Such an official initiative should not be hurried. It’s possible, though, that you would like to skip the first 21 days of waiting for your refund after filing for it.
CPA Practice Advisor, a management resource for tax professionals, has updated the new Internal Revenue Service (IRS) tax refund calendar for 2024. Expect a two-week reduction in the expected time frame if you make some changes to the way you’re filing for your income tax refund.
Managing editor of CPA Practice Advisor Isaac M. O’Bannon further verified that filing online expedites the refund process compared to paper filing. This results in a significant reduction in processing time. Filers who are seeking the child tax credit (CTC) or earned income tax credit (EITC) will still have to wait longer despite all of this. The IRS has confirmed that taxpayers’ bank accounts will only receive these refunds around February 27, as law requires.
The 2024 tax refund cycle is shown here.
| If Filed By | Direct Deposit | Paper Check |
| January 29 | February 9* | February 16* |
| February 5 | February 16* | February 23* |
| February 12 | February 23* | March 1* |
| February 19 | March 1* | March 8* |
| February 26 | March 8 | March 15 |
| March 4 | March 15 | March 22 |
| March 11 | March 22 | March 29 |
| March 18 | March 29 | April 5 |
| March 25 | April 5** | April 12** |
| April 1 | April 12** | April 19** |
| April 8 | April 19** | April 26** |
| April 15 | April 26 | May 3 |
| April 22 | May 3 | May 10 |
| April 29 | May 10 | May 17 |
| May 6 | May 17 | May 24 |
| May 13 | May 24 | May 31 |
| May 20 | May 31 | June 7 |
* = Returns with EITC or CTC may face refund delays until March due to further verification.
** = Expect longer waits since filing during peak season (late March – April 15)
If you’re hoping for your refund to arrive in your bank account shortly, filing early is a basic necessity. By using direct deposit, you can avoid more delays.
By default, paper checks and paper returns take longer. In contrast, if you choose the other method, your refund will be credited to a bank account, prepaid debit card, or mobile application. You will need to have a routing and account number to use this method.
When filing, take care to avoid making any mistakes. Further errors or missing information will cause further delays since your documents will be sent for additional review. Ensure that your income records are easily accessible.
If you’re purchasing your insurance through the health insurance marketplace, Form 1095 might also be necessary. You will also require your Identity Protection Personal Identification number if you were issued one by the IRS.
There are other options available to help you prepare your tax checklist of required documents, even though tax professionals are the default go-to choice. You can file your taxes more affordably using the IRS Free File Program or Volunteer Income Tax Assistance (VITA).
Google is introducing the standalone Gemini Enterprise app for Android, which will deliver its corporate-grade… Read More
Digital payments have changed how we handle money. Whether you are paying for a small… Read More
Taking care of your health and well-being doesn’t have to mean dramatic changes or strict… Read More
We often talk about growing up as if emotions mature on a perfect timeline, children… Read More
Image source: Critical Training Solution Emergency management requires a structured yet flexible approach to handle… Read More
Strategic philanthropy is transforming how individuals and organizations approach donations. Rather than making spontaneous contributions,… Read More
