US’ Internal Revenue Service (IRS) is now accepting federal individual tax returns on income earned in the year 2024.

The IRS is the US federal agency responsible for collecting federal taxes and enforcing the Internal Revenue Code, which is the primary body of federal tax law.

Read on to check your eligibility and timeline of refund.

How do refunds work?

Taxpayers are eligible for refunds if they have paid more tax throughout the year than they owe. In some cases, people who haven’t paid tax may still get a refund if they qualify for a refundable credit. People can claim a tax refund up to three years after they have paid the taxes.

How to check refund status?

People can start checking on the status of their refunds within 24 hours after they have electronically file a current-year return or 3-4 days after they electronically file a prior-year return or four weeks after they file a paper return.

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The ‘Where’s My Refund?’ portal gives a personalised refund date after the IRS processes and approves the refund. It can track progress through three stages –

1. Return received
2. Refund approved
3. Refund sent

To use the portal, people need to provide their Social Security number or individual taxpayer ID number, filing status and exact whole dollar amount of their expected refund.

Refund timeline

According to IRS’ official website, it usually takes up to 21 days for an electronically filed return to be processed. It may take four weeks or more to process amended returns and returns sent my e-mail or even longer if the return needs corrections or extra review.

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The timing of the refund may change if people claim the earned income tax credit or child tax credit, file a paper return, file an amended return, request injured spouse relief or make an error on the return. If people have a refund worth over $2 million or they file with an individual taxpayer ID number, the refund may be delayed.

How can you get your refunds

People can get their refunds by choosing any of the following methods.

Direct deposit: This is the fastest way to get your refund. Deposit into your checking, savings, or retirement account. You can split your refund into up to 3 accounts.

Paper check: We’ll mail your check to the address on your return. Notify us if you changed your address.

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Prepaid debit card: Check with your bank or card provider to see if your card will work and which account numbers to use.

Mobile payment apps: Some apps accept direct deposits.

Traditional, Roth or SEP-IRA: Deposit into your existing IRA account.