A split refund lets you divide your refund, in any proportion you want, and direct deposit the funds in up to three different accounts with U.S.financial institutions. … [Read more...] about What is a split refund?
What should I do if I made a mistake on my federal return that I have already filed?
It depends on the type of mistake that you made: Many mathematical errors are caught in the processing of the tax return itself. If you did not attach a required schedule, the IRS will contact you and ask for the missing information. If you did not report all your income or did not claim a credit, you should file an amended or corrected return using Form 1040X (PDF), … [Read more...] about What should I do if I made a mistake on my federal return that I have already filed?
What is the American Recovery and Reinvestment Act (ARRA) of 2009?
The American Recovery and Reinvestment Act (ARRA) of 2009 was signed into law by President Obama onFebruary 17, 2009. The bill is intended to provide a stimulus to theU.S. economy in the wake of the economic downturn. The bill includes federal tax cuts, expansion of unemployment benefits and other social provisions, including domestic spending in education, health care, and … [Read more...] about What is the American Recovery and Reinvestment Act (ARRA) of 2009?
For head of household filing status, do you have to claim a child as a dependent to qualify?
In certain circumstances, you do not need to claim the child as a dependent to qualify for head of household filing status, such as when the qualifying child is unmarried and is your child, grandchild, stepchild, or adopted child. … [Read more...] about For head of household filing status, do you have to claim a child as a dependent to qualify?
Can I receive a tax refund if I am currently in a payment plan for prior year’s federal taxes?
As a condition of your agreement, any refund due to you in a future year will be applied against the amount you owe. Continue making your installment agreement payments as scheduled because your refund is not considered as a substitute for your regular payment due. You may not get all of your refund if you owe certain past-due amounts, such as federal tax, state tax, a … [Read more...] about Can I receive a tax refund if I am currently in a payment plan for prior year’s federal taxes?