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Ten Things to Know About Tax Refunds
Are you expecting a tax refund this year? Here are
10 things to know about your refund:
1. Refund Options: You have
three options for receiving your individual federal income tax
refund: direct deposit, U.S. Savings Bonds or a paper check. You can
now use your refund to buy up to $5,000 in U.S. Series I Savings
Bonds in multiples of $50.
2. Separate Accounts: You
may use Form 8888, Allocation of Refund (Including Savings Bond
Purchases), to request that your refund be allocated by direct
deposit among up to three separate accounts, such as checking or
savings or retirement accounts. You may also use this form to buy
U.S Savings Bonds.
3. Tax Return Processing Times:
If you file a complete and accurate paper tax return, your refund
will usually be issued within six to eight weeks from the date it is
received. If you filed electronically, your refund will normally be
issued within three weeks after the acknowledgment date.
4. Check the Status Online:
The fastest and easiest way to find out about your current year
refund is to go to IRS.gov and click the “Where’s My Refund?” link
at the IRS.gov home page. To check the status online you will need
your Social Security number, filing status and the exact whole
dollar amount of your refund shown on your return.
5. Check the Status by Phone:
You can check the status of your refund by calling the IRS Refund
Hotline at 800–829–1954. When you call, you will need to provide
your Social Security number, your filing status and the exact whole
dollar amount of the refund shown on your return.
6. Check the Status with IRS2Go:
IRS2Go is a smartphone application that lets you interact with the
IRS using your mobile device. Apple users can download the free
IRS2Go application by visiting the Apple App Store. Android users
can visit the Android Marketplace to download the free IRS2Go app.
Simply enter your Social Security number, which will be masked and
encrypted for security purposes, then select your filing status and
the exact whole dollar amount of your refund shown on your return.
7. Delayed Refund: there are
several reasons for delayed refunds. I find the most common issue is
a spouse’s married name not matching the social security records.
Make sure I have her name identically as it is listed with Social
Security to avoid delays.
8. 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.
9. 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, wait two weeks after receiving the
refund, then call our office.
10. Missing Refund: the IRS
will assist you in obtaining a replacement check for a refund check
that is verified as lost or stolen. If the IRS was 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.
I hope this helps. Enjoy spending your refund
or better yet put it in your savings account.
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