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 will have a ton on your mind. This is the final thing you want. Well, you're a courageous soul You've done this in the past. Many times up to now actually.
So, with a mighty resolution, 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 put up office and get all of the latest kinds and worksheets and sit down at your desk.
So painted beneath in words is a hypothetical situation 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 put up office and pick up the paper booklet with the tax form. Now if you are smart you'd have gotten each tax form you know - however you did'nt, so that you had to make 2 journeys to get all the varieties you need.
Next... It's important to undergo the meticulous process of having to fill one box at a time, make certain your entries are okay, make certain you a minimum of copied down everything out of your W2 into your . Because each calculation is connected to the next, each box ties to the next. At the finish of this painstaking process you arrive at the closing number - your refund or the tax you owe.
Subsequent step - Discover the suitable address to mail to. Do you know where to mail your tax return. Well its there, its probably within the instructions to the form. Again scan every word till you get the address. Oh Well Eureka!! You just discovered it.. congratulations. Now put that in an envelope.
Walk to the publish-office make it before midnight on April fifteenth and make sure you catch the final snail mail train. Because if it leaves, you're in trouble.. BIG trouble!
Well you made it. You rub your fingers 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 next series of events that will in the end get you that coveted refund check!
Assuming no postal delays - your tax return will get to the IRS in about 2 business days.
Subsequent 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.
Subsequent, 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: In the event you hand filled your return with pen and paper, if the scanner can not acknowledge your handwriting - then the scanning process will reject - after which it would get put into one other queue to be manually processed by a human - lets give four to five days for this to happen.
Someone will truly read your tax return after which 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 verify the essential details - like did you place in a legitimate SSN, did you punch in too many zeros in your revenue eg. you wrote $50000 instead of $5000 in a box on the form.
If everything is okay, Your return which is now computer file will then get put into a database along with millions of other tax payers. Your tax return will be part of thousands of others who e-filed their tax return at this point.
From this level on - the process ought to work like greased lightning.
Next a series of computer programs can be run on the database to validate the tax returns. It's going to examine the data on your file against what your employers filed. So if you incorrectly entered $15200 in your income 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. Probably the most good minds within the IRS should be designing these laptop programs to find out which tax return must be pulled up for auditing. Perhaps the holy grail of IRS secrets !
If you happen to pass step 9, and you've got a refund, you can be routed to a program that prints your refund check - give one other 1-2 days for this process to complete.
When you elected direct deposit, a pay request can be sent to deposit the cash into your bank account (1 day)
When 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-three days) of spending time within the USPS, the check should get to you - once more by way of snail mail, the same way you mailed out your tax return.
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