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Debunking common myths about federal tax refunds

Once people complete and file their tax return, many anxiously await any refunds they are owed. Differentiating fact from fiction can help manage expectations while they wait for your money.

Myth: Calling the IRS, a tax software provider, or a tax professional will provide a more accurate refund date.

Done: The best way to check the status of a refund is through the Where's My Refund tool? or the IRS2Go mobile app. Taxpayers can also call the automated refund hotline at 800-829-1954 to find out the status of their refund. This hotline has the same information about refunds for the current tax year as Where's My Refund? There is no need to call the IRS unless Where is my refund? ask to do it.

Myth: The Where's My Refund Tool? must be incorrect if it has not been updated yet.

Done: Where is my refund? has the most up-to-date information on the status of your refund. It is updated once a day, usually overnight. Although the IRS issues most refunds within 21 days, a refund may take longer. If the IRS needs more information to process a tax return, the agency will contact the taxpayer by mail. Taxpayers should also consider the time it takes for banks to post the refund to the taxpayer's account. People waiting for a refund in the mail take longer.

Myth: The Where is my Refund tool? must be incorrect because the refund amount is less than expected.

Done: There are several factors that could cause a tax refund to be smaller than expected. The IRS will mail the taxpayer an explanatory letter if it adjusts a refund. Some taxpayers may also receive a letter from the Treasury Department's Bureau of Fiscal Service if their refund was reduced to offset certain financial obligations. Before calling, taxpayers should wait for the letter to understand why the change occurred.

Myth: Getting a refund this year means you don't need to adjust withholding for the 2024 tax year.

Done: To avoid surprises next year, taxpayers should make changes to their tax withholding now. The Tax Withholding Estimator tool can help taxpayers determine if their employer is withholding the correct amount. Taxpayers can use the results of the Tax Withholding Estimator to complete a new Form W-4, Employee Withholding Certificate, and send it to their employer as soon as possible. Withholding occurs throughout the year, so it is best to take this step as soon as possible.

Source:Debunking common myths about federal tax refunds

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