Take Steps Now for Tax Filing Season

Refunds

What You Need to Know

Expecting a refund? Some refunds must be held until February 15.According to a new tax law change, the IRS cannot issue refunds before February 15 for tax returns that claim the Earned Income Tax Credit or the Additional Child Tax Credit.This applies to the entire refund, even the portion not associated with these credits.The IRS will begin to release EITC/ACTC refunds starting February 15. However, the IRS cautions taxpayers that these refunds likely won’t arrive in bank accounts or on debit cards until the week of February 27. Read more about refund timing for early EITC/ACTC filers.

What You Need to Do

Be careful not to count on getting a refund by a certain date, especially when making major purchases or paying other financial obligations.You don’t need to wait until February 15 to file your tax return. While the IRS must hold the refund until February 15, it will begin taking the steps it normally does to process your tax return once the filing season starts.File a complete and accurate return and include all known refundable credits with your original return.

Check Where’s My Refund on IRS.gov or the IRS mobile app, IRS2Go, after February 15 for your personalized refund status.

 

Adjusted Gross Income (AGI)

What You Need to Know

Some taxpayers using a software product for the first time may need to know their 2015 Adjusted Gross Income, or AGI, to e-file their 2016 tax return.When self-preparing your taxes and filing electronically, you must sign and validate your electronic tax return by entering your prior-year AGI or your prior-year Self-Select PIN. Using an electronic filing PIN is no longer an option.

What You Need to Do

If you have a copy of your 2015 federal income tax return, your AGI is on line 37 of the Form 1040; line 21 on the Form 1040-A or line 4 on the Form 1040-EZ.x  Learn more about how to verify your identity and electronically sign your tax return at Validating Your Electronically Filed Tax Return.

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