Tax Season is Here

The IRS is gearing up for tax season, with 164 million people expected to file their returns by April 15. Last year’s average refund was $3,167, but analysts think it could be $1,000 higher this year due to changes in tax law.

When Will You Get Your Refund?

If you file electronically, your refund should arrive within 21 days or less. Opt for direct deposit and it’ll be even faster. But if you file on paper, expect a wait of four weeks or more. And if your return needs amendments or corrections, it’ll take longer.

Checking Your Refund Status

Use the IRS’s ‘Where’s My Refund?’ tool to track your refund status. You’ll need your Social Security number or Individual Taxpayer Identification Number (ITIN) to log in. You can also check the IRS2Go app or your Online Account for updates.

Tax Credits: What You’re Eligible For

You might be eligible for tax credits like the Earned Income Tax Credit (EITC) or the Child Tax Credit. The EITC is worth up to $6,728, while the Child Tax Credit is up to $2,200 per kid. Use the EITC Assistant tool to see if you qualify.

What’s New This Year

The IRS is phasing out paper checks for refunds, so you’ll need to provide your bank account and routing numbers for direct deposit. Some taxpayers may get their refunds earlier, depending on their bank.