Taxpayers sound off about refunds

As tax season plugs along (just 45 days until April 15), more and more taxpayers are talking about refunds. Some are finding that they are due more than they expected, while adjustments in withholding have resulted in a balance due for other taxpayers who have come to rely on money back at tax time.

Last year, just a few weeks after tax day, the IRS reported that it had issued a whopping 96,673,000 individual taxpayer refunds worth $259.348 billion. The average individual income tax refund was $2,683.

Of the refunds processed in 2009, over 70% of those were by taxpayers who elected to receive their money by direct deposit. Those taxpayers who received their refunds via direct deposit had, on average, a slightly higher refund of $2,948.
The IRS expects another busy refund year. Most significantly, taxpayers who take advantage of refundable credits like the First Time Homebuyer's Credit can expect a refund even though they might have otherwise owed tax. While the conventional wisdom is that a refund indicates a lack of tax planning (remember, it's your money to begin with), Congress passed, renewed, or expanded a number of credits throughout the year that boosted refunds on a one-time basis.

The folks at TurboTax have compiled an interesting snapshot of what taxpayers are saying about their refunds. You can see a synopsis of their findings here:

From questions about refund status to dreams of spending those dollars, taxpayers are sounding off about refunds online. If you've tweeted about your refund, let us know!

Filing an Income Tax Extension

If you aren't able to complete your federal tax return by the April deadline, find out how and when to file for an IRS extension with these tips from TurboTax.

Read More

Brought to you by TurboTax.com

What is a CPA (Certified Public Accountant)?

A CPA (Certified Public Accountant) is an accounting professional licensed and credentialed by a state or territory to offer accounting services, including tax preparation, to the public.

Read More

Brought to you by TurboTax.com

How to File an Amended Return with the IRS

If you've made an error on a tax return you already filed or simply come across new information, such as a tax deduction or credit you now realize you qualify for, file an amended tax return to make the correction. The Internal Revenue Service (IRS) knows the tax code is complex, and that people make mistakes. The process for filing an amendment is straightforward. Simply file Form 1040X, Amended Tax Return, along with the corrected or additional documents you did not originally file with your return.

Read More

Brought to you by TurboTax.com

2018 Tax Reform Impact: What You Should Know

Congress has passed the largest piece of tax reform legislation in more than three decades. The bill went into place on January 1, 2018, which means that it will affect the taxes of most taxpayers for the 2018 tax year.

Read More

Brought to you by TurboTax.com
Read Full Story
Your resource on tax filing
Tax season is here! Check out the Tax Center on AOL Finance for all the tips and tools you need to maximize your return.

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.