It’s THAT time of year again! Folks all over the United States are preparing to file income tax returns as W-2 forms land in their inboxes and mailboxes. Not sure where to start with tax refunds this season? Let The Shade Room do all the work for you for the freeski!
From the schedule to what the child tax credit is hitting for, keep scrolling to get all your refund questions answered and explained.
When Will The IRS Start Accepting Income Tax Returns?
The simple answer? They’ve already started. According to the Internal Revenue Service’s (IRS) website, the agency began accepting and processing 2023 tax refunds on Jan. 29.
However, for future context, the IRS says you don’t need to wait until the opening date to begin working with your tax professional or relevant software companies. Additionally, for folks who do their own taxes, the IRS Free File became available at IRS.gov on Jan. 12. It’s a program that allows taxpayers with an Adjusted Gross Income of $79,000 or less to prepare and e-file their federal tax refund for free.
Remember, most of the money you make is taxable. That includes, but isn’t limited to, unemployment income, interest received, and payments from gigs and digital assets.
According to Nerd Wallet, parents or caretakers with kids under 17 might be eligible for the child tax credit of up to $2,000, of which $1,600 is potentially refundable. However, to be eligible the adjusted gross income for 2023 must be $400,000 or below for married folks filing jointly or $200,000 and under for all other filers.
The House of Representatives approved a bill to potentially increase the child tax credit on Jan. 31. Now, the Tax Relief for American Families and Workers Act of 2024 is under consideration by the Senate, per Forbes.
What Documents Are Needed To File For Tax Refund?
The IRS suggests taxpayers wait to file until they can access the relevant documents below. Changed your address last year? Notify the agency. Changed your legal name? Notify the Social Security Administration.
- Forms W-2 from your employer(s)
- Forms 1099 from banks, issuing agencies, and other payers including unemployment compensation, dividends, pension, annuity, or retirement plan distributions
- Form 1099-K, 1099-MISC, W-2, or other income statement if you worked in the gig economy
- Form 1099-INT if you were paid interest
- Other income documents and records of digital asset transactions
- Form 1095-A, Health Insurance Marketplace Statement, to reconcile advance payments or claims Premium Tax Credits for 2022 Marketplace coverage
- IRS or other agency letters
- CP01A Notice with your new Identity Protection PIN
What’s The Time Period To File Taxes And What Happens If I Miss It?
As mentioned, the acceptance period opened on Jan. 29. Meanwhile, Apr. 15, also known as Tax Day, marks the last day to file on time, request an extension, and make 401k contributions.
Taxpayers who might miss the deadline can request that extension with a Form 4868, found here. The extension will end on Oct. 15, 2024. However, this date may vary from state to state. The good news is you don’t need a reason or excuse to be granted an extension, as it’s an automatic acceptance process.
However, even if taxpayers request an extension, they’ll still have to pay any owed taxes by the Apr. 15 deadline.
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When Will I Get My Income Tax Refund Coins?
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CPA Practice Advisor, a publication for tax professionals, has put together a calendar of return estimates for the 2024 tax season.
In summary, if you’ve opted for direct deposit, you can expect your tax coins ten to 21 days after the IRS receives your e-file. Remember, it takes 1-3 business days from hitting the “file” or “submit” button for the IRS to accept the return docs. If filing electronically, taxpayers will get the exact date the agency accepts the paperwork.
If your return includes the Earned Income Tax Credit, Additional Child Tax Credit, and a few other credits, there may be a longer delay, and the calendar below might not apply. The agency cannot “issue Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) refunds before mid-February,” per their site.
Other factors affecting when you’ll receive your return include how early you filed and whether you have any debts with the federal government. Tax peak season, between late March and April 15, can also cause delays.
Scroll to see the estimated calendar, per CPA Practice Advisor.
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For context, the IRS acceptance date is bolded, the direct deposit date is italicized, and the paper check date is in parenthesis.
- Jan. 29 Feb. 9 (Feb. 16)
- Feb. 5 Feb. 16 (Feb. 23)
- Feb. 12 Feb. 23 (Mar. 1)
- Feb. 19 Mar. 1 (Mar. 8)
- Feb. 26 Mar. 8 (Mar 15)
- Mar. 4 Mar. 15 (Mar. 22)
- Mar. 11 Mar. 22 (Apr. 29)
- Mar. 18 Mar. 29 (April 5)
- Mar. 25 Apr. 5 (Apr. 12)
- Apr. 1 Apr. 12 (Apr. 19)
- Apr. 8 Apr. 19 (Apr. 26)
- Apr. 15 Apr. 26 (May 3)
- Apr. 22 May 3 (May 10)
- Apr. 29 May 10 (May 17)
- May 6 May 17 (May 24)
- May 13 May 24 (May 31)
- May 20 May 31 (June 7)
If you mail your income tax return, the refund process can last three to four weeks.
The IRS website states, “the easiest way to check a refund’s status is by using Where’s My Refund? on IRS.gov or the IRS2Go app.
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Here's Some Improvements In The IRS' 2024 Taxpayer Services
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On their site, the agency said they expect to continue improving their services for taxpayers throughout the 2024 schedule.
“As our transformation efforts take hold, taxpayers will continue to see marked improvement in IRS operations in the upcoming filing season,” IRS Commissioner Danny Werfel said. “IRS employees are working hard to make sure that new funding is used to help taxpayers by making the process of preparing and filing taxes easier.”
One improvement the IRS has already tackled includes opening or reopening Taxpayer Assistance Centers (TACs) with extended hours at “many TACs nationwide.”
Another improvement includes updates to the IRS Individual Online Account and the Where’s My Refund tool. The tool will allow detailed refund status messages and easy cell device use.
Paperless processing has also improved, allowing taxpayers to digitally submit correspondence, non-tax forms, up to 20 additional tax forms, and notice responses.
They’ve also moved to reduce customer phone wait times by increasing help available on their toll-free line and expanding their call-back feature. Individuals can use 800-829-1040 from 7 a.m. to 7 p.m. local time for questions, while businesses can call 800-829-4933 during the same time frame.
For additional numbers and online tools, visit here.
IRS estimates that Americans will file more than 128.7 million individual tax returns this season.
To learn more about the IRS’ new pilot tax filing service Direct File, click here.
