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Here’s how to track the status of your tax refund for 2024

Best way to use your tax refund in 2024


Best way to use your tax refund in 2024

04:21

More than 30 million Americans waited until the final two weeks of tax filing season to send their returns to the IRS. Many of them may now be wondering how long it will take for their refunds to arrive in their bank accounts.

This is no small financial problem, as tax refunds often represent many households’ largest check throughout the year, helping families pay off debt, build savings emergency or even to splurge on purchases. The average tax refund for 2024 is 3.8% higher than a year ago, at $2,948, according to the latest IRS data.

Fortunately, there are some easy ways to track the status of your refund, such as “Where’s my refund?” » from the IRS. website or its mobile application IRS2Go, which can be used on mobile phones and other similar devices. For the current tax season, the IRS said it has improved tracking services by providing more detailed answers when people ask their questions.

“It’s the biggest bargain that a lot of people get all year,” Bankrate senior industry analyst Ted Rossman told CBS New York. “Actually, getting a tax refund is not a good practice. It’s actually better to adjust your withholding so you get your money back in chunks throughout the year.”

But some people like receiving a lump sum in their tax refund because it effectively works like a forced savings plan, providing them with a big check each year that they can then put to work, whether it’s pay off debt or make a major purchase, Rossman noted.

Here’s how to track your refund.

Check the IRS “Where is my refund?” ” website

The IRS says you can check the status of your refund through the “Where’s my refund?” page as soon as 24 hours after your return has been filed electronically.

You will need to provide the site with some basic information:

  • The tax year you are checking
  • Your Social Security or Individual Taxpayer Number (ITIN)
  • Your filing status
  • And the exact amount of reimbursement upon your return

The IRS also said it has updated the service to provide more information to taxpayers, such as alerting them if the agency needs them to respond to a letter requesting more data.

Watch the IRS2Go app on your phone

The IRS also has a mobile app called IRS2Go that works similar to the “Where’s My Refund?” website. The app, which you can download on any iOS or Android device, asks you for several pieces of information to extract your reimbursement data:

  • The tax year you are checking
  • Your social security number or ITIN
  • Your filing status
  • And the exact amount of your refund

Call the IRS for an update

The IRS operates a hotline for refund data, although it says it is for people who don’t have Internet access.

If this is your case, you can call the Refund Hotline at 800-829-1954 to check the current year’s tax refund. To verify an amended return from previous years, call 866-464-2050.

Can I see when my tax refund will arrive in my bank account?

Yes, but only when the IRS is about to send the check. The application follows three steps:

  • First, the applications will show you that your return has been received by the IRS, which means the agency is processing the form.
  • Second, the applications will tell you when the IRS approved the refund and tell you the date it plans to issue the check.
  • Finally, the services will alert you when the IRS sends the refund to your bank via direct deposit or when it mails it. It can take up to 5 days for the refund to arrive in your bank account, while a paper check may require several weeks for delivery, the IRS says.

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