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10 Things You Need to Know About Federal Income Tax Refunds
April 5, 2010
Are you expecting a refund from the Internal Revenue Service (IRS) this year?
Here are the top 10 things you should know about your refund.
1. Refund Options
You have three options for receiving your individual federal income tax
refund: a paper check, direct deposit or U.S. Savings Bonds. 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, Direct Deposit of Refund to More Than One Account, 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. Paper Return Processing Time
If you file a complete and accurate paper tax return, your refund will
usually be issued within six weeks from the date it is received.
4. Returns Filed Electronically
If you filed electronically, your refund will normally be issued within three
weeks after the acknowledgment date.
5. 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 http://www.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.
6. 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.
7. Delayed Refund
There are several reasons for delayed refunds. For things that may delay the
processing of your return, refer to Tax Topic 303 at http://www.IRS.gov, which includes a Checklist of
Common Errors When Preparing Your Tax Return.
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 800--829--1040.
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.
For more information, visit http://www.IRS.gov or call 800-829-1040.
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