IRS YouTube channels have helpful videos on a variety of tax topics
Taxpayers can subscribe to three different IRS YouTube channels to get tax information in a short and easy to understand format and see community updates from the agency.
Here are just a few of the helpful videos:
- View account information – This video shows people how to set up an online account to view their tax information on IRS.gov.
- Recovery rebate credit – This video explains why eligible people should claim the recovery rebate credit if they didn’t get any or the full amounts of the first two Economic Impact Payments.
- Interactive tax assistant – This video introduces people to the Interactive Tax Assistant, an online tool that provides answers to several tax law questions specific to an individual’s circumstances. Based on their input, the tool can determine if a person has to file a tax return, their filing status, if they can claim a dependent, if the type of income they have is taxable, if they’re eligible to claim a credit or if they can deduct expenses.
Here’s how taxpayers can track the status of their refund
Taxpayers can start checking their refund status within 24 hours after an e-filed return is received.
Where’s My Refund provides a personalized date after the return is processed and a refund is approved. While most tax refunds are issued within 21 days, some may take longer if the return requires additional review.
Here are some reasons a tax refund may take longer:
- The return may include errors or be incomplete.
- The return could be affected by identity theft or fraud.
- Many banks do not process payments on weekends or holidays.
Claiming the recovery rebate credit on a 2020 tax return will not delay processing of a tax return. However, it is important that taxpayers claim the correct amount. If a correction is needed, there may be a slight delay in processing the return. If corrections are made, the IRS will send the taxpayer notice explaining any changes. The recovery rebate credit will be included in the tax refund.
The IRS will contact taxpayers by mail if more information is needed to process their tax return.
Fast and easy refund updates
Taxpayers can start checking on the status of their return within 24 hours after the IRS acknowledges receipt of an electronically filed return or four weeks after the taxpayer mails a paper return. The tool’s tracker displays progress in three phases:
- Return received
- Refund approved
- Refund sent
To use Where’s My Refund, taxpayers must enter their Social Security number or Individual Taxpayer Identification Number, their filing status and the exact whole dollar amount of their refund. The IRS updates the tool once a day, usually overnight, so there’s no need to check more often.
Calling the IRS won’t speed up a tax refund. The information available on Where’s My Refund? is the same information available to IRS phone assistors.
People who adopt may benefit from this special tax credit
The adoption process can be expensive. Fortunately, the adoption tax credit can help offset some those expenses Taxpayers who adopted or started the adoption process in 2020 should review the rules for this credit.
Here are some facts to help people understand the credit and if they can claim it when filing their taxes:
- The maximum adoption credit taxpayers can claim on their 2020 tax return is $14,300 per eligible child.
- There are income limits that could affect the amount of the credit
- Taxpayers should complete Form 8839, Qualified Adoption Expenses. They use this form to figure how much credit they can claim on their tax return.
- An eligible child must be younger than 18. If the adopted person is older, they must be physically or mentally unable to take care of themselves.
- This credit is non-refundable. This means the amount of the credit is limited to the taxpayer’s taxes due for 2020. Any credit leftover from their owed 2020 taxes can be carried forward for up to five years.
- Qualified expenses include:
- Reasonable and necessary adoption fees.
- Court costs and legal fees.
- Adoption related travel expenses like meals and lodging.
- Other expenses directly related to the legal adoption of an eligible child.
- If the taxpayer and someone other than a spouse each paid qualified adoption expenses to adopt the same child, the $14,300 credit must be divided between the two of them.
- Expenses may also qualify even if the taxpayer pays them before an eligible child is identified. For example, some future adoptive parents pay for a home study at the beginning of the adoption process. These parents can claim the fees as qualified adoption expenses.
- Qualified adoption expenses don’t include costs paid by a taxpayer to adopt their spouse’s child.