IRS Tax Filing Update: Key Dates and Refund Insights
IRS Opens Tax Season
The IRS has officially announced that it will start accepting tax returns on January 27. This date marks the commencement of the new tax season for the year 2024, allowing taxpayers to file their returns and potentially receive their refunds.
Refund Expectations
- Americans are expected to file approximately 140 million returns before the April 15 deadline.
- Last year, about two-thirds of taxpayers received a refund, averaging around $3,100.
Filing and Refund Timeline
The IRS will begin accepting returns on January 27, but the Free File service opened earlier on January 10 for eligible taxpayers with adjusted gross income of $84,000 or less.
Most refunds will be processed in less than 21 days. Individuals filing electronically can expect funds as soon as February 17 if everything operates smoothly.
Tracking Your Refund
- Taxpayers can monitor their refund status 24 hours after electronic filing using the IRS Where's My Refund? tool.
- Paper returns may take about four weeks to appear in the tracking tool.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.