In two weeks, the Internal Revenue Service will begin receiving and processing tax returns, the government said.
Officially, tax season will begin on Monday, January 27. Before the April 15 deadline, the IRS anticipates that over 140 million individual returns for tax year 2024 will be filed. On January 10, the government started to take returns through IRS Free File; however, they won’t be processed until the official start date.
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Paper filers must wait at least four weeks to learn the status of their return, whereas most filers who file their forms online get their refunds in 21 days. Within 24 hours of e-filing, you can use the Where’s My Refund service to trace your refund. According to the IRS, there is no need to check more than once a day because the information in both situations is updated overnight.
Due to further identity verification, filers who claim the Earned Income Tax Credit, Child Tax Credit, and Credit for Other Dependents will have to wait longer to receive their refunds. The date for refunds claiming these credits has not been made public by the IRS.
Direct File opens
The IRS offers free direct tax filing to citizens in 25 states.
Last year, twelve states participated in a Direct File pilot program: Arizona, California, Florida, Massachusetts, Nevada, New Hampshire, New York, South Dakota, Tennessee, Texas, Washington State, and Wyoming. Alaska, Connecticut, Idaho, Illinois, Kansas, Maine, Maryland, New Jersey, New Mexico, North Carolina, Oregon, Pennsylvania, and Wisconsin will also be able to use the service this year.
This year, Direct File has included a new option that lets taxpayers choose whether to have data from their IRS account automatically imported. This includes personal information, the taxpayer’s IP Pin, and some data from their W-2.
IRS Free File
The IRS Free File is now available. It provides free tax preparation software to taxpayers with an adjusted gross income of $84,000 or less. Forms can be completed now by users of Free File, and processing will begin on January 27.
Additionally, Volunteer Income Tax Assistance and Tax Counseling for the Elderly offer free tax preparation services.
