Home Finance The tax season has started. Here you will receive your reimbursement

The tax season has started. Here you will receive your reimbursement

by Eclipsnews
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NEW YORK (AP) – The tax season is underway and the IRS expects 140 million people to submit declarations on 15 April. The agency has also debuted New online tool To help taxpayers to check the status of any reimbursement what they are entitled to.

President Donald Trump this week offered all federal employees a buyout package In an attempt to reduce the size of the government’s workforce, which can influence IRS staff in an important period for the agency, although it is not yet clear how. The IRS did not immediately respond to a request for comment.

This is what to know:

When will I receive my refund?

If you submit your tax return electronically, the IRS says it must take 21 days or less to receive your refund. If you choose to receive your reimbursement with a direct deposit, it must take even less time. If you submit a paper return, the reimbursement can take four weeks or longer, and if your declaration requires changes or corrections, it may take longer.

The IRS warns taxpayers not to rely on receiving a reimbursement on a certain date, especially when making large purchases or paying bills.

How can I check the status of my reimbursement?

Taxpayers can use the online tool Where is my repayment? To check the status of their reimbursement of income tax within 24 hours after e-following and generally within four weeks of submitting a paper declaration.

Information regarding this tool is updated once a day, at night. To gain access to the status of your reimbursement, you must:

-Your social security or individual taxpayer -ID -number (ITIN)

– Your archiving status

– the repayment amount calculated on your return

How do restitutions work?

If you have paid more throughout the year than you owe tax, you must get money back for the contents or other reasons. Even if you do not pay any surplus tax, you can still receive a reimbursement if you are eligible for a repayable credit, such as the earned income tax credit (EITC) or child tax credit. To get your reimbursement, you must submit a declaration and you have three years to claim a tax refund.

Am I eligible for the earned income tax credit (EITC)?

To be eligible for the EITC, you must have less than $ 11,600 in investment income and earn less than a specific level of income. If you are single without children, your income level must be $ 18,591 or lower. And if you are married with three or more children, you must earn $ 66,819 or lower. To determine whether your household is eligible on the basis of your marital status and your number of people Online EITC Assistant Tool.

What about the tax credit for children?

If you have a child, you are probably eligible for the tax credit for children. The credit is up to $ 2,000 per qualifying child. To be eligible, a child must:

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