Tax season is a time of year when many people eagerly anticipate receiving their tax refunds. However, for some, the wait for a refund can be longer than expected. This article will explore the reasons why some people are still waiting for their tax returns and provide guidance on how to track the status of your refund.
Reasons for Delays
The Internal Revenue Service (IRS) has reported that as of early March 2024, they have issued nearly 14% fewer refunds compared to the same time in the 2023 filing season. This delay is primarily attributed to the IRS receiving returns later this year, resulting in seven fewer days to process returns.
Number of People Waiting
The number of people waiting for the IRS to process their returns has also increased compared to last year. As of March 1, 2024, approximately 799,000 people were still waiting for their refunds, compared to 607,000 people at the same time in 2023.
Average Refund Amount
Despite the delays, the average refund amount for those who have received their refunds is actually higher than during the 2023 filing season. As of March 1, 2024, the average refund amount was $3,182, compared to $3,028 in 2023.
Tracking Your Refund Status
If you have filed your tax return and are still waiting for your refund, you can track its status using the IRS’s “Where’s My Refund?” tool. To use this tool, you will need to provide your Social Security number or Individual Taxpayer Identification Number, your filing status, and your refund amount.
While some people may still be waiting for their tax refunds, the IRS is working to process returns as quickly as possible. If you have not yet received your refund, you can track its status using the “Where’s My Refund?” tool. By understanding the reasons for delays and taking steps to track your refund, you can stay informed and receive your refund as soon as it becomes available.
IRS Tax Refund Update – Delays and Smaller Refunds
FAQ
Why am I still waiting for my tax refund?
How long is everyone’s tax returns taking?
Why is IRS taking so long 2024?
Is the IRS still processing tax returns?
How many people are still waiting for the IRS to process returns?
More than 100 people still waiting for the IRS to process their returns shared their stories with The Washington Post. Most filed electronically on Feb. 12, when the IRS opened tax filing season. They were eager to get their refunds and to update their information with the IRS ahead of the $1,400 stimulus payments going out.
Should the IRS let people know if tax returns are delayed?
National Taxpayer Advocate Erin Collins has been urging the IRS to let people know why returns are delayed. She is also concerned that the processing delays could get even worse if millions of people who already filed their taxes have to file amended returns to benefit from the changes Congress just enacted.
Are millions of taxpayers still waiting for their taxes to be processed?
Millions of U.S. taxpayers are still waiting for their returns to be processed, with an already massive backlog at the IRS growing even larger in the past year, according to a new report from a government watchdog agency.
Should you wait to file a tax return?
If you’re waiting to file because you need help or more information, have a more complicated tax situation or owe taxes, the IRS has resources to help get the answers you need to file an accurate return. While you should take the time to file an accurate tax return, don’t wait until the last minute and risk missing the October deadline.