“Where’s my refund?” This question inevitably comes up when a taxpayer is unsure of his/her federal tax refund status. The IRS will send a refund check, but it could take weeks or even months to arrive. Many taxpayers are frustrated by the long turnaround time and want to know what can be done to speed things up.
The IRS offers an automated system that allows you to check your refund status online at any time. All you need to do is provide the correct information about your taxable income for the previous year. If you filed a paper tax return, you only need to enter your tax return data and submit it. Once the system has processed your return and verified it against the correct information in the database, you will receive your refund notice, which is usually sent via email.
The IRS offers two different online methods for checking your refund status. First, you can visit the IRS site and use their automated process described above. Second, you can visit one of the state tax return web sites and utilize the electronic method described above. Both methods will give you the same results – where’s my refund?
The reason you are not waiting for a refund is because you filed your tax return correctly. Even if you were late on some deductions or credits, the IRS will not hold you accountable for those errors. That is why the IRS offers this instant refund status. You may not be able to file your claim right away, but the refund status will let you know when you can file. Depending on the state you live in, you could have up to seven days to file.
Why would anyone be interested in where’s my refund anyway? Because people are concerned about unclaimed federal tax refunds. Every year, thousands of dollars come unclaimed by people trying to file their tax returns. People are filing claims on their taxes even though they know that they do not have enough money to pay them. They could also be trying to find out if they qualify for some sort of financial assistance, like a tax refund deferment or an unclaimed federal tax refund advance.
In addition to getting an answer to the question “where’s my refund?” You may also want to look at whether or not you should e-filed your return. E-filing your return keeps more cash in your pocket, and it allows you to have more time to prepare for the next step in filing your return. It also gives you extra time to research tax regulations and other questions that you may have. An e-file return is very easy to start. Unlike paper forms, you fill out everything in the computer, print out the finished document, file it, and then complete your return and then send it back through the mail.
Paper forms, on the other hand, take longer and involve more steps. After you e-file your return, the IRS must give you a refund within a certain amount of time. If you wait too long, the refund will be sent via paper mail. Because of this, some people try to cheat the system and e-file their return to start the process, only to realize when the IRS calls them that it was an e-file.
One thing that you want to remember is that your refund information, including your e-filed return, may become part of the public record. If you decide to sell your refund information to a company that sells public records, you will have to disclose your e-filed return when you sell your refund information. That means you will have to tell any potential buyers what tax return you have filed. That can cause problems if you’re involved in any real estate transaction and want to avoid showing your tax return to a prospective buyer.