I Have Moved To Another Address Since I Filed My Return My Refund Check Could Have Been Returned To The Department As An Undeliverable Check What Do I Need To Do To Get My Check Forwarded To My New Address
In most cases, the US Postal Service does not forward refund checks. To update your address, please complete the Change of Address Form for Individuals, call the Department toll-free at 1-877-252-3052, or write to: North Carolina Department of Revenue, Attn: Customer Service, P.O. Box 1168, Raleigh, NC 27602-1168.
Important Notice For Tax Time
Did you know that identity theft, especially around tax season, is running rampant? People’s credit information was stolen at Target, Home Depot, even The State of California. Now’s a great time to make sure that your credit is safe.
Credit Karma: Second, now is a great time to check your credit report and make sure that there are no issues. You should be checking your credit at least once per year, and tax time is a great time to do it. We recommend using because its free! Plus, has a lot of great tools to help you improve your credit if you need to, and they can help you monitor your credit over time.
Media Release 2022 Tax Filing Season
29 June 2022 The South African Revenue Service has made significant changes to the 2022 Tax Filing Season. This year, over 3 million individual non-provisional taxpayers, have been auto-assessed by SARS and will not have to file a tax return if they are satisfied with the outcome.
The introduction of auto-assessments, among other enhancements this year, is in line with SARS journey of building a smart, modern revenue service with unquestionable integrity, trusted and admired by all. Technology, the use of data, artificial intelligence and algorithms have enabled SARS to make it easy and seamless for most individual taxpayers to comply with their legal obligations. All these innovations support our strategic objective of providing clarity and certainty to help foster a culture of voluntary compliance.
At the same time, the use of technology and data have also enabled SARS to significantly sharpen its capability to detect non-compliance and to make such non-compliance hard and costly. SARS will impose understatement penalties to taxpayers that deliberately attempt to claim impermissible expenses or understate their income as well as administrative non-compliance penalties to those taxpayers that do not adhere to the applicable deadlines of this Filing Season. Taxpayers should be aware that SARS has access to various sources of data, which enables us to track economic activity and verify the completeness and accuracy of tax declarations.
A. Auto Assessments:
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What About My State Tax Refund
What weve covered so far applies to federal tax refunds. As you might expect, every state does things a little differently when it comes to issuing tax refunds and its not possible to say for sure when everyone will receive their state tax refunds. Although, state refunds often come faster than those being processed through the federal system. This isnt always the case, but it often is.
Generally, you can expect to receive your state tax refund within 30 days if you filed your tax return electronically. If you filed a paper tax return, it may take as many as 12 weeks for your refund to arrive. To find out the status of your refund, youll need to contact your state tax agency or visit your states Department of Revenue website.
Tips For Maximizing Your Tax Savings
- Finding a qualified financial advisor doesnt have to be hard. SmartAssets free tool matches you with up to three financial advisors in your area, and you can interview your advisor matches at no cost to decide which one is right for you. If youre ready to find an advisor who can help you achieve your financial goals, get started now.
- When youre filing your taxes, a tax filing service can make things easier. They can take a lot of the confusion out of the process for you and help you file a more accurate tax return. They can also help you find deductions or exemptions that you wouldnt have known about on your own. Popular software choices include TurboTax and H& R Block.
- If you find that youre regularly receiving large tax refunds, this may mean that youre paying too much in taxes in the first place. In that case, you may want to adjust the withholding amounts on your W-4 so you can keep more money throughout the course of the year. Big refunds are exciting, but why give the IRS a free loan?
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How Long Does It Take To Receive My Tax Refund
Approximately 90% of taxpayers will receive their refunds in less than 21 days from the day their tax return was accepted by the IRS. Most people receive their refunds in an average of 10-14 days.
Your bank will usually make your payment available within one to three days of receiving the payment from the IRS. Checks may take longer to clear your bank.
Know The Tax Deadlines That Apply To You So You Don’t Get Hit With Irs Penalties Or Miss Out On A Valuable Tax Break
If you miss a tax deadline, the IRS can hit you hard with penalties and interest. For instance, the standard penalty for failing to file your annual tax return on time is 5% of the amount due for each month your return is late. If you pay your taxes late, the monthly penalty is 0.5% of the unpaid amount, up to 25% of what you owe, plus interest on the unpaid taxes. Similar penalties apply for missing other deadlines. And there could also be other negative consequences for being late, like losing out on a valuable tax break.
