I am currently making payments for federal taxes owed for the 2005 year. I recently did my 2006 taxes, and I am getting a good refund. I noticed that when you check the status of the return on the IRS site, it says, "We have received your tax return and it is being processed. Unless we find mistakes or you owe other taxes, you should receive your refund by February 27, 2007."
My refund is going to be larger than the amount I owe. So, my first question is, will they just deduct what I owe from my refund? And second, since I owe, will it actually delay me getting my refund deposited?
2007-02-17 04:37:23 · 7 answers · asked by christopherika 1 in Business & Finance ➔ Taxes ➔ United States
Yes and yes.
2007-02-17 04:39:49 · answer #1 · answered by Anonymous · 0⤊ 2⤋
They will definitely deduct what you owe from the refund, and then they will deposit the remaining amount of money into your account. If the website said 2/27, it will probably update to 2/23 for a deposit date (about 2 days before on a Wed) so check back next Wed for an update. They only do deposits on Fridays, according to this IRS efile chart---
http://www.irs.gov/pub/irs-pdf/p2043.pdf
So, you can pretty much expect your refund by 2/23 unless they post again and say that they have found errors or need to review your return---then you will get an error code and it will take longer.
2007-02-17 05:12:15 · answer #2 · answered by MarineMom 6 · 1⤊ 0⤋
Yes they will most likely deduct what you owe from your refund. And yes, that will delay your getting the rest of your refund, since it can't just flow through the system without interruption.
2007-02-17 12:02:30 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
If you have a formal payment plan with the IRS AND if you are current on your payments they usually don't offset any refund coming. If you are behind at all or do not have a FORMAL agreement with the IRS, they will reduce your refund by the balance outstanding and pay you the balance.
2007-02-17 05:24:49 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋
YES THAT WILL DEDUCT THE AMOUNT AND YES IT WILL PROLONG IT. BUT HERE ARE YOU TO #'S TO CALL
FMS DEBT IS 1-800-304-3107
IRS DEBT IS 1-800-829-1954
CALL THEM AND THEY MIGHT BE ABLE TO TELL YOU MORE. FMS DEBTS ARE STUDENT LOANS, CHILD SUPPORT, THINGS LIKE THAT. AN IRS DEBT IS WHEN YOU HAD TO PAY IN OR GOT AUDITED, THINGS LIKE THAT! GOOD LUCK!
2007-02-17 04:44:24 · answer #5 · answered by <3King Julian :-) 4 · 0⤊ 1⤋
the same thing happened to me... they will take the amount you owe and send you the rest.... no delay.
2007-02-17 04:41:00 · answer #6 · answered by GMaster 4 · 1⤊ 0⤋
1st yes
2nd no
2007-02-17 04:58:51 · answer #7 · answered by rkkbmx 1 · 0⤊ 1⤋