Maximize Your 2024 Tax Refund: Tips for Tracking and Using Your Money Wisely

Track your 2024 tax refund easily through the IRS website, IRS2Go app, or by calling the IRS for an update.

As the tax-filing deadline approaches, more than 30 million Americans have waited until the final two weeks of the tax-filing season to submit their returns to the IRS. For many, the burning question now is how long it will take for their tax refunds to be deposited into their bank accounts. Tax refunds are often the most substantial sum of money that many households receive throughout the year, averaging 3.8% higher than the previous year at $2,948, according to the latest IRS data.

Why It Matters

For many households, tax refunds are crucial for paying off debts, building emergency savings, or making significant purchases.

Tracking Your Refund

Luckily, there are several convenient ways to track the status of your tax refund, such as using the IRS' "Where's my refund?" website or the IRS2Go mobile app, which is available for iOS and Android devices. The IRS has also enhanced its tracking services for the current tax season, providing more detailed responses to taxpayers' inquiries.

Understanding Your Refund Status

When using the "Where's My Refund?" website or the IRS2Go app, individuals can track the three stages of their refund:

  1. Receipt of the return by the IRS, indicating that the agency is processing the form.
  2. Approval of the refund by the IRS, with a specified issue date for the check.
  3. Notification of the refund being sent to the bank via direct deposit or mail.

Additional Methods

In addition to the online tools, individuals can also call the IRS to inquire about their refund status. The phone line is available for those without internet access, and the refund hotline number is 800-829-1954 for current year refunds and 866-464-2050 for prior year amended returns.

Direct Deposit Vs. Paper Check

For those wondering when the tax refund will hit their bank account, the IRS notes that it can take up to 5 days for the refund to be deposited via direct deposit, while a paper check may require several weeks for delivery.

Financial experts caution against receiving a large tax refund, as it's recommended to adjust withholding to receive money throughout the year. However, for some individuals, a lump sum refund serves as a forced savings plan that can be allocated toward debt repayment or major purchases. Overall, the key is to make informed decisions that align with financial goals and priorities.

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