1/18/2024 0 Comments Download the new Amadeus ProWhen they have all their documentation, taxpayers are in the best position to file an accurate return and avoid processing or refund delays. This includes year-end income documents like Forms W-2 from employers, Forms 1099 from banks or other payers, Forms 1099-K from third party payment networks, Forms 1099-NEC for nonemployee compensation, Forms 1099-MISC for miscellaneous income or Forms 1099-INT for interest paid, as well as records documenting all digital asset transactions. Taxpayers should develop a record keeping system − electronic or paper − that keeps important information in one place. The Tax Withholding Estimator on IRS.gov can help wage earners determine if there's a need to consider an additional tax payment to avoid an unexpected tax bill when they file. Taxpayers may need to consider estimated or additional tax payments due to non-wage income from unemployment, self-employment, annuity income or even digital assets. Last quarterly payment for 2023 is due on Jan. 27, 2024, if the taxpayer chose direct deposit and there are no other issues with the tax return. The IRS expects most EITC and ACTC related refunds to be available in taxpayer bank accounts or on debit cards by Feb. The law requires the IRS to hold the entire refund – not just the portion associated with the EITC or ACTC. Some returns may require additional review and may take longer to process if IRS systems detect a possible error, the return is missing information or there is suspected identity theft or fraud.Īlso, the IRS cannot issue refunds for people claiming the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) before mid-February. Although the IRS issues most refunds in less than 21 days, the IRS cautions taxpayers not to rely on receiving a 2023 federal tax refund by a certain date, especially when making major purchases or paying bills. Many different factors can affect the timing of a refund after the IRS receives a tax return.
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