Filing taxes is a fundamental process in the financial lives of Americans. Each year, millions of people must submit their tax obligations to the Internal Revenue Service (IRS) to comply with the federal mandate. This not only allows taxpayers to pay off their debt, but can also lead to refunds, which are crucial for many families. Refunds help alleviate financial burdens and allow taxpayers to cover important expenses or save for the future.
The IRS expects to receive more than 140 million individual tax returns for fiscal year 2024, with a filing deadline set for April 15, 2025. In this context, the refunds come as a respite for many people who They have paid more than they owed during the year. The waiting time to receive these returns, however, may vary depending on various factors. Understanding how and when to receive them is essential for those expecting this additional payment, especially now when financial planning has become even more important.
The Internal Revenue Service is the entity that is in charge of the entire tax season process in the United States (Photo: AFP)
As for the first taxpayers to receive their refund, the key is how the tax return is filed. The IRS has noted that those who file electronically and opt for direct deposit are the ones most likely to receive their refund the fastest.. According to IRS estimates, most returns will be processed in less than 21 dayswhich means that for those who choose these filing methods, the money will arrive quickly, usually in a short period of time. If you want to be one of the first to receive this amount of money, you must submit your manifest on the day the tax season begins: Monday, January 27.
It is important to note that the presence of certain tax credits may delay the return of money. Taxpayers who claim credits like the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) will have to wait longer to receive their money. This is due to a legal provision that requires the IRS to hold all refunds associated with these deductions until mid-February, and the full refund cannot be issued until verification is complete.
For taxpayers who file by mail, the refund process is slower. The IRS estimates it may take at least four weeks for paper checks to be issued.. Furthermore, the entry of information into the entity’s systems may be delayed if the declaration is presented in physical format, since the data must be entered manually, which prolongs the waiting time.
Once issues related to credits like the EITC and ACTC are resolved, the IRS estimates that taxpayers who filed their return correctly and chose direct deposit will be able to receive their refund starting March 1. This is especially relevant for those who are looking forward to the financial support of these returns, as it marks the beginning of distribution for many families.
Another factor that can influence the waiting time is the existence of previous federal debts. If the taxpayer has outstanding debts to the federal government, the IRS could withhold the refund or apply it to cover those debts. In this case, the refund would not be distributed directly to the taxpayer, but would instead be used to settle outstanding balances with the government.
Finally, if the IRS detects errors on your tax return or if additional documents or information are missing, it may require a manual review, which would delay the process. To avoid these types of mishaps, it is recommended that taxpayers respond quickly if the IRS requests additional documentation. This can streamline the review process and speed up the arrival of the refund, allowing taxpayers to enjoy their money as soon as possible.
