Many Americans are eagerly awaiting their tax refunds, which are often a substantial windfall for households. The average 2024 tax refund is 3.8% higher than the previous year, at $2,948, according to IRS data. This money can be used to pay down debt, build up emergency savings, or make a significant purchase. While some financial experts advise adjusting withholding to receive money throughout the year, rather than in a lump sum, others see the tax refund as a forced savings plan that can be beneficial for certain individuals.
To track the status of your tax refund, there are a few simple methods available. One option is to visit the IRS’ “Where’s My Refund?” website, where you can check the status as soon as 24 hours after filing electronically. You will need to provide basic information such as the tax year, your Social Security or ITIN number, filing status, and exact refund amount. The IRS has updated this service to provide more detailed information to taxpayers, such as alerting them if additional data is needed.
Another way to track your refund is through the IRS2Go app on your mobile phone. This app functions similarly to the website and requires the same information to pull up your refund data. If you do not have internet access, you can also call the IRS refund hotline at 800-829-1954 to inquire about the status of your tax refund. The app and hotline can update you on the three stages of the refund process, from processing to approval and issuance of the refund.
The IRS app and hotline can inform you when your refund has been received, approved, and sent to your bank account via direct deposit or mail. Direct deposit typically takes up to 5 days to appear in your bank account, while a paper check may take several weeks for delivery. Being able to track the refund process can provide reassurance to taxpayers who are eagerly awaiting their refund checks. For those who rely on their tax refund as a significant source of income each year, knowing when to expect the funds is crucial for financial planning.
Ultimately, how you choose to use your tax refund in 2024 is a personal decision based on your financial goals and priorities. Whether you decide to pay off debt, save for emergencies, or make a significant purchase, understanding when and how to track your refund can help you effectively utilize this financial windfall. By utilizing the available resources provided by the IRS, such as the website, app, and hotline, you can stay informed about the status of your refund and plan accordingly.
