As millions of people begin filing their tax returns, the IRS is taking the time to clear up misunderstandings regarding tax refunds.
The IRS issues nine out of 10 refunds in less than 21 days. But not all of them.
Other returns may require additional review for a variety of reasons and take longer. About half (46%) of taxpayers don't know what tax bracket they're in - or even what a "tax bracket" is, for example.
Many people think that talking to the IRS or calling their tax professional is the best way to find out when they will get their refund. On that day, the IRS expects to field thousands of calls per hour.
Need help with your taxes? The information on a transcript does not necessarily reflect the amount or timing of a refund.
People who made less than $64,000 in 2016 may also qualify for free tax software from the IRS's Free File program to file their federal and often state income taxes.
Myth 4: "Where's My Refund?".
"Where's My Refund?" is updated once daily.
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In addition, more than half (58%) of taxpayers incorrectly believe that getting a tax extension means they can delay the due date of their income tax payment, according to the survey.
IRS customer service representatives can not provide refund information until 21 days have passed since the return was filed.
Yes, it's tax-refund season, although that reverse flow won't start hitting individual bank accounts until next week at the earliest, depending on whether you filed on paper or electronically and whether you asked for direct deposit. Most returns began processing on January 24, 2017, while the agency did not start processing returns with the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) until February 15, 2017. The IRS will begin to release these refunds starting February 15.
"The IRS is trying to be more careful about refunds", said Ed Slott, a CPA and founder of Ed Slott and Co.in Rockville Centre, New York.
"Where's my Refund?" can also be accessed through the mobile app, IRS2Go. Keep in mind that only a small percentage of total filers will fall into this situation.
The IRS assures consumers that they will get their refund to help them pay for those new auto payments.
If you need to call the IRS about your personal taxes, you need to be prepared to prove you are who you say you are. Go to IRS.gov and click on the "Filing" tab for more information. But many of those taxpayers might actually be able to get tax software and help for free. Phone assistors can not provide taxpayers with their AGI.
There are more than 200 Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) sites across Wisconsin that offer free income tax filing assistance.