Tax Tips |
Tax Tip
Overview
If you've filed your taxes and are entitled to a refund, the IRS gives you several options for receiving it.
When you choose direct deposit, you also have the option to split your refund among 2 or 3 different financial accounts, such as a savings account or an IRA, held by up to 3 financial institutions. To take advantage of the new split refund option, fill out Form 8888.
For both a Coverdell ESA and a QTP, you can claim the Hope Credit or Lifetime Learning Credit in the same year you receive distributions from either if the distributions aren't used for the same expenses for which the credit is claimed. You can also make contributions to a Coverdell ESA and a QTP in the same year for the same beneficiary.
H&R Block Emerald Prepaid MasterCard® — Put your refund on the Emerald Card so you can make purchases anywhere MasterCard debit cards are accepted.
Refund Anticipation Check — Have your tax preparation fees taken out of your refund, so you pay nothing out of pocket. Plus, you can get the balance of your refund as a check or direct deposit approximately 8 to 15 days later.*
Instant Money Refund Anticipation Loan (IRAL) — Get money fast when you file your taxes with us. Receive up to the amount of your anticipated federal tax refund (minus bank and H&R Block fees) on an H&R Block Emerald Prepaid MasterCard® or a loan check on the spot after filing your return. Plus, your H&R Block tax preparation fees are paid out of the loan, so you pay nothing out-of-pocket.** IRALs are available starting Jan. 11, 2008.
Refund Anticipation Loan — H&R Block guarantees you'll get the lowest price on a refund anticipation loan when you put it on an H&R Block Emerald Prepaid MasterCard® or your tax preparation is free.*** Get the safety and convenience of a card to use anywhere MasterCard debit cards are accepted. RALs are available starting Jan. 11, 2008.
For more information, contact your H&R Block tax professional.
Check
When you mail your return to the IRS, you'll generally receive your mailed refund check within 6 to 8 weeks. If you e-file your return, you should receive your refund check within 3 weeks.Direct Deposit
E-file your return, and the IRS will deposit your refund in your bank account within 8 to 15 days. If you mail in your return, direct deposit generally takes 5 to 7 weeks.When you choose direct deposit, you also have the option to split your refund among 2 or 3 different financial accounts, such as a savings account or an IRA, held by up to 3 financial institutions. To take advantage of the new split refund option, fill out Form 8888.
For both a Coverdell ESA and a QTP, you can claim the Hope Credit or Lifetime Learning Credit in the same year you receive distributions from either if the distributions aren't used for the same expenses for which the credit is claimed. You can also make contributions to a Coverdell ESA and a QTP in the same year for the same beneficiary.
Refund Products from H&R Block Tax Offices
When you get your taxes prepared in an H&R Block office, we provide several options for you to receive your refund or save for you future. Plus, our warranty services guarantee you're completely satisfied.H&R Block Emerald Prepaid MasterCard® — Put your refund on the Emerald Card so you can make purchases anywhere MasterCard debit cards are accepted.
Refund Anticipation Check — Have your tax preparation fees taken out of your refund, so you pay nothing out of pocket. Plus, you can get the balance of your refund as a check or direct deposit approximately 8 to 15 days later.*
Instant Money Refund Anticipation Loan (IRAL) — Get money fast when you file your taxes with us. Receive up to the amount of your anticipated federal tax refund (minus bank and H&R Block fees) on an H&R Block Emerald Prepaid MasterCard® or a loan check on the spot after filing your return. Plus, your H&R Block tax preparation fees are paid out of the loan, so you pay nothing out-of-pocket.** IRALs are available starting Jan. 11, 2008.
Refund Anticipation Loan — H&R Block guarantees you'll get the lowest price on a refund anticipation loan when you put it on an H&R Block Emerald Prepaid MasterCard® or your tax preparation is free.*** Get the safety and convenience of a card to use anywhere MasterCard debit cards are accepted. RALs are available starting Jan. 11, 2008.
For more information, contact your H&R Block tax professional.
People Who Read This Also Read
Frequently Asked Questions
Question: Can I receive a refund for a prior year return that I failed to file?
Answer: Only for years after 2003. 2004 refund returns must be filed by midnight April 15, 2008.
Question: I have a big refund coming. When can I expect to get it?
Answer: The earlier you file, the sooner you'll get your money. File by mail by mid-February and you should have your refund within 4 weeks. E-file and have your money direct deposited to your bank account, and you could get your money in 2 weeks or faster. Even last-minute filers typically have their refunds within 8 weeks. If you file on time and the IRS doesn't mail the refund within 45 days of the due date of the return, you will receive interest on the refund as well as the refund. You can check on the status of a late refund by calling the IRS at (800) 829-4477 or by going to www.irs.gov and click "Where's My Refund." Have a copy of your tax return handy when you make the call so you can answer the questions you'll be asked.
Question: Who can tell me why my IRS check is less than I expected?
Answer: Contact the IRS at (800) 829-1040 or (800) 304-3107 to check whether any offsets were deducted from your refund.
