Kentucky taxpayers are preparing to file their forms and await refunds as tax season begins. As the IRS and Kentucky Department of Revenue prepare to process tax returns, filing, refund timelines, and tracking systems are emerging.
Tax Season 2024 (Photo: OMD/Rachelle J)
When does the IRS process and refund tax returns?
The IRS is set to commence accepting and processing tax returns on January 29, initiating the eagerly awaited tax season. Reports from the agency indicate that over 90% of refunds are issued within 21 days, offering the possibility of quick refunds for prompt filers.
Filing electronically and opting for direct deposit into a bank account is touted as the fastest route to receive IRS refunds, streamlining the process and potentially expediting the time it takes to secure the funds.
While electronic filing promises swifter returns, paper filings are cautioned to expect longer processing times, with advice to ensure accurate form completion to avoid delays in correction.
Additionally, the mention of the IRS Free File and the development of a new IRS Direct File tool provide alternatives for filers, catering to varying tax complexities and filing preferences.
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To what date does Kentucky begin receiving Tax Returns?
Mirroring the IRS timeline, the Kentucky Department of Revenue will also commence accepting and processing tax returns starting January 29. An official representative highlighted that e-filed returns may take up to six weeks for processing, while paper returns could extend to 14 weeks, emphasizing the advantage of electronic filing for a prompt refund.
Kentucky taxpayers are encouraged to track the status of their federal and state tax returns by utilizing the respective online portals, providing convenient methods to monitor the progress of their refunds.
Noteworthy tax deadlines for 2024 include the federal filing deadline of April 15 and the Kentucky state tax filing date of April 18, with provisions for filing extensions and their subsequent deadlines.
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