Latest Newsletter Edition
Tax Refund Myths and Realities
Taxpayers who are owed a 2022 tax refund naturally want to know how quickly that refund will come. Unfortunately, a lot of myths and half-truths about IRS refunds circulate online, giving people false expectations or leading them to waste time on unnecessary steps. Here are four facts you need to know to avoid falling for the rumors.
- Calling the IRS or your tax professional will not yield more information about your refund. You can get the most up-to-date information about your refund status nearly around the clock by using the online Where’s My Refund tool or calling the automated hotline at 800-829-1954.
- The Where’s My Refund Tool cannot always give a refund date. Many taxpayers believe something is wrong if this tool does not display a mailing or deposit date for their refunds. Although the IRS issues many refunds within 21 days, some returns take longer to process. You will get a refund date once the IRS finishes reviewing your return.
- The refund amount displayed by the Where’s My Refund tool could differ from the amount you were expecting. The IRS may need to adjust a taxpayer’s refund amount for a variety of reasons, ranging from math errors on their returns to outstanding financial obligations. When such an adjustment is necessary, the IRS always sends a letter explaining the change.
- Getting a 2022 tax refund does not necessarily mean that your 2023 withholding is on track. Regardless of how your 2022 taxes came out, you should check your withholding at least once every year. Tax law changes, along with changes in your marital status, family size or many other factors can affect your withholding. You can use the IRS Withholding Estimator tool to find out if you need to make any adjustments.
IRS Where’s My Refund tool: https://www.irs.gov/refunds
IRS Withholding Estimator: https://www.irs.gov/individuals/tax-withholding-estimator