The Internal Revenue Service (IRS) anticipates a busy tax season with 140 million expected filings by April 15. However, a recent buyout offer to federal employees, including IRS staff, raises concerns about potential staffing shortages during this crucial period. The IRS is urging taxpayers to file electronically for faster refunds and offers tools to track their refund status.
Tax season is underway, and the IRS expects 140 million people to file returns by April 15. The agency has also offered a buyout package to all federal employees in an effort to reduce the size of the government workforce, which could impact IRS staffing at an important period for the agency, although the extent of the impact is not yet clear. The IRS did not immediately respond to a request for comment.
If you file your tax return electronically, the IRS says it should take 21 days or less to receive your refund. If you choose to receive your refund with direct deposit, it should take even less time. If you file a paper return, the refund could take four weeks or more, and if your return requires amendments or corrections, it could take longer. The IRS cautions taxpayers not to rely on receiving a refund by a certain date, especially when making major purchases or paying bills. Taxpayers can check the status of their income tax refund within 24 hours of e-filing and generally within four weeks of filing a paper return. Information related to this tool is updated once daily, overnight. To access the status of your refund, you’ll need: \If you paid more through the year than you owe in tax, due to withholding or other reasons, you should get money back. Even if you didn’t pay excess tax, you may still get a refund if you qualify for a refundable credit, like the Earned Income Tax Credit (EITC) or Child Tax Credit. To get your refund, you must file a return, and you have three years to claim a tax refund. \To qualify for the EITC, you must have under $11,600 in investment income and earn less than a specific income level from working. If you’re single with no children, your income level must be $18,591 or below. And if you’re married filing jointly with three or more children, you must make $66,819 or below. To determine if your household qualifies based on your marital status and your number of dependents you can use the IRS website. \If you have a child, you are most likely eligible for the Child Tax Credit. The credit is up to $2,000 per qualifying child. To qualify, a child must:— Be claimed as a dependent on your tax return You qualify for the full amount of the Child Tax Credit for each qualifying child if you meet all eligibility factors and your annual income is not more than $200,000 ($400,000 if filing a joint return). The IRS has expanded a program that allows people to file their taxes directly with the agency for free. The Free File program, which permits taxpayers to calculate and submit their returns without using commercial tax preparation software, is now available to taxpayers in 25 states, up from 12 states that were part of last year’s pilot program. The program allows people in some states with very simple W-2s to calculate and submit their returns directly to the IRS. Those using the pilot program in 2024 claimed more than $90 million in refunds, the IRS said in October. The Associated Press receives support from Charles Schwab Foundation for educational and explanatory reporting to improve financial literacy. The independent foundation is separate from Charles Schwab and Co. Inc. The AP is solely responsible for its journalism
TAXES IRS REFUNDS TAX SEASON FEDERAL EMPLOYEES Buyout OFFER FREE FILE PROGRAM
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