It’s easy to avoid these headaches, though just don’t miss the deadline! But we realize that it’s not always easy keeping track of all the various IRS due dates. So, for those of you who need a little help remembering when to file a return, submit a report or pay a tax, we pulled together a list of the most important 2022 federal income tax due dates for individuals. There’s at least one deadline in every month of the year, so play close attentionwe don’t want you to get in trouble with the IRS.
NOTE: Some of the 2022 due dates listed below are extended for victims of recent natural disasters. In addition, several 2021 due dates were extended to January 3, 2022, for other natural disaster victims. In the case of Mississippi water crisis victims, several 2022 deadlines are pushed into 2023. For more information on these extensions, see our articles for victims of:
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Retirement Plans: 401s Iras And More
There were several changes to retirement plans in 2021and some of those changes could impact your tax bill in 2022 . Lets tackle each of those changes:
- The age for required minimum distributions went up. If you own a traditional IRA, you have to take money out of your account once you reach a certain age. Those withdrawals are called required minimum distributions . The good news is the SECURE Act changed the age for RMDs from 70 1/2 to 72.16 This extra time could lead to significant tax savings for retirees with those accounts since the money thats taken out of a traditional IRA counts as taxable income.
- Theres no age limit for traditional IRA contributions. The SECURE Act also allows owners of traditional IRAs to keep putting money in their accounts past age 70 1/2 as of 2020.17 Since the money you put into a traditional IRA is tax deductible, you could lower how much of your income is taxed this year. Just remember: You will have to pay taxes on that money when you take it out. Total contributions to all of your traditional or Roth IRAs cant exceed $6,000 per year.
If you need help navigating RMDs and IRAs, its probably a good idea to reach out to an investment professional who can walk you through the process.
How Long Does It Take To Receive An Amended Refund
You should receive your amended refund within six months from the date filed. If it has been more than five months since you filed your amended return, please call 1-877-252-3052 for assistance. Select the option for l Individual Income Tax then listen for the Refund option to speak with an agent. Please do not call 1-877-252-4052 as instructed in the main greeting. Interest will be paid on amended refunds at the applicable rate.
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How Long Does It Take The Irs To Approve A Refund
The IRS reports that most returns are processed and approved within a few days of when they are received, and most refunds are issued less than 21 days after the return is received.
If you filed weeks ago and still havent received your return, there could be several reasons why youre experiencing a delay. The most common causes for tax refund delays include simple math errors, inaccurate or missing information and missing signatures or attachments.
Tax returns with errors involving the third stimulus check, which was issued in early 2021, or returns that are missing information or have been flagged as suspected fraud or theft could be delayed for up to 90 to 120 days.
Taxpayers who claim the earned income tax credit or the child tax credit may also experience delays in receiving their refunds, even if their returns were filed accurately. Claiming these credits will slow down the processing of your return because of regulations designed to give the IRS time to deal with fraudulent returns. Even if you filed your return before Jan. 24, the first day the IRS began processing returns, you may not receive your refund until early March.
My Spouse Has Passed Away And My Tax Refund Check Was Issued In Both Names How Can I Get This Corrected
Since a joint return was filed, the refund check must be issued jointly. When presenting the check for payment, you may want to include a copy of the death certificate to show you as surviving spouse. You may return the check to the Department and we will include “Surviving Spouse” and “Deceased” next to the respective names on the check. Should you need to return the check, please mail to: NC Department of Revenue, Attn: Customer Service, P O Box 1168, Raleigh NC 27602-1168.
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When Can I File My Tax Return
The first official day to file your 2021 tax return is Jan. 24, 2022. However, many tax software programs will allow you to complete your return and file it before that date, including IRS Free File, which opens Jan. 14. They will then hold the returns until the IRS begins accepting them. Some taxpayers who submit their electronic tax return early may be able to participate in the IRS HUB Testing program. This is a controlled testing of the federal tax return system. The IRS processes a small percentage of tax returns from major software providers to test the tax return submission process and allow for fixing bugs before opening the doors to all taxpayers.
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.
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Irs Refund Schedule For Direct Deposits And Check Refunds
The following tax refund table is based on previous refund tables released by the IRS to help taxpayers know when they should receive their tax refunds. The IRS moved to the Modernized e-File System in 2013 . The IRS only issued refunds once per week under the old system. They now issue refunds every business day, Monday through Friday .
