Tax Tip from the week of November 7, 2005
You work hard to squeeze out every last deduction and credit, hoping for a bigger tax refund. You file your return. Then you move to a new address and forget all about that refund. Hard to believe? Yet it happened to over 84,000 taxpayers this year!
The IRS has around $73 million in refunds that it can’t deliver. That’s an average payment of about $870. In most cases, it’s because taxpayers changed their address after filing their return and forgot to notify the IRS. Others may have signed up for direct deposit of their refund and then changed their bank account when they moved.
If you think you’re one of the 84,000 who didn't receive your refund, the IRS would like to hear from you. First, check your tax and bank records. If you can’t find any record of receiving your refund, you can go to the www.IRS.gov Web site. There’s a section called “Where’s My Refund?” You’ll need information from your 2004 return to log on and see whether you’re owed a refund. If you don’t have Internet access, call the toll-free IRS number (1-800-829-1040), or contact our office for assistance.
You can reduce the risk of a missing refund in two ways. First, always notify the IRS when you move. Just fill out Form 8822 and send it in. By keeping your address current, you’ll also avoid missing any correspondence with questions about your return.
Second, consider signing up to have your refund deposited directly into your bank account. You can do this whether you file electronically or on paper. This also helps protect against theft of your refund check.
Seattle Bellevue Tax Accountants
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