Three Reasons Why Your Tax Refund Is Bigger This Year

We’ve released certain instructions, publications, and upload layouts related to the changes. If there’s not enough information to verify your identity and filing history for the tax year in question, the IRS won’t be able to help you locate the refund. Will give you a personalized refund date after what is a tax refund we process your return and approve your refund.

How to use the Where’s My Refund tool

When the IRS got the first infusion of money in 2022, “they immediately went out and hired some 5,000 new people who could assist taxpayers,” Holtzblatt says. About unearned revenue 28% of the 11.7 million returns processed by the IRS resulted in direct-deposit refunds in the first week of filing, according to the IRS. Roughly 410,000 returns filed by Arizonans in 2022 claimed the fully refundable Child Tax Credit or Additional Child Tax Credit, the IRS said.

When to expect your tax refund

The IRS also has an online tax assistant calculator to help determine if you qualify for this benefit, along with other explanatory information on it. Plus, the youngster will need a Social Security number and must be your child, stepchild, eligible foster child or other dependent. Catch up on CNBC Select’s in-depth coverage of credit cards, banking and money, and follow us on TikTok, Facebook, Instagram and Twitter to stay up to date.

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Your first instinct might be to simply increase your spending that month if you get an unexpected tax refund or use it for a splurge you couldn’t otherwise afford. “Don’t just go to, ‘Oh I’ve always wanted to go on this trip,'” advises Melissa Joy, CFP, CDFA, and president of Pearl Planning. She tells her clients to think carefully about where that money should go instead. “Ask yourself where you can alleviate pain or increase safety.” You might end up with an unexpected tax refund for several reasons. The IRS got long-awaited relief in 2022, in the form of $80 billion from the Inflation Reduction Act, along with its regular appropriations.

• Tax experts this year hinted that refunds could come in slightly larger due to inflation-related changes to the standard deduction and tax brackets for 2024.
• Here’s an estimate of how long it can take to receive your tax refund, based on how you file your tax return and how you choose to get your refund delivered to you.
• “It’s not like every audit will end in someone owing money.”
• If you file by mail and opted to receive a paper check, your refund will likely take at least four weeks (or more) to arrive.
• While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service.

There are a number of decisions you make — including how you file your return and receive your refund — that can affect how bookkeeping for cleaning business long it takes to receive your tax refund. You can save yourself from weeks of wondering where your refund is by avoiding paper. If you file electronically, those returns are processed in about three weeks. State tax authorities also accept electronic tax returns, which means you may be able to get your state tax refund sooner, too. The IRS generally issues refunds within 21 days of when you electronically filed your tax return, and longer for paper returns. Find out why your refund may be delayed or may not be the amount you expected.