Check your Bank Account Before Sunday — IRS is Paying $2,939 on ave. to One Group

With the 2024/2025 tax season officially closed as of mid-April, many taxpayers are eagerly awaiting their IRS refunds—a welcome financial lift as living costs continue to rise. While most filers will receive a refund, it’s important to understand why they occur, when you can expect them, and what to do if yours is delayed or withheld.

Here’s a clear guide on how income tax refunds work, who receives them, and what might be causing a delay in your refund this year.

Why Do Income Tax Refunds Happen?

Refunds occur when you’ve paid more in taxes throughout the year than you actually owed. Most employees have taxes automatically withheld from their paychecks by their employer, and the IRS reconciles this total when you file your tax return.

Common Reasons for a Refund:

• Over-withholding: You paid more tax during the year than required.
• Refundable tax credits: Like the Child Tax Credit or Additional Child Tax Credit, which can reduce your tax bill below zero, resulting in a payout.
• Deductions and adjustments: Reduce your taxable income, potentially increasing your refund.
• Multiple income sources: If some income wasn’t taxed properly, your final liability may be lower once credits and deductions are factored in.

Even if you didn’t earn much or had little tax withheld, you should still file a return—especially if you’re eligible for credits that could lead to a refund.

When Will You Receive Your Refund?

Refund timing depends heavily on how you filed and how you chose to receive your refund.

Estimated IRS Refund Timelines:

Filing Method	Refund Delivery Method	Estimated Wait Time
E-file + Direct Deposit	Bank Account	1–3 weeks
E-file + Mailed Check	Mail	~4 weeks
Paper Filing + Direct Deposit	Bank Account	~3–4 weeks (after IRS processing)
Paper Filing + Mailed Check	Mail	Up to 8 weeks

If you filed a paper return and requested a mailed refund check just before the April 15 deadline, the IRS estimates that you’ll receive your refund by mid-June—which is this week for many taxpayers.

According to the IRS’s May 9 statistics, the average refund this year is $2,939, up slightly from last year’s $2,869.

How to Track Your Refund Status

The IRS offers a 24/7 tool called “Where’s My Refund?” at www.irs.gov/refunds, where you can check your refund’s progress.

What You Need:

• Your Social Security number
• Filing status (Single, Married Filing Jointly, etc.)
• Exact refund amount from your return

You can use the tool:

• 24 hours after filing electronically
• 4 weeks after mailing your return

The tool updates once a day, typically overnight.

Why Might Your Refund Be Withheld?

If your refund has been delayed or withheld, possible reasons include:

Common Causes:

• Unpaid federal or state taxes
• Delinquent student loans
• Overdue child support
• Errors on your return requiring manual review
• Suspected identity theft or fraud

If you believe you should have received a refund, it’s important to contact the IRS directly at 1-800-829-1040 or speak with a tax professional to resolve the issue. You may also receive a letter from the IRS explaining why the refund was reduced or withheld.

Haven’t Filed Yet? It’s Not Too Late

If you missed the deadline and expect a refund, file as soon as possible—there is no penalty for late filing if you’re due a refund. However, refunds are forfeited after three years, so don’t delay for long.

If you owe taxes and missed the deadline, penalties and interest may apply, but the IRS offers payment plans and assistance for those who need time to pay.

As tax refunds begin rolling out in full this June, make sure you’re monitoring your refund status, checking for any IRS communications, and taking action if your payment hasn’t arrived. For many, a refund provides more than just a financial boost—it’s a vital tool for catching up on bills or savings.

Stay proactive, double-check your return, and always file—even if you think you owe nothing. It’s the only way to claim what’s rightfully yours.

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