Filing tax returns brings a welcome reprieve to many individuals every year. Nevertheless, certain matters may still require your attention even after successfully submitting your 2022 return to the Internal Revenue Service (IRS). This document elucidates three crucial points to consider in your post-filing period.
Tracking Your Refund
One of the chief concerns after filing a return is the status of your refund. Fortunately, the IRS provides an online tool to alleviate this worry. Simply visit the IRS website (irs.gov) and select the “Get Your Refund Status” option. This requires information, including your Social Security number, filing status, and the exact refund amount.
Amending Your Tax Return
It’s not uncommon to overlook specific details when filing your tax return. You can file an amended return within particular time frames if you forgot to report something. As a rule of thumb, you can claim a refund within three years after filing your original return or within two years of the date you paid the tax – whichever comes later.
For instance, if you filed your 2022 tax return by April 18, 2023, you would have until April 18, 2026, to file an amended return. Note that exceptions allow for a more extended filing period, such as with bad debts, where you can amend your return for seven years from the tax return’s due date for the year the debt became worthless.
Managing Tax Records
While it might be tempting to discard tax records post-filing, retaining documents related to your return for as long as the IRS can audit your return or assess additional taxes is crucial. Typically, this period extends to three years after filing your return.
Therefore, it’s safe to dispose of most tax-related records for the 2019 tax year and prior. However, if you filed an extension for your 2019 return, retain these records for at least three years from the date you filed the extended return.
It’s important to note that the statute of limitations extends to six years for taxpayers who understate their gross income by more than 25%. Certain records need more extended retention periods. For instance, you should keep actual tax returns indefinitely to prove legitimate filing to the IRS and documents related to retirement accounts until the account is depleted and records concerning real estate or investments for as long as you own the asset.
Commitment to Your Financial Success
Should you have any additional inquiries regarding your refund status, filing an amended return, or managing tax records, please connect with us. At Legacy, our comprehensive tax planning services are designed to provide clarity and efficiency, ultimately maximizing your financial benefits. Our expertise and year-round support ensure you have the necessary resources to navigate your tax obligations successfully. Your financial success is our mission, and we look forward to assisting you in every step of your tax journey.
If you are a Legacy client and have questions, please do not hesitate to contact your Legacy advisor. If you are not a Legacy client and are interested in learning more about our approach to personalized wealth management, please call us at 920.967.5020 or email us at connect@lptrust.com.
This newsletter is provided for informational purposes only.
It is not intended as legal, accounting, or financial planning advice.
