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The 2024 tax season has begun, and with it comes the possibility of receiving a tax refund from the IRS. As of February 10, the IRS has issued 7.4 million refunds totaling approximately $13 billion. This is down 51.1% from the amount sent out at the same time last year.
If you are expecting a refund, you may be wondering how long it will take for the IRS to approve and deposit the money into your account. The IRS states that it can take an average of 21 days for your tax refund to be deposited, depending on how you filed your return. If you filed electronically, you can check the status of your refund 48 hours after filing. If you mailed your return, you may have to wait up to four weeks.
There are various ways you can receive your tax refund from the IRS. Direct deposit is the fastest method, allowing you to receive the funds in your checking, savings, or retirement account. You can also opt to receive a paper check or a prepaid debit card. Mobile payment apps and US Savings Bonds are additional options for receiving your refund.
It is important to note that the IRS penalty for underpayments has increased compared to 2021, with the agency now charging 8% interest on estimated tax underpayments. Taxpayers can file their taxes electronically through the Free File program or access tax preparation services through the IRS Voluntary Income Tax Assistance program.
Overall, the IRS is processing tax returns and issuing refunds for the 2024 tax season. If you are expecting a refund, be sure to check the status of your refund and consider how you will use the money once it arrives.