When Will IRS Accept, Start Processing 2024 Tax Returns? Official Date Announced

Wondering when you can file your 2024 federal income tax returns?

Good news for early filers: the IRS has officially announced that it will begin accepting and processing individual income tax returns on January 27, 2025. For those who like to file early, this is a relief—there will be no delays pushing the tax season start into February. The sooner the IRS can accept your e-filed return, the sooner you could receive a potential tax refund.

The IRS anticipates receiving more than 140 million individual tax returns for 2024, with over half expected to be filed with the help of a tax professional. This tax season, taxpayers will also have better access to their tax account information via new text and voice virtual assistants, expanded features on the IRS Individual Online Account, mobile access to numerous tax forms, and more alerts to combat scams targeting taxpayers.

Improvements to the IRS online account system will now allow users to view important tax return details and request an Identity Protection PIN. Tax filers can also access account transcripts, including wage and income records.

Here’s what you need to know to prepare for filing:

Early Filers: How Many People File In The First Week?

Getting your taxes together by late January or early February is not for everyone, but many eager early filers are motivated to receive their potential tax refunds. Last year, more than 15.3 million returns were filed with the IRS by February 2, 2024. The IRS began accepting 2023 returns on January 29, 2024, and processed over 13.9 million returns in the first week alone.

What’s The Average Tax Refund?

For many households, the tax refund is often the largest check of the year. In 2024, the average federal income tax refund was $3,138, a slight decrease of 0.9% compared to 2023. By December 27, 2024, the IRS had issued over 104.8 million refunds, totaling $329.07 billion, though this amount reflects returns from both 2024 and prior years.

When Will I Receive My Refund?

If you’re filing early, keep in mind that not all refunds will be processed immediately. For returns claiming the Advanced Child Tax Credit or Earned Income Tax Credit, the IRS cannot issue refunds before mid-February by law. This delay allows the IRS to screen for errors and fraud.

For most electronic returns filed with direct deposit, refunds are typically issued within 21 days, though some may arrive even sooner. The IRS advises against relying on specific refund dates, especially when planning major purchases or bill payments. You can track your refund status using the IRS “Where’s My Refund?” tool, which is updated every 24 hours for e-filed returns, or four weeks after filing a paper return.

E-file vs. Paper Returns

The IRS encourages taxpayers to file electronically, as paper returns are 16 times more likely to encounter issues such as being lost, misdirected, or stolen. Direct deposit of refunds is also much safer than receiving a paper check. If you don’t have a bank account, you can explore direct deposit options through prepaid debit cards or mobile apps—just ensure the correct routing and account numbers are used.

Big Change: No More I Bonds With Tax Refunds

A small but significant change for some taxpayers: you can no longer use your tax refund to purchase U.S. savings bonds (I Bonds) via Form 8888. Previously, taxpayers could buy up to $5,000 in I Bonds directly from their refund.

What Documents Do I Need To File?

The IRS “Get Ready” page outlines necessary steps and resources for taxpayers to prepare for filing. Ensure you have all the required paperwork, such as W-2 forms, 1099s from banks and third-party platforms, and other necessary statements, before starting your return.

Beware Of Scams

Tax season is prime time for scams. The IRS continues to warn taxpayers about schemes designed to steal personal information. A new banner on the IRS Online Account homepage will notify users of potential scams, and it will link to their “Digital Notices and Letters” page.

 

Source: Detroit Free Press