Monday, April 22, 2024

How To Check If My Taxes Were Filed

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Penalties For Not Paying Your Taxes

How Do I Preview My Tax Return Online? – TurboTax Support Video

Even if you file an extension to submit your tax return, you must pay any estimated tax you owe by April 15, 2022. If you do not pay your taxes, you will be charged a penalty and owe interest on any unpaid balance.

The penalty for failing to pay your taxes by the due date is 0.5 percent of your unpaid tax for each month or part of a month that your return is late. This penalty is capped at 25 percent of late unpaid taxes. If you file your return on time and request to pay by an installment agreement, the penalty drops to 0.25 percent for each month or part of a month of the installment agreement.

Youre also charged interest on the unpaid balance, which compounds daily. The rate is set each quarter and is based on the federal short-term rate, plus an additional 3 percent.

If you owe taxes and dont file your return on time, youll be charged a penalty for failing to file. This is usually 5 percent of the tax owed for each month or part of a month your return is late. This penalty is also capped at 25 percent.

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How To Know Your Electronically Filed Income Tax Return Was Really Filed

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I think it is a good thing that people tend to be loyal to their tax preparers. Reillys Second Law Of Tax Practice, as modified for family audiences, is When the prospect tells you his last two accountants were jerks, it wont be long before you are the next jerk. Like anything else, that loyalty can be excessive. That is one of the lessons in a recent Tax Court decision Carolyn F. Whitsett v CIR. You will have to read on or skip to the end for the other lesson.

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A Name Has Been Changed

The tax preparer is named in the case, but I feel bad for the fellow, so I will just refer to him as James, my mythical friend whose public accounting career is something of a parody of my own. You cant rule out that there is something off about the Tax Courts narrative, which makes old James out to be pretty inept. Dr. Whitsett, on the other hand, is viewed quite favorably by the Tax Court and, accepting the Tax Court narrative, it seems really odd that the IRS was litigating about the accuracy penalty in her case.

It Starts With Good News

James Starts To Lose It

TPG, either out of consideration for the sellers or for its own purposes, structured the deal to push the realization event into 2012. There was however some ambiguity in the documentation:

It Gets Worse

As it turned out, at least as far as the IRS was concerned, the gain had not been reported in 2011, because no return had been filed for 2011.

The Straw That Broke The Camels Back

Other Coverage

What Could Cause A Refund Delay

There are countless reasons your tax refund could be delayed. Weve outlined some common instances where a delay could occur:

  • If you file a paper return, the IRS says you should allow about six weeks to receive your refund.
  • If the IRS mails you a physical check, you will receive a check through the mail.
  • If you file Form 8379, Injured Spouse Allocation, it could take up to 14 weeks to process your tax return.
  • If your identity has been stolen and another return was filed with your social security number, it could take longer for the IRS to sort out the situation.
  • If you owe a debt, like unpaid child support, your refund could be offset to pay part or all of it.

Each of the possibilities above could cause a delay or prevent receiving the refund altogether. Its important to note that each individuals tax scenario is unique and no two filings are handled exactly the same.

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When Will I Get The Recovery Rebate Credit

You will most likely get the Recovery Rebate Credit as part of your tax refunds. If you electronically file your tax return, you will likely receive your refund within 3 weeks. If you mail your return, it can take at least 8 weeks to receive your refund.

Claiming the Recovery Rebate Credit will not delay your tax refund. However, if you dont claim the correct amount of the Recovery Rebate Credit, your refund may be delayed while the IRS corrects the error on your return. The IRS will send you a notice of any changes made to your return.

You can check on the status of your refund using the IRS Check My Refund Status tool.

When Should I Adjust My Withholding

No itemizing needed to claim these 23 tax deductions

Even if youve already filled out a W-4 form, you can adjust your tax withholding at any time throughout the year.

There are a few events that should trigger a tax withholding checkup, including:

  • Getting a very large tax refund.
  • Getting married and filing jointly.
  • Getting divorced and filing as a single person instead of a joint return.
  • Having a child or taking on an adult dependent, like a parent.
  • Starting a side hustle or a second job.

Life events like getting married, having a child, maybe you get a second job or you start a side hustle those things could all potentially change what your tax liability is, says Robert Farrington, founder of The College Investor, a personal finance site. A boost in earnings due to a raise or bonus should also be a reason to check your withholding amount.

If you work remotely, pay close attention to your W-4. If remote workers change states or if theyre working in a different state from their employer, those are all important things to review and look at the withholdings, Williams says.

