Millions of Americans have filed for their tax refunds this year, money they are entitled to by law. As you already know, the United States tax system works under the concept of “paying it forward.” That means that taxpayers pay their taxes throughout the tax year, for example through withholdings on their paychecks, or through estimated payments, but the amount withheld is based on an estimate of the taxpayer’s total tax liability that is calculated at the end of the year.
At the end of the year, the taxpayer may have paid more taxes than they are entitled to, resulting in a refund from the Internal Revenue Service (IRS). The refund amount is calculated by the agency by subtracting the total amount of taxes from the total amount of taxes the individual paid during the year.
Tax Credits and Deductions Accepted by the IRS
Taxpayers can claim tax credits and deductions to reduce their overall tax liability. Credits and deductions can be related to various aspects, such as:
- Credits for family situations (dependents, spouses and family heads).
- Credits for educational expenses (expenses related to registration, fees and books, etc. can be deducted)
- Credits for medical expenses.
- Contributions to retirement plans: Contributions to retirement plans, such as 401(k)s and IRAs, are also tax deductible.
Where Is My Tax Refund? Find Your Money With This Free IRS Tool
The status of your refund is available on the IRS website, “Where’s My Refund?” approximately 48 hours after you electronically file your tax return. On this website, you can also view refund information for the current year and the previous two years. You can access the site at the following link: Where is my refund?
There are several factors that can cause delays in processing your refund. These may include errors on your tax return, which may require revisions, corrections, or the filing of additional forms. To track your money and see its status, use the free IRS tool “Where’s My Refund?“.
Typically, your refund appears on the website 24 hours after you e-file your tax return. 3 or 4 days after electronically filing a return from the previous year, or up to 4 weeks after filing a paper return.
To check your tax refund, the IRS needs to provide:
- Your Social Security or Individual Taxpayer Identification Number (ITIN)
- Your filing status
- The exact amount of the refund on your return
Find your tax information in your online account or get a copy (transcript) of your tax records.
You can also use the IRS app IRS2Go app. There you will also be able to see the status of your refund, if it has been approved, and whether or not it has already been sent.