The IRS is set to begin processing tax returns on January 29, 2024. Taxpayers who file early, electronically, and use an opted deposit for refunds can expect to receive their refunds within 21 days.
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IRS Direct Deposit Dates 2024
| IRS Accepts E-Filed Return By | Direct Deposit Refund Date Range |
| Jan. 29, 2024 | Feb. 09, 2024 – Feb. 16, 2024 |
| Feb. 5, 2024 | Feb. 16, 2024 – Feb. 23, 2024 |
| Feb. 12, 2024 | Feb. 23, 2024 – Mar. 1, 2024 |
| Feb. 19, 2024 | Mar. 1, 2024 – Mar. 8, 2024 |
| Feb. 26, 2024 | Mar. 8, 2024 – Mar. 15, 2024 |
The IRS operates on a rolling processing schedule, which means they process returns in the order they are received.
However, they also aim to issue most refunds within 21 days of receiving your electronically filed return, assuming no errors or complications are identified.
Refunds are typically received by most taxpayers within 21 days, and those who file early and are eligible for a refund might receive it as early as 17-27 February 2024.
IRS Refund Direct Deposit Schedule 2024
Discover the anticipated timeline for IRS tax refund direct deposits in 2024:
Quick Deposits:
- For electronically filed returns with direct deposit, the IRS aims to deliver refunds within 21 days of accepting the return, often arriving in as little as 10 days.
EITC/ACTC Refunds:
- If opting for direct deposit, taxpayers can expect most Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) related refunds by February 27, 2024.
Filing Period:
- Starting January 29, 2024, the IRS will begin accepting tax returns. Utilise the Estimated 2024 IRS Income Tax Return Chart to estimate your refund dates.
Deadline Alert:
- Ensure your tax return and any owed taxes reach the IRS by April 15, 2024. Note that Maine and Massachusetts residents have until April 17, 2024, due to Patriots’ Day observance.
Extension Option:
- While you can file for an extension until October 15, 2024, remember that any taxes owed must still be paid by April 15th.
Electronic Filing Advantage:
- Taxpayers who electronically file their returns and select direct deposit can anticipate receiving their refunds within 21 days.
Factors Affecting Your Direct Deposit Refund Date
While the IRS aims for a standard 21-day turnaround for direct deposit refunds, several factors can affect your individual refund date.
Filing-related factors:
- Filing Date: Early filers generally get processed faster, so you might see your refund sooner if you file early in the season (which began January 29, 2024).
- Filing Method: Electronically filing with direct deposit is the quickest way to receive your refund. Paper returns and those requiring checks mailed to other addresses take longer.
Return complexity:
- Simple vs. Complex: Straightforward returns without errors or additional forms are processed faster than those with complex schedules, itemised deductions, or self-employment income.
- Verification of Information: If the IRS needs to verify any information on your return (e.g., income, dependents),your refund may be delayed while they conduct the verification.
Other factors:
- Tax Credits: Claiming refundable tax credits like Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) can trigger additional processing, potentially delaying your refund by up to 2 weeks. The earliest EITC/ACTC refunds are expected in the week of February 27, 2024.
- Bank Processing: Once the IRS deposits your refund, it might take an additional 1-3 business days for your bank to post it to your account.
How to check the status of your direct deposit refund?
Here’s how to check the status of your IRS direct deposit refund using the “Where’s My Refund?” tool online:
Online:
- Visit the IRS website: Go to https://www.irs.gov/refunds/about-wheres-my-refund.
- Click on “Where’s My Refund?” under the “Tools” section on the right side of the page.
- Enter your information: You’ll need to provide your Social Security number, filing status, and the exact amount of your refund (include decimals and cents).
- Submit: Click on “Get Refund Status.”
- View your status: The tool will display the status of your refund, whether it is approved or still processing including the estimated date it will be deposited into your account or mailed to you by check.
How to opt for direct deposit while filing a return?
There are two main ways to opt for direct deposit when filing your tax return:
Electronic Filing:
- This is the recommended method as it’s the fastest and most secure way to file and receive your refund.
- Most tax software, including the IRS Free File options, will have a dedicated section for entering your direct deposit information.
- You’ll typically need to provide your:
- Bank routing number (found on your check or online banking)
- Bank account number (found on your check or online banking)
- Account type (checking or savings)
Paper Filing:
- While slower and less secure, you can still choose direct deposit with a paper return.
- Include Form 8888, Allocation of Refund (Including Savings Bond Purchases), with your return.
- Fill out the form clearly, indicating you want the refund directly deposited and entering your bank information.
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