Are you thinking, “Where is my 2019 tax refund?” Wondering why you have not received it yet? Have no fear! We have the answers you are looking for!
There are 3 ways you can find out where your tax refund is. You can reach out to the IRS through their online tool, via their toll-free phone number, or by using their smartphone application.
Want to know when to expect your tax refund? We have the timeline set out for you and some great tips on how to get your tax refund faster.
A tax calculator can help you determine whether you will get a tax refund or not. A tax estimator can help you prepare your finances for an increase in cash if you are due a refund or a payment of tax as it should help you have an idea of what you will get or owe on Tax Day.
Finally, want to know how to get an even bigger tax refund? We’ll go over some great ideas that could put more money in your pockets! So, sit back and get your tax refund questions answered.
Question#1: What is the Status of My 2019 Tax Refund?
You can find out the status of your tax refund in three different ways. The IRS has a website tool that you can access, you can call them directly most of the time (due to COVID 19 you may not be able to reach them on the phone), or you can use their smartphone application.
You can check the status of your federal tax refund by using the IRS’s tool called “Where’s My Refund?” To use this tool, you will need to have the following ready:
- Your social security number
- Your filing status
- The exact amount of your refund
Your filing status should be one of the following:
- HOH (Head of Household)
- MFJ (Married Filing Jointly)
- MFS (Married Filing Separately)
- QW (Qualifying Widow or Widower)
Alternatively, you can call the IRS at 1-800-829-1040 to check the status of your refund or to ask any tax questions. Specifically, the IRS Refund Hotline is 1-800-829-1954. (Like noted for before; you may be unable to call them on the phone as of the writing of this post)
The third way to check the status of your refund is by using the IRS’s smartphone application called IRS2GO. This smartphone app can tell you the status of your refund, help you make a tax payment, offer you helpful tax tips, and more. You can download the IRS2GO app here.
Question#2: When Will I Get My 2019 Tax Refund?
According to the IRS, most tax refunds are issued in less than 21 calendar days if you use direct deposit. If you filed a paper tax return, refunds are typically issued in about 6 to 8 weeks. For amended tax returns, the IRS issues tax refunds in about 8 to 12 weeks.
Tax refunds that have the adoption tax credit on them may take about 14 weeks because the IRS often has to research those. Non-resident aliens who used IRS Form 1042-S may have to wait up to 6 months for their tax refund.
The IRS also has a helpful video that discusses when you can expect to see your tax refund. The video is called When Will I Get My Refund?
Question#3: How Can I Get My Tax Refund Faster?
The key to getting your tax refund faster is to file faster. Consider filing your taxes early or at a minimum, file on time. Also, consider e-filing. E-filing makes things easiest for you AND for the IRS.
Filing online is another way to file faster. Using paper forms will slow your tax refund down because the IRS has to manually enter all of your information.
Consider using direct deposit. Make it easy for the IRS to pay you. By using direct deposit, the IRS will just deposit your tax refund into your bank account.
This should make it easier for you too. All you have to do is monitor your bank activity, and you can see when the IRS has made a payment into your bank account.
Don’t just wait if the deadline has passed. If you haven’t received your tax refund in the above time frame, call the IRS at 1-800-829-1040 or go to your local IRS service center. If you haven’t received your refund within 21 days of e-filing or 6 months of paper filing, it’s time to take action and check it out.
Question#4: How Much Will My 2019 Tax Refund Be?
You probably won’t know the exact amount of your tax refund until you sit down and punch in the numbers, but the IRS does have a tool that can help you. The 2019 Tax Return Calculator / 2020 Refund Estimate can estimate your 2019 taxes or tax refund for you.
The “TAXstimator” is very useful. This 2019 Tax Calculator is pretty straightforward. You just enter the numbers and it will help you determine how much your tax bill will be or how much the IRS should be paying you.
Tax season for those who do not file an extension is coming up on July 15 (was extended due to the COVID-19 pandemic), so if you haven’t done your taxes yet, you should watch those 2020 tax filing deadlines, and either file your taxes soon or file an extension.
Remember this: Just because you file an extension doesn’t mean that you can delay payment. This may seem strange; if you have not filed your tax return, how will you know how much to pay? You need to pay or you risk getting penalties, fees, and interest.
If you don’t know the exact amount, overpay. If you overpay, the IRS will send you a refund when you file. If you are expecting a refund and you file an extension, you will not get paid until you file your taxes which will be due October 15 with an extension. The sooner you file, the sooner you will receive your refund.
Not sure how to file an extension, if you should file one, how much you should overpay, or what to do before the July 15 deadline (extended due to the COVID-19 pandemic)? We have tax experts at Borshoff Consulting that can help you every step of the way. Don’t stress over your taxes; let us do that for you; we can handle it all and we’ll make sure you get the best tax result possible, so contact us today!
Question #5: How Can I Get a Bigger Tax Refund?
Everyone wants to get the biggest tax refund possible!
Here are the top 4 ways to maximize your tax refund this year:
#1 – Use the Best Filing Status for You – A lot of times it just depends on how you file. Will you be better off filing MFS (married filing separately) or should you file MFJ (married filing jointly)? When you complete your tax return, run the numbers both ways.
Sometimes you just have to play around to see what works to your tax advantage, but make sure you are doing it right. The last thing you want to happen is an audit!
Get the help of a tax expert to ensure you get the best tax results. Need help finding the best accountant for you? Check out these steps to find a tax accountant if you don’t already have one.
#2 – Consider Which is Better: the Standard Deduction or Itemized Deductions? – Because the standard deduction nearly doubled under the new tax law, for the tax year 2018, the IRS stated that an estimated 90% of taxpayers claimed the standard deduction up from about 70% before the new tax law.
While the new law may help lower the taxes you owe, you could still find that by itemizing, you will get a bigger tax refund. You just need to take the extra steps to gather your medical bills and receipts to make sure you have the documentation to back up your tax return.
Other expenses may help you decide whether you should itemize or not. These expenses include gambling losses up to gambling winnings, casualty and theft losses if they are the result of a federally declared disaster, charitable contributions, and more.
Just because taking the standard deduction is easier doesn’t mean that you should do it. Again, run the numbers both ways to see which one is most advantageous for you. If you don’t know how to do your taxes, it’s time to hire someone to help you. Let them handle your taxes and determine which way would be more beneficial for you.
#3 – Take Above-the-Line Deductions – Take the above-the-line deductions you are eligible for. It’s time to brush up on your tax skills and knowledge or hire a tax professional to see which deductions you can take; tax experts speak the language and know the deductions front and back, so you may be better off hiring a tax specialist.
#4 – Claim Any Tax Credits You Can – Claim any tax credits you are eligible for. A tax credit reduces the dollar amount of the tax you owe; refundable tax credits allow you to have credit beyond your tax liability.
For example, the EITC (earned income tax credit) is worth up to $6,557 for a family with 3 or more children. According to the IRS, 1 out of 5 taxpayers who are eligible for the credit do not claim it, so they are leaving money on the table.
You should now know how to find the status of your tax refund, when to expect it, how to get it faster, how to calculate how much it will be (if you are due a refund), and what tips may help you get an even bigger tax refund than you expected.
Ready to put your tax preparation in the hands of a professional? You can’t go wrong with Indiana’s top tax expert! Call us today to schedule your tax consultation and to learn how to get the best tax advantage!