OLT TAX CORNER ~ Refunds

Refund FAQ
  1. How can I check on the status of my income tax refund?
  2. I am filing a joint return. Do both of our names have to be on the account for direct deposit?
  3. How long do I have to file my return to claim a refund?
  4. I want to know what the refund schedule is if I file a return on a certain day. When will I receive my refund?
  5. On my federal tax return, I selected that my tax refund be direct deposited. However the checking account number I entered has been closed. Can I change it to be deposited into my daughters checking account?
  6. How soon after I file will I receive my income tax refund?
  7. I've recently moved. When I filed my taxes I used my old address. Will my refund check be forwarded to my new address?
  8. Can I prepare tax returns for multiple members of my family and have the refunds all deposited in the same account?


How can I check on the status of my income tax refund?
There are two ways to check the status of your income tax refund. You can call the IRS tele-tax number at 1-800-829-4477, or visit the IRS website and click on the "where's my refund" link.
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I am filing a joint return. Do both of our names have to be on the account for direct deposit?
Yes. The deposit acts as a receipt to the IRS for receipt of the refund. If the return is a joint return, both spouse's names have to be present on the account.
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How long do I have to file my return to claim a refund?
Statutes of limitations generally limit the time the IRS has to make tax assessments to within three years after a return is due or filed, whichever is later. That particular date is also referred to as the statute expiration date. Statute of limitations will also limit the time you have to file a claim for credit or refund.
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I want to know what the refund schedule is if I file a return on a certain day. When will I receive my refund?
We e-file your tax return but do not handle issuing the refund. The IRS is the party that processes your refund. If you e-file, you can generally expect your refund in less than 21 days. Please go to the IRS website "Where is My Refund" to track the status of your refund.
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On my federal tax return, I selected that my tax refund be direct deposited. However the checking account number I entered has been closed. Can I change it to be deposited into my daughters checking account?
If you have already filed your return, there is no way to go back and change that information. Your refund will be sent to your bank and that account number to be direct deposited, when the bank sees that the account has been closed, they will send the refund back to the IRS. The IRS will then issue you a check that will be mailed to the address on your return.
In regards to having it deposited into your daughters checking account, this is not allowed. The name on the checking account MUST match the name on the tax return, or it will not be deposited. If you would have entered your daughters checking account information, the same thing would happen that was stated above. When the bank receives the refund and sees that the name on the account is different from the name on the refund, the refund would be sent back to the IRS, and the IRS would mail you a check for the amount of your refund.
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How soon after I file will I receive my income tax refund?
It depends on which method you choose to file. If you e-file and request direct deposit, that is the quickest way to receive your refund. Refunds are generally issued within 21 days after the IRS receives and accepts your tax return. If you paper file, you will usually receive your refund in 6-8 weeks.
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I did not file taxes last year. I've recently moved. When I filed my taxes I used my old address. Will my refund check be forwarded to my new address?
If you have notified the post office of your change of address, then your refund check should be forwarded to your new address. Also, you can file Form 8822, Address Change Request, to notify the IRS of your change of address.
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Can I prepare tax returns for multiple members of my family and have the refunds all deposited in the same account?
The IRS will limit the number of electronic refunds to a single financial account or pre-paid debit card to three. Taxpayers who exceed the limit will receive a notice from the IRS and their refund will be converted to paper.
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