Can I get my tax refund early? (2024)

Can I get my tax refund early?

If you're planning to file your tax return soon and want your refund money as soon as possible, make sure you file electronically and set up direct deposit. It's a simple way to access your IRS money a few days or weeks sooner than if you depend on the mail to submit your taxes and receive your refund.

Is it possible to get your tax refund earlier than expected?

However, some taxpayers may see their refunds a few days earlier. Check Where's my refund? for your personalized refund date.

Can you get part of your tax refund early?

Tax preparers may have a minimum refund amount requirement to qualify, and you may get only a portion of your expected refund in advance. A tax refund loan is an option if you need money quickly, but you can save on fees if you're willing to wait.

What's the earliest I can receive my tax refund?

What is the soonest you can get tax refund?

The IRS issues more than 9 out of 10 refunds in less than 21 days. However, it's possible your tax return may require additional review and take longer.

How can I get my refund faster?

Combining direct deposit with electronic filing is the fastest way to receive your refund. There's no chance of it going uncashed, getting lost, stolen, or destroyed. The IRS issues more than nine out of ten refunds in less than 21 days.

Has the IRS started approving refunds 2024?

Tax season began on Jan. 29, 2024, when the IRS started accepting and processing 2023 tax returns. As of the week ending March 8, the agency has processed about 62 million returns and issued more than 43 million refunds. To date, the average refund issued in 2024 is $3,145.

How long is it taking to get tax refunds 2024?

Taxpayers who file electronically and choose direct deposit typically get their refund in less than 21 days. Taxpayers who don't have a bank account can find out how to open a bank account at a FDIC-insured bank or the National Credit Union Locator Tool.

Can I get my refund sooner than 21 days?

The IRS issues most refunds in fewer than 21 days for taxpayers who file electronically and choose direct deposit. However, some returns have errors or need more review and may take longer to process.

What day is the IRS releasing EITC refunds 2024?

Most Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) related refunds should be available in bank accounts or on debit cards by Feb. 27 if taxpayers chose direct deposit and there are no other issues with their tax return. Taxpayers can check Where's My Refund?

How much is the child tax credit for 2024?

The maximum refundable child tax credit amount is currently capped at $1,600 per dependent. It would increase to $1,800 for the current filing season. In tax years 2024 and 2025, the refundable amount would grow to $1,900 and $2,000.

Was the child tax credit approved for 2024?

Families were eligible to receive a maximum of $2,000 for each child, but under the American Rescue Plan, they can now receive up to $3,000, with an additional $600 available in 2024.

When to expect tax refund with child credit 2024?

The IRS told CNET that most child tax credit and earned income tax credit refunds would be available in bank accounts or on debit cards by Feb. 27 for taxpayers who have filed and chose direct deposit -- and there are no other issues with their return.

Will child tax credit delay refund 2024?

Note that your refund could be delayed because you claimed the child tax credit or the earned income tax credit, which takes a bit longer to process. By law, the IRS couldn't begin sending tax refunds to those claiming the credits until the middle of February at the earliest.

What is the earned income tax credit for 2024?

The more children you have, the larger the potential credit. In 2024, the maximum EITC ranges from $632 for someone with no children to $7,830 for a family with 3 or more dependent children. The size of your credit depends on your adjusted gross income too. The IRS reduces this credit as you earn more.

What time does IRS update refund status?

Information is updated once a day, overnight.

How do I know if my tax return has been flagged?

Taxpayers whose tax returns have been flagged for possible IDT should receive one of the following letters: Letter 5071C, Potential Identity Theft during Original Processing with Online Option – Provides online and phone options and is issued most widely.

Is the tax topic 152 good or bad?

Tax Topic 152 means the IRS is processing your refund. That's all it means. The IRS has received your tax refund, and the agency is processing it. For some reason, processing is taking longer than usual, but unfortunately, this Tax Topic doesn't explain why processing is taking so long.

How accurate is TurboTax estimated refund?

100% Accurate Calculations Guarantee – Individual Returns: If you pay an IRS or state penalty or interest because of a TurboTax calculation error, we'll pay you the penalty and interest.

What disqualifies you from earned income credit?

If you received more than $11,000 in investment income or income from rentals, royalties, or stock and other asset sales during 2023, you can't qualify for the EIC. This amount increases to $11,600 in 2024. You have to be 25 or older but under 65 to qualify for the EIC.

Has IRS started processing EITC refunds?

Your refund

By law, the IRS cannot issue EITC and ACTC refunds before mid-February. The IRS expects most EITC/Additional CTC related refunds to be available in taxpayer bank accounts or on debit cards by March1, if they chose direct deposit and there are no other issues with their tax return.

How long does it take for tax refund to show in bank account after approved?

Once accepted, your tax return follows the IRS payment schedule, and only they have the status of its processing, whether you owe taxes or expect a refund. For electronic returns with direct deposit, IRS refunds typically arrive in bank accounts within 21 days of approval.

What can I do if my refund is taking too long?

You can check the status of your tax refund using Track My Refund. If your refund details state that it's still processing, you can check your tax return to see if you catch any errors. If your refund status instructs you to contact the IRS, you can speak to an agent to get clarification by calling 1-800-829-1040.

Why is my money refund taking so long?

A refund will take longer if you file by mail or don't select direct deposit. In addition, if the return is more complex or corrections are needed, it may slow the process down.