Feb 16, 2024
Eager for your tax refund? You’ll want to file as soon as possible, considering how the IRS experienced pandemic-related delays in the previous three tax seasons.
The IRS has announced that it will begin processing individual returns for the 2023 tax year on Jan. 13, 2024, though you can prepare your return now.
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Most taxpayers have until April 18 to submit their tax forms and pay any money that’s owed.
However, the IRS warns that it's still unable to keep up and deliver the service taxpayers deserve — so plan ahead, get your documents ready and seek help early on.
What to do before Jan. 13
Once you have your W-2s and other essential paperwork — keep an eye out for the new Letter 6419, which is being mailed out to child tax credit recipients — you can hop on your computer or go to a tax preparer to get started.
You don't have to wait until opening day of the tax-filing season to get your taxes done. Most software companies and tax professionals will accept returns early, though they can't file the documents until the IRS system opens on Jan. 13.
You can complete your return electronically using popular tax preparation software.
Getting an early jump on your return is a good idea, in case you run into any issues. And electronic filing helps you save time and find potential errors, such as missing information.
"This filing season is the first to benefit the IRS and our nation's tax system from multi-year funding in the Inflation Reduction Act," says Acting IRS Commissioner Doug O'Donnell.
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"With these new additional resources, taxpayers and tax professionals will see improvements in many areas of the agency this year. We've trained thousands of new employees to answer phones and help people. While much work remains after several difficult years, we expect people to experience improvements this tax season. That's just the start as we work to add new long-term transformation efforts that will make things even smoother in future years. We are very excited to begin to deliver what taxpayers want and our employees know we could do with this funding."
More: How to find your tax bracket
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How long will your tax refund take?
The IRS website says taxpayers generally receive their refunds within 21 days if they file electronically, choose direct deposit and their return doesn’t have any red flags.
Even so, don’t count on your tax refund for any time-sensitive payments, because delays are always possible.
If you received half your child tax credit in advance monthly payments last year, you can claim the other half when you file your return this year. The IRS says this shouldn’t cause any delays, unless you fail to properly reconcile your advance payments with the amount of credit money you’re eligible for on your 2023 tax return.
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When you file using an old-fashioned paper return, your refund will take longer — up to six weeks — because the IRS must receive your document by mail, then input the information into its system.
If filing by paper is your preferred choice, be aware that the Feb. 19 Presidents Day holiday and any rough winter weather could slow your return on its journey to the IRS.
Checking on your tax refund
Any refund may be delayed because of errors, omissions or signs of possible identity theft. And if you claim the earned income tax credit (EITC) or the additional child tax credit (ACTC), you may have a short wait because the IRS says it can't issue refunds related to those credits until mid-February.
How do you check what's happening with your refund? The IRS knows that this is (obviously) a very popular question, so the agency created an app called IRS2Go, which allows you to track the status of your refund.
If apps aren’t your thing, you can go to the IRS website and its Where’s My Refund? portal to see how your refund is progressing.
Both of these choices start providing updates on your tax refund 24 hours after you’ve e-filed. You’ll see when your return has been received, when your refund has been approved and when it’s been sent. (You'll have to wait four weeks to see any status reports if you file a paper return.)
You can also count on updates from your tax solutions provider.
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Serah Louis is a reporter with Moneywise.com. She enjoys tackling topical personal finance issues for young people and women and covering the latest in financial news.
