17. December 2012 17:16 / Author: Ashleigh Rhodes / Tax Industry News , Tax Tips / Permalink | Comments (0)
The new design of the IRS tool, “Where’s My Refund?” will give you personalized refund information based on the processing of your 2012 tax return. In years past, the “Where’s My Refund?” tool allowed taxpayers to find out exactly when they would be receiving their refund. The new design will include a tracker that displays progress through 3 stages:
1. Return Received
2. Refund Approved
3. Refund Sent
The “Where’s My Refund?” tool will provide an actual personalized refund date as soon as the IRS processes your tax return and approves your refund. So in a change from previous tax seasons, taxpayers will not get an estimated refund date right away. According to the IRS, updates to refund status will be made once a day, usually at night.
Use “Where’s My Refund?” To Check The Status of Your Refund
To use “Where’s My Refund” you will need to have your tax return handy so you can provide your social security number, filing status and the exact whole dollar amount of your refund.
The IRS Says Take These Steps Below To File An Accurate Tax Return and Get Your Refund Fast
· Using e-file is the best way to file an accurate tax return, and combining e-file with direct deposit is the fastest way for you to get your refund.
· Take these steps to ensure your tax return is processed as quickly as possible.
– submit an accurate, error-free return,
– verify the correct social security number or taxpayer identification number for yourself, your spouse and your dependents,
– verify you have used the correct mailing address,
– use the correct bank account and routing number if you choose direct deposit,
· The IRS works hard to issue refunds as quickly as possible, but some tax returns take longer to process than others for many reasons, including when a return:
– includes errors,
– is incomplete,
– needs further review,
– is impacted by identity theft or fraud,
– includes Form 8379, Injured Spouse Allocation, which could take up to 14 weeks to process
The main message to take away from this post is that even though the IRS issued most refunds last year in less than 21 days, it is possible that your tax return may require additional review and take longer. With this in mind, the IRS urges tax payers to not count on getting their refund by a certain date in order to make major purchases or pay other financial obligations.