Stacie's Tax Stuff

New IRS YouTube Video – How to Check on Your Refund

With the April 15 tax filing deadline approaching, the Internal Revenue Service created a new YouTube video to provide taxpayers more details and tips to check on their tax refund.

The new video How to Use the Where’s My Refund? Tool offers in-depth information about how the redesigned “Where’s My Refund” tool on IRS.gov works. The IRS’s previous refund YouTube video When Will I Get My Refund? has already received more than 750,000 views. The IRS expects this video will also be a helpful resource for taxpayers.

The IRS issues more than nine out of 10 refunds to taxpayers in less than 21 days. Even though the IRS issues most refunds in less than 21 days, some tax returns will require additional review and take longer.

The refund video released today is one of several YouTube videos the IRS created to help taxpayers navigate this year’s filing season. Other top videos that help people prepare their tax returns or resolve tax problems include:

W-2 Missing? – English | Spanish | ASL
How to Request a Copy of Your Tax Return – English | Spanish | ASL
Do Your Taxes for Free: Taxes Made Less Taxing – English | Spanish
Do It Yourself Free Tax Preparation – English | ASL
Are You a Victim of Identity Theft? – English | Spanish | ASL
Protect Yourself from Identity Theft – English | Spanish | ASL
Phishing-Malware – English | Spanish | ASL
The IRS YouTube channels offer short, informative videos in English, American Sign Language and other languages. IRS currently has more than 100 videos, which already have more than 4 million views.

Additional videos to help people with the tax season are available on the “tax tips” playlist at IRS – YouTube.

The IRS no longer mails reminder letters to taxpayers who have to repay the First-Time Homebuyer Credit. To help taxpayers who must repay the credit, the IRS website has a user-friendly look-up tool. Here are four reminders about repaying the credit and using the tool:

1. Who needs to repay the credit?  If you bought a home in 2008 and claimed the First-Time Homebuyer Credit, the credit is similar to a no-interest loan. You normally must repay the credit in 15 equal annual installments. You should have started to repay the credit with your 2010 tax return.

You are usually not required to pay back the credit for a main home you bought after 2008. However, you may have to repay the entire credit if you sold the home or stopped using it as your main home within 36 months from the date of purchase. This rule also applies to homes bought in 2008.

2. How to use the tool. You can find the First-Time Homebuyer Credit Lookup tool at IRS.gov under the ‘Tools’ menu. You will need your Social Security number, date of birth and complete address to use the tool. If you claimed the credit on a joint return, each spouse should use the tool to get their share of the account information. That’s because the law treats each spouse as having claimed half of the credit for repayment purposes.

3. What the tool does. The tool provides important account information to help you report the repayment on your tax return. It shows the original amount of the credit, annual repayment amounts, total amount paid and the remaining balance. You can print your account page to share with your tax preparer and to keep for your records.

4. How to repay the credit.  To repay the First-Time Homebuyer Credit, add the amount you have to repay to any other tax you owe on your federal tax return. This could result in additional tax owed or a reduced refund. You report the repayment on line 59b on Form 1040, U.S. Individual Income Tax Return. If you are repaying the credit because the home stopped being your main home, you must attach Form 5405, Repayment of the First-Time Homebuyer Credit, to your tax return.
Additional IRS Resources:

• First-Time Homebuyer Credit Account Look-Up Tool
• Form 5405, Repayment of the First-Time Homebuyer Credit
• First-Time Homebuyer Credit Information