Did you know that New Yorkers routinely get some of the best tax refund checks in the country? That fact might not have carried as much weight in previous years, but considering the current state of the economy, you might be relying on that tax refund more than ever this year.
If you’ve already filed your taxes and you’re waiting for your refund, then you might want to learn more about your New York refund status, how to check it, and what to do once you finally receive your tax return. After all, you don’t want this windfall of money to go to waste. Learn more about your New York federal income tax refund status below.
What’s Your New York Refund Status?
As we all know by now, nothing is more certain than the government’s insistence on taxing you. With that in mind, it’s your legal duty to fill out your tax returns every year. When citizens do file their taxes, many of them don’t have to pay a tax bill but instead receive a tax return.
Your New York Refund Status describes the current state of this tax return.
Basics of New York State Taxation
Before we get into the details about the different types of refunds and how to check your status, you may want more information about your tax return in general. If you haven’t filled out taxes in a few years or you’re unsure if you’ll even get a refund, then you might be hesitant to take the first step and file your tax return.
Remember that most Americans (about 3 out of 4) will receive a refund rather than have to pay money into their taxes.
Unless you’re bringing in a ton of money, you’ll likely get money back when you file, so don’t let your concerns prevent you from taking the first step.
Types of New York Tax Refunds
In New York, you can receive your tax refund in multiple different ways.
One of the most popular ways to get a tax refund is to apply for a direct deposit when you file your taxes. To receive a direct deposit tax refund, you’ll need to provide the IRS with your bank account number and routing number directly on the tax return form. If you’ve already completed your return or you’d prefer to split up your refund into multiple accounts, then you’ll want to use IRS Form 8888.
You can also opt to get your refund via paper check. To do so, you’ll need to provide the IRS with your address. Finally, you can also choose to get your refund sent to you via a prepaid debit card, which will arrive a bit faster than a paper check. To apply for this type of refund, you’ll want to enter the account number and routing number for the prepaid card into the refund section of your 1040 tax form.
Common Reasons for Tax Refund Delays
Have you been waiting for your refund for too long? If so, then you might be wondering – are New York state tax refunds delayed sometimes? The short answer is ‘yes’. Your tax refund can get delayed for a number of reasons. One of the biggest causes of a delay is making an error on your return. If this happens, then it will take time for the IRS to analyze your forms and then request a revision. A good way to reduce (but not eliminate) errors is to consider doing your taxes electronically. Statistically, you’re less likely to make a mistake on a digital return.
Another common reason for a delay is when you provide incomplete information to the IRS. When this happens, it will take time for the IRS to collect the information they need.
The rise in fraudulent claims has also led to more delays because processing time has increased substantially.
Checking Your New York Tax Refund Status
Are you currently asking yourself — where is my NYS refund? If you want to learn how to check the status of your New York state tax refund, then you’re in luck! It’s as easy as visiting https://www.tax.ny.gov/pit/file/refund.htm. From there, you’ll want to enter your security code and visit the “Tax Refund Status” page.
Tips for a Faster Tax Refund
For a faster tax refund, consider filing your taxes online. Digital returns are always processed much faster than paper ones. It’s also a great idea to make sure you provide the IRS with all the information they need the first time you file. Check your return twice to avoid errors. You can also have your returns looked over by a tax professional, too, before you officially send them to the IRS.
How to Best Use Your Tax Refund
If you’re hoping to become debt free, then you might be considering using your tax refund to pay off some of your existing debts. This is a great use of your money, so long as you plan out how to use it in the most effective way. Before you make a huge payment, consider your debt settlement or consolidation options. You might be able to reduce the overall amount you owe to make your money work even harder for you.
Can Your Tax Refund Get Seized to Pay a Debt?
Are you hoping that your tax refund can provide some much-needed debt relief? It is possible for the federal or state government to garnish your refund as a payment towards debt if you owe money to the IRS, on past years’ state income taxes, on state unemployment compensation benefits, on defaulted student loans, as a part of spousal support payments, or to child support services.
Do You Have Questions About Your Ongoing Debt?
Are you currently weighing out whether it’s worth it to use your tax refund to pay off a debt? Do you have multiple debts that you’re currently contending with? Are you worried that your tax refund will get seized by the individuals or entities you owe?
If so, then it might be a good idea to start researching your debt consolidation and debt settlement options.
Here at United Debt Settlement, our debt experts can help you find the best debt solution for your specific circumstances. Leave your contact details on our online form now to get in touch with one of our agents today.
Gabriel Gorelik paves the way for customer service and operations at United Settlement. He is passionate about numbers and holds a strong belief in helping anyone with their debt. Before United Settlement, Gabriel received his BS in Finance & Economics from Brooklyn College. After graduation, Gabriel went on to build his first financial services company where he managed thousands of accounts for business and consumer clients. He understands the importance of client satisfaction, professionalism, and exceeding expectations.