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Your Tax Return - How the Tax Return Process Works
So its nearing April 15th. That dreadful of all days. The Tax Deadline. You know you have got a ton in your mind. This is the final thing you want. Well, you are a brave soul You've gotten carried out this in the past. Many times prior to now actually.
So, with a mighty decision, you decide to get started on your Tax Return this very weekend. You pack your spouse off to a picnic and roll up your sleeves and get ready. You aren't afraid of paper, not a bit. You run off to the submit office and get all of the latest types and worksheets and sit down at your desk.
So painted beneath in words is a hypothetical scenario of what would transpire as you head down the glorious path of making ready your Tax Return.
Situation 1 : HAND-FILLED, SELF-FILED TAX RETURN
You go to the submit office and pick up the paper booklet with the tax form. Now in case you are smart you'll have gotten each tax form you know - however you probably did'nt, so that you had to make 2 journeys to get all of the types you need.
Next... It's a must to go through the meticulous process of having to fill one box at a time, make positive your entries are okay, make sure you at the very least copied down everything out of your W2 into your . Because every calculation is connected to the following, every box ties to the next. On the finish of this painstaking process you arrive at the closing number - your refund or the tax you owe.
Subsequent step - Discover the appropriate address to mail to. Do you know the place to mail your tax return. Well its there, its probably in the directions to the form. Again scan each word till you get the address. Oh Well Eureka!! You just found it.. congratulations. Now put that in an envelope.
Walk to the post-office make it before midnight on April 15th and make positive you catch the last snail mail train. Because if it leaves, you might be in trouble.. BIG trouble!
Well you made it. You rub your palms with pleasure and pat your self on the back. Your Tax RETURN IS FINALLY DONE !! Well you just hit the starter to the engine. You just set in motion for the following series of occasions that can ultimately get you that coveted refund check!
Assuming no postal delays - your tax return will get to the IRS in about 2 enterprise days.
Next your little piece of work, your tax return, will enter a queue until its routed to the right department. lets give his a day for making this arduous journey.
Next, It gets picked up to be scanned utilizing sophisticated machines called optical scanners which converts your handwritten tax return into a readable laptop file.
Hiccup 1: If you hand crammed your return with pen and paper, if the scanner cannot recognize your handwriting - then the scanning process will reject - after which it would get put into another queue to be manually processed by a human - lets give 4 to five days for this to happen.
Someone will really read your tax return and then type the contents manually right into a computer. At this point your tax return is now a what is called a raw data file.
Now the raw data file will get run by means of an editing program which will confirm the essential details - like did you put in a sound SSN, did you punch in too many zeros in your income eg. you wrote $50000 instead of $5000 in a box on the form.
If everything is okay, Your return which is now laptop file will then get put right into a database along with hundreds of thousands of different tax payers. Your tax return will join 1000's of others who e-filed their tax return at this point.
From this level on - the process ought to work like greased lightning.
Subsequent a series of laptop programs will be run on the database to validate the tax returns. It is going to evaluate the data in your file in opposition to what your employers filed. So in case you incorrectly entered $15200 on your earnings but the employer despatched in $20,000 the process will pull out your tax return for 'special' processing.
Additionally your tax return gets pulled up in a random audit checks. The most good minds in the IRS ought to be designing these pc programs to determine which tax return must be pulled up for auditing. Perhaps the holy grail of IRS secrets and techniques !
When you pass step 9, and you have a refund, you'll be routed to a program that prints your refund check - give another 1-2 days for this process to complete.
If you elected direct deposit, a pay request will probably be despatched to deposit the money into your bank account (1 day)
Should you didn't elect direct deposit, your refund check will go for printing (1 day). Then your refund will go to the mailing department to be despatched to you (1-2days). After about (2-3 days) of spending time within the USPS, the check should get to you - once more through snail mail, the same way you mailed out your tax return.
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