Here’s How To Get Your 2022 Tax Refund Early
CBS Essentials is created independently from the CBS News staff. We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms.
If you want to get your federal tax refund as soon as possible, then the basic advice is this: File as soon as possible file online, perhaps via the IRS-backed IRS Free File or a commercial service like TurboTax or H& R Block and, when filing online, request your refund be sent to your bank or designated online account via direct deposit. Filing an error-free return is important, too.
Follow this formula, and the IRS says, even in this age of the pandemic-related backlog, most taxpayers will receive their refunds within 21 days.
But what if you want your refund sooner than soon? What if you need it now?
The tax-refund advance is a short-term loan that gets you what’s owed to you , sometimes as soon as the day you file. The loans are backed by your expected refund, and are usually repaid by your eventual IRS refund.
If sitting tight for up to 21 days is impossible this year, or if you’re worried about the IRS not hitting its deadline , then here’s a look at the refund-advance loans offered by some of the biggest commercial tax-prep services: H& R Block and Jackson Hewitt. Both are billed as no-fee, 0% APR, or annual percentage rate, loans.
Renew Expiring Tax Id Numbers
Taxpayers should ensure their Individual Tax Identification Number hasnt expired before filing a 2022 tax return. Those who need to file a tax return, should submit a Form W-7, Application for IRS Individual Taxpayer Identification Number now, to renew their ITIN. Taxpayers who fail to renew an ITIN before filing a tax return next year could face a delayed refund and may be ineligible for certain tax credits. Applying now will help avoid the rush as well as refund and processing delays in 2023.
I Received A Form 1099
If you claimed itemized deductions on your federal return and received a state refund last year, you will receive a postcard size Form 1099-G statement. This form shows the amount of the state refund that you received last year but does not mean that you will receive an additional refund. Generally, your State income tax refund must be included in your federal income for the year in which your check was received if you deducted the State income tax paid as an itemized deduction on your federal income tax return. Please view the Frequently Asked Questions About Form 1099-G and Form 1099-INT page for additional information about Form 1099-G and Form 1099-INT.
Read Also: What Are The Different Tax Brackets
The Irs May Be Able To Expedite Your Refund
The IRS may be able to expedite your refund, if it is held up by a temporary backlog in processing you may receive a letter or notice from the IRS telling you theres a problem with your tax return or that your refund will be delayed. In that case, if you are experiencing a financial hardship, the IRS might be able to manually process your refund to get it to you sooner.
Get Ready By Gathering Tax Records
When filers have all their tax documentation gathered and organized, theyre in the best position to file an accurate return and avoid processing or refund delays or receiving IRS letters. Nows a good time for taxpayers to consider financial transactions that occurred in 2022, if theyre taxable and how they should be reported.
The IRS encourages taxpayers to develop an electronic or paper recordkeeping system to store tax-related information in one place for easy access. Taxpayers should keep copies of filed tax returns and their supporting documents for at least three years.
Before January, taxpayers should confirm that their employer, bank and other payers have their current mailing address and email address to ensure they receive their year-end financial statements. Typically, year-end forms start arriving by mail or are available online in mid-to-late January. Taxpayers should carefully review each income statement for accuracy and contact the issuer to correct information that needs to be updated.
Also Check: How Much Is Inheritance Tax In Indiana
File 100% Free With Expert Help
Get live help from tax experts plus a final review with Live Assisted Basic.
Estimate your tax refund andwhere you stand
Know how much to withhold from your paycheck to get
Estimate your self-employment tax and eliminate
Estimate capital gains, losses, and taxes for cryptocurrency sales
The above article is intended to provide generalized financial information designed to educate a broad segment of the public it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.
Wheres My State Tax Refund Georgia
Track your Georgia tax refund by visiting the Georgia Tax Center and clicking on Wheres my Refund? in the middle of the page under Individuals. You will be able to check returns for the current tax year and as far back as four years ago. It is possible for a refund to take as long as 90 days to process. If you have not received a refund or notification within that time, contact the states revenue department.
Recommended Reading: Does Filing Bankruptcy Eliminate Tax Debt
Claiming Your Tax Refund
Theres actually more than one way to receive your tax refund. You can request that the government send you a paper check in the mail. Or you can decide to go for a direct deposit tax refund and have your money put into three different places, including savings and a retirement account.
Ready to get in on the investing game? You also have the option of using your tax refund to buy $5,000 or less in Series I savings bonds.
