Wednesday, January 7, 2009

When will I get my tax refund?

You can have a refund check mailed to you or you can have your refund direct deposited directly to your account. If you e-filed your tax return, you should get your refund within 15 days if you opted for direct deposit and 21 days if IRS send you a paper check. If you have mailed you return to the IRS, then you should receive your refund check within 6 weeks.

Refund Information from IRS
Refund information does not become available until it has been 6 weeks since you filed your tax return (3 weeks if you filed electronically). After waiting the appropriate number of weeks, the fastest, easiest way to find out about your current year refund is to log onto http://www.irs.gov/. Click on Where's My Refund then go to Get My Refund Status (or
click the link https://sa2.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp). You can call Refund Hotline at (800) 829-1954. Be sure to have a copy of your current tax return available because you will need to know your social security number shown on your return, the filing status and the exact whole dollar amount of our refund. The IRS updates refund information every seven days.

Refund Information For an Amended Tax Return
You cannot check the status of a refund for an amended return on the automated tax line or by accessing "Where's my Refund." Amended/corrected returns are processed as quickly as possible. However, it may take 8 to 12 weeks or longer to process the return. If 8 weeks have elapsed and you have not received your refund, you may call (800) 829-1040.

Many taxpayers have filed amended tax returns for 2009 to be able to get First Time Homebuyers Credit. For such returns IRS is taking longer time to process the return.

In Case of Overpayment or Underpayment of Refund
If you receive a check for more than the refund you claimed, do not cash the check until you receive a notice explaining the difference. If you receive a check for a refund you are not entitled to, or for an overpayment that should have been credited to estimated tax, do not cash the check. Call the IRS.

If your refund check is for less than you claimed, you will get a notice explaining the difference. Cash the check; this does not stop you from claiming an additional amount of refund. If you did not receive a notice and you have any questions about the amount of your refund, you should wait for 2 weeks before calling the IRS. All or part of any interest you were charged on an erroneous refund generally will be forgiven. Any interest charged for the period before demand for repayment was made will be forgiven unless
1. You, or a person related to you, caused the erroneous refund in any way, or
2. The refund is more than $50,000.

Offset Against Debts
If you owe certain past amounts including federal income tax, other federal debts (such as student loans), state income tax, and child and spousal support payments, all or part of the refund may be used to pay all or part of the past-due amount. You will be notified by IRS if your refund is offset against debts.
(Also you can check in advance if you are flagged for offset or not by calling FMS Autoresponder line at 1-800-304-3107.)

Joint Return and injured spouse. When you file a joint return and only one spouse owes a past-due amount, the other spouse should file Form 8379, Injured Spouse Allocation, so that the other spouse gets his/her share of tax refund.

More Articles:
Your Filing Status
1. Filing Status for Married
2. Head of Household
Exemptions for Dependents
1. Requirements for claiming a dependent
2. Child of separated or divorced parents
Filing Requirements
1. 2008 Filing Requirements
2. Filing Requirement for a Dependent
3. 2009 Filing Requirements
Your Income
1. W2 vs 1099-Misc: Employee vs Independent Contractor
2. Tax Filing by Self Employed Sole Proprietor or Independent Contractor
3. Partnerships
4. Filing W4 Employee’s Withholding Allowance Certificate
5. Missing W2, 1099-Misc, 1099-R, 1099-Int
Your Foreign Income
1. U.S. Citizen or Resident with Foreign Income
2. Foreign Bank and Financial Accounts
Income Exemptions and Deductions
1. Moving Expenses
2. Itemized deductions
3. Student Loan Interest Deductions
Income Adjustment
1. Traditional IRA and Roth IRA
2. Elective Deferrals 401(k) Plans
U.S. Gift tax and Inheritance Tax
1. The U.S. Gift Tax
2. Tax on Inheritances
Sale of Your Home
1. Profit from the Sale of Your Home
2. Foreclosure or Repossession of Main Home
3. First-Time Homebuyer Credit
State Tax Return
1. Working in Two or More States
Income Tax
1. My Tax Refund?
2. What's New for 2009

Complete List of Articles

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