requires additional scrutiny, potentially delaying your refund.
• Itemised deductions: Claiming many itemised deductions compared to the standard deduction might raise red flags and trigger manual review.
• Foreign income or assets: Reporting foreign income or assets can involve additional IRS scrutiny and delay your refund.

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