Whatever you decide to do with it, you have three years to claim your refund from the initial filing deadline. Thats good news if you miss the April due date or you still havent filed your taxes from three years ago. And if you were granted an extension, youll have three years from the extended deadline to ask for a refund check. The deadline for filing 2021 tax returns is April 18, 2022.
Unfortunately, you dont always get to keep your entire refund. Sometimes, the IRS makes a mistake and sends you more money than you were meant to have. Anyone who owes child support or has overdue student loan bills may have some of their refund taken and applied to those debts. Word of advice: If your refund check seems larger than it should be, you might want to wait before you head out on a shopping spree.
You could also receive a smaller refund check than expected as well. That proved to be somewhat common in the 2019 tax filing season, following the passage of President Trumps Tax Cuts and Jobs Act, which changed the tax code.
What Do I Have To Do To Receive My Share Of My Deceased Grandparents Parents Or Childrens Tax Refund
If you inherit, you can receive your share of the What you have to do depends on the relationship you had with the deceased and the amount to be refunded. You can find this amount on the deceased persons tax assessment notice .
I am a child, grandchild or parent of the deceased person: I am an heir who cannot be totally disinherited
The refund amounts to:
You have to submit the following documents:
100 EUR at the most
No document is necessary.
Between 100 and 2,500 EUR
You send us a signed You will mention in it how you would like to receive the tax refund. In doing so, you commit yourself to allocate the taxes received among the other heirs according to their share. If other heirs subsequently ask us to recover the taxes, we will provide them with your declaration of commitment and may ask you to refund the taxes. We therefore recommend that you always discuss with the other heirs how the taxes are to be refunded. We will pay the taxes to the bank account number in your declaration of commitment. You can ask for a standard declaration of commitment from your Team Perception. Please note that you must enclose a copy of your identity card.
More than 2,500 EUR.
A copy of the certificate of succession or deed of inheritance, as well as a proxy from the other heirs. More information about the certificate of succession can be found on the website of the FPS Finance. Warning: the entitled party signing the proxy must enclose a copy of their identity card.
Recommended Reading: How To File Past Tax Returns
Where Can I Find An Overview Of The Transfers And Seizures On My Refunds
You can find an overview of your transfers and seizures online on the MyMinfin platform.
You will also find the amount for which the transfer or seizure was made, but this is not necessarily the current balance of your debt. If you want to know the current balance of your debt, you should contact the creditor.
How To Check If You Are Due A Tax Refund Orowe Tax For A Previous Year
You can use myAccount to checkwhether you have paid the correct amount of tax in the previous 4 years. Youcan see a statement that shows if you have paid too much tax or too little tax.This is called a Preliminary End of Year Statement. It is based on theinformation Revenue has.
There may be other information that could affect how much you owe. Forexample, you may have other income or you may be entitled to tax credits thatyou have not claimed. To get a final statement you must get a Statementof Liability.
For detailed information about how to get a preliminary and final statement,see How to reviewyour tax for PAYE taxpayers.
You May Like: Are You Required To File Taxes
What Is A Tax Refund
Tax refunds usually call for a celebration. But in reality, they often mean that you made a mistake by paying more income tax than was necessary. Federal or state governments will refund the excess money that you paid out to them. You can avoid overpaying by filling out employee tax forms correctly and estimating or updating deductions with greater accuracy.
Wheres My State Tax Refund Virginia
If you want to check the status of your Virginia tax refund, head to the Wheres My Refund? page. Click on the link to check your refund status and then enter your SSN, the tax year and your refund in whole dollars. You will also need to identify how your filed . It is also possible to check your status using an automated phone service.
Taxpayers who file electronically can start checking the status of their returns after 72 hours. You can check the status of paper returns about four weeks after filing.
In terms of refunds, you can expect to wait up to four weeks to get a refund if you e-filed. If you filed a paper return, you can expect to wait up to eight weeks. Allow an additional three weeks if you sent a paper return sent via certified mail.
Recommended Reading: What Is Child Tax Credit For 2020
You Sent More Information And Still No Refund
If the IRS contacted you for more information, you sent it back, and you still dont have a refund, I dont have good news for you. People are still saying the IRS is taking months to get back to them.
You may want to call after four weeks to confirm the IRS got your response. The IRS will often tell you not to call and say it takes time but then will turn around and say you never replied.
The IRS is really, really bad at dealing with these situations.
