| How to Estimate, File for and Track Personal Income | | | | income, expenses and deductions and automatically fill |
| Tax Refunds | | | | in the correct forms for you. It will also allow you file |
| It’s that time of year again. Your personal income | | | | electronically, which allows you to receive your IRS |
| taxes are coming due and the date will be here | | | | refund more quickly. |
| quicker than you think. Now is the time to prepare | | | | When Will I Get My IRS Refund? |
| your documents, file your taxes and get your IRS | | | | When you’ll receive your IRS refund will depend on |
| refund. How much will you get back and how long it | | | | when and how you file your taxes. The IRS |
| will take to get it? | | | | won’t guarantee the date of any refund. But, they |
| How Can I Estimate My IRS Refund? | | | | do have a general cycle. For most returns, if it is filed |
| If you want to know how much of an IRS refund you | | | | between Friday and the next Thursday, an electronic |
| may get, start by collecting the information you’ll | | | | direct deposit will be sent on the Friday of the next |
| need to get an estimate. There are a number of | | | | week. For example, if you file your taxes between |
| estimate sites out there (just do a search for “Tax | | | | Friday, Jan. 15 and Thursday, Jan. 21 the direct deposit |
| Estimator”), but to use any of them you’ll need | | | | will be sent on Friday, Jan. 29. If you have opted to |
| the following information handy: | | | | have a paper check mailed, however, the check |
| - Number of exemptions you’ll be claiming | | | | won’t be processed and mailed until a week later. |
| - Amount of your income from all sources | | | | In our example, that date would be Friday, Feb. 5. So, |
| - Information on any deductions, payments and credits | | | | the quickest way to receive your refund is to opt for |
| | | | | direct deposit when you file. |
| The amount of an IRS refund you will receive will | | | | The IRS also has a way to look up the status of your |
| depend on the number of exemptions you claimed on | | | | refund. By going to the IRS website and clicking on |
| your Form W-4 with your employer. The fewer | | | | the “Where’s My Refund?” link, you can |
| exemptions you claimed, the more taxes that were | | | | enter some personal information that allows the IRS to |
| taken out of your check. If this resulted in an | | | | find the status of your refund. You can generally get |
| overpayment of taxes you will receive an IRS | | | | this information 72 hours after the IRS acknowledges |
| refund. However, if you claimed more exemptions | | | | receipt of your e-filed return, or three to four weeks |
| than you take on your return you may have underpaid | | | | after mailing a paper return. |
| and would owe taxes to the IRS. And, if you are | | | | You'll need to provide the following information from |
| self-employed and didn’t make any estimated tax | | | | your tax return: |
| payments you may also owe taxes plus penalties. | | | | - Your Social Security Number (or Individual Taxpayer |
| There are several new deductions and credits | | | | Identification Number) |
| available this year due to the Economic Stimulus Plan | | | | - Your Filing Status |
| which may make you more likely to get an IRS refund. | | | | - The exact whole dollar amount of your refund |
| How do I File for My IRS Refund? | | | | One of the biggest reasons for delayed IRS refunds is |
| To file your income taxes most people will need to fill | | | | putting an incorrect address on your return, if |
| out some version of IRS Form 1040. Depending on | | | | requesting a paper check, or entering incorrect routing |
| your circumstances there may be many additional | | | | or account information, if you are requesting direct |
| forms to file to claim deductions or account for | | | | deposit. Be sure to double-check this information |
| income. The easiest way to ensure you are filling out | | | | before filing for your IRS refund and, if you move after |
| all the forms you need and claiming all the deductions | | | | filing your return, be sure to update your address with |
| you can is to use an online tax preparation site, like | | | | the IRS. |
| The site will ask you pertinent questions about your | | | | |