More than 30 million Americans waited until the final two weeks of the tax filing season to deliver their forms to the IRS. Many of them may be wondering how long it would take for their refunds to reach their bank accounts.

It’s not a minor financial issue, as tax refunds are generally the largest check many households receive throughout the year, allowing them to pay off debt, create emergency savings, or even splurge on purchases. According to the most recent IRS data, the average 2024 tax refund is $2,948, which is 3.8% greater than the previous year.

Fortunately, there are a few simple ways to check the status of your refund, such as the IRS’s “Where’s My Refund?” website or its IRS2Go mobile app, which can be used on mobile phones and other devices. For the current tax season, the IRS stated that it has improved tracking services by delivering more specific responses to inquiries. “This is the largest windfall that many people get all year,” said Bankrate senior industry analyst Ted Rossman to CBS New York. “It’s actually not a great practice to get a tax refund — it’s really better to modify your tax withholding so you get your money in small amounts through the year.”

However, other people prefer receiving a lump sum in their tax refund because it acts as a forced savings plan, providing them with one huge check each year that they can then spend for whatever purpose they choose, such as paying off debt or buying a large purchase, according to Rossman. Here’s how you can track your refund.

Check the IRS’s “Where’s My Refund?” website

The IRS says you can check the status of your refund on its “Where’s My Refund?” page as soon as 24 hours after filing your return online. You’ll need to furnish the site with a few simple pieces of information:

• Check the tax year and enter your Social Security or ITIN number.
• Please provide your filing status and the precise refund amount on your return.
• The IRS also stated that it has improved the program to provide more information to taxpayers, such as alerting them if the agency requires them to respond to a letter requesting additional data.

Check out the IRS2Go app on your phone:

The IRS now offers a smartphone app called IRS2Go, which works similarly to the “Where’s My Refund?” website. The app, which can be downloaded on any iOS or Android device, requires several pieces of information to retrieve your refund data:

• The tax year you are checking
• Your Social Security Number or ITIN
• Please provide your filing status and precise refund amount.

Could I know when my tax refund will be deposited in my bank account?

Yes, but only when the IRS is close to issuing the cheque. The software tracks three stages.

• First, the applications will show that the IRS has received your return, indicating that the form is being processed.
• Second, the applications will notify you when the IRS has accepted your return and when it expects to release the check.
• Finally, the services will notify you when the IRS has issued the refund to your bank via direct deposit or by letter. According to the IRS, a refund can take up to 5 days to arrive in your bank account, however a physical check may take several weeks to arrive.