On Friday, the tax agency said that most refunds are issued in fewer than 21 calendar days. That means someone who files their taxes on Jan. 27 could receive their refund by February 17, if all goes smoothly.
The IRS expects more than 140 million individual tax returns for tax year 2024 to be filed ahead of the April 15 deadline, the agency said. The IRS expects to issue most refunds via direct deposit in less than 21 days, according to the agency, but some returns may require additional review that takes longer to process.
Day of the week for IRS refund deposits
The IRS typically processes tax refunds and executes direct deposit transactions within 21 days after accepting your tax return. It's common for the IRS to issue them on business days, from Monday through Friday.
The IRS expects most EITC/ACTC related refunds to be available in taxpayer bank accounts or on debit cards by February 27 if they chose direct deposit and there are no other issues with their tax return.
Filing season reminders
There is information on Choosing a tax professional, IRS Free File, Answers to tax questions and Tips on filing a return. Taxpayers who file electronically and choose direct deposit typically get their refund in less than 21 days.
By law, the IRS cannot issue refunds before mid-February for tax returns that claim the EITC or the Additional Child Tax Credit (ACTC). The IRS must hold the entire refund − even the portion not associated with the EITC or ACTC and the Recovery Rebate Credit if applicable.
Short answer: IRS sends electronic transfers to all financial institutions on Friday evenings to be posted the following Tuesday (Monday @ midnight) You can always check your pending transactions via online or mobile banking.
If you have a child, you may be eligible for the Child Tax Credit. For 2024, the credit is up to $2,000 per qualifying child.
If you e-filed your return and chose direct deposit to receive your refund, you'll usually receive your refund in 8-15 days. However, you should allow an extra 1-5 business days for your bank to process the funds. If you chose the Refund Transfer option, the refund will come from the Axos Bank®, not the IRS.
If you file a complete and accurate paper tax return, your refund should be issued in about six to eight weeks from the date IRS receives your return. If you file your return electronically, your refund should be issued in less than three weeks, even faster when you choose direct deposit.
Use the IRS Where's My Refund tool or the IRS2Go mobile app to check your refund online. This is the fastest and easiest way to track your refund. The systems are updated once every 24 hours.
In 2024, refunds tied to the additional child tax credit started going out Feb. 27. That means if you finish and submit your taxes prior to that date, you'll be waiting till then to get your complete return, not just the amount related to the credit.
- You can start checking on the status of your return sooner - within 36 hours after you file your e-filed return or 4 weeks after a mailed paper return. It's Up-to Date! - It's updated every 24 hours - usually overnight -- so you only need to check once a day. There's no need to call IRS unless Where's My Refund?
If you're wondering, “When can you file taxes?”, tax season generally falls at the beginning of the calendar year—between January and April. It starts when the Internal Revenue Service (IRS) announces you can e-file your taxes (often late January) and ends with the tax deadline on tax day.
You can't claim the EIC unless your investment income is $11,600 or less. If your investment income is more than $11,600, you can't claim the credit. Use Worksheet 1 in this chapter to figure your investment income.
Overview. You may be eligible for a California Earned Income Tax Credit (CalEITC) up to $3,644 for tax year 2024 as a working family or individual earning up to $30,950 per year.
The maximum credit amount is $500 for each dependent who meets certain conditions. This credit can be claimed for: Dependents of any age, including those who are age 18 or older. Dependents who have Social Security numbers or Individual Taxpayer Identification numbers.
How do I get a 10,000 tax refund? You could end up with a $10,000 tax refund if you've paid significantly more tax payments than you owe at the end of the year.
If the IRS accepts your return that day (usually late January), you can receive your refund as early as mid-February.
What time your direct deposit hits depends on the financial institution. Most recipients can expect their direct deposits to be available by 9 a.m. on payday, with many banks allowing funds to be released between midnight and 6 a.m. If your bank allows for the funds to be released sooner, you'll see them then.
Refunds for bank transfers
Generally, a bank transfer takes between 0–3 working days to appear back in your account.
In most cases IRS will electronically send refund to your bank/financial institution on Friday and in most cases, you will see it in your account on the following Tuesday. Electronically filed returns generally get refunds more quickly than mailed returns.