By Cora Lewis
New York (AP) – The tax season is underway, and the IRS hopes that 140 million people will present returns before April 15. The agency has also debuted a New online tool To help taxpayers verify the status of any reimbursement to which they may be entitled.
President Donald Trump this week offered all federal employees a purchase package In an effort to reduce the size of the government’s workforce, which could affect the IRS personnel in an important period for the agency, although it is not yet clear how. The IRS did not immediately respond to a request for comments.
This is what you should know:
When will I receive my refund?
If you present your tax declaration electronically, the IRS says that it must take 21 days or less to receive your reimbursement. If you choose to receive your reimbursement with a direct deposit, you should take even less time. If you have a paper return, the reimbursement could take four weeks or more, and if your return requires amendments or corrections, it could take more time.
The IRS warns taxpayers who do not trust to receive a reimbursement at a certain date, especially when they make important purchases or pay invoices.
How can I verify the status of my refund?
Taxpayers can use the online tool Where is my refund? To verify the status of its income tax reimbursement within 24 hours after the electronic presentation and, in general, within four weeks after the presentation of a paper statement.
Information related to this tool is updated once a day, during the night. To access the state of your refund, you will need:
– Its identification number of social insurance or individual taxpayers (iTin)
– Your statement
– The amount of the refund calculated in its return
How do refunds work?
If you paid more during the year than in taxes, due to retention or other reasons, you must recover the money. Even if you did not pay excess taxes, you can still obtain reimbursement if you qualify for a reimbursable loan, such as tax credit for cattle (EITC) or child tax credit. To obtain your refund, you must submit a statement and have three years to claim a tax refund.
Do I qualify for the fiscal credit of the livestock (EITC)?
To qualify for the EITC, you must have less than $ 11,600 in investment income and gain less than a specific income level. If it is single without children, your income level should be $ 18,591 or less. And if he is married jointly with three or more children, he must win $ 66,819 or less. To determine if your home qualifies according to your marital status and dependents, you can use the Online EITC assistant tool.
What about the fiscal credit of the children?
If you have a child, it is most likely to be eligible for the fiscal credit of the children. The credit is up to $ 2,000 per qualified child. To qualify, a child must:
– Have a Social Security number
– Be less than 17 years old at the end of 2024
– Be claimed as a dependent on your tax declaration
You qualify for the total amount of the fiscal credit of the children for each qualified child if it complies with all the eligibility factors and their annual income is not more than $ 200,000 ($ 400,000 if a joint statement is presented).
What is different this year?
The IRS has expanded a program that allows people to present their taxes directly to the agency for free. The Federal Direct file programthat allows taxpayers to calculate and send their statements without using the commercial tax preparation software, is now available for taxpayers in 25 states, compared to the 12 states that were part of last year’s pilot program.
The program allows people in some states with very simple W-2 to calculate and send their returns directly to the IRS. Those who used the pilot program in 2024 claimed more than $ 90 million in reimbursements, the IRS said in October.
Associated Press receives support from the Charles Schwab Foundation for educational and explanatory reports to improve financial education. The Independent Foundation is separated from Charles Schwab and Co. Inc. The AP is solely responsible for its journalism.
