What a relief! Your taxes have been filed and you’re so happy that’s over with! But wait - you might not be done quite yet. After you file there are a few things you should do to be sure that what happens next goes smoothly.
Did you print or save a PDF copy of your tax return(s)? This is more important than you might think. You’ll need them to help you complete future tax returns, purchasing a home, and applying for financial aid. If you get audited or if they need to be amended, you will absolutely need a copy for those reasons too. Make sure to print or save a copy as soon as you finish filing. And keep them for a minimum of three years - seven years is better!
Have you confirmed that your tax return has been Accepted? Being Accepted means that the IRS and/or state tax authorities have your return and can begin to do their job of processing them. You’ll receive an email from TurboTax telling you if they’ve been Accepted or Rejected within a few days from when you submit your tax returns.
If your return was Accepted it’s time to keep an eye on the status until your refund is in your hands! If you owe money, make sure to pay it before the deadline to avoid late payment fees.
Usually within 24-48 hours after being Accepted, you can see the progress by checking the status directly through TurboTax. If you prefer, you can also watch it right on the IRS or state taxing authority’s website. In case you’re wondering, federal refunds typically take 21 days to process (for refunds that are directly deposited) and state refunds vary by state.
If your return was Rejected, that’s okay. It’s usually a simple fix. The email you receive (from TurboTax), telling you that it’s been Rejected, will have a reject code in it to help you identify the reason. You’ll find common reject codes and the steps to fix them here.
Did you remember something that should have been included in your tax return? Maybe you realized that income from a side job was missing. Or perhaps you forgot all about that crypto you were experimenting with over the summer. Oops!!
No need to worry! For some missing income items, the IRS might quickly catch it on their own and send you a letter with adjustments. Better yet, you should Amend your tax return(s) if it impacts the final outcome. This helps to avoid, or reduce, potential underpayment penalties and interest. Don’t forget to also amend your state return, if needed. NOTE: To make sure the IRS didn’t already make an adjustment, you should wait to amend your tax return until after the IRS fully processes your original return.
Has it been too long - and you’re wondering why you haven’t received your refund yet? This could happen for many reasons. Most of the time, it’s simply an IRS backlog and your tax returns will be processed soon. However, it might be that the IRS did discover a missing item - or there was an error or inconsistency with an entry. Whatever the reason, if the IRS needs clarification, or makes an adjustment, you’ll soon receive a letter explaining the details.
That’s it! Now it’s time to start getting ready for next tax season! (Too soon…?)
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