Tax season is here, and refunds are an important source of income for many Americans. For many households, tax refunds are the largest single payment they receive each year. The Internal Revenue Service (IRS) reported that the average refund last year was nearly $3,200.
This year, compensation could reportedly be even higher, as a recent analysis by financial services firm Piper Sandler suggests that the typical compensation could increase by about $1,000. That would bring the average refund to about $4,200, though actual amounts will vary depending on individual circumstances and the impact of the Republicans’ “big, beautiful” tax and spending legislation, CBS News reports.
For example, older Americans who qualify for the new $6,000 senior citizen deduction can get a bigger refund, along with homeowners who can take advantage of the expanded state and local tax deduction of $40,000.
Refund information is usually available approximately 24 hours after the current year’s return is filed electronically, within three to four days after the prior year’s return is filed electronically, or approximately four weeks after the paper return is submitted.
IRS Refund: Steps to Track Your Payments Online
- You can check the status of your refund using the IRS’s “Where’s My Refund” tool on their website, IRS.gov, or through the IRS2Go mobile app.
- To check your refund status once the system is available, you’ll need to provide your Social Security Number or Individual Taxpayer Identification Number (ITIN), filing status, and the exact refund amount shown on your tax return.
- Submit the requested information.
4. The refund tracker will display one of three status updates:
“Return received” means that the IRS has successfully received your tax return. “Refund approved” means that your return has been processed and your refund is scheduled for payment. “Refund Sent” confirms that the IRS has processed the refund, although it may take a few more days for your bank to credit your account.
It is important to note that the “Where’s My Refund?” According to the IRS, the tool is typically unavailable each morning, usually between 4:00 a.m. and 5:00 a.m. Eastern Time.
What if the refund is delayed?
If your refund is taking longer than expected, it may be because your tax return needs corrections or additional review. In some cases, the IRS may need more information to complete processing, and if so, they will send you a letter.
