More than a month after the start of the tax season in the United States, the Internal Revenue Service (IRS) has released the first schedule regarding one of the most important aspects in this period: tax refunds.
As the name suggests, this kind of tax refund or reduction occurs when the taxpayer has paid more throughout the year than what is owed in taxes. Even, according to the IRS, those individuals who did not pay taxes have the possibility of receiving a refund if they qualify for the so-called refundable credit.
However, it's important to mention that this schedule, which is only an approximation, is based on the period in which the taxpayer filed their tax return for the year 2024, so those who provided this information during the early days of the season will be the main beneficiaries.
According to the IRS, these are the dates for the refunds:
- Those who filed their tax return between January 22 and February 9 were the first to receive their refund between February 16 and March 1.
- Those who submitted their tax return between January 29 and February 2 received it between February 19 and March 5.
- Those who filed their tax return between early and mid-March can expect to receive their refund between March 10 and 22.
Therefore, and considering these estimates, individuals who completed their tax return at the end of March may receive their refund in early April.
How long does it take for the IRS to issue tax refunds?
According to the same government agency, the refund process can take between 10 and 21 days from the filing of the return. However, it's important to note that, only if the return was filed electronically and direct deposit was chosen, the time frame remains the same.
For individuals who filed a paper return and chose to receive their refund by check, the time frame significantly increases, from six to eight weeks or even longer in some cases.
Similarly, the use of other tax resources, such as the Child Tax Credit (CTC) and the Earned Income Tax Credit (EITC), can "delay" the refund delivery.
In addition to the above, it's important to mention that there are other factors that can expedite or slow down the process, such as errors in the filings.
There's also the option to track the refund status through the IRS' tool called "Where's My Refund?", which allows individuals to know the status of this benefit. To do so, it's only necessary to enter the Social Security number and other complementary data.
*This article has been translated automatically using artificial intelligence