IRS: How long does it take to approve a refund | Mix

In conjunction with the 2024 tax season Internal Revenue Service (IRS, for its acronym in English), which began on January 29, comes the refund. If you qualify, find out how long it will take to get approved and reach your pocket.

A refundable tax credit can be earned if you paid more tax than you owed during the year, but it’s possible to get a refund even if you didn’t pay any tax.

As of February 10, 7.4 million refunds worth approximately $13 billion have been issued, down 51.1% from the $26.6 billion sent on February 9, 2023. The basic rule of thumb for the IRS is that the sooner you file your return, the faster you can receive it. Refund

How long do I have to wait to know the status of my refund?

The IRS suggests that you can check the status of your income tax refund, 48 hours after electronic submission. If you mailed a return, you must wait four weeks before checking the status.

How long will it take for the IRS to approve my refund?

The IRS suggests that it can take an average of 21 days for your tax refund to be deposited, depending on how you filed your request.

According to the IRS, it will take at least 21 days to make the deposit. The waiting time depends on how you submitted your application:

• Up to 21 days for electronically filed returns
• Four weeks or more for amended returns and mailed returns
• If your return requires corrections or additional review it may take longer.

How do I get my refund from the IRS?

If you are eligible for a tax refund, you can get it in one of these ways:

• Direct deposit– This is the fastest way to get your refund. You can make a request from your checking, savings or retirement account. You can split your refund into up to 3 accounts.
• Paper check– Your check will be mailed to the address on your return. You must report if you have changed your address.
• Prepaid debit card: Check with your bank or card provider to see if your card will work and which account number to use.
• Mobile payment applications– Some apps accept direct deposit.
• US Savings Bonds.: You can buy bonuses with your refund.

More information about the IRS and the EITC

How much did the IRS penalty increase for underpayments?

As compared to 2021, Triple Internal Revenue Service penalties for underpayments; Therefore, the IRS charges 8% interest On underpayment of estimated tax, up from 3% two years ago. This percentage is given from October 1, 2023.

Can I pay my taxes electronically?

Although the IRS offers the Free File Program, which allows US citizens to file their federal taxes online for free, there are several options for those who qualify: Some people can access comprehensive tax preparation services through the Voluntary Tax Assistance Program. . IRS incomeTelemundo Chicago emphasized.

It should be noted that eligibility for programs varies. What you should clarify is that most Americans are eligible if they make $60,000 or less, have a disability, have limited English skills, or are 60 years or older.

How can I check the status of my EITC refund?

Workers who are classified as eligible have the possibility to file a claim EITC. After filing a tax return, you must track the refund through the platform Where’s My Refund? or the IRS2Go mobile app.

Deadlines for claiming EITC for previous years

You have three years from the due date of your tax return to file and claim a refund. If you meet the requirements, these are the deadlines:

• For 2022, if you file your tax return April 18, 2026
• For 2021, if you file your tax return April 18, 2025
• For 2020, if you file your tax return May 17, 2024.

How much will the tax refund be in 2024?

From Jan. 29, when tax season began, to Feb. 10, the Internal Revenue Service (IRS) has processed more than 25 million tax returns, according to the federal entity.

The IRS issued more than 7.4 million refunds worth nearly $13 billion, a 51.1% decrease from the $26.6 billion sent on February 10, 2023. So what is the average check?

Who will receive a $550 Michigan stimulus check?

Starting February 13, the state of Michigan is delivering tax refund checks for an average of about $550. You must qualify to be one of the 700,000 beneficiaries; So, you must fulfill some requirements.

How to understand tax refund phase?

The 2024 tax season began on January 29, and the United States Internal Revenue Service (IRS) expects to receive more than 128.7 million individual tax returns by April 15. If you have already filed your return, you should know the three statuses of your refund.

What to do with a $1,000 tax refund, according to experts?

Whether it’s for clothes, school, vacations, saving for emergencies or paying off debt, what will you do with your IRS refund? Find out what the experts say about how you can use the tax benefits of the 2024 tax season. One of those directions is your financial security. what else

How much will the IRS refund payment be in 2024?

From Jan. 29, when tax season began, to Feb. 10, the Internal Revenue Service (IRS) has processed more than 25 million tax returns, according to the federal entity.

The IRS issued more than 7.4 million refunds worth about $13 billion, a 51.1% decrease from the $26.6 billion sent on February 10, 2023.