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Irs Sending Extra Refunds To 16 Million Americans In 2022
Many Americans may receive an extra refund this fall from the Internal Revenue Service. Those who were assessed a late penalty on their …
Many Americans may receive an extra refund this fall from the Internal Revenue Service. Those who were assessed a late penalty on their 2019 or 2020 tax returns will receive an automatic refund if they have paid those fees, or a credit if they filed and havent yet paid, the agency said. In total, about $1.2 billion will be refunded or credited.
The agency says the goal is to provided relief to both individuals and businesses impacted by the pandemic, and also allow the IRS to focus its resources on processing backlogged tax returns and taxpayer correspondence to help return to normal operations for the 2023 filing season.
Throughout the pandemic, the IRS has worked hard to support the nation and provide relief to people in many different ways, said IRS Commissioner Chuck Rettig. The penalty relief issued today is yet another way the agency is supporting people during this unprecedented time. This penalty relief will be automatic for people or businesses who qualify theres no need to call.
The relief applies to the failure to file penalty. The penalty is typically assessed at a rate of 5% per month and up to 25% of the unpaid tax when a federal income tax return is filed late. This relief applies to forms in both the Form 1040 and 1120 series, as well as others listed in Notice 2022-36PDF, posted today on IRS.gov.
Also Check: New Jersey Tax Refund Status
Didn’t Receive Direct Deposit
If you requested Direct Deposit on your Colorado state income tax return and did not receive it, you should first contact the bank or financial institution to determine if they received your refund credit. Electronic transactions are posted daily, and may not be reflected on your latest bank statement. If your financial institution has no record of your refund, you can check the status of your refund by visiting our Revenue Online service.
Gephardt: How To Tell If A Surprise Tax Refund Is Real
LAYTON, Utah The Feds pushed back this years tax filing deadline to July 15th after the COVID-19 pandemic surfaced in the United States. Regardless of when it is, tax time will always be a prime time for scammers.
When a Layton couple received an unexpected tax refund check, they contacted the KSL Investigators to make sure their surprise windfall was real.
Bruce and Teresa Talbot received the treasury check out-of-the-blue, with no explanation.
The Talbots had already paid their 2019 taxes months ago and had already received their stimulus check, also known as an Economic Impact Payment.
They were concerned that the new check might be a scam of some sort.
We couldnt see why we were getting a refund, said Bruce Talbot.
You cannot blame him for being worried. Tax scams take on all shapes and sizes.
The IRS has warned taxpayers of refund scams where thieves have stolen records from professional tax preparers to send out fraudulent checks, and then call their victims soon after saying theres been an error and demand they wire the refund back immediately.
The Talbots have heard about IRS impostors threatening arrest, unless people pay up on so-called back taxes.
So, when they couldnt get someone from the IRS to answer his calls about this mystery check, they called the KSL Investigators.
The investigative team looked at several things to make sure the Talbots check was the real deal.
The check was legitimate.
Read Also: What Is The Threshold For Filing Taxes
Why Did I Get An Unexpected Tax Refund
There are millions of mathematical errors that are picked up by the Internal Revenue Service when they go through tax returns, but obviously some do still slip through the cracks.
For the ones that are noticed by the IRS, with this being the majority, a tax refund can be sent out to address any difference if you are deemed to have overpaid.
Another reason why you may get an unexpected tax refund is if you forgot to include tax that you had already paid, which is often the case with independent contractors and self-employed people.
Find Out If Your Tax Return Was Submitted
You can file your tax return by mail, through an e-filing website or software, or by using the services of a tax preparer. Whether you owe taxes or youre expecting a refund, you can find out your tax returns status by:
Looking for emails or status updates from your e-filing website or software
If you file your taxes by mail, you can track your tax return and get a confirmation when the IRS has received it. To do so, use USPS Certified Mail or another mail service that has tracking or delivery confirmation services.
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Documentation Of The Difference
Once you get the official word on why your refund is not what you had expected, its time to figure out what happened.
