TurboTax is a leading software for the preparation of e-filing of your tax returns virtually from a system or mobile device with a stable internet connection. You don’t need to save anything on the computer. This online platform lets you track your taxes automatically and hassle-free. This blog focuses on the TurboTax refund policy. We will discuss what it is and how to track it.
What Is A Tax Refund?
You get a tax refund when the Canada Revenue Agency collects more income tax than you own. You can consider it as a saving which you didn’t know about. The refund is estimated according to your total income, the taxes you paid, and whether you have required deductions and credits to warrant a refund. When you receive your tax refund depends on when and how you file your tax return, the accuracy of the information on your tax return, and how you choose to receive your refund. You can check the refund in just 21 days.
Where’s My Refund?
If you were waiting for your tax return impatiently to get deposited into your checking account, you don’t need to get anxious. The IRS owns an online tool called “Where’s My Refund?” which allows you to check the status of your refund. Then, you need to enter your personal information, and you can find out when it will come. TurboTax also provides a Where’s My Refund Tracking guide that teaches you everything about the process and how to check the federal tax refund status.
How To Check Your Tax Refund Status Online?
To check the tax refund status online, you need to follow the given steps. Then you can successfully check the status.
Wait
Before checking the refund status, wait for at least three days after e-filing. Whenever you e-file your tax return to the IRS, it will need about three days to update the information on the website. When you e-filed your tax return using TurboTax, you can check the e-files status online to check if IRS approves it. You will also get an e-mail confirmation directly from the IRS.
After you mail a paper copy of your tax return, you should wait three weeks before checking the refund status according to IRS guidelines. Many taxpayers who e-filed will get the tax refund sooner.
Get A Copy Of Your Tax Return
Before you finally check your refund status, you must have some information from your tax return. So, get a copy of your tax return if you have printed it.
You should have the following information from it:
- The social security number you entered at the top of your tax return.
- The filing status you picked, which you can place in the top portion of the first page of your tax return.
- The total amount of your tax refund can find at the end of your tax return.
Move To The “Where’s My Refund?” Page On The IRS Website
After accessing the “Where’s My Refund?” tool, you get three separate boxes to provide your filing status, exact refund amount, and Social Security number. When you are done entering this information, click on the “Submit” button on the page to check the status of your refund.
Other Methods To Check Your Tax Refund Status
In case you don’t have access to the internet or computer, you can directly call to IRS at 800-829-1954 to get the status of your refund. You will need the same three pieces of information which you have used in the online tool. Hence, ensure you have a copy of your tax returns.
Furthermore, TurboTax has a Where’s My Refund Tracking step-by-step guide to help you find the status of your IRS and state resources to track the tax refund and check your return status.
You can file your own taxes using TurboTax. For this, you need to answer the normal questions.
How to Calculate a Tax Refund?
When you are using tax software like TurboTax, your information will be transferred automatically to the correct line of the tax return and then calculated.
Here I have explained how to calculate your tax refund amount:
- Calculate your total income by adding all your employment and investment earnings.
- Then, apply all deductions for which you are capable to the taxable income to reduce it.
- Now, subtract your total credits from your total payable amount or the taxes owed.
- If you get a negative number in the result, enter it on line 4800 of your return, and then you will receive a tax refund in that amount. However, if it’s positive, you should pay this balance owed by the tax year deadline and enter the amount on Line 48500.
Conclusion
TurboTax allows you to e-file tax returns. It has become a well-known online platform for maintaining your taxes. Its users and popularity are progressing. If you want to get your refund on tax, you will have to go through certain steps to do this. You need to use the IRS’ ‘Where’s My Refund?’ tool. To use this tool, you must have your social security number, ITIN, filing status, and refund amount.
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