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Most taxpayers receive their refunds within 21 days of filing. If you choose to have your refund deposited directly into your account, you may have to wait five days before you can gain access to it.
The IRS lists the following issues that might extend the tax refund processing time and delay your refund: Amended return refunds take about 16 weeks. You’re filing an injured spouse claim.
The gift tax is any taxes owed on the gifts you have given. As the giver, you would owe the tax to the IRS and have to fill out a tax form.
However, last year, the IRS pushed back the deadline for filing 2021 tax returns and for paying taxes owed because of the Emancipation Day holiday in Washington, D.C.
A further trap awaits the unwary U.S. investor who donates depreciated assets – assets on which there have been losses in value – to charity. The gift actually forfeit the tax deductibility of the capital losses, and only the depreciated (low) market value at the time of the gift is allowed to be deducted, rather than the higher basis.
The IRS issued a total of $334.8 billion in income tax refunds through Dec. 29, down 6.9% from the same period in 2022. The total number of refunds was down 4.4%.
Visit irs.gov/refunds or use the IRS2Go mobile app to see the latest information on your tax return and refund. You can also get information on your tax year 2022 or 2021 refunds.
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