Welcome to Shoeba Español Tv, your trusted channel to keep up to date with the most relevant financial news Today we will talk about a topic that is surely on the minds of many: when will your tax refund arrive? If you have already filed your return, it is very likely that you are wondering how long it will take for that long-awaited money to arrive.
Last year, the average refund was just over $3,000, a sum that for many people is not just extra money, but an essential financial lifeline to pay bills, settle debts and meet their financial plans.
In this video, we will explain in detail how long you can expect to receive your refund, possible delays, the best tools to track the status of your refund, and what to do if your refund is taking longer than expected. So stay until the end to not miss any details. And remember to subscribe to Shoeba Español Tv to always be informed about financial and general interest topics.
How Long Will It Take to Receive My Tax Refund?
The good news is that the IRS has already begun processing tax returns for 2024. In most cases, refunds are issued within 21 calendar days if you filed your return electronically and chose direct deposit as your refund method.
If you chose to file your return in physical format (by mail), the wait time may be considerably longer. It could take at least four weeks or even longer before your return appears in the system.
How to Check the Status of Your Refund
For those who want to know exactly what stage their refund is in, the IRS offers several very useful tools:
1 Herramienta "Where’s My Refund" en irsgov:
This is the most reliable and fastest option to check the status of your refund. If you filed your return electronically, the status of your refund should be available within 24 to 48 hours after submission.
2 IRS2Go Mobile App:
Available for mobile devices, this app allows you to check the status of your return at any time and from anywhere.
3 Paper declaration:
If you mailed your return, you will need to wait up to four weeks for the information to appear in the system.
The IRS has improved its refund tracking tool, now offering more detailed explanations about the status of your refund. Instead of receiving vague updates like "in process," you'll now be able to see specific stages of the process and receive notifications if there are any issues.
Common Reasons for Delayed Refunds
Although the IRS follows a strict schedule for processing returns, a few factors can cause delays. Here are the most common reasons:
1 Specific tax credits:
Due to federal laws, the IRS cannot issue refunds to those who claim the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) before mid-February. If you filed your return with one of these credits, you should receive your refund no later than March 3, provided there are no problems.
2 Errors in the declaration:
If there are discrepancies between the information provided and IRS records, the return may be flagged for manual review, which could add weeks or even months of waiting.
3 Incorrect banking information:
If your bank account details are not correct, this could cause problems with direct deposit.
4 Holidays and bank processing times:
Even if the IRS releases your refund, some banks take between one and five business days to process deposits.
5 Paper check:
For those who opted to receive a physical check, the wait is even longer The Treasury Department warns that paper checks are 16 times more likely to be delayed, lost or stolen compared to direct deposit
What to do if your refund is delayed
If you have already waited the stipulated time and your refund has not yet arrived, here are the steps you can follow:
1 Check the status in "Where's My Refund":
This remains the most up-to-date source of information.
2 Wait the recommended times:
If you filed electronically, you must wait at least 21 days. If you filed by mail, the wait time is six weeks before contacting the IRS.
3 Call the automated refund line:
The IRS offers an automated telephone line to check the status of your refund
4 Contact the IRS directly:
If the wait time has exceeded the limits mentioned and you still have no response, you can contact the IRS for additional assistance.
Measures to Avoid Delays in the Future
To ensure that your refunds arrive in a timely manner, we recommend taking the following precautions:
1 Opt for direct deposit:
It is the fastest and safest method to receive your money
2 Verify banking information:
Make sure you provide the correct details to avoid problems.
3 Review your return before submitting it:
This includes checking for errors in names, Social Security numbers, and reported amounts.
4 Monitor your IRS online account:
The IRS online account allows you to access key details about your return and refund, as well as sign forms electronically.
5 Stay informed:
The IRS publishes regular updates on the status of refunds and changes in the process
Receiving your tax refund can be a crucial part of your annual financial planning. Understanding the process, possible causes of delays, and the tools available to track your refund can make a big difference.
From Shoeba Español Tv, we recommend that you pay attention to IRS updates and take proactive measures to avoid problems with your refunds. If you found this information useful, don't forget to subscribe to our channel, activate notifications and share this video with friends and family.
We hope your refund arrives quickly and without any issues! What do you think about the changes to the refund process this year? Leave us your comments below Your voice is important to us Thank you for joining us and see you next time on Shoeba Español Tv!
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