Tax season is underway, and the IRS expects 140 million people will file returns by April 15. The agency also debuted a new online tool to help taxpayers check the status of any refund they may be entitled to.President Donald Trump offered all federal employees a buyout package in an effort to reduce the size of the government workforce, which could impact IRS staffing at an important period for the agency, though it’s not yet clear how. The IRS did not immediately respond to a request for comment.Here’s what to know:When will I receive my refund?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.How can I check the status of my refund?Taxpayers can use the online Where’s My Refund? tool at www.irs.gov to 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:Your Social Security or individual taxpayer ID number (ITIN)Your filing statusThe refund amount calculated on your return
How do refunds work?If you paid more through the year than you owe in taxes, because of 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 or Child Tax Credit.To get your refund, you must file a return; you have three years to claim a tax refund.Do I qualify for the Earned Income Tax Credit?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. 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 online EITC Assistant tool at www.irs.gov.What about the Child Tax Credit?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:Have a Social Security numberBe under age 17 at the end of 2024Be claimed as a dependent on your tax returnYou qualify for the full amount of the Child Tax Credit for each qualifying child if you meet all eligibility f