If you chose to get a refund via check, expect your refund within a few weeks of processing. Most refunds are issued by the IRS in under 21 days. However, some can take a little longer because of additional reviews.
IRS Stimulus Check for Refund 2024
If you choose to receive a refund by check, expect it in a certain timeframe. Most refunds are issued by the IRS within 21 days. However, some can take longer because of additional reviews.
The IRS’s website offers a “Where’s my Refund?” tool that provides detailed information in plain English.
Even if the refunds are processed sooner, it’s still important to note that the IRS is required by law to withhold the refunds of those who claim the Earned Income Tax Credit (EITC), or Additional Child Tax Credit (ACTC), until the end of February.
IRS Stimulus Refund Check Status 2024 and Timeline
- IRS begins accepting tax returns January 29, 2024.
- Early refunds: If you file electronically and have direct deposit set up, your refunds will start arriving on February 15, 2024.
- Process paper checks: The processing time for paper checks is generally slower than direct deposit. Paper checks can arrive several weeks after processing your tax return. The IRS doesn’t provide a specific date for their arrival.
- People report that they receive paper checks between 4 and 12 weeks after the return is processed.
Get the Most Out of Your Refunds to Avoid Surprises
We’ll now focus on the tax season that is currently underway and some of the key things to remember to make it a smooth one:
You can get a faster refund if you file electronically
- IRS encourages both businesses and individuals to file electronically.
- The system is much faster and accurate than paper-based returns. This often results in quicker refunds.
- You can also track the status of your refund using “Where is My Refund?” on the IRS site.
Be aware of Deadlines
- Don’t forget this deadline to avoid interest and penalties.
- You can electronically request an extension until the 15th of October 2024 if you think you will need more time.
You can claim all eligible deductions and credits:
- Use credits and deductions to reduce your tax obligations.
- Look up common deductions, such as charitable donations, mortgage interest and student loans.
- Discover available tax credits such as the Earned Income Tax Credit or Child Tax Credit.
- Consult a professional tax advisor or use tax software to maximise your credits and deductions.
Avoid common errors:
- Check your Social Security Number, your bank account details, and other vital information on your tax return.
- Make sure you accurately report your income. You should avoid common errors like failing to declare income earned from side jobs or not including eligible deductions.
Factors Affecting Your 2024 IRS Refund Processing Time
Here’s how both methods compare.
- File early to get your return processed quicker.
- Complexity of the return: Returns with simple deductions or income categories are processed faster than returns with self-employment, itemised deductions or mistakes.
- The IRS may need to verify the information before processing or issuing checks.
- The mail delivery service is unpredictable. Once you have issued your check, the time it takes to arrive depends on how efficient they are.
How to check the status of your IRS Stimulus Refund Check
The “Where’s My Refund?” online tool is the most effective way to monitor the status of your IRS refund for 2024, whether you opted for a direct deposit or a paper cheque. This is a short guide on how to use it.
How to access the tool:
- Visit the official IRS website: https://www.irs.gov/refunds
- The “Where is My refund?” button will appear.
What you’ll need:
- The Social Security Number (SSN), or the Individual Taxpayer Identification number (ITIN), is a unique identification number.
- Status of filing (Single or married, jointly filed, etc.).
- The exact dollar amount you expect to receive as a refund is shown on your tax form
Use the tool:
- Please enter the information required.
- Choose the correct tax year (e.g. 2023 for taxes filed in 2020).
- This tool displays your refund status at one of three levels:
- The IRS has received your return and is in the process of processing it.
- Refund approved: Your refund is ready to go and will be delivered by the specified date.
- You will receive your refund electronically (or by postal mail if you have paper checks)