IRS Cash Boost Next Week: Nearly $3,000 Landing in These Lucky Pockets!

As we’ve moved two months past the 2024 tax season deadline, a number of taxpayers are just now receiving their refunds. With the tax season having wrapped up in April and summer vacations beginning as schools break for the holiday, many families are eagerly anticipating these refunds. It’s wise to check if you’re still entitled to a refund from last year’s taxes.

Projected IRS Refund Timelines

The time it takes to receive a refund from the Internal Revenue Service (IRS) varies based on how you filed your taxes and your chosen refund method. Electronic filings typically process within 21 days, allowing for quicker receipt of refunds. Conversely, mailed returns or amendments may take up to four weeks. This duration can extend if your return requires additional corrections or audits.

Delays in refunds may also occur if you qualify for additional tax credits like the Child Tax Credit or the Additional Child Tax Credit. Any discrepancies or issues in your return can further extend the processing time as these require more thorough review by the IRS.

Eligibility for IRS Refunds This Week

This week, specifically from June 16 to June 23, refunds are expected for taxpayers who filed their returns between May 1 and May 15, or between May 16 and May 31. Eligibility for these refunds applies only if you filed electronically and opted for either a mailed check or direct deposit.

• E-filing with a mailed check
• E-filing with direct deposit

Be aware that the amount you receive might be less than anticipated. Filing after the April deadline without an IRS-granted extension can result in penalties that reduce your refund. If you haven’t received your refund yet and filed before the deadline, use the IRS “Where’s My Refund?” service to check your status.

Additionally, IRS staffing reductions recommended by the Department of Government Efficiency (DOGE) to cut federal spending by $150 billion from a previous $2 trillion may contribute to delays in processing your refund.

Potential Refund Amounts from the IRS

As of May 9, the average IRS refund amount stands at $2,939. However, averages can be misleading as they are often skewed by high-income earners, making the average appear larger than what most taxpayers receive. It’s crucial to rely solely on updates from the IRS regarding your specific refund amount and not compare it to others, even if they have a similar income, as disparities in additional income sources and tax credits can exist.

Disclaimer: This article is for informational purposes only and does not constitute tax advice. It does not replace IRS guidance or official notices. To confirm your eligibility or payment status, click the IRS‑linked resources in our article or log in to your IRS online account; for personalized advice, consult a qualified tax professional.