According to a statement on the IRS website, you should not submit a second tax refund or contact the agency if you have not yet received your tax refund via direct deposit or paper check.
Use one of the two tools offered on the IRS website and/or its mobile app to determine the status of your tax return. Both applications require the taxpayer’s name and Social Security number.
How To Check Status Of Tax Refund?
Residents of Illinois are recommended to utilize two distinct tools. After analyzing a taxpayer’s tax return, the Where’s My Refund system first verifies if the state’s Department of Revenue has commenced the refund procedure.
Taxpayers can access the Find Your Illinois Tax Refund feature on the Illinois Comptroller’s website if the IDOR has started the refund process.
The state will send notice within 7 to 10 business days if there is a discrepancy between the refund you were supposed to get and the refund your return indicated you were entitled to.
On the IRS website, anyone who needs to check the status of their federal returns can do so. The taxpayer’s Social Security number or taxpayer identification number, their filing status, and the precise amount of money they anticipate receiving from their return must all be entered.
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What To Do With The Money?
When filing electronically, taxpayers are advised to wait at least 24 hours before monitoring the status, and when filing on paper, four weeks.
Taxpayers are advised to wait three to four days after e-filing before requesting refund status for returns from past years. This year’s refunds are around $400 per household less than the previous year’s, partly as a result of the reduction or removal of a few tax benefits.
Yet, most recipients of refunds for the current filing season are receiving roughly $3,100 each, according to recent Internal Tax Service data.
Although while typical refunds are down from $3,500 at this time last year, for some folks it’s still the biggest sum of money they’ll get all year.
Jim Simpson, a licensed professional accountant who manages five free tax-preparation sites through the VITA or Volunteer Income Tax Assistance program, says it’s smart to prioritize paying down debt if you’re saddled with interest rates of 8% or higher, which is common for credit cards but not always the case for mortgages or auto loans.
Why 8%? Because, as Simpson pointed out, that is a reasonable rate of return to anticipate on long-term assets like a combination of stocks and bonds.
Nonetheless, he contends that paying off debt with rates that high basically guarantees a return of that scale, even though the investment rate isn’t guaranteed.
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