Updated on February 23, 2024
The IRS is currently processing tax returns for the USA Tax Season 2024, starting from January 1. If you choose to e-file, you can expect faster refunds compared to mailing your forms. Opting for electronic filing with direct deposit remains the quickest way to receive your IRS Refund in 2024, according to the latest information.
Typically, if your e-filed tax return is error-free, the IRS tends to issue 9 out of 10 refunds within 21 days. However, if you choose to mail your paper forms, be prepared for a longer waiting period—usually between six and eight weeks from the date of mailing your returns.
To avoid any delays, it’s crucial to double-check the accuracy of all your information. This article provides in-depth coverage of essential details for the IRS Refund Dates 2024 during tax season. It delves into the differences between paper and electronic filing, highlights the 2024 IRS Refund Schedule, and answers the question of when the IRS accepts returns in 2024.
IRS Return Acceptance Date for 2024
The federal tax return deadline is April 15th, but not everyone is required to file by then. Tax season 2024 kicked off on January 1. On April 15, 2024, the Internal Revenue Service will be accepting the majority of individual income tax returns for the 2023 tax year. By this date, taxpayers must submit Form 1040 (or Form 1040-SR for those over 50) and fulfill any necessary tax payments.
According to the IRS, the official start of the Tax Filing Season 2024 is expected in late January. While the filing season began on January 23, 2023, and January 24, 2022, in the past, there’s a possibility that the IRS might initiate the acceptance of 2023 reports around those dates if they stick to the Monday tradition, potentially even as early as January 22.
IRS Returns 2024: Key Information
|Name of Department
|Internal Revenue Service
|IRS Tax Season 2024 Start Date
|January 1, 2024
|IRS Tax Season 2024 Deadline
|April 15, 2024
Unable to File Income Taxes by April 15?
If you lack the required documents to file your taxes, you can submit an extension request using Form 4868. This grants you an extension until October 15, 2024, to file your federal tax return. This extension is provided automatically, without the need for a specific request or justification. Keep in mind that the extension deadline may not align with the federal return extension, so be sure to check the rules regarding extensions in your state.
2024 IRS Refund Schedule
If you’re an early filer expecting a refund, it could arrive as early as mid- to late-February. However, those claiming the Child Tax Credit or Earned Income Tax Credit may experience a one-month wait as the IRS verifies eligibility.
Refunds are typically processed within 21 days of electronic filing, based on the IRS refund schedules for 2024. While there are cases where it might take longer, most Americans awaiting a tax refund can receive it via direct deposit in as little as two weeks during the peak filing season.
It’s important to note that the IRS Tax Return Schedule 2024 can influence the timeline, depending on how quickly you file and any credits you’re pursuing. If everything is filed accurately without any tax advantages causing delays, you can expect a smooth process. As of now, the IRS has not disclosed its exact opening dates. Once announced, I will update the IRS Refund Dates 2024 here.
Is it Beneficial to File Your Tax Return Early?
Submitting your tax return early can be a smart move. Filing promptly may facilitate quicker processing by the IRS, leading to a faster refund if you’re eligible.
Moreover, filing early reduces the risk of identity theft. By submitting your actual 1040 form ahead of potential fraudsters, you minimize the chance of someone filing a false return on your behalf. However, it’s essential to ensure that you have all your documentation ready. Companies have until January 31st to submit W-2s and 1099s, crucial tax documents disclosing your income, to the IRS.