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Tax Refund Status FAQs

Tax Refund Status FAQs

Why is my current year return refund still being processed?

According to the IRS, the agency issues most refunds within 21 days of filing online or six months of mailing your paper return, but a few circumstances could delay processing.  Math errors or missing information are common culprits that can lead to longer waiting times.  Here are a few more tax-filing mistakes to look out for.

What if I made a mistake on my tax return?

If you're due a refund, don't file an amended return until you receive the refund per the IRS.  If you're not due a refund and need to correct a mistake, you can file an amended tax return using IRS Form 1040-X.  Here's how to do it.

Can I tell the IRS what account to put my tax refund in?

Yes.  Simply provide your direct deposit account information on your Form 1040 or 1040-SR when you file.  If you file IRS Form 8888 with your tax return, you can even tell the IRS to split the money up and deposit it into as many as three different investment accounts.  Here's how to do it.

What could happen to my tax refund if I owe back taxes?

If you're behind on your taxes, the IRS will withhold what you owe from your federal tax refund.  You'll get a letter from the IRS explaining what it adjusted.

How can I get a bigger tax refund?

One way is to qualify for more tax deductions and tax credits.  They can be huge money-savers — if you know what they are, how they work and how to pursue them.  Here's a list of 20 popular ones to get you started.

But beware of big tax refunds.  They're a direct result of overpaying your taxes all year, and that often happens because you're having too much tax withheld from your paychecks.  Get that money in your hands now (instead of having to wait until tax time to get it) by adjusting your Form W-4 at work.  Here's how to do it.

 

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