Millions of Americans are receiving tax refunds worth $3,079 – three steps to track your money
According to the Internal Revenue Service (IRS), OVER 63 million Americans have already received their tax refunds.
On average, taxpayers see returns of about $3,079 — down 11 from last year.
When you receive yours is determined based on two factors: when and how you submit it.
The IRS usually processes tax returns when they receive them, but you might be able to collect yours quicker if you have a direct deposit.
This is because direct deposit refunds are processed within seven to ten days of receiving your tax return.
This means that those filing electronically should receive returns in bank accounts within an average of 21 days.
For example, if you filed today, March 24th, you should see your tax refund by Friday, April 14th.
Paper checks typically take about two weeks to process and it can take up to several weeks before you see your money.
Also, you might wait even longer if you have incorrect or incomplete information.
Remember, you have until April 18 to file your taxes.
TRACK YOUR MONEY
There are two ways you can check the status of your refund: through the IRS app or on the IRS website.
The IRS app is called IRS2Go and it has many different functions like checking your refund status and making payments.
Besides, it will also offer free tax help.
It is available for both iOS and Android and in English and Spanish.
To enroll and verify your status, you’ll need your social security number, enrollment status, and the expected amount of your refund.
Just note that the IRS usually updates the app overnight. So if you don’t see a status change, check it out the next day.
If you choose to use the site, you will be prompted to enter the same information: tax year, social security number, filing status, and refund amount.
The IRS has three handy tools that display one of three messages outlining your tax filing status:
- Received – Your tax return has been received and processed by the IRS
- Approved – The IRS has processed your return and has confirmed the amount of your refund, if you are owed one
- Sent – Your refund has been sent to your bank via direct deposit or to your mailbox as a paper check
To help with processing, the IRS hired over 5,000 new telephone assistants and added more personal staff.
However, if you have incorrect information, there is a good chance you will receive yours much later.
To avoid delays, it is important that you have all the necessary information before submitting an application to avoid extensive processing and refund delays.
Correct filing also guarantees the need to file an amended tax return.
Also, check your documents carefully to make sure you don’t miss any important tax credits that you may be entitled to.
Check out our live blog on all tax-related topics.
Plus, three ways to ensure you get up to $3,140 on your tax returns.
https://www.the-sun.com/money/7714538/irs-tax-refunds-track-money/ Millions of Americans are receiving tax refunds worth $3,079 – three steps to track your money