A typical notice will show you some basic 1040 information: adjusted gross income, taxable income and total tax due. In each of these categories, the IRS will indicate what you entered and what the agency came up with. A major difference in one of these areas will pretty clearly show you where the problem lies.
The document should also note how much tax you paid and any over- or underpayment. Additional charges or credits, such as interest and penalties, also are taken into account.
Get out your return and try to reconcile it that way, says Scharin. If you used a tax professional to file your return, call that person for help in clearing up the matter.
In many cases, the notice will include a phone number. Scharin says a personal inquiry directly to the IRS could also help.
You might want to call before sending documentation, he says. You might find in speaking with a person, any confusion is cleared up, for good or otherwise. At least youll know exactly what the agency needs from you to resolve the issue.
Relief Is Automatic No Additional Filing Necessary
The penalty relief is automatic, the agency said. This means that eligible taxpayers need not apply for it if they have already filed their returns for those years, but those returns had been late. Those who were assessed the late penalties, but had not yet paid them will have those fees abated. If a taxpayer has already paid them, they will receive a credit or refund.
As a result, nearly 1.6 million taxpayers who already paid the penalty are receiving refunds totaling more than $1.2 billion. Most eligible taxpayers will receive their refunds by the end of September.
Penalty relief is not available in some situations, such as where a fraudulent return was filed, where the penalties are part of an accepted offer in compromise or a closing agreement, or where the penalties were finally determined by a court. For details, see Notice 2022-36PDF, available on IRS.gov.
This relief is limited to the penalties that the notice specifically states are eligible for relief. Other penalties, such as the failure to pay penalty, are not eligible. But for these ineligible penalties, taxpayers may use existing penalty relief procedures, such as applying for relief under the reasonable cause criteria or the First Time Abate program. Visit IRS.gov/penaltyrelief for details.
Also Check: Can I Use Bank Statements As Receipts For Taxes
Did You Receive An Unexpected Tax Refund
Did you receive an unexpected tax refund? There are two possible reasons why you may be receiving these refunds.
1. Schedule D Tax Calculation Error
The bigger refunds are typically related to an error that the IRS made in the instructions to the 2018 tax calculation worksheet. This impacts a very small portion of taxpayers who filed before May 16th and met five specific criteria. The IRS has acknowledged their error, and they are recalculating the taxes due for 2018 on their end, and then refunding the difference to the taxpayer. For impacted taxpayers, they will receive a refund with no explanation attached, and then about one to two weeks later will receive a CP-21 indicating they should be receiving a refund.
2. Underpayment of Estimates Penalty Abatement
The smaller refunds are typically related to the expansion of the IRS penalty relief for 2018. This refund impacts a very small portion of taxpayers who filed before March 22nd and qualified for the expanded underpayment of estimates penalty waiver . The IRS is automatically abating this penalty and refunding the overpayment to impacted taxpayers. There is no explanation attached to the refund.
What to Do
There are a couple of ways your accountant can check the validity of the refund to let you know whether or not you should cash the check, or if you should bring it to your accountant so they can properly return it to the taxing authority.
For assistance, please complete the form below.
Refunds Average Close To $1200
Some 430,000 refunds totaling more than $510 million have been paid out in the latest batch, the IRS said in a news release this week. The amount per taxpayer this time has averaged $1,189.
About 40 million Americans received unemployment payments in 2020, according to the Century Foundation. The average individual beneficiary got $14,000 and $10,200 became tax-free, leaving only $3,800 that was taxable.
The tax agency says it’s nearly finished reviewing returns and correcting overpayments related to unemployment. It’s now focusing on more complex tax returns officials say they expect to issue another batch of surprise refunds before the end of the year.
So far, the IRS has issued more than 11.7 million tax refunds on 2020 unemployment benefits, for a total of more than $14.4 billion.
Also Check: State Income Tax By States
A New Round Of Surprise Tax Refunds Is Coming This Week Will You Get One
If you’re still in financial pain from the COVID crisis, or if you could just use a few extra dollars, you’re in luck: An unexpected windfall may come your way this week.
The IRS will send out another cluster of surprise tax refunds, courtesy of the pandemic relief bill President Joe Biden signed earlier this year. A previous wave went out at the beginning of June.
