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You can figure out when to expect your refunds with the help of the tax refund calendar 2024, which is now available.
This official task cannot be hurried. But, there’s a good chance you’ll want to skip the first 21 days of awaiting your refund after requesting it.
Tax professionals can now access the updated Internal Revenue Service (IRS) tax refund calendar for 2024 through CPA Practice Advisor, an administrative resource. If you make a few adjustments to your income tax refund filing process, the estimated wait time will decrease by two weeks.
In a report to Yahoo Finance, managing editor of CPA Practice Advisor Isaac M. O’Bannon further confirmed that filing online speeds up 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) would still have to wait longer in spite of all of this. The IRS has confirmed that taxpayer’s bank accounts will only receive these reimbursements around February 27, as required by law.
The 2024 tax refund cycle is displayed here:
US Tax Refund Calendar Estimated for 2024
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 |
*= Due to additional verification, refunds for returns including EITC or CTC may not be processed until March.
** = During the busiest time of year (late March to April 15), increased wait times will be expected.
How will you benefit from using direct deposit?
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 prevent more delays.
By default, paper checks and paper returns take longer. On the other hand, if you choose the alternative route, your money will be transferred to a bank account, prepaid debit card, or smartphone app. You will need to have a routing and account number in order to use this method of payment.
When filing, take care to avoid making any mistakes. Further errors or missing information mentioned therein will cause further delays since your documents will be sent to further examinations.
Ensure that your income records are easily accessible. If you’re purchasing your insurance through the health insurance marketplace, Form 1095 can also be necessary. You will also require your Identity Protection Personal Identification number, if you were issued one by the IRS.
There are other solutions available to help you prepare your tax checklist of required documents, even though tax professionals are the typical go-to choice. You can file your taxes cheaper by using the IRS Free File Program or Volunteer Income Tax Assistance (VITA).