Some reports claim that the average salary in 2023 was about $59,400. If taxpayers received from the IRS about $3,167 on average from their tax refund in 2023, that means many get more money than their monthly wage.
Even if tax refunds were about 2.6% lower than in the previous year, they were still quite a lot of money. Some experts claim that this year’s tax refund may be a little higher because of the new IRS tax brackets.
Therefore, there are many Americans trying to apply as soon as possible so they can get their IRS check. By doing so, they may make some mistakes and file an incomplete or inaccurate tax refund, which may result in delays.
HOW LONG WILL MY 2023 TAX REFUND TAKE IN 2024?
If you filed your tax return on January 29, the IRS claims that some eligible taxpayers could receive it within 21 days. However, there is a group of taxpayers who cannot receive it until February 27. But who are they and why?
The Internal Revenue Service claims that they issue 90% of refunds in less than 21 days. Hopefully, your tax refund is not part of the remaining returns that need in-depth review. EITC and ACTC refunds should be ready by Feb. 27 though.
If the IRS needs to review your tax return, it will definitely take much longer than expected. If you filed your 2023 tax return on January 29, you can check the status of your tax refund after 24 hours of electronic filing.
For your information, if you filed a 2021 or 2022 return now, it will take up to 4 days to show its status. Nevertheless, many Americans still prefer to file a paper return. So what about them?
IRS MAY TAKE LONGER IF YOU FILE A PAPER RETURN
It is advisable to file an electronic tax return and request a direct deposit. This is the fastest way to receive your 2023 tax refund.
Not doing so will delay the process and may result in losing your check. One thing the IRS warns about is the fact that you should not rely on this tax refund money by a specific date.
Some taxpayers agree to pay a loan or buy something on a particular day. Then, if they do not receive their tax refund payment on time, their expectations will not be satisfied.
The IRS keeps reminding taxpayers to check their tax refund status at https://www.irs.gov/wheres-my-refund. Do not forget to double-check your return before you file. If you qualify for ACTC or the EITC you should check your status on Feb. 17.