IRS Begins Accepting Tax Returns: Here’s How to Track Your Refund Status

The U.S. Internal Revenue Service (IRS) officially began accepting tax returns for the 2024 tax season on January 27. With the federal filing deadline set for April 15, the agency anticipates processing over 140 million individual tax returns, leaving millions of taxpayers eager to know when they will receive their refunds.

According to IRS data, 11.7 million returns were processed in the first week alone, with 28% resulting in direct-deposit refunds. Experts, like Janet Holtzblatt, a senior fellow at the Urban-Brookings Tax Policy Center, believe the IRS is well-prepared for the tax season, which is promising news for taxpayers expecting quick processing and refunds.

How to Track Your Tax Return’s Status

For those who have already filed their tax returns or are planning to do so, the IRS provides an online tool to check refund status. The “Where’s My Refund” page on the IRS website allows users to track their return within 24 hours of filing electronically.

Steps to Check Your Refund Status:
1. Visit the IRS Where’s My Refund page.
2. Enter your Social Security Number or Taxpayer Identification Number (TIN).
3. Provide the exact whole-dollar refund amount as shown on your return.
4. Select the filing status (Single, Married Filing Jointly, etc.).

The tool will update taxpayers about their return status, which typically moves through three main phases:
• Return Received: The IRS has received and is processing your return.
• Refund Approved: Your refund has been approved, and you will see the expected deposit date.
• Refund Sent: Your refund has been issued, either via direct deposit or mail.

When Can You Expect Your Refund?

The IRS states that most electronically filed tax refunds are processed within 21 days. However, paper-filed returns and returns claiming certain credits, like the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC), may experience slight delays.

With the tax season in full swing, filing early and using electronic methods can ensure a faster and smoother refund process.