Due to changes in the IRS auditing system, they no longer release a full schedule as they did in previous years. The following chart is based on IRS statements, published guidelines and estimates from past years. This IRS refund schedule should only be used as a rough guideline.
What To Do With Your Tax Refund
Through Feb. 4, 2022, over 4.3 million people have received their tax refund at an average of $2,201 per person, according to the IRS. And with many Americans unable to afford a $1,000 emergency, a refund of that size is extremely helpful.
If you receive a tax refund, here are some starting points of where you can send those funds:
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How Should You Request To Receive Your Refund
The IRS gives you three options for receiving your refund:
- Deposit into U.S. Savings Bonds
You can also apply a refund to any future taxes owed. This is a popular choice among some small business owners who are required to pay estimated taxes.
Of the three refund options available to you, direct deposit is the fastest and safest option. You can receive your refund via an ACH bank transaction in as little as a few days. Paper checks, however, can take over a week to process, several days to travel via the postal system, and several days to clear your bank.
*Note:Some tax software companies also offer the option of receiving a tax refund on a prepaid debit card. Im not particularly fond of this option, but it is available to some tax filers. In this case, the refund is first sent to the tax preparation company, then they issue you the prepaid debit card.
Checking The Status Of Your Refund
With many expecting a larger refund this year, they are eager to check the status of their refund.
Refunds can be tracked through the Where’s My Refund? developed by the IRS. Those who file electronically will be able to use the tracker more quickly as the system will provide you with a status update within twenty-four hours of the return’s submission. Those who send in a paper return may need to wait up to four weeks before receiving an update.
While the return is being processed, it will go through three phases, all of which can be seen using the Where’s My Refund tool: Return Received, Refund Approved, and Refund Sent.
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How Can I Check My Amended Return Status
Its important to realize that the standard WMR or IRS2Go refund status checking tools from the IRS do not track amended tax return status.
You need to instead use IRS tool, Wheres My Amended Return instead . You can use this tool to check the status of your Amended Federal Tax Return , for this year and up to three prior years.
The WMAR tool is updated once a day, usually at night. So checking it multiple times a day wont help.
You will need to provide your SSN, Date of birth and Zip code to use the tool.
This tool is normally updated weekly, starting 3 weeks after your mailed submission, in line with your IRS processing cycle. But can update more or less frequently depending on IRS actions.
Finally, its important to remember that filers can only submit up to three accepted Amended Returns. So if you have submitted more than these subsequent filings will get rejected and you wont see any status for these on WMAR.
Why Would My Tax Refund Be Delayed
Heres a list of reasons your income tax refund might be delayed:
- Your tax return has errors.
- Its incomplete.
- Your refund is suspected of identity theft or fraud.
- You filed for the earned income tax credit or additional child tax credit.
- Your return needs further review.
- Your return includes Form 8379 , injured spouse allocation this could take up to 14 weeks to process.
If the delay is due to a necessary tax correction made to a recovery rebate credit, earned income tax or additional child tax credit claimed on your return, the IRS will send you an explanation. If theres a problem that needs to be fixed, the IRS will first try to proceed without contacting you. However, if it needs any more information, it will write you a letter.
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Taxpayers Faced Different Challenges
Many people did not face delays. More than 85% of individual taxpayers e-filed their federal income tax returns, according to the new report, and they either received the refunds they claimed or paid what they owed without any problems.
Even so, the tax season wasn’t a walk in the park for many. On April 18, the Taxpayer Advocate noted, a significant spike in IRS web traffic caused a temporary disruption in taxpayers ability to access the “Make a Payment” feature in the Online Account.
“While the IRS resolved the issue the same day, it affected 891,000 individuals and added a level of anxiety for those taxpayers on an already stressful day,” Collins wrote.
In addition, Collins wrote, millions of e-filed returns were suspended during processing due to discrepancies between amounts claimed on the returns for the recovery rebate credit, and amounts reflected in the IRSs records.
On June 3, the report noted, the IRS updated its website to inform taxpayers that due to extenuating circumstances caused by the pandemic, its identity theft inventories have increased. On average, it is taking about 360 days to resolve identity theft cases.
The most serious hardships, one might argue, are being created by those extraordinarily long delays for receiving a tax refund.
Typically, the IRS doesn’t start a tax season with such sizable paperwork hangover.