Such an official initiative should not be hurried. It’s possible, though, that you would like to skip the first 21 days of waiting for your refund after filing for it.
CPA Practice Advisor, a management resource for tax professionals, has updated the new Internal Revenue Service (IRS) tax refund calendar for 2024. Expect a two-week reduction in the expected time frame if you make some changes to the way you’re filing for your income tax refund.
Managing editor of CPA Practice Advisor Isaac M. O’Bannon further verified that filing online expedites the refund process compared to paper filing. This results in a significant reduction in processing time. Filers who are seeking the child tax credit (CTC) or earned income tax credit (EITC) will still have to wait longer despite all of this. The IRS has confirmed that taxpayers’ bank accounts will only receive these refunds around February 27, as law requires.
The 2024 tax refund cycle is shown here.
If Filed By | Direct Deposit | Paper Check |
January 29 | February 9* | February 16* |
February 5 | February 16* | February 23* |
February 12 | February 23* | March 1* |
February 19 | March 1* | March 8* |
February 26 | March 8 | March 15 |
March 4 | March 15 | March 22 |
March 11 | March 22 | March 29 |
March 18 | March 29 | April 5 |
March 25 | April 5** | April 12** |
April 1 | April 12** | April 19** |
April 8 | April 19** | April 26** |
April 15 | April 26 | May 3 |
April 22 | May 3 | May 10 |
April 29 | May 10 | May 17 |
May 6 | May 17 | May 24 |
May 13 | May 24 | May 31 |
May 20 | May 31 | June 7 |
* = Returns with EITC or CTC may face refund delays until March due to further verification.
** = Expect longer waits since filing during peak season (late March – April 15)
If you’re hoping for your refund to arrive in your bank account shortly, filing early is a basic necessity. By using direct deposit, you can avoid more delays.
By default, paper checks and paper returns take longer. In contrast, if you choose the other method, your refund will be credited to a bank account, prepaid debit card, or mobile application. You will need to have a routing and account number to use this method.
When filing, take care to avoid making any mistakes. Further errors or missing information will cause further delays since your documents will be sent for additional review. Ensure that your income records are easily accessible.
If you’re purchasing your insurance through the health insurance marketplace, Form 1095 might also be necessary. You will also require your Identity Protection Personal Identification number if you were issued one by the IRS.
There are other options available to help you prepare your tax checklist of required documents, even though tax professionals are the default go-to choice. You can file your taxes more affordably using the IRS Free File Program or Volunteer Income Tax Assistance (VITA).
Without a strong marketing plan, a company's excellent product that helps satisfy customer wants would… Read More
WhatsApp Business has expanded to over 200 million monthly users over the past few years.… Read More
Odroo partners with BigTree Entertainment and Zomato, enters the event ticketing space ahead of Pan-India… Read More
Whale Chanel, a 19-year-old Iranian musician, has emerged as a standout figure in the global… Read More
Google announced the launch of artificial intelligence-powered features in Google Lens, Google Maps, and Google… Read More
Adobe and Microsoft have been longstanding technology partners in co-engineering products and integrations with one-of-a-kind… Read More