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Wheres My State Tax Refund North Dakota

North Dakotas Income Tax Refund Status page is the place to go to check on your tax refund. Click the link in the center of the page and then enter your SSN, filing status and exact tax refund. The refund status page also has information on how the state handles refunds.

The state advises not to call unless you check your refund status and it says to call.

Undelivered Federal Tax Refund Checks

Refund checks are mailed to your last known address. If you move without notifying the IRS or the U.S. Postal Service , your refund check may be returned to the IRS.

If you were expecting a federal tax refund and did not receive it, check the IRS’Wheres My Refund page. You’ll need to enter your Social Security number, filing status, and the exact whole dollar amount of your refund. You may be prompted to change your address online.

You can also to check on the status of your refund. Wait times to speak with a representative can be long. But, you can avoid waiting by using the automated phone system. Follow the message prompts when you call.

If you move, submit a Change of Address – Form 8822 to the IRS you should also submit a Change of Address to the USPS.

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Two Ways To Check The Status Of A Refund

  • Online via INTIME
  • Inquiries can be made on refund amount from 2017 to the current tax season.

Note: If a direct deposit of your Indiana individual income tax refund was requested, once DOR initiates the deposit, our system will reflect the date the request was processed. Normally, it takes seven business days for your financial institution to receive and process the funds.

For more information on refunds, use INTIMEs secure messaging to contact DOR Customer Service.

Information regarding the $125 Automatic Taxpayer Refund and $200 additional ATR issued in 2022 will not be displayed or available via INTIME. Both ATRs will be sent separately from your 2021 Individual Income Tax refund . .

How To Get A Stimulus Check If You Dont File A Tax Return

How to check the status of your 2020 tax refund

If youre eligible for a stimulus check , the IRS will grab the information it needs to process your payment from your 2018 or 2019 tax return. But what if you didnt file a tax return for those two years? After all, not everyone is required to file a return. Are you going to get a check, or is Uncle Sam going to stiff you?

The good news is that youll still get a stimulus checkbut you might have to send the IRS some information first. Whether that extra step is required, and how you provide the necessary information, depends on your unique situation. If, for instance, youre currently receiving Social Security or other government benefits, you might not have to do anything to receive a check. Other non-filers can choose between different methods of supplying the required information. Read on to find out how traditional non-filers can make sure they receive a stimulus check.

These payments will be sent automaticallyyou dont have to do anything. The IRS will get the information it needs from the Social Security Administration, Railroad Retirement Board, or Veterans Administration if it doesnt already have a 2018 or 2019 tax return with your name on it.

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Income Tax Refund Status Faqs

  • If my income tax refund has been delayed, will there be any compensation for me?
  • Yes, if your income tax refund has been delayed, then you will get 0.5% per month/ part of the month interest on your amount which was due. This interest will be calculated from 1 April of the assessment year right to the date on which your refund has been granted.

  • When will I become eligible for an income tax refund?
  • You will be eligible for an income tax refund if you have paid a tax amount over and above the actual tax payable. The refund amount will be calculated during the time of filing the ITR.

  • Will I have to pay tax on the refund amount?
  • The income tax refund will correspond to the excess amount of tax that you have paid. This is not an income and is not taxable. However, your interest earned on the income tax refund will be taxable .

  • Do I have to file tax if I want to get an income tax refund?
  • Yes, if you wish to claim your income tax refund for any excess amount of tax you had paid during a financial year, you will have to file an income tax return for the assessment year.

  • Is there a limit to the number of times the revised returns can be filed?
  • The returns can be filed multiple times within the one-year expiry limit.

    Will Calling The Irs Speed Up My Tax Refund

    No, it wonât. IRS phone representatives can only research the status of your refund 21 days after you file electronically, or six weeks after you mail your paper return.

    Donât bother calling the IRS for your refund status until then, even if the Whereâs My Refund? tool directs you to call the IRS.

    If itâs been more than 21 days , call the toll-free IRS refund line at +1 829 1954.

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    What Is A Tax Refund

    Whenever the Canada Revenue Agency collects more income tax from you than you owe, youll receive that amount as a refund. Its like savings you didnt know you had.

    A refund is assessed based on your total income, the taxes you paid, and whether you have enough deductions and credits to warrant a refund.

    As well, it never hurts to follow up with the CRA on unused deductions you can carry forward to future years.

    Want to learn how to make the most of your tax return and get your maximum refund? Heres how.

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    IRS Tax Tip 2021-70, May 19, 2021

    The most convenient way to check on a tax refund is by using the Wheres My Refund? tool. Taxpayers can start checking their refund status within 24 hours after an e-filed return is received. The tool also provides a personalized refund date after the return is processed and a refund is approved.

