IRS Tax Refund Delay Update 2024 –  For what reasons can refund be delayed?

The American tax return system is excellent, but everyone is wondering why their taxes are delayed this year. Incorrect data entry while filing, late filing, misspellings, and selecting the incorrect filing or receiving methods are some reasons for delays. 

IRS Tax Refund Delay Update 2024

According to the IRS, the majority of taxpayers receive their tax refunds in 2024 within 21 days of filing. The earliest possible day to submit your taxes was January 29, and if you do so, you should anticipate your return from direct deposit by February 19. 

It’s important to remember, though, that the IRS is unable to provide refunds for specific credits before the middle of February; availability is anticipated by February 27. So, while you wait for your return, bear in mind that the IRS is still working to improve services for taxpayers this filing season. 

By the deadline of April 15, 2024, it is expected that over 128.7 million individual tax returns will be filed. Everybody is interested in knowing when they will receive their IRS tax refund in 2024. We will talk about the reasons behind the delay in this post. 

What are the reasons behind the IRS Tax Refund Delay 2024?

You still have plenty of time to submit your taxes if you haven’t already. April 15th is the final date for filing your taxes. To file your taxes and receive your return as soon as possible, you can utilize online tax software. 

IRS Tax Refund Delay Update 2024

In 2024, there are several reasons why your IRS tax refund might be delayed. Examples of the common ones are:

  • Instead of filing an electronic return, you did it on paper. Paper returns are more time-consuming to handle and are subject to mail problems or delays.
  • Either the Additional Child Tax Credit (ACTC) or the Earned Income Tax Credit (EITC) were claimed. By law, the IRS must withhold these refunds until at least February 27, 2024, to confirm the taxpayers’ eligibility. 
  • You included the incorrect Social Security number, bank account number, or filing status on your tax return, among other mistakes. Your refund may be delayed if the IRS rejects or reviews your return as a result of this. 
  • If you are vulnerable to identity theft or fraud. It might take longer if the IRS has to confirm your identity or look into suspicious activity on your tax return 2024.
  • Your tax return will be rejected and you must file again if you attach a wrong AGI form. 
  • An improper tax return may be the consequence of a mistyped number or incorrect computation, which might cost you money or force you to pay back any excess amount due in fines and penalties.

Use the IRS2Go mobile app or the “Where’s My Refund?” function on the IRS website to locate the status of your tax return. To get this information, you will need to know your Social Security number, filing status, and specific refund amount. 

Which steps can be used to get an early IRS tax refund 2024?

Your return becomes the asset of the IRS upon filing and is subject to the agency’s regulations. However, you should receive your refund as soon as possible if you followed these instructions while making your return.

  • The IRS processes accurate and full tax returns more rapidly. Making use of tax software or seeking advice from a tax expert can help to guarantee accuracy and minimize mistakes.
  • As soon as you can, submit your tax return ideally electronically. This will lessen the possibility of mistakes, hold-ups, or fraud.
  • To receive your refund, select direct deposit. This is the safest and quickest method for getting your money back. Your return can be deposited into one, two, or three accounts: retirement, savings, or checking. 
  • If it’s possible, refrain from claiming the Additional Child Tax Credit or the Earned Income Tax Credit.
  • You can get in touch with the IRS and ask for an expedited refund if you are experiencing financial difficulties and need your money back right away. You will have to give an explanation of your circumstances and present proof of your difficulty. 

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