Tax filing season is in full swing—and millions of taxpayers are awaiting refunds from the Internal Revenue Service. But how long does it take, and what is the quickest method?
Why It Matters
The IRS began accepting tax returns for 2024 on January 27, with millions of Americans already filing and paying their tax returns with the IRS. The average refund amount sent out for those who have already filed and paid is $1,928.
What Is The Quickest Way To Get My Refund?
The IRS continually recommends taxpayers to electronically file returns and choose a direct deposit as the refund method for the quickest turnaround. You can do this by selecting it as your refund method through your tax software and typing in the account number and routing number, or by telling your tax preparer you want a refund via direct deposit.
For direct deposit returns, your refund will typically be issued in under three weeks from the date you file and pay, providing there are no issues with your tax return. You can also select direct deposit even if you file via mail rather than online.
“Combining direct deposit with electronic filing is the fastest way to receive your refund,” the IRS says on its website. “There’s no chance of it going uncashed, getting lost, stolen, or destroyed.”
If you don’t want to use direct deposit for whatever reason, you can have a refund check mailed to you. However, this takes considerably longer, and you can expect your refund within six to eight weeks from the date the IRS receives it.
The IRS stipulates that “your refund should only be deposited directly into a United States bank or United States bank affiliated accounts that are in your own name, your spouse’s name or both if it’s a joint account.”
How To Check Refund Status
If you’ve filed and paid and are still awaiting your refund, you can use the IRS’s own online checker. The status of any money you may be owed will appear around:
- Twenty-four hours after you e-file a current-year return
- Four weeks after you file a paper return
Information is updated once a day, overnight, so if you don’t have any results, check back the next day.
Where’s My Refund has three stages it can display. These are:
- Return Received—The IRS has received your return and is processing it.
- Refund Approved—Your refund has been approved and the IRS is preparing to issue it by the date shown.
- Refund Sent—The IRS has sent the refund to your bank or in the mail. It may take up to five days for it to show in your bank account or several weeks for your check to arrive in the mail.
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