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The deadline for filing taxes in 2024 may have passed, but some taxpayers are still receiving their refunds.
As summer kicks off, families are eagerly awaiting their tax refunds, which may align with vacations and school breaks. If you haven’t received your refund yet, it’s important to check if you’re still eligible for one.
IRS Refund Processing Timelines
Tax Filing Method and Refund Distribution
The timeline for receiving your IRS refund varies based on how you filed your tax return and how you opted to receive your refund. Generally, e-filed returns are processed faster, with refunds typically issued within 21 days.
However, if you filed via paper or had to amend your return, expect a longer wait—up to four weeks. This delay occurs because your return may require additional reviews or corrections.
Additional Tax Credits and Delays
If your return includes extra tax credits, such as the Child Tax Credit or the Additional Child Tax Credit, processing can take longer.
In cases where the IRS encounters any discrepancies or errors in your return, the review process will also delay the distribution of your refund.
Refund Eligibility for the Week of June 16 to 23, 2024
If you filed your taxes between May 1 and May 15 or between May 16 and May 31, you could expect your refund between June 16 and June 23. However, this only applies if you filed your return:
- Electronically with a mailed check or direct deposit.
Keep in mind that, unless the IRS granted you an extension, filing after the deadline means you may be subject to late penalties, which could reduce the amount of your refund.
Still Haven’t Received Your Refund?
If you filed before the April deadline but haven’t received your refund yet, use the IRS “Where’s My Refund?” tool to check the status and confirm if you’re due for a refund.
Refund Delays Due to IRS Staffing Cuts
Another factor contributing to potential refund delays is the staffing reductions at the IRS.
These cuts were implemented as part of cost-saving measures following recommendations from the Department of Government Efficiency (DOGE), aiming to save $150 billion in federal spending.
This decision could potentially lead to slower processing times.
How Much Can You Expect from Your Refund?
According to IRS data from May 9, 2024, the average refund issued this year is $2,939.
However, it’s important to remember that this figure reflects the overall average, which can be skewed by higher-income earners who typically receive larger refunds.
The refund amount varies based on your income, the tax credits you’re eligible for, and other factors.
How Your Refund Amount Is Determined
Your refund may differ significantly from the average. It’s crucial to rely on the IRS for any communication regarding the exact amount you’re due.
Don’t compare your refund to someone else’s, even if they earn a similar salary, as individual circumstances such as additional income or eligibility for tax credits will affect the amount you receive.
While the 2024 tax season has officially concluded, refunds may still be on their way. If you’re among those waiting, be patient as the IRS processes returns, and use the “Where’s My Refund?” tool to track your status.
Remember, staffing shortages and tax credits can contribute to delays, so keep communication open with the IRS.
FAQs
Why is my IRS refund taking longer than expected?
Your refund may be delayed due to issues with your tax return, additional tax credits, or staffing cuts at the IRS.
How can I track my IRS refund?
Use the IRS “Where’s My Refund?” tool to check your refund status.
Can my refund be reduced due to late penalties?
Yes, if you filed after the deadline without an extension, penalties could be deducted from your refund.