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Millions of Americans have filed their taxes and are now anxiously awaiting their refunds. For most people, that will be around $3,170, according to recent statistics from the Internal Revenue Service (IRS) — up from $3,050 in 2024.
That’s not the only change taxpayers will see soon, though. Starting next tax season, there will be no paper checks issued for refunds, per an executive order from President Trump, nor will taxpayers be able to use paper checks to pay their tax bills, either.
Those will go into effect at the end of September. For now, however, there are some items that experts say you should keep in mind when it comes to your tax refund this year. Below, we’ll break down three important ones to know.
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What to know about your IRS tax refund this April
Here are three important items to keep in mind regarding your IRS tax refund this month:
It could take weeks (or even months) to get your money
There are a lot of factors that determine how long your tax return takes to get processed — and when you can expect your refund to hit. According to the IRS, most returns take three weeks or less. And if you want to speed things up? E-filing your returns and selecting direct deposit for your refund is best.
“This timeframe could be shortened if you file earlier in the season to beat the crowd of filers that wait until April 15,” says Emily Shacklett, a CPA and director at Fairport Wealth, a financial planning servicer. “Paper filing your return or requesting a paper check will almost certainly slow down the process and can take up to four to eight weeks.”
Getting an extension or submitting an incomplete or inaccurate return can slow things down, too, and where you live will factor in as well.
“States vary on the timing of their refund,” says Alyssa Rausch, a senior tax manager and CPA at Eisner Advisory Group LLC.
Fortunately, the IRS seems to be on pace or even ahead of schedule compared to previous years, so most people can expect their refunds in a timely manner.
“Although the total number of tax returns received to date is down from the same time last year, the latest statistics show that IRS processing rates are ahead of last year on a percentage basis,” Shacklett says. “That is a good sign for people worried that IRS staff reductions could cause tax return processing delays.”
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Many taxpayers can expect bigger refunds — but not all
As the IRS averages indicate, the majority of consumers can expect their refunds to be a little larger than they were last year.
“Overall, standard deductions are increased and income ranges for tax brackets have gone up due to inflation adjustments,” Shacklett says. “This should provide small reductions in tax if a taxpayer has consistent taxable income year over year.”
There are a few things that could throw things off and mean a lower tax refund, though. First, there’s the Net Investment Income Tax (NIIT), which levies an additional 3.8% tax on investment income if you have an income over $200,000 (if you file your returns solo) or $250,000 (if you file jointly).
“This became a bigger issue this year because so many investors parked money in high-interest-bearing and money market accounts, and this tax levies an additional tax on that interest, as well as dividends,” says Kelly Gilbert, owner of investment advisory and tax planning firm EFG Financial. “That could be a thousand-dollar surprise for many.”
You could also find yourself with a smaller refund (or even owing the IRS money) if you paid taxes based on old estimates.
“If the taxpayer paid their 2024 estimated taxes based on the 2023 tax — the ‘safe harbor’ method — and they had a bigger year in 2024 as compared to 2023, then the taxpayer may have a balance due,” Rausch says. “In some cases, taxpayers may also owe the IRS money if they did not have sufficient federal withholding.”
You can track your refund yourself
The good news is, if you’re antsy to get your refund, it’s easy to track your return and refund status. You’ll just need to visit the IRS’ “Where’s my refund” tool. You will need to enter your Social Security Number, your filing status, and the exact refund requested on your tax return.
Then, as long as it’s been at least 24 hours since filing your return electronically or four weeks after filing via paper, you’ll see one of three status updates: “Return received,” “refund approved,” or “Refund sent.”
“It’s not very detailed, but it can help confirm submission,” Gilbert says. “If a tax preparer did your taxes, they have a more detailed look, so ask them to look into it.”
And if you’re dealing with a tax audit or unpaid tax debts, talk to a tax professional, tax attorney, or tax relief company. They can help you determine the best path forward.
Learn more about filing your taxes (and receiving your refund) online today.