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Most taxpayers receive their refunds within 21 days, according to the IRS, but how long it takes to get your refund depends on whether you request a check or direct deposit (direct deposit is ...
Income tax for the individual for the year is generally determined upon filing a tax return after the end of the year. The amount withheld and paid by the employer to the government is applied as a prepayment of income taxes and is refundable if it exceeds the income tax liability determined on filing the tax return.
Taxpayers may choose to have their refund directly deposited into their bank account, have a check mailed to them, or have their refund applied to the following year's income tax. As of 2006, tax filers may split their tax refund with direct deposit in up to three separate accounts with three different financial institutions.
Rules vary by jurisdiction and by balance of total payments due. Federal employment tax payments are due either monthly or semi-weekly. [24] Federal tax payments must be made either by deposit to a national bank or by electronic funds transfer. If the balance of federal tax payments exceeds $100,000, it must be paid within one banking day.
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Banks may extend holds on check deposits for amounts exceeding $5,000. Suppose you deposit a $10,000 check at your bank. According to banking regulations and laws, the bank may extend the hold on ...
The refunds were normally made in cash or by check but a customer could also choose to have the deposit amount applied against future bills. Any deposit unclaimed after seven years would escheat to the State. At the time of receipt, IPL did not treat the deposits as income for tax purposes.
Large checks: Depositing a larger check could result in a hold if the bank wants to first verify that the check-writer has enough money to cover it. Banks must generally make the first $5,525 ...