Frequently Asked Questions
When will I get my refund?
If you elect for electronic filing of your tax return and direct deposit. It will take 10 business days for your refund to show up in your bank account from the day your return is sent to the IRS. You can also track your refund with the IRS web-page.
Is the IRS looking at returns with the New Home Buyer's Credit on it?
TIGTA Finds IRS Paid More Than $9 Million To Prisoners Claiming Home Buyer Tax Credit
More than $9 million in homebuyer tax credits were issued to nearly 1,300 inmates who were incarcerated at the time they reported that they purchased a home - one of a number of control weaknesses that remain in the program that the Treasury Inspector General for Tax Administration (TIGTA) identified in a June 23 report.
TIGTA identified 4,608 prisoners listed on the IRS 2009 prisoner file who tried to claim the homebuyer credit on their tax year 2008 returns, even though they were in prison at the time their qualifying home was reportedly purchased, according to the report. Of interest to NSA is that TIGTA noted that paid preparers filed 951 of these claims. Who are these preparers?
TIGTA then researched a "judgmental sample" of claims it considered the most egregious, which included 715 prisoners who did not file a joint return and who were serving life sentences at the time when their home would have to have been bought. Nearly 250 of these prisoners received credits totaling more than $1.7 million, TIGTA said.
TIGTA also identified a large number of taxpayers who claimed the credit using the same address as other taxpayers who had claimed it - 18,832 taxpayers filed claims using only 7,695 addresses. TIGTA determined which five addresses were used most often and researched the 256 taxpayers listing them on their returns. You can't make this stuff up.
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