New York – Tax season is going on, and IRS hopes that 140 million people will file returns by 15 April. The agency has also launched a new online tool to help taxpayers check the status of any refund, which they can be entitled.
President Donald Trump offered a procurement package to all federal employees this week in an attempt to reduce the size of the government workforce, which could affect IRS staffing in an important period for the agency, although it is not yet clear How much. IRS did not immediately respond to the remarks request.
What do you know here:
When will I get my refund?
If you file a tax return electronically, IRS says that you should take 21 days or less to get your refund. If you choose to get your refund with direct deposits, then it should take less time. If you file a paper return, the refund may take four weeks or more time, and if your return requires a modification or improvement, it may take longer.
IRS cautioned taxpayers not to rely on obtaining refunds by a certain date, especially when major purchases or bills pay.
How can I check my refund status?
Can taxpayers use online tools where my refund is? To check the status of their income tax refunds within 24 hours of e-filing and generally within four weeks of filing a paper return.
Information related to this tool is once updated daily, overnight. To reach the status of your refund, you will need:
– Your social security or individual taxpayer ID number (ITIN)
– Your filing position
– Refund amount calculated on your returns
How do refunds work?
If you pay more through the year than being outstanding in tax, due to restrictions or other reasons, you should get the money back. Even if you do not pay additional tax, you may be represented even if you qualify for a returnable credit, such as the earned Income Tax Credit (EITC) or child tax credit. To get your refund, you have to file returns, and you have three years to claim tax refund.
Do I qualify for the Income Tax Credit (EITC) earned?
To qualify for EITC, you must have less than $ 11,600 in investment income and earning less than a specific income level from working. If you are single without a child, your income level should be $ 18,591 or below. And if you are jointly filing with three or more children, you have to do $ 66,819 or below. To determine that your home is qualified based on your marital status and number of your dependents that you can use EITC accessories online.
What about child tax credit?
If you have a child, you are most qualified for child tax credit. Credit is up to $ 2,000 per day. To qualify, a child must have:
– There is a social security number
– Less than 17 years of age at the end of 2024
– Claim to depend on your tax return
If you complete all eligibility factors, you qualify for the full amount of child tax credit for a child with each qualification and your annual income $ 200,000 (does not exceed $ 400,000 if you file joint returns).
What’s different this year?
IRS has expanded a program that allows people to enter their taxes directly with the agency. Federal Direct File Program, which allows taxpayers to calculate and present their returns without using commercial tax preparation software, is now available to taxpayers in 25 states, from 12 states who were part of last year’s pilot program .
The program allows people in some states to calculate and present their returns directly into IRS with very simple W-2s. In 2024, those using the pilot program claimed over $ 90 million in the refund, said in October.