The IRS typically advises taxpayers that it will take 21 days to receive their refund after filing.
However, according to CPA Practice Advisor, a publication for tax professionals that publishes a refund calendar based on the average schedule of IRS refunds over the past 20 years, you can reduce that period by two weeks by making a few adjustments to your filing method. can be shortened to
“To get your refund as quickly as possible, it is most important to file electronically, as paper filings can take weeks or more to process your tax return,” says CPA Practice Advisor. said Isaac M. O'Bannon, Editor-in-Chief. he told Yahoo Finance. “If you use a popular online filing system or have a professional tax professional, they can help you file electronically.”
If you claim the Earned Income Tax Credit (EITC) or the Supplemental Child Tax Credit (ACTC) early, there will be a delay anyway. The IRS is required by law to hold these refunds until mid-February, meaning they won't be in taxpayers' bank accounts until about February 27, the IRS said.
Here's how to ensure you receive your tax refund as soon as possible.
Complete coverage: 2024 Taxes — Everything You Need to File Your Taxes on Time
E-file and use direct deposit to avoid delays
If you're counting on a refund, the most important thing to do is to file electronically early and use direct deposit for your refund to avoid delays.
Requests for paper checks for paper returns or refunds often take longer to process.
Once you have your routing number and account number, you can receive your refund to your bank account, prepaid debit card, or mobile app.
Avoid inaccurate returns
Whether you file online or with a tax professional, make sure you have all your personal information and tax documents ready before filling out your return. Returns with errors or missing information may require additional review and may delay your refund.
You'll need records of your income, including W-2 income statements and 1099s for unemployment compensation, dividends, pensions, annuities, and retirement plan distributions.
If you have insurance through the Health Insurance Marketplace, other required items may include Form 1095. Check out H&R Block's tax checklist to help you prepare.
Be sure to have personal information for your spouse and dependents, such as date of birth, social security number, and tax ID number. You will also need her ID Protected Personal Identification Number for this year, if issued by the IRS.
If you can't afford a tax professional but need help paying your taxes, consider the IRS's Free File option or Volunteer Income Tax Assistance (VITA). VITA provides free tax preparation services to individuals with moderate to low incomes, the disabled, the elderly, or those with language barriers.
Beware of tax fraud
As technology advances, tax fraud is becoming more sophisticated. For example, a phone call claiming to be from the IRS telling you you have an unclaimed refund, a fake W-2 for your boyfriend in the mail, a “ghost” taxpayer or a scammer posing as a charity.
The IRS “will not contact taxpayers via email, text message, or social media channels to request personal or financial information.”
Rhonda is Yahoo Finance's senior personal finance reporter and an attorney with experience in law, insurance, education, and government. Follow her on X @writesronda
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