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Are you eagerly awaiting your tax refund this year? With the IRS refund schedule for 2025 now in motion, knowing when you can expect your funds is crucial. Let’s take a closer look at the timeline for refunds, how to track your status, and tips for ensuring a smooth filing process.
The Tax Filing Season in Full Swing
The 2025 tax filing season officially kicked off on January 27, and by the end of January, the IRS had already processed over 13 million returns, issuing more than 3 million refunds. If you have already submitted your tax return and are now wondering, "Where is my refund?" you’re not alone. Understanding the IRS refund process can alleviate your worries about timing.
What is the IRS Refund Schedule?
Typically, once your return is accepted, the IRS processes refunds within 21 days for electronic filings. If you opted for direct deposit, you could see your refund as quickly as mid to late February if you filed right after the start of the season. For those who filed paper returns, the wait could extend to four weeks or more.
Steps to Check Your IRS Refund Status
The easiest way to check your refund status is by using the IRS online tool titled "Where’s My Refund?" To use this tool, you will need to input:
- Your Social Security Number
- Your filing status (Single, Married filing jointly, etc.)
- The exact refund amount you claimed on your return
Once you input this information, the tool will provide you with one of three statuses:
- Return Received: Your tax return is being processed.
- Refund Approved: Your refund request has been approved, and your refund is being prepared for issuance.
- Refund Sent: The funds have been sent to your bank account or are on their way via mail.
State Refund Tracking
In addition to your federal refund, you may also be eager to check on your state refund status. Most states provide online portals for tracking. For example, the New Jersey Division of Taxation offers tools to easily monitor your state refund—usually available four weeks after filing electronically or up to 12 weeks for paper submissions.
Understanding Your Refund Amount
Many taxpayers receive a refund because of over-withholding throughout the year. For the 2024 tax season, the average federal tax refund exceeded $3,138, highlighting how much money can be returned to taxpayers if their withholding isn’t appropriately adjusted. If you find yourself consistently receiving a large refund, it might be worth reviewing your withholding status with your employer.
Free Tax Filing with IRS Direct File
For those with uncomplicated tax situations, the IRS has introduced IRS Direct File, which allows eligible taxpayers to file their returns free of charge. This program is set to expand significantly, benefiting up to 30 million taxpayers across 25 states.
Important Deadlines
Be mindful of tax deadlines. If you cannot file by April 15, you can apply for an extension, giving you until October 15 to file. However, note that if taxes are owed, they are still due by April 15.
In Conclusion
The 2025 IRS refund schedule is here, and with the right tools and knowledge, you can easily track your refund and ensure that your filing experience is as smooth as possible. Remember to utilize the IRS tools available to you and adjust your withholding if necessary to maximize your financial outcome. Happy tax filing!
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