10 things to know about tax refunds
10
10 Things to Know About Tax Refunds Are you expecting a tax refund this year? Here are 10 things the IRS wants you to know about your refund.
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Transcript of 10 things to know about tax refunds
10 Things to Know About
Tax Refunds
Are you expecting a tax refund this year?
Here are 10 things the IRS wants you to know about your
refund.
Refund Options
You have three
options for
receiving your
individual federal
income tax
refund:
1. direct deposit
2. US Savings
Bonds
3. paper check
Separate Accounts
You may use Form 8888, Allocation of Refund
(Includes Savings Bond Purchases), to request that your refund be allocated by direct deposit among up to three separate accounts, such as checking, savings, or retirement accounts.
Tax Return Processing Time
If you file a complete and accurate paper tax return, your refund will be issued within six to eight (6-8) weeks from the date it is received.
If you filed electronically, your refund will normally be issued within three weeks (21 days) after the acknowledgment date.
Check the Status of
Your Refund
• www.irs.gov
• Click “Where’s My Refund
Online
• 1-800-829-1954
By Phone
• Available on Google PlayStore and Apple App Store
IRS2Go App
You will need:
1. Social Security Number
2. Filing Status
3. Exact dollar amount of refund
Delayed Refund
There are several reasons for delayed
refunds. For things that may delay the
processing of your return, refer to Tax
Topic 303 available on the IRS website at
http://www.irs.gov, which includes a
“Checklist of Common Errors When
Preparing Your Tax Return”.
Larger Than Expected Refund
If you receive a refund to which you
are not entitled, or one for an amount
that is more than you expected, do
not cash the check until you receive a
notice explaining the difference.
Follow the instructions on the notice.
Smaller Than Expected Refund
If you receive a refund for a smaller amount
than you expected, you may cash the check.
If it is determined that you should have
received more, you will later receive a
check for the difference. If you did not
receive a notice and you have questions
about the amount of your refund, follow up
with your trusted tax preparer.
Missing Refund
The IRS will assist you in obtaining a replacement check for a refund check
that is verified lost or stolen.
If the IRS is unable to deliver your refund
because you moved, you can change your address
online.
Once your address has been changed, the IRS can
reissue the undelivered check.