At that time the tax agency distributed over 2.8 million refunds to taxpayers as automatic payments meaning it wasn’t necessary for recipients to fill out any forms or sit on hold for an hour to get their money.
An out-of-the-blue refund might provide welcome relief if you’re needing more money to help with expenses or pay down debt. Here’s a look at whether the week ahead might bring you cash back from the IRS.
Unclaimed Federal Tax Refunds
If you are eligible for a federal tax refund and dont file a return, then your refund will go unclaimed. Even if you aren’t required to file a return, it might benefit you to file if:
- Federal taxes were withheld from your pay
- You qualify for the Earned Income Tax Credit
You may not have filed a tax return because your wages were below the filing requirement. But you can still file a return within three years of the filing deadline to get your refund.
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What Happens If You Cash A Fake Check Without Knowing It
If you deposit a fake check, it can take weeks before the bank realizes that its counterfeit. Once the check is returned unpaid, the check will bounce meaning it cant be cashed even if you didnt know that the check was bad. And youll likely be responsible for repaying the bank the amount of the faked check.
What If You’re Not Likely To Get A Refund
If your bank account could use an infusion of cash, but you’re not likely to get a surprise tax refund, here are some steps to give your finances a boost on your own.
Cut the cost of your debt. Though credit cards are convenient when youre short on cash, the interest can turn into a serious financial drain over time. If you leaned too heavily on your plastic during the pandemic, a lower-interest debt consolidation loan can cut your interest costs and help you pay off your debts faster.
Tame your student loans. Americans are saddled with nearly $139 billion in student loan debt owed to banks and other private lenders, according to data firm MeasureOne. But interest rates on student loan refinances are close to all-time lows. By refinancing your student loan, you could save thousands in interest and potentially pay off the debt years ahead of schedule.
Get deals when you shop online. Once youve gotten a grip on your debt, then work on keeping your daily expenses down. Next time you’re ready to shop online, you might stop and download a free browser extension that will automatically scour for better prices and coupons.
Turn your pocket change into profits. If you dont have much experience or capital to make money in the sizzling stock market, download a popular app that allows you to invest your “spare change” and grow your pennies into a portfolio.
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Also Check: State Of Oklahoma Tax Refund
Unexpected Refund From Irs
I filed taxes for 2021. I owed huge amount of taxes which I paid directly through my bank checking account. Return was accepted.
Now about two weeks later, I got a check from Dept of treasury . Says tax refund on the check. It has just a check and no letter explaining what is this check for.
could anyone explain why I got this check? Was my tax return was audited and IRS system figured out I paid taxes more than I needed? Will this impact my state tax return which I already filed?
How To Get One Of These Tax Refunds
Here’s the story behind the surprise refunds: Millions who lost their jobs last year because of the pandemic were forced to file for unemployment as businesses closed or cut back operations.
Normally, jobless benefits are taxed like any other income. But the COVID-19 rescue package Biden signed in March has made up to $10,200 in 2020 unemployment compensation tax-free for individual taxpayers. Couples filing jointly get a $20,400 exclusion.
If you collected unemployment last year and filed taxes ahead of Biden’s relief law, you may have overpaid based on what you thought you owed. So, you may have a refund coming, though only if your adjusted gross income was under $150,000.
Some 40 million Americans received unemployment payments in 2020, according to the Century Foundation, and the average beneficiary got $14,000. Of that, $10,200 is now tax-free leaving only $3,800 that’s taxable.
In early June, the IRS said it had identified 13 million taxpayers who were potentially eligible for the adjustment. If you’ve been hoping for a fourth stimulus check, one of these refunds might be the next best thing, for now.
Read Also: How Do I Report Crypto On Taxes
Topic No 161 Returning An Erroneous Refund Paper Check Or Direct Deposit
It’s an erroneous refund if you receive a refund you’re not entitled at all or for an amount more than you’re entitled to.
If your refund was a paper Treasury check and hasn’t been cashed:
If your refund was a paper Treasury check and has been cashed:
If your refund was a direct deposit: