All You Should Know for 2024 Tax Return
2024-09-27 19:02:30 • Filed to: Tax Refund Tips • Proven solutions
A tax refund is a refund on taxes when the taxes paid is more than the tax liability. Taxpayers can often get a tax refund on their income tax if the tax they owe is less than the sum of the total amount of the withholding taxes. (Tax refunds are often paid after the end of the tax year.) This page will provide all the information about tax refund you should know.
Where is My Tax Refund?
The expected tax refund can be received via direct bank deposit, it will be electronically transferred for free from the IRS (US Treasury) to the bank account you enter during your online tax return process.
The tax return dates are estimated based on the IRS acceptance date, and they are not guaranteed neither by the tool you use to file nor by IRS. Depending on IRS security procedures, the tax refund date could take 21 days at most after the IRS tax return acceptance date, or as early as 7 days via the bank direct deposit method.
What is My Income Tax Refund Status?
If you have already filed tax return for Tax Year 2020, you can enter your social security number to check your IRS Federal Tax Refund Status on IRS.gov. Or use other online Tax Refund Status Tool to check the income tax refund status.
Who Needs to File IRS Tax Refund?
Your filing status, your age, your income, your dependency status, and whether you meet a few other special requirements are the key factors to depends on whether you are required to file a 2022 federal income tax return.
Consult the information below to find out if you are required to file a 2020 tax return:
- Requirements to File a Tax Return for Various Minimum Income
- Other Reasons to File a State Tax Refund
- Requirements for Dependents to File a Federal Income Tax Return
- Reasons You May Want to File a Tax Return
- Taxable vs Nontaxable Income
Requirements to File a Federal Income Tax Return
Your income, age, and filing status will be the key factors to decide the minimum income required to file a tax return for Tax Year 2020. The below table has listed different minimum income levels for various filing statuses. You may not be required to file a Federal Tax Return if you earned below the minimum income for your filing status. However, there will be other reasons why you may still want to file.
|
Filing Status
|
Age
|
Minimum W-2 Income Requirement
|
Minimum Self-Employment Income Requirement
|
|---|---|---|---|
| Single | Under 65 | $10,400 | $400 |
| Single | 65 or older | $11,950 | $400 |
| Head of Household | Under 65 | $13,400 | $400 |
| Head of Household | 65 or older | $14,950 | $400 |
| Married Filing Jointly | Under 65 (both spouses) | $20,800 | $400 |
| Married Filing Jointly | 65 or older (one spouse) | $22,050 | $400 |
| Married Filing Jointly | 65 or older (both spouses) | $23,300 | $400 |
| Married Filing Separately | Any age | $4,050 | $400 |
| Qualifying Widow(er) with Dependent Children | Under 65 | $16,750 | $400 |
| Qualifying Widow(er) with Dependent Children | 65 or older | $18,000 | $400 |
Learn more about the reasons to file a Tax Return>>
How to File My Income Tax Return?
Actually, you can do the tax rebate by yourself instead of relying on any consultant. Gather all required documents, including your PAN card, Form16, investment details, rent receipts, tuition fee of kids, etc. before filing your tax return online. Check the Recommandations of Tax Calculators.
What is the Estimated Schedule of 2023 Tax Refund?
Here's an anticipated 2020 tax refund schedule to expect the money.
|
Date You File
|
Refund Date If E-file + Direct Deposit
|
Refund Date If E-file + Mail Refund
|
Refund Date If Paper-file + Direct Deposit
|
Refund Date If E-file + Mail Refund
|
|---|---|---|---|---|
| Jan. 15 | Feb. 13 | Feb. 23 | March 13 | March 23 |
| Feb. 12 | March 2 | March 12 | March 30 | April 10 |
| March 1 | March 16 | March 26 | April 13 | April 23 |
| March 15 | March 30 | April 9 | April 27 | May 7 |
| April 1 | April 16 | April 26 | May 14 | May 24 |
| April 17 | May 2 | May 12 | May 30 | June 9 |
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Audrey Goodwin
chief Editor