2025 Tax Season Kicks Off; What You Need to Know About Filing and Refunds
The 2025 tax season is officially underway, with the IRS beginning to accept and process individual income tax returns starting January 27. Millions of Americans are eagerly awaiting their tax refunds, with many relying on them to make ends meet. According to a survey by Qualtrics for Intuit Credit Karma, 37% of taxpayers depend on their refunds to cover essential expenses, with 50% of millennials falling into this category. Rising costs of living, inflation, and depleted savings are cited as key reasons for this reliance.
For those filing electronically and opting for direct deposit, the IRS estimates that most refunds will be issued in less than 21 calendar days, assuming the return is accurate and complete. Paper filers, however, should expect a longer wait of six to eight weeks. Taxpayers can track their refund status using the IRS “Where’s My Refund?” tool, which updates once daily. To use the tool, individuals will need their Social Security number or Individual Taxpayer Identification Number (ITIN).
Certain factors can delay refunds, such as claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit. By law, the IRS cannot issue refunds for returns claiming these credits before mid-February, with most refunds expected by March 3. This delay is intended to give the IRS additional time to detect and prevent errors or fraud.
The IRS has also expanded its Direct File program, making it available in 25 states for the 2025 tax season. This free, mobile-friendly tool allows eligible taxpayers to file their returns online, with an estimated 30 million taxpayers qualifying for the program. Additionally, the IRS is sending out $2.4 billion in stimulus payments to approximately 1 million eligible taxpayers who did not receive 2021 COVID recovery relief payments. These payments, up to $1,400 per individual, are expected to arrive by late January.
Taxpayers are encouraged to file early and electronically to expedite their refunds. For those who miss the April 15 deadline, the IRS offers a six-month extension option. However, any taxes owed must still be paid by the original deadline to avoid penalties and interest.
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