Tax season is in full swing, with millions of Americans filing their returns in anticipation of receiving their refunds. The Internal Revenue Service (IRS) expects around 140 million people to file by Tax Day on April 15. For those wondering about the status of their refunds, there are ways to ensure a faster payout.
Tax returns filed electronically generally result in refunds within 21 days, with direct deposits receiving even quicker turnaround. Paper returns could take four weeks or more, especially if corrections or amendments are needed. Illinois taxpayers who file electronically also receive quicker refunds than those who file paper returns.
To check the status of federal and Illinois refunds, taxpayers can use the online “Where’s My Refund?” tool. Additionally, those who qualify for the Earned Income Tax Credit (EITC) or the Child Tax Credit can use online tools to determine eligibility. The key to receiving refunds faster is filing early and accurately, with the IRS advising against making major financial decisions based on expected refund timelines.
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