As tax season approaches, many Americans are looking forward to receiving their tax refunds, which can be a substantial windfall for households. According to IRS data, the average tax refund for 2024 is 3.8% higher than the previous year, coming in at ,948. This money can be put towards paying off debt, building up emergency savings, or making a significant purchase. While some financial experts recommend adjusting withholding to receive money throughout the year instead of in a lump sum, others view the tax refund as a forced savings plan that can benefit certain individuals.
If you’re eager to track the status of your tax refund, there are several 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. By providing basic information such as the tax year, your Social Security or ITIN number, filing status, and exact refund amount, you can receive detailed updates on the status of your refund.
Another convenient way to track your refund is through the IRS2Go app on your mobile phone. This app functions similarly to the website and allows you to access your refund data by entering the same information. For those without internet access, the IRS refund hotline at 800-829-1954 is available to provide information on the three stages of the refund process: processing, approval, and issuance of the refund.
The IRS app and hotline can keep you informed on when your refund has been received, approved, and sent to your bank account via direct deposit or mail. Typically, direct deposit takes up to 5 days to show up in your bank account, while a paper check may take several weeks to arrive. Being able to track the refund process can offer peace of mind to taxpayers awaiting their refunds, especially those who rely on it as a significant source of annual income.
Ultimately, how you choose to use your tax refund in 2024 depends on your financial goals and priorities. Whether you decide to pay off debt, save for emergencies, or make a big purchase, knowing how and when to track your refund can help you make the most of this financial windfall. By utilizing resources like the IRS website, app, and hotline, you can stay informed about your refund’s status and plan accordingly.