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    Here are four things that can help keep your Wheres my refund worries under control.

  • Avoid filing your tax return on paper. Its a myth that your IRS refund status will be pending for a long time and that the IRS takes forever to issue a refund. In reality, you can avoid weeks of wondering wheres my refund? by avoiding paper. The IRS typically takes six to eight weeks to process paper returns. Instead, file electronically those returns are processed in about three weeks. State tax authorities also accept electronic tax returns, which means you may be able to get your state tax refund faster, too.

  • Get direct deposit. When you file your return, tell the IRS to deposit your refund directly into your bank account instead of sending a paper check. That cuts the time in waiting for the mail and having to check your IRS refund status. You even can have the IRS split your refund across your retirement, health savings, college savings or other accounts so that you dont fritter it away.

  • Dont let things go too long. If you havent received your tax refund after at least 21 days of filing online or six weeks of mailing your paper return, go to a local IRS office or call the federal agency . But that wont fast-track your refund, according to the IRS. Wheres my refund will undoubtedly be a concern, but the thing to worry about here is refund theft. It isnt corrected quickly, so you may be in for an even longer wait.

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    Get Ready For Whats New For Tax Year 2022

    With the end of the year approaching, time is running out to take advantage of the Tax Withholding Estimator. This online tool is designed to help taxpayers determine the right amount of tax to have withheld from their paycheck. Some people may have life changes like getting married or divorced, welcoming a child or taking on a second job. Other taxpayers may need to consider estimated tax payments due to non-wage income from unemployment, self-employment, annuity income or even digital assets. The last quarterly payment for 2022 is due on January 17, 2023. The Tax Withholding Estimator can help wage earners determine if there is a need to adjust their withholding, consider additional tax payments, or submit a new W-4 form to their employer to avoid an unexpected tax bill when they file.

    As taxpayers gather tax records, they should remember that most income is taxable. This includes unemployment income, refund interest and income from the gig economy and digital assets.

    Credit amounts also change each year like the Child Tax Credit , Earned Income Tax Credit and Dependent Care Credit. Taxpayers can use the Interactive Tax Assistant on IRS.gov to determine their eligibility for tax credits. Some taxpayers may qualify this year for the expanded eligibility for the Premium Tax Credit, while others may qualify for a Clean Vehicle Credit through the Inflation Reduction Act of 2022.

    How Taxpayers Can Check The Status Of Their Federal Tax Refund

    IRS Tax Tip 2022-60, April 19, 2022

    Once a taxpayer files their tax return, they want to know when they’ll receive their refund. The most convenient way to check on a tax refund is by using the Where’s My Refund? tool on IRS.gov. Taxpayers can start checking their refund status within 24 hours after the IRS acknowledges receipt of the taxpayer’s e-filed return. The tool also provides a personalized refund date after the return is processed and a refund is approved.

    Taxpayers can access the Where’s My Refund? tool two ways:

    • Visiting IRS.gov

    To use the tool, taxpayers will need:

    • Their Social Security number or Individual Taxpayer Identification number
    • Tax filing status
    • The exact amount of the refund claimed on their tax return

    The tool shows progress in three phases:

    • Return received
    • Refund approved

    When the status changes to approved, this means the IRS is preparing to send the refund as a direct deposit to the taxpayer’s bank account or directly to the taxpayer in the mail, by check, to the address used on their tax return.

    The IRS updates the Where’s My Refund? tool once a day, usually overnight, so taxpayers don’t need to check the status more often.

    Taxpayers allow time for their bank of credit union to post the refund to their account or for it to be delivered by mail. Calling the IRS won’t speed up a tax refund. The information available on Where’s My Refund? is the same information available to IRS telephone assistors.

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    When Was The Deadline For Claiming Stimulus Or Child Tax Credit Money

    The deadline to claim missing stimulus or child tax credit money was 11:59 p.m. ET on Thursday, Nov. 17, for those using the IRS Free File tool. The Free File tool is for those who are not typically required to file taxes due to lower income.

    If you filed a tax extension earlier this year or havent filed yet, your deadline to submit your tax return if youre required to file was . That was also the last day to file Form 1040 to avoid a late-filing penalty.

    If you were affected by one of the recent natural disasters, such as Hurricane Ian, you have until , to file. But if you live in an area covered by Federal Emergency Management Agency disaster declarations, like Kentucky or Missouri, Tuesday, was the last day to file.

    You can still get your stimulus and child tax credit money just not this year.

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