Short Info: IRS 2024 Updates about your tax refund! This year, things might be different if you get SSI, have kids, or owe money. Want to know all the details? Read this story till the end!
The IRS has put out some new info about taxes this year. They talked about stuff like transcripts, when you’ll get your money, and how things like SSI, divorce, or old debts might affect your refund. We’re going to break down the key points from a video by a tax expert to help you understand what’s going on this tax season.
IRS 2024 Updates Transcript Update & Refund Dates
The IRS 2024 Updates on February 22nd, 2024, which was President’s Day. A lot of people should see their refunds in their bank accounts by February 27th, 2024, particularly if they’re claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC). How quickly you get your money can depend on your bank or how you filed your taxes. The IRS website is getting updated to give you an idea of when you might get your refund, and they’ll also be answering common questions soon. Just a reminder, the IRS had asked folks not to call them on President’s Day.
Important IRS Contact Information
| Contact Method | Information | Notes |
| IRS Website | https://www.irs.gov/ | Up-to-date transcript info, projected dates, FAQs |
| Where’s My Refund Tool | https://www.irs.gov/wheres-my-refund | Track your refund status |
| Tax Filing Service (e.g., TurboTax, H&R Block) | Customer Support Phone Numbers | For service-specific questions |
Reduced Refunds Explained
- Reasons for reduced refunds:
- Overpayment in previous years
- Past due child support
- Student loans
- Other non-tax debts (like state income tax or unemployment compensation debts)
- Usually, you’ll get a letter explaining why your refund is lower.
- You can also reach out to the agency you owe money to for more details.
- For further info, check out IRS Topic 153.
SSI, Social Security & Tax Filing
- SSI (Supplemental Security Income) benefits are not taxable, so if your only income is SSI, you usually don’t need to file taxes.
- However, filing taxes might still be a good idea for some SSI recipients. It could make you eligible for tax refunds or other credits, such as the Child Tax Credit or EITC.
- For personalized advice, it’s best to talk to an accountant. They can assess your situation and help you decide if filing taxes would be beneficial for you.
Child Tax Credit Update
The Senate is taking a break right now, so don’t expect any news about the Child Tax Credit until at least February 26th, 2024. But don’t worry, the IRS says they’re ready to send out refunds fast, no matter what happens with the Child Tax Credit. If the Credit gets approved, the IRS will automatically figure out if you qualify for extra payments. You won’t have to do anything extra.
Filing Taxes & Divorce
- When parents are divorced or not married but share custody of a child, only one parent can claim the child as a dependent for tax purposes.
- Typically, the custodial parent (the parent with whom the child lives for the majority of the year) is eligible to claim the child as a dependent and benefits such as the Child Tax Credit.
- Form 8332: The non-custodial parent may be able to claim the Child Tax Credit in specific years using IRS Form 8332. This requires approval from the custodial parent and must be renewed annually.
IRS Transaction Codes Explained
Here’s a breakdown of some common IRS transaction codes you might encounter on your transcript:
- Transaction Code 826: Indicates your refund was partly used to offset an existing tax debt.
- Transaction Code 846: Signals a refund is coming. This may also include approved interest from the IRS.
- Transaction Code 570: Suggests a hold on your account, preventing the IRS from finalizing your refund. Contact the IRS for more information.
- Transaction Code 971: The IRS requires additional information from you regarding an issue, likely connected to code 570.
Important Note: The IRS website offers a comprehensive list of transaction codes for further reference.
IRS Free File Program Expands
- The IRS Free File program has added three more states (Arizona, New York, and Massachusetts) to its test phase, bringing the total to 12 states across the US.
- This program allows taxpayers in these states to file federal taxes for free, potentially bypassing commercial tax services.
- Early feedback indicates positive experiences and streamlined filing for taxpayers within the trial group.
Conclusion
Tax season can be tricky, especially with all the updates and changes happening. It’s important to keep up with what the IRS is saying, any updates to your transcripts, and how things like SSI, divorce, or old debts might affect your refund. Getting advice from an accountant, especially if you’re dealing with SSI or divorce and child tax credits, can be really helpful. When you know what’s going on, you can make filing your taxes easier and get the most out of your refund.
FAQ Related To IRS 2024 Updates
First, give it a few more days because sometimes it takes longer for the money to show up in your account. Banks and tax services can have different processing times. If it still hasn’t come after waiting a bit, try reaching out to your bank or tax service for help. Also, keep an eye on the IRS “Where’s My Refund?” tool for any updates.
The IRS usually sends a letter telling you why your refund is smaller. It might be because you owe money from before, like if you paid too much before or if you owe child support. You can also check your transcript for codes, like 826, which means part of your refund was taken to pay off something you owe. If you think the reduction is wrong, get in touch with the right agency.
Usually, you don’t need to do taxes if you only get SSI because SSI money isn’t taxed. But sometimes, it might be a good idea to file taxes anyway to get refunds or credits like the EITC or Child Tax Credit. Talking to an accountant can help you figure out what’s best for you.
