Having to file your tax return each year can foster a lot of questions as you get older and as the laws change. There are professional tax preparers to help you out with filing, but what about the refund you get afterwards? Here are the most frequently asked questions about tax refunds in the 2016 tax season:
Q: How long does it take to receive the refund?
A: Each tax return is unique and some will process faster than others, but most refunds will be delivered within 21 days.
Q: Why is the amount of my refund different than what was stated on the tax return?
A: Your refund amount can change because of a few different reasons. If something was filed incorrectly, or if the IRS changed something to make it more accurate, the refund amount can be altered to reflect the changes made. You might also have outstanding federal tax, state tax, debts, or loans that need to be paid to the government. In this instance, the Treasury can use this money to pay them all off.
Q: The IRS received my return more than 21 days ago and I still haven’t received my refund, why?
A: Most refunds will be issued within 21 days, however, some will take longer to process. If the return has spelling mistakes, is partially incomplete, needs further review, or has been subjected to fraud or identity theft, the IRS will need some extra time to review it.
Q: Why is my refund being mailed as a check instead of being direct deposited?
A: If you requested a direct deposit, but the bank account is not in your name then you may receive a check instead. This applies to joint bank accounts as well. You will also receive a check if you have too many refunds going into the same bank account. Only three refunds can be direct deposited into an account at one time.
Tax refunds aren’t always a clear cut topic, but with this information, you will know what to expect when receiving yours. If you have yet to file your taxes, or need help with IRS representation, contact the accountants at Berkow, Schechter & Company LLP. To learn more, or to schedule an appointment, give us a call at (203) 356-1061.