Tax Filing Season FAQ — General

Do I need to file income taxes this year? | Top

To determine if you need to file federal income taxes, click here.
To determine if you need to file Virginia income taxes, click here.

What are the deadlines for filing my state and federal income taxes? | Top

Your federal income taxes must be postmarked on or before April 17, 2018.
Your state income taxes must be postmarked on or before May 1, 2018.

Do I have to meet the tax filing deadline if I am getting a refund and do not meet the Federal filing requirements? | Top

If you do not file an original return by the due date, you generally can claim a refund by filing your return within three years from the time the tax was paid. Examples of tax paid include federal income tax withheld from wages and estimated income tax. The return must be received by the U.S. Internal Revenue Service (IRS) within the three-year period.

How long does it take to receive a refund after I've filed my income taxes? | Top

You can have a refund check mailed to you, or you can have your refund deposited directly into your checking or savings account. In general, a refund check should be issued within six to eight weeks of filing a paper return. If you have elected on your paper return to receive a direct deposit, the refund should take a week less time to issue. With e-file, your refund will be issued in half the time as when filing on paper (even faster if you choose direct deposit). Most refunds are issued within three weeks. In many cases, you can receive your refund in about 14 days, particularly if you choose direct deposit.

I'm expecting a refund. Can I find out the status of my refund? | Top

To get your refund status, you'll need to know your social security number, filing status and the exact amount of your refund. Access the "Where's my refund?" system on the IRS Web site. To check your Virginia state refund, click here. Processing time for refund returns depends on the method used for filing.

I lost my refund check. How do I get a new one? | Top

Call the IRS at (800) 829-1954. If your refund check has not been cashed, they can normally provide a replacement within six to eight weeks. If your refund check has been cashed, the Financial Management Service (FMS) will provide a copy of the check and a Form 3911 (PDF) Taxpayer Statement Regarding Refund, to initiate a claim. The signature on the cancelled check will be reviewed before determining whether another refund can be issued.

How long does it take to get a refund back by direct deposit? | Top

In general, a refund check should be issued within six to eight weeks of filing a paper return. If you have elected on your paper return to receive a direct deposit, the refund should take a week less time to issue. With e-file, your refund will be issued in half the time as when filing on paper (even faster if you choose direct deposit). Most refunds are issued within three weeks. In many cases, you can receive your refund in about 14 days, particularly if you choose direct deposit.

If you do not get your refund within four weeks after filing your return, you can call the Refund Hotline at (800) 829-1954, 24 hours a day, to check on your refund status. In some cases, this service may not have refund information until six weeks after you file.

I still owe taxes from a previous year and I am getting a refund this year. I would like to apply this refund to the taxes I owe. What should I do? | Top

You may not get all of your refund if you owe certain past-due amounts, such as federal tax, state tax, a student loan or child support. Your refund will automatically be applied to any outstanding balances.

I won $250 in a charity raffle. Where do I show this on my return? | Top

Gambling winnings are fully taxable and must be reported on your tax return. You must file Form 1040 and include all your winnings on line 21 (other income).

Why keep records? What kinds of records should I keep? | Top

There are many reasons to keep records. In addition to tax purposes, you may need to keep records for insurance purposes or for getting a loan. Maintain records in a manner that will allow the IRS to determine your correct tax liability if requested during an audit. Generally, you must keep your tax records at least until the statute of limitations expires for the tax return on which any of those items of income, deductions or credits appear. Usually, this is at least three years from the due date of the return or the date filed, whichever is later, and assuming the IRS encounters no fraud. There are exceptions to the rule. See IRS Publication 552 (PDF) for more detailed information.

Good records will help you:

Identify sources of income. You may receive money or property from a variety of sources. Your records can identify the sources of your income. You need this information to separate business from nonbusiness income and taxable from nontaxable income. (i.e. 1099-B, 1099-G, 1099-SSA, 1099-R,1099-INT and 1099-DIV)

Keep track of expenses. You may forget an expense unless you record it when it occurs. You can use your records to identify expenses for which you can claim a deduction. This will help you determine if you can itemize deductions on your tax return.

Keep track of the basis of property. You need to keep records that show the basis of your property. This includes the original cost or other basis of the property and any improvements you made.

Prepare tax returns. You need records to prepare your tax return. Good records help you to file quickly and accurately.

Support items reported on tax returns. You must keep records in case the IRS has a question about an item on your return. If the IRS examines your tax return, you may be asked to explain the items reported. Good records will help you explain any item and arrive at the correct tax with a minimum of effort. If you do not have records, you may have to spend time getting statements and receipts from various sources. If you cannot produce the correct documents, you may have to pay additional tax and be subject to penalties.

Do I have to pay tax on reinvested dividends? | Top

Dividend reinvestment plans let you choose to use your dividends to buy (through an agent) more shares of stock in the corporation instead of receiving the dividends in cash. If you are a member of this type of plan and use your dividends to buy more stock at a price equal to its fair market value, you must report the dividends as income. Keep good records of the dollar amount of reinvested dividends, the number of additional shares purchased and the purchase dates. You will need this information when you sell the shares.

If you are a member of a dividend reinvestment plan that lets you buy more stock at a price less than its fair market value, you must report as income the fair market value of the additional stock on the dividend payment date.

I am in a disaster area and heard the IRS could help me. What can the IRS do? | Top

If you have been affected by a presidentially declared disaster, the IRS may help you by allowing additional time for filing returns and making payments, and in some circumstances, waiving penalties if the disaster has caused you to file or pay late. The IRS may also provide copies or transcripts of previously filed returns free of charge. You may be eligible to file for a casualty loss deduction on the prior year's tax return, or if you have already filed, by amended return (Form 1040X). For additional information on this subject, refer to Tax Topic 515, Casualty, Disaster, and Theft Losses, and Publication 547, Casualties, Disasters, and Theft (PDF).

What is Alternative Minimum Tax? | Top

The tax laws give preferential treatment to certain kinds of income and allow special deductions and credits for some kinds of expenses. The Alternative Minimum Tax (AMT) attempts to ensure that all individuals who benefit from these tax advantages will pay at least a minimum amount of tax. The AMT is a separate tax computation that, in effect, reduces the benefit of certain deductions and credits, thus creating an increased tax liability for an individual who would otherwise pay a small tax.

You may have to pay the AMT if your taxable income for regular tax purposes, plus any of the adjustments and preference items that apply to you, is more than a specified exemption amount. To determine if you may be subject to the AMT, refer to the Form 1040 Instructions (PDF) for line 45, or refer to Form 6251, Alternative Minimum Tax — Individuals (PDF).