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IRS dispels five myths about tax refunds
Source Credit: Internal Revenue Service, IRS Newswire, an IRS e-mail service.
Issue Number: IR-2019-64
Excerpts sourced for reference and educational purposes only.
Every year thousands of individuals anxiously await their final numbers and ultimately the status of their refund when it comes to tax time. There are common myths about refunds that often circulated on social media.
The most asked questions most taxpayers are concerned with is finding out when a refund will be issued if any. The IRS processes 9 out of 10 tax refunds in 21 days. The easiest way to check on a refund is “Where’s My Refund?“, an online tool available on the IRS.gov website and through the IRS2Go App.
Using this service, people can check on the status of their tax return 24 hours after the IRS receives an e-filed return or four weeks after a mailed paper return.
Taxpayers should only call the IRS tax help hotline to talk to a representative when it has been:
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21 days or more since their tax return was e-filed.
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Six weeks or more since their return was mailed, or when
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“Where’s My Refund?” tells the taxpayer to contact the IRS.
This brings us to the five common myths about tax refunds:
Myth 1: Calling the IRS or a tax professional will provide a better refund date
FALSE, using “Where’s My Refund?” is your best resource
Myth 2: Ordering a tax transcript is a ‘secret way’ to get a refund date
FALSE, using “Where’s My Refund?” is your best resource
Myth 3: ‘Where’s My Refund?’ must be wrong because there’s no deposit date yet
There could be other factors: it’s possible a refund may take longer for a variety of reasons including when a return is incomplete or needs further review.
Myth 4: ‘Where’s My Refund?’ must be wrong because a refund amount Is less than expected
There might be several factors that could cause a tax refund to be larger or smaller than expected. The IRS will mail the taxpayer a letter of explanation if these adjustments are made. Some taxpayers may also receive a letter from the Department of Treasury’s Bureau of the Fiscal Service if all or part of their refund was reduced and offset to pay certain financial obligations.
Myth 5: Getting a refund this year means there’s no need to adjust withholding for 2019
FALSE – Annual tax planning is important. Checking withholding is important every year, and the IRS encourages people to do a Paycheck Checkup. This is especially important for anyone who got an unexpected result from filing their tax return this year because they had too much or too little withheld from their paycheck in 2018. IRS Withholding Calculator is a great tool to determine whether the right amount is being withheld.
To read more details, please follow this link for more information: https://content.govdelivery.com/accounts/USIRS/bulletins/23c2df2
The take away…
From Internal Revenue Service, IRS Newswire
Annual tax planning is for everyone. To help avoid an unexpected tax outcome next year, taxpayers should make changes now to prepare for when they file 2019 tax returns next year. This can mean adjusting tax withholding with their employer or increasing estimated or additional tax payments.
Checking withholding is important every year, and the IRS encourages people to do a Paycheck Checkup. This is especially important for anyone who got an unexpected result from filing their tax return this year because they had too much or too little withheld from their paycheck in 2018.
Use the IRS Withholding Calculator to determine whether the right amount is being withheld. If an adjustment is needed, taxpayers should submit a 2019 Form W-4, Employee’s Withholding Allowance Certificate, to their employer as soon as possible.
Sourced: https://content.govdelivery.com/accounts/USIRS/bulletins/23c2df2
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