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10 Things to Know About Your Tax Refund
Are you expecting a tax refund this year? Or are you waiting until the last minute to submit your tax return? Daily Dollar readers can get their own copy of H&R Block at home. This easy to use system makes it free to prepare, print and e-file your federal income tax return. For a reasonable fee, H&R Block tax program also enables the preparation of your 2010 state tax return and to electronically file your state tax returns.
If it turns out that the IRS will be sending back some of your money, congratulations. Seriously consider stashing some of it away in a rainy day fund to help cover unexpected car repairs or medical bills.
IRS wants you to know: 1. Refund Options You have three options for receiving your individual federal income tax refund: direct deposit, United States savings bonds or a paper check. You can now use your refund to buy up to 5,000 USD in United States Series I savings bonds in multiples of 50 USD.
2. Separate Accounts You may use Form 8888, Allocation of Refund (Including Savings Bond Purchases), 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 United States savings bonds.
3. Tax Return Processing Times If you file a complete and accurate paper tax return, your refund will usually be issued within six to eight weeks from the date it is received. If you filed electronically, your refund will normally be issued within three weeks after the acknowledgment date.
H&R Block Worry Free Audit Support. If you successfully file (via e-file or print and mail) your personal state and or federal income tax return using the H&R Block Tax Program, you are eligible to receive audit support at no additional charge for your 2010 personal tax returns for up to three (3) years. You must retain a copy of your e-file confirmation or a copy of your tax return as proof of your eligibility for audit support.
4. Check the Status Online The fastest and easiest way to find out about your current year refund is to go to internal revenue service website and search for the link entitled "Where's My Refund?" on the 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.
5. Check the Status By Phone You can check the status of your refund by calling the IRS Refund Hotline as well. 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.
6. Check the Status with IRS 2 Go IRS 2 Go is a smartphone application that lets you interact with the IRS using your mobile device. Apple users can download the free IRS 2 Go application by visiting the Apple Application Store. Android users can visit the Android Marketplace to download the free IRS 2 Go application. Simply enter your Social Security number, which will be masked and encrypted for security purposes, then select your filing status and the exact whole dollar amount of your 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 available on the Internal Revenue Service website, 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 the toll free number for the Internal Revenue Service.
10. Missing Refund The Internal Revenue Service will assist you in obtaining a replacement check for a refund check that is verified as lost or stolen. If they were unable to deliver your refund because you moved, you can change your address online. Once your address has been changed, they can reissue the undelivered check.
Author Resource:-
Nathan Randall, editor, Daily Dollar Newsletter provides free daily advice on money matters plus coupons and discount codes. FYI...you can now access the Daily Dollar Newsletter via iTunes podcast, YouTube video, and on Facebook and Twitter too.
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