How Quickly Can You Get Your Tax Refund in 2024?

Millions of Americans get tax refunds each year, and since last year's average refund amounted to $2,753, it's no surprise that many people are eagerly anticipating their next one. After all, tax refunds can provide much-needed cash to pay off your holiday shopping bills, invest for your future, or add to your emergency fund.

So, how soon can you get yours? The answer is a bit more complicated than you might think, so here's what you need to know as you're getting ready for tax season.

The basics of tax season

Technically speaking, tax season runs from Jan. 1 through the April 15 filing deadline each year. However, this doesn't mean you can submit your tax return on New Years' Day and receive your refund a few days later.

Each year, the IRS announces the start of filing season. Typically, this is in late January, although it can be delayed in some cases -- such as to give the IRS time to adapt to tax law changes. For reference, Jan. 23, 2023, is when the IRS began accepting tax returns for the 2022 tax year. To be clear, you can certainly submit your tax return to the IRS before this date, but it will sit in the queue (or virtual queue) until the IRS actually starts processing returns.

When it comes to actually getting your refund, the IRS intentionally allows for more time than it is likely to take.

According to the official guidance from the IRS, if you electronically file your tax return, your refund should be issued and arrive in your bank account in less than 21 days. Paper returns can take longer, and you should also allow for extra processing time if you request a paper check rather than a direct deposited refund. The IRS will also sometimes advise that it needs extra time to process refunds if you claim certain tax credits, such as the earned income tax credit (EITC).

In practice, the vast majority of refunds are issued well within the 21-day window. But using this as a guideline, and assuming that you submit your return on the first day of filing season, the earliest you should count on having your tax refund is in mid-February. It may come earlier, but you shouldn't count on it.

Be sure you have your documentation before you file

Having said all of that, it might not be practical for you to submit your tax return as soon as the IRS starts accepting them. Employers generally have until the end of January to send your W-2s and other income documentation, and certain other documents (such as if you are a partner in a business) have even later deadlines.

It's also worth noting that if you haven't received your W-2 by the time the IRS starts accepting returns, don't simply use the numbers from your last pay stub or even worse, estimate your income and tax withholding. The IRS will receive a copy of your W-2, and if the numbers don't match, it's a pretty surefire way to trigger an audit.

The bottom line

Here's what this means to you. If you happen to have a very simple tax situation and/or your employer gets your tax documents to you early, you could have your tax refund in your bank account by the middle of February. But if you have tax documents you need before you can submit your return, the general timetable for a tax refund is three weeks or less from the date you submit your completed tax return to the IRS.

If you need the money sooner, you might want to consider a credit card with a 0% intro APR that you can pay off in full once your tax return arrives. You could also consider a personal loan if your goal is to fund a larger expense.