Taxpayers nationwide are anticipating the arrival of their 2024 tax refunds, with many expecting payments approximating $3,000 during June 2025. The Internal Revenue Service has indicated that while the average federal tax refund for the current year stands at roughly $2,939, the precise amount and disbursement timeline are contingent upon factors such as claimed tax credits and the method of filing.
For individuals who submitted their tax returns electronically and elected for direct deposit, June is a pivotal month for receiving these funds. Typically, e-filed returns with direct deposit are processed within a one to three-week timeframe. Consequently, taxpayers whose returns were accepted by the IRS by early to mid-May can generally expect their refunds to be deposited between early June and mid-June.
Returns accepted by the IRS between early May and early June are projected to have direct deposits processed from approximately May 22 through June 19.
Taxpayers who utilized e-filing but are scheduled to receive a paper check should anticipate a slightly extended waiting period, usually about one month from the date of IRS acceptance. For returns e-filed from mid-May, checks are expected to be mailed, potentially arriving between mid-June and late June.
Individuals who opted for paper-based filing will experience the longest processing durations, generally four to eight weeks following the IRS’s receipt of the return. Some paper filers who submitted their returns by late April or early May may receive their refunds in late June, although many refunds for paper-filed returns during this period could extend into July.
Eligibility for a refund in the vicinity of $3,000 is often influenced by various refundable tax credits. The Earned Income Tax Credit (EITC), targeted at low-to-moderate-income workers, can significantly augment a refund, offering eligible filers up to $7,830 for the 2024 tax year. Furthermore, the Child Tax Credit (CTC) is valued at $2,000 per qualifying child for the 2024 tax year, with a refundable portion of up to $1,700 for eligible families.
It is important to note that the full CTC is generally available to taxpayers with modified adjusted gross incomes below $400,000 for those married filing jointly, or $200,000 for other filing statuses. Other credits, such as the American Opportunity Tax Credit for qualified education expenses, can also contribute substantially to the final refund amount.
To ascertain the status of an expected refund, the IRS provides the “Where’s My Refund?” online tool, accessible via IRS.gov. This utility is updated daily and offers personalized refund information, typically available within 24 hours after the IRS accepts an e-filed return, or approximately four weeks after a paper return is mailed.
Taxpayers may also use the IRS2Go mobile application or contact the automated IRS refund hotline for updates. Filers should be cognizant that inaccuracies on the tax return, incomplete information, or claims for specific credits like the EITC may necessitate additional review, potentially causing delays in processing.
