A Comprehensive Guide To Understanding Your Tax Return Status In 2023
Tax season is a stressful time for many people, and one of the things that can add to that stress is wondering and worrying about the status of your tax return. You've done the work, filed your taxes, and now you're just waiting to find out what's happening. This comprehensive guide will walk you through the process, and help you understand your tax return status in 2023.
What Does It Mean To Have A Tax Return?
Your tax return is the form you file with the IRS to report your income, deductions, and other information that affects your taxes. It's the document you use to calculate how much you owe in taxes or how much you are refunded. Depending on the complexity of your tax return, it can take up to 8 weeks to process and receive a response.
How Do You Check The Status Of Your Tax Return?
The best way to check the status of your tax return is to use the IRS's "Where's My Refund" tool. This tool can be accessed on the IRS website, or via the IRS2Go app. You can enter some basic information, such as your Social Security number, filing status, and expected refund amount. Once you enter your information, the tool will update you on the status of your return.
What Does The Status Of My Return Mean?
Once you've checked the status of your return, you'll likely see one of the following messages: "Return Received," "Return Approved," or "Return Sent." "Return Received" simply means that the IRS has received your tax return. "Return Approved" means that the IRS has accepted your return and is processing it. "Return Sent" means that the IRS has processed your return and your refund has been sent to you.
What If I Get An Error Message?
If you get an error message when checking the status of your return, it likely means that there is an issue with your tax return. The most common issue is that the information you entered does not match the information on file with the IRS. You'll need to contact the IRS to resolve the issue. You can contact the IRS by phone or mail.
What If I Don't Receive My Refund?
If you don't receive your refund within the expected time frame, it could be because of a few different reasons. It could be that there was an issue with your return that the IRS needs to investigate, or it could be that you need to provide additional information. The best way to check the status of your refund is to check the "Where's My Refund" tool.
What If I Owe Taxes?
If you owe taxes, you'll need to make sure you make the payment as soon as possible. You can make a payment online, via phone, or by mail. If you're unable to pay the full amount owed, you can contact the IRS and set up a payment plan. You may also be eligible for an Offer in Compromise, which allows you to settle your taxes for less than the full amount due.
Conclusion
When it comes to understanding your tax return status in 2023, the best thing you can do is use the IRS's "Where's My Refund" tool. This tool will give you an update on the status of your return, and help you understand what steps you need to take. If you owe taxes, make sure you make the payment as soon as possible. If you're having trouble understanding your tax return status, contact the IRS for help.