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Comment on what is a tax return and why do we get it? by Raymond R

Raymond R — Thu, 10 Dec 2009 09:16:56 +0000

It simply means that the estimated tax withheld, is more than the actual tax due.

Comment on When will I get my federal tax return back? by Cat

Cat — Tue, 08 Dec 2009 16:55:05 +0000

4-6 weeks for a check. Subtract about 10 days for direct deposit. (That’s from the date of filing…and assuming there are no error on the return that would send it to the corrections department and add 2 months)

The stimulus payment is a separate payment.

Comment on where can i request a copy of my Tax return of 2006? by RUSerious

RUSerious — Tue, 08 Dec 2009 04:15:27 +0000

You can call the IRS at 1-800-829-1040 and speak to a Representative and make your request to them for a copy of your old tax return.

You could also go the IRS website and locate the form that you will need to complete and submit to the IRS requesting a prior year tax return.

Another possibility, if you had your return prepared professionally, i. e., through Jackson Hewitt or H&R Block is to go to their office and request a copy. There may be a small fee, but I am not sure on that.

Comment on what is a tax return and why do we get it? by superbird

superbird — Tue, 08 Dec 2009 02:57:35 +0000

I find it amazing……the bank pays you interest on your money, and that is TAXABLE. You have to pay taxes on it. Get the tax forms and someone to teach you the basics…..

Comment on what is a tax return and why do we get it? by bostonianinmo

bostonianinmo — Sun, 06 Dec 2009 02:55:46 +0000

A tax return is a piece of paper that you file with the government for any year that your income exceeds the filing requriement amount for your filing status. It lists your total income, adjustments to income, deductions, exemptions and is used to calculate your tax liability and figure any refund due to you or additional tax due from you.

What you received from your bank is most likely a Form 1099-INT that shows how much interest they paid you for the year. You must include that on your tax return on the Taxable Interest line.

Comment on what is a tax return and why do we get it? by mac101 H

mac101 H — Sat, 05 Dec 2009 18:17:03 +0000

The document from your bank is probably a 1099-INT. Financial institutions are required to send this document to you (and a copy to the IRS) to show the income that was earned from some type of investment account, typically a savings account.

The amount on the letter needs to be claimed on your Tax Return. A Tax Return is the form 1040 that is required to be filed with the IRS on or before April 15.

There are some minimum amounts of income that must be earned that would require one to file a return. Even if you are under this dollar amount, it is a good idea to file if you receive a W-2 from your employer.

The reason is so that any taxes withheld can be applied appropriately, and you could potentially get a refund of those taxes.

Also, your state may have additional laws related to filing income tax returns.

Comment on what is a tax return and why do we get it? by Katie W

Katie W — Fri, 04 Dec 2009 01:53:06 +0000

Usually what your bank sends you is a form showing what interest income you’ve earned on your accounts, since this also has to be reported to the IRS as taxable income. However, it could also be some solicitation mail looking to get you to use their tax service; or a scam mail fraudulently using the name of your bank to try to gain information from you. I would suggest reading the letter to see what it is.

As for the first question, a tax return/refund is the IRS returning the money you overpaid them for your taxes during the year. You are required to pay taxes over the course of the year — employers withhold a certain amount for you, for most jobs, based on the documentation you fill out when you started working for them, or, in other circumstances, you’re required to make quarterly payments toward your tax bill for the year — and if you over pay, then you get a a refund back after you file showing the overage; if you underpay, then you have to send more money to the IRS (and in many cases, pay a penalty for not having prepaid enough).

Comment on How long does it take to receive tax return? by taxgal2007

taxgal2007 — Wed, 02 Dec 2009 12:50:15 +0000

Hi Little Mel, here is some information that might be helpful for you.

T1 Adjustments that are sent at the height of “busy” season for CRA could take up to 20 weeks to review.

GST tax returns usually take about 6 weeks at this time of year.

If you need information about your GST tax account, call CRA business 1-800-959-5525.

If you need to find out more about your T1 Adjustment for 2006 or any matter relating to your personal taxation account, you can call CRA general inquiries at 1-800-959-8281.

Unfortunately, the T1 adjustments are NOT available to view on CRA’s MY ACCOUNT.

I hope this information helps you.

EDIT @ 3:12 PM MAY 2, 2007

Forgot to mention one thing, how did you send in your T1 Adjustment and GST return? In separate envelopes, I hope, and by registered mail for each item (I use Canada Express Post and I pay the extra $1.50 to ensure that I have proof of receipt from CRA).

If you sent them together in the same envelope by prepaid ordinary mail, there is no way to determine whether or not CRA has received it, nor how long it will take to process the paperwork you submitted.

I hope this additional information helps you.

Comment on what is a tax return and why do we get it? by the dude

the dude — Tue, 01 Dec 2009 10:49:10 +0000

A tax return indicates that you probably paid too much in your income tax to the government. that is why the government is giving it back to you.

Comment on what is a tax return and why do we get it? by Greg0rz

Greg0rz — Sat, 28 Nov 2009 22:04:33 +0000

A tax return means that you’re not generating enough money to qualify to be an eligible person to have to pay for taxes, so you get the money you paid to taxes back at the end of the year = )
The one good thing about makin ga low income, ahahah. =D