How to get your tax refund faster in 2024
If you owe the government money at tax time, chances are you will put off writing that check until the very last minute. If you’re owed money, however, you’d like that back as soon as possible.
The average refund – barring you don’t claim the Earned Income Tax Credit or Additional Child Tax Credit – is returned in 21 days. Things like errors or additional reviews can slow the process and the IRS warns people against counting on refunds to be returned in a specific period of time.
According to the Internal Revenue Service, there are things you can do to speed up your tax refund. Some are common sense – check your math, make sure all your information is correct – but there are a few tips to help speed up the process:
READ MORE: $7,430 credit from the IRS: Requirements and who is eligible to receive the refund
Make sure you have all the right paperwork ahead of time
Having all the necessary paperwork in front of you means you’re less likely to make a mistake. Before beginning, the IRS recommends you have:
- Social Security numbers for everyone listed on the tax return.
- Bank account and routing numbers.
- Various tax forms such as W-2s, 1099s, 1098s and other income documents or records of digital asset transactions.
- Form 1095-A, Health Insurance Marketplace statement.
- Any IRS letters citing an amount received for a certain tax deduction or credit.
Want your refund back soon?
File your return electronically with direct deposit – it’s the fastest way to receive a refund, according to the IRS. Avoid paper returns and use tax software if you’re preparing your return yourself, as it helps individuals avoid mathematical mistakes.
Report all types of income
Reporting all your income may seem obvious but it can help prevent issues that can hold up any refunds. Income can include revenue from :
- Goods created and sold on online platforms.
- Investment income.
- Part-time or seasonal work.
- Self-employment or other business activities.
- Services provided through mobile apps.
Waiting on your 2022 tax return to be processed?
What do you do if you’re still waiting on your 2022 tax return to be processed? Here’s what the IRS recommends if you’re working on your 2023 return: Make sure to enter $0 for last year’s adjusted gross income, or AGI, on the 2023 tax return. Everyone else should enter their prior year’s AGI from last year’s return.
Do you qualify for Free File?
If you earned less than $79,000 in 2023, you’re eligible for IRS Free File. If you make more than $79,000, you can use the IRS’ Free File Fillable Forms. These are the electronic versions of IRS paper forms. This product is best for people who are comfortable preparing their own taxes.