When will IRS Release Refunds 2024? Expected date to get return!

The IRS states that 90% of refunds are issued within 21 days of electronic filing. This means if you file on January 29th and everything goes smoothly, you could see your refund by February 19th.

When will IRS Release Refunds 2024?

The IRS has announced that the 2024 tax filing season will begin on January 29, 2024. Taxpayers who file their taxes on January 29, the earliest available day to file, can expect to receive their refunds within 21 days. 

The IRS expects most Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) related refunds to be available in taxpayer bank accounts or on debit cards by February 27, 2024, if the taxpayer chooses direct deposit and there are no other issues with the tax return. 

When Can You Expect Your 2024 IRS Refund?

Here are some specific dates based on filing date and direct deposit (assuming no complications):

  • February 15, 2024: Earliest filing date for EITC/ACTC claimants
  • February 17, 2024: Where’s My Refund tool updates for early EITC/ACTC filers
  • February 27, 2024: Expected date for most EITC/ACTC refunds to hit bank accounts or debit cards (assuming direct deposit and no complications)
  • Filed January 29th: Refund potentially by February 19th
  • Filed February 1st: Refund potentially by February 22nd
  • Filed February 15th (EITC/ACTC): Refund potentially by March 3rd
  • Filed March 1st: Refund potentially by March 22nd

When will IRS Release Refunds 2024?

General Timeframe for Filing IRS Returns 

This section will highlight the general timeframe for receiving your 2024 IRS refund, allowing you to plan accordingly:

  • The official filing season began on January 29, 2024, and the deadline to file is April 15, 2024. However, if you’re claiming the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC), you’ll need to wait until after February 15th to file.
  • The IRS states that 90% of refunds are issued within 21 days of electronic filing. This means if you file on January 29th and everything goes smoothly, you could see your refund by February 19th.
  • Paper returns typically take longer, with processing times reaching up to 6 weeks.
  • April 15, 2024: Tax Day. This is the deadline to file your tax return or request an extension.
  • October 15, 2024: The deadline to file your tax return if you have requested an extension.

How to track your IRS refund?

Steps to track your refund using the IRS “Where’s My Refund?” tool:

  • Go to the IRS “Where’s My Refund?” tool at https://www.irs.gov/refunds/about-wheres-my-refund.
  • Enter your Social Security number, filing status, and the exact amount of your refund (if you know it).
  • Click on the “Submit” button.
  • The tool will show you the status of your return and give you an estimated date for when you can expect to receive your refund.

Factors Affecting IRS Refund Timing

While the time frame above gives a general idea, several factors can impact your individual refund timing:

  • Filing method: Electronic filing significantly speeds up processing compared to paper.
  • Complexity of your return: More complex returns with self-employment income, foreign income, or itemised deductions may take longer.
  • Errors or missing information:Incomplete or inaccurate information, including typos or missing forms, will trigger review by the IRS, causing delays until resolved.
  • Verification of identity: In cases of suspected fraud or identity theft, the IRS might require additional verification, further slowing down processing.

What if you don’t receive your refund on time?

Track your refund: Utilise the IRS’s “Where’s My Refund?” tool or the IRS2Go app to get the latest status update on your return. It provides an estimated timeframe for your refund arrival and indicates any potential issues causing delays.

Contact the IRS: If your refund is more than 21 days after you electronically filed or 6 weeks after you mailed your paper return, and If the “Where’s My Refund?” feature does not provide an explanation or an estimated timeframe, contact the IRS.

  • Call the IRS at 1-800-829-1040. Be prepared to answer questions about your Social Security number, filing status,and expected refund amount.
  • Schedule an appointment at a local IRS Taxpayer Assistance Center for personalised assistance.

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