Revisit Your Filing Status
Choosing the filing status that best suits your needs can influence the possibility of a refund. Your filing status determines:
- Your standard deduction
- The credits you are eligible to receive
- The amount of tax you pay or the refund you receive
There are five statuses to choose from, but the most common are:
- married filing jointly or
TurboTax can help you determine which choice most benefits your situation.
TurboTax Tip: Unlike in other years, you can still get a refund with the Child and Dependent Care Credit even if you dont owe taxes.
You May Like: What Is New York State Income Tax
Wheres My State Tax Refund California
Track your state tax refund by visiting the Wheres My Refund? page of the California Franchise Tax Board. You will need to enter the exact amount of your refund in order to check its status.
According to the state, refunds generally take up to two weeks to process if you e-file. If you file a paper return, your refund could take up to four weeks. Businesses can expect processing times of up to five months.
Contact the Franchise Tax Board if you have not heard anything within one month of filing an electronic return . Businesses should reach out if they havent heard anything within six months of filing.
Amended returns for both individuals and businesses can take up to four months for processing.
Common Reasons That May Cause Delays
- We found a math error on your return or have to make another adjustment. If our adjustment causes a change to your refund amount, you will receive a notice.
- You used more than one form type to complete your return. The form type is identified in the top left corner of your return. We will return your State tax return for you to complete using the correct form type before we can process your return. View example of form types.
- Your return was missing information or incomplete. Sometimes returns are missing information such as signatures, ID numbers, bank account information, W-2s, or 1099s. We will contact you to request this information so we can process your return. Please respond quickly so we can continue processing your return.
- Your return was selected for additional review. As refund fraud resulting from identify theft has become more widespread, were taking extra steps to review all individual income tax returns we receive to be sure refunds go to the rightful owners. Additional safeguards can mean that it takes us longer to process your refund. However, our goal is to stop fraudulent refunds before theyre issued, not to slow down your refund.
Read Also: What Can Be Written Off On Taxes
I Have Checked The Status Of My Return And I Was Told There Is No Record Of My Return Being Received What Should I Do
Due to the late approval of the state budget, which included multiple tax law changes, the Department has experienced delays processing returns. If you filed your return electronically and received an acknowledgment, your return has been received but may not have started processing. Follow the guidance below based on your filing method:
If its been more than six weeks since you received an acknowledgment email, please call 1-877-252-3052.
If its been more than 12 weeks since you mailed your original return, you can mail a duplicate return to NC Department of Revenue, P O Box 2628, Raleigh, NC 27602, Attn: Duplicate Returns. The word “Duplicate” should be written at the top of the return that you are mailing. The duplicate return must be an original printed form and not a photocopy and include another copy of all wages statements as provided with the original return.
What Do I Need To Know
The PATH Act made the following changes, which became effective for the 2017 filing season, to help prevent revenue loss due to identity theft and refund fraud related to fabricated wages and withholdings:
- The IRS may not issue a credit or refund to you before February 15th, if you claim the Earned Income Tax Credit or Additional Child Tax Credit on your tax return.
- This change only affects returns claiming EITC or ACTC filed before February 15.
- The IRS will hold your entire refund, including any part of your refund not associated with the EITC or ACTC.
- Neither TAS, nor the IRS, can release any part of your refund before that date, even if youre experiencing a financial hardship.
If you are facing a hardship, like a financial hardship and you need your refund sooner, the IRS may be able to expedite the refund. You will need to contact the IRS and explain your hardship situation.
Other Steps To Consider
These are just a few of the many ways to get a bigger tax refund. Other approaches range from managing your investments in a tax-advantaged way to maximizing education deductions and credits.
Not everyone takes the same approach, but it helps to be well-informed or work with a qualified professional to optimize taxes based on your situation. Even if you don’t end up getting a refund, you can at least reduce what you owe.
If I Owe The Irs Or A State Agency Will I Receive My Nc Refund
In some cases debts owed to certain State, local, and county agencies will be collected from an individual income tax refund. If the agency files a claim with the Department for a debt of at least $50.00 and the refund is at least $50.00, the debt will be set off and paid from the refund. The Department will notify the debtor of the set-off and will refund any balance which may be due. The agency receiving the amount set-off will also notify the debtor and give the debtor an opportunity to contest the debt. If an individual has an outstanding federal income tax liability of at least $50.00, the Internal Revenue Service may claim the individual’s North Carolina income tax refund. For more information, see G.S. §105-241.7 and Chapter 105A of the North Carolina General Statutes.
Don’t Miss: Have Not Paid Taxes In Years