Monday, February 21, 2011

FAQs - Tax Refund


Answers to Frequently Asked Questions -> Income Tax - > IRS> Tax Refund

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How does IRS sends refunds:Taxpayers have three options for receiving their individual federal income tax refund: a paper check, direct deposit (electronic funds transfer) into a checking, savings or other account; or a purchase of U.S. Series I Savings Bonds.

Can I ask IRS to deposit refund in more than account. Taxpayers may request that refunds be directly deposited in up to three separate accounts. The refund must be $1.00 or more. Taxpayers have a choice of selecting up to three accounts such as checking, savings and retirement accounts. Note: You cannot have your refund deposited into more than one account in case of Injured Spouse Allocation.

How long it takes IRS to issue the refundIf you file a complete accurate tax return, your refund will be issued within six weeks from the received date. If you filed electronically, refund checks will be issued within three weeks after the acknowledgment date. Refunds from amended returns will be issued within 8–12 weeks. Injured spouse claims can take longer, depending on the circumstances.

I received refund I was not expectingIf 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.

I received refund smaller than I was expectingOn the other hand, if you receive a refund for a smaller amount than you expected, you may cash the check, and, 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.

How do I check the status of my refundTo check on your refund, call the Refund Hotline at 800–829–1954. Please allow 72 hours after you electronically file or 3 weeks after you mail your return before using the automated systems. 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.

Can I change my mailing address online?If your refund was returned to IRS by the U.S. Postal Service you may be able to change the address IRS has on file for you, online.

What if my refund was lost, stolen, or destroyed?Generally, you can file an online claim for a replacement check if it's been more than 28 days from the date that IRS mailed your refund.

My refund is delayed.Please see our blog titled "FAQs-Refund Delayed"
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