Skip to main content

Tax Refunds: Everything You Need to Know

By U.S. News & World Report

As you get ready to file your tax return, you’re likely hearing about tax refunds left and right.

But who gets tax refunds, and how can you find out if you will?

Here’s a closer look at the ins and outs you need to know:

— What is a tax return?

— Will I get a tax refund?

— Who gets a tax refund?

— How can I get a bigger tax refund?

— Where is my tax refund?

— What should I do with my tax refund?

— When will I get a tax refund if I file a tax extension?

What Is a Tax Return?

A tax return consists of the form(s) you file with the government to report your filing status, dependents, income, deductions, credits and tax payments. Its main purpose is to document the amount of tax you owe — or how much the IRS owes you — for a given year.

United States citizens are required to file tax returns once they hit the income thresholds for their filing statuses, which range from $15,750 to $31,500 for tax year 2025. In 2026, those thresholds increase to $16,100 to $32,200.

While Form 1040 is the standard document for federal personal income tax returns, you may need to attach other forms and schedules. For example, if you operate as a sole proprietor, you’ll need to file Schedule C.

Filing returns can get complicated, but tax software, tax advisors and the IRS website can help you decide which forms and schedules you need.

[See: 10 Best Tax Software Companies of 2026]

Will I Get a Tax Refund?

Most people do get tax refunds. In its 2025 Annual Report to Congress, the Taxpayer Advocate Service said 63% of taxpayers received refunds last year. The average refund was $3,167.

You’ll likely get a refund if your tax withholdings or estimated payments exceed your tax liability for a tax year.

Going forward, if you’re not sure how much to withhold or pay in estimated taxes, the IRS provides these tools to help you:

— If you receive wages and/or salaries: Use the Tax Withholding Estimator to figure out the amount you should have withheld from each paycheck.

— If you pay estimated taxes: Use the worksheet on Form 1040-ES, Estimated Tax for Individuals to figure out the right amount to pay.

Employers use tax withholding tables provided by the IRS to calculate the correct amount of tax to withhold from paychecks. However, the IRS did not issue new tax withholding tables after the passage of the One Big Beautiful Bill Act last year. For this reason, some people may see larger-than-normal refunds for tax year 2025.

[See: 6 Best Mobile Tax Apps of 2026]

Who Gets a Tax Refund?

The IRS issues refunds when taxpayers overpay into the system, Krystal Pino, an accountant, says.

“While payroll withholdings and estimated tax payments are aimed at hitting the nail on the head, there are other factors that sometimes are not considered, like capital losses or other tax deductions, exemptions or credits,” she says.

Additionally, some taxpayers purposely overpay throughout the year to get a bigger refund — they use the system like a savings account.

[See: 5 Best Crypto Tax Software Companies of 2026]

How Can I Get a Bigger Tax Refund?

“There are multiple ways you can maximize tax refunds,” Stuart Boxenbaum, certified financial planner and president of Statewide Financial Group, says.

Here are three ways you can aim for a bigger refund:

— Setting up consistent tax withholdings based on income or salary.

— Keeping detailed, accurate records of all tax-deductible expenses.

— Making a contribution directly into a retirement account but doing it at the end of the year when there is no adjustment for withholding during the year.

That said, a bigger refund isn’t always better.

“Since a tax refund is a return of the money that you’ve overpaid, maximizing that amount may not be the best strategy,” Pino says. “The old adage that a dollar today is worth more than a dollar tomorrow means that the more of the money you have throughout the year, the more you can use it to invest or save and earn money on your money.”

Where Is My Tax Refund?

The IRS says the turnaround time for receiving a refund depends on how you file.

— Paper filing: Filers should receive refunds within six or more weeks after the date the IRS receives the return.

— Electronic filing: Filers should receive refunds in fewer than three weeks from the day they e-filed — and even faster if the refund is directly deposited into a bank account.

Your refund can be delayed, however, if your return is incomplete or requires an in-depth IRS review. But you don’t have to wait and wonder — you can check the status of your refund online or through the IRS2Go app.

What Should I Do With My Tax Refund?

The best way to spend your tax refund depends on your financial situation and priorities.

“While the ideal move for many people appears to be a vacation or splurge of some sort with this newfound money that can feel like a bonus, the savvy move would be to factor it into one’s overall financial plan,” Bryan M. Kuderna, CFP and founder of Kuderna Financial Team, says.

Kuderna recommends a financial strategy that prioritizes protection, building an emergency fund and eliminating high-interest debt. After that, he recommends shifting to a focus on wealth accumulation.

With that in mind, he says, “If the tax refund recipient has all of their insurances in order and paid for, at least six months of expenses in cash for a rainy day, credit cards or any high-interest debts paid off, and investment plans already on track … then the reward of a vacation may be in order.”

When Will I Get a Tax Refund if I File an Extension?

The IRS typically processes returns as it received them and prioritizes those for which refunds are due. As long as the IRS doesn’t have to manually review your return and there isn’t a backup in returns processing, it should send your refund according to normal turnaround times.

If you do plan to file your return late, though, keep in mind that you have three years from your original tax due date to claim your refund.