More Refund FAQs
Answer: Only for years after 2003. 2004 refund returns must be filed by midnight April 15, 2008.
Question: I have a big refund coming. When can I expect to get it?
Answer: The earlier you file, the sooner you'll get your money. File by mail by mid-February and you should have your refund within 4 weeks. E-file and have your money direct deposited to your bank account, and you could get your money in 2 weeks or faster. Even last-minute filers typically have their refunds within 8 weeks. If you file on time and the IRS doesn't mail the refund within 45 days of the due date of the return, you will receive interest on the refund as well as the refund. You can check on the status of a late refund by calling the IRS at (800) 829-4477 or by going to www.irs.gov and click "Where's My Refund." Have a copy of your tax return handy when you make the call so you can answer the questions you'll be asked.
Question: Who can tell me why my IRS check is less than I expected?
Answer: Contact the IRS at (800) 829-1040 or (800) 304-3107 to check whether any offsets were deducted from your refund.
More Refund FAQs
Related IRS Forms & Publications
- Form 8888 - Direct Deposit of Refund to More than One Account
- Form 1045 - Application for Tentative Refund
- Form 1045 Instructions
- Publication 4132 - Easy as 1-2-3 Enrolling and Paying Online
- Publication 966 - The Secure Way to Pay Your Federal Taxes
- Form 5305-E - Education Individual Retirement Trust Account
- Form 5305-EA - Education Individual Retirement Custodial Account
- Publication 970 - Tax Benefits for Education
E-file for FREE with TaxCut online.
Get your refund in as little as 8 to 15 days when you e-file your return with us. Learn More
 |
 Ask a Tax Advisor |
Find an Office
|
|
Use DeductionPro Online Completely FREE! |
* Provided by HSBC Bank USA, N.A. or HSBC Trust Company (Delaware), N.A. At participating offices. Fees and additional terms and conditions apply.
** Subject to credit approval and other qualifications. Instant Refund Anticipation Loan ("IRAL") provided by HSBC Bank USA, N.A., or HSBC Trust Company (Delaware), N.A. A refund account fee and a finance charge are charged by the lender. You may not qualify for a full or partial IRAL but may qualify for a classic Refund Anticipation Loan ("RAL") as soon as 1 day later. Amount received may be reduced by debt owed for a prior RAL and fees owed to H&R Block. At participating offices. Those who e-file with direct deposit without taking a RAL typically receive refunds in 8-15 days.
*** Lowest priced refund anticipation loan ("RAL", also known as a Classic RAL) available when RAL is loaded on an H&R Block Emerald Prepaid MasterCard®. If you find a lower priced RAL at another tax prep provider we'll prepare your 2007 income tax return for free. RAL price comparisons are based on the finance charge, any charge to establish and administer the account that receives the IRS refund, and any other RAL related charge. Claims must be made by April 30, 2008. RAL subject to credit approval and other qualifications. RAL provided by HSBC Bank USA, N.A. or HSBC Trust Company (Delaware), N.A. A Refund Account fee and a Finance Charge are charged by the lender. Amount received may be reduced by debt owed for a prior RAL and fees owed to H&R Block. Those who e-file with direct deposit without taking a RAL typically receive their federal income tax refund in 8-15 days. The H&R Block Emerald Prepaid MasterCard® is issued by H&R Block Bank, a Federal Savings Bank, Member FDIC. Fees may apply. At participating offices.
** Subject to credit approval and other qualifications. Instant Refund Anticipation Loan ("IRAL") provided by HSBC Bank USA, N.A., or HSBC Trust Company (Delaware), N.A. A refund account fee and a finance charge are charged by the lender. You may not qualify for a full or partial IRAL but may qualify for a classic Refund Anticipation Loan ("RAL") as soon as 1 day later. Amount received may be reduced by debt owed for a prior RAL and fees owed to H&R Block. At participating offices. Those who e-file with direct deposit without taking a RAL typically receive refunds in 8-15 days.
*** Lowest priced refund anticipation loan ("RAL", also known as a Classic RAL) available when RAL is loaded on an H&R Block Emerald Prepaid MasterCard®. If you find a lower priced RAL at another tax prep provider we'll prepare your 2007 income tax return for free. RAL price comparisons are based on the finance charge, any charge to establish and administer the account that receives the IRS refund, and any other RAL related charge. Claims must be made by April 30, 2008. RAL subject to credit approval and other qualifications. RAL provided by HSBC Bank USA, N.A. or HSBC Trust Company (Delaware), N.A. A Refund Account fee and a Finance Charge are charged by the lender. Amount received may be reduced by debt owed for a prior RAL and fees owed to H&R Block. Those who e-file with direct deposit without taking a RAL typically receive their federal income tax refund in 8-15 days. The H&R Block Emerald Prepaid MasterCard® is issued by H&R Block Bank, a Federal Savings Bank, Member FDIC. Fees may apply. At participating offices.