More from U.S. News

Best Mobile Tax Apps of 2024

New Income Tax Brackets for 2023 May Save You Money

2026 Guide: Tax Filing Tips for College Students

Tax Refunds: Everything You Need to Know originally appeared on usnews.com

Update 04/07/26: This story was published at an earlier date and has been updated with new information.

A whisper from the rubble led to baby’s rescue after Colombia earthquake

By CNN
(CNN) — When the deadly 7.4 magnitude earthquake struck Colombia on Monday, Brian Osorio Zuluaga ran out of his office in Cali and rushed home on his motorbike.The sight of a collapsed five-story residential building forced him to stop.“It was a large complex, covering an entire block,” Osorio told CNN.The quake was the strongest to hit Colombia in more than a decade and sent residents and neighbors of the building, La Torres del Limonar, fleeing into the street, “some in sleepwear or pajamas; some crying, others in shock,” Osorio said.He approached the rubble and began shouting into the wreckage for survivors, despite warnings about a possible gas leak.He suddenly asked those around him for silence. A faint sound rose out of the debris — barely a whisper.“Yes, I’m here. I’m with a baby,” a man’s voice replied.Osorio described how he and several others began moving debris with their hands to reach the pair. But a large concrete slab blocked their way.“On the first attempt, we couldn’t lift it,” he said. Then, “we all lifted together — one, two, three, up.”The slab was too heavy to toss aside, and Osorio was worried there could be more people trapped underneath. Some volunteers held it aloft as others cleared a path to the baby.“You can see the baby’s little head there — which, at the time, looked sort of purplish because he couldn’t breathe,” Osorio said. “Once we started removing the rubble, the baby began to… breathe, and his color started to come back.”Video of the remarkable rescue filmed by Osorio shows the tiny infant in a dusty bodysuit being carefully pulled out of the wreckage. A man, his arm bloodied, can be seen lying awkwardly on his side, still half-trapped under a concrete plank.Osorio said he was handed the baby, a boy, and gave him to a police officer, who took him to an ambulance. They then turned their attention to freeing the trapped man.In the rubble, Osorio said he saw clothes, shoes, and a stuffed animal covered in dust. He thought about the people who might still be trapped.“All those thoughts go through your mind,” he said.The bravery of everyone who rushed to help was what saved the lives of both man and baby.“Unity is strength, because no one person alone could have lifted that piece of rubble; it was so large and so heavy,” he said.“It’s better to act than to stand still,” Osorio added. “Every bit helps.”Rescue efforts enter third daySearch and rescue operations entered their third day early on Wednesday, as emergency responders raced to find more survivors after the powerful quake struck western Colombia, killing more than 200 people, according to a CNN count based on reports from officials.The quake struck at the heart of the country’s coffee-growing region and catapulted communities into a state of national disaster as world leaders offered aid and assistance.The European Union has mobilized its satellite service Copernicus and is providing funding to help the response, the bloc’s foreign policy chief Kaja Kallas said.In Cali, a woman was pulled from under a mountain of rubble on Tuesday to cheers as firemen carried her out on a stretcher following a complex, multinational rescue operation.And in Pereira, a CNN team on the ground saw rescue workers and volunteers form a human chain to remove debris and help save those trapped from an apartment building.“There’s folks who have jumped in and you can see they’re wearing everything from athleisure wear to shorts, tennis shoes — they’re not prepared for this,” CNN’s senior national correspondent David Culver said from the site. “We have seen scenes like this scattered throughout Pereira. This is one of the hardest-hit areas.”But in the epicenter of Monday’s earthquake, Chocó, an indigenous leader told CNN that help has yet to reach the area, Colombia’s poorest region.Victor Chamapuro, leader of the Wounaan Indigenous Reserve “Buenavista” in Chocó’s Litoral del San Juan, said “all our houses are on the ground.”“Where are we going to sleep now? We have to be alert now, we’re sleeping outside,” he said.Chamapuro called on authorities to send food and medicine, saying one person in the community was injured.The “Buenavista” reserve can only be reached by boat on a five-hour journey from the port of Buenaventura, on Colombia’s Pacific coast.Video sent by Chamapuro from the reserve shows flattened buildings that appear to be built from timber and corrugated iron sheets. Others are still standing but with varying levels of damage.The earthquake is one of the first major challenges for Colombia’s new far-right President Abelardo de la Espriella, who took office only last week and has promised to strike hard at criminal groups and leftist militants in Colombia.De la Espriella on Tuesday announced economic relief measures for those affected by the quake, and financial support for people who have lost their homes to rent temporary housing.The-CNN-Wire™ & © 2026 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.
Read Next Story

Related Stories

Latest News
Another Democratic nail-biter in Wisconsin and other takeaways from Tuesday’s primaries
39 minutes ago

Another Democratic nail-biter in Wisconsin and other takeaways from Tuesday’s primaries

Painted Bridges Unites Taiwan and Houston Through Art

Getting naked in the world’s largest department store

Sen. Klobuchar projected winner of DFL primary in Minnesota governor's race

✨ Houston Style Magazine is proud to serve as a 2026 Media Sponsor of the Houston Area Urban League’s Equal Opportunity Day Gala!