Have you filed your 2024 federal return but still wondering about anything regarding your completed taxes?

Here are quick answers to the top 5 questions we hear from clients each spring.

1. Where’s my refund?

Use the IRS’s “Where’s My Refund?” tracker at IRS.gov. Have these three details ready:

• Social Security number,
• Filing status, and
• Exact refund amount.

Once you enter these details, the tool will tell you whether your refund is received, approved or on the way.

2. Which tax records can I toss?

At a minimum, keep tax records related to your return for as long as the IRS can audit your return or assess additional taxes. In general, the federal statute of limitations is three years after you file your return (Wisconsin has a 4 year statute of limitations).

So, you can generally get rid of most records related to tax returns for 2020 and earlier years. If you filed an extension for your 2020 return, hold on to your records until at least four years from the date when you filed the extended return.

However, the statute of limitations extends to six years for taxpayers who understate their gross income by more than 25%.

You should hang on to certain tax-related records longer. For example:

• Actual tax returns should be kept indefinitely, so you can prove to the IRS that you filed legitimate returns. (There’s no statute of limitations for an audit if you didn’t file a return or you filed a fraudulent one).
• Records supporting figures affecting multiple years. This includes carryovers of charitable deductions, net operating loss carrybacks or carryforwards, or casualty losses. Keep these tax return records until they no longer have an effect, plus seven years.
• Records related to a property’s cost or basis (e.g., home, investments, significant assets) for as long as you own the asset, plus at least four years (or six years for extra protection) after you sell or dispose of it and report the sale on your tax return.
• When it comes to retirement accounts, keep records associated with them until you’ve depleted the account and reported the last withdrawal on your tax return, plus four (or six) years

3. I missed a tax return tax credit or deduction. Can I still correct my return and get a refund?

Yes, you can generally file Form 1040-X (federal amended return) within:

• Three years of the original filing date, or
• Two years of paying the tax — whichever is later.

In a few instances, you have more time. For instance, you have up to seven years from the due date of the return to claim a bad debt deduction.

4. What if the IRS contacts me about the tax return?

It’s possible the IRS could question your return. If so, the tax agency will only contact you by mail — not phone, email or text. If you receive any communication regarding your tax return by means other than US mail, that is possibly a scam. Please beware!

If the IRS needs additional information or adjusts your return, they will send a letter explaining the issue. Contact us about how to proceed if we prepared your tax return.

5. What if I move after filing?

If you move after filing your tax return, you can notify the IRS of your new address by filling out Form 8822 – Change of address. That way, you won’t miss important correspondence. You can find the form here – https://www.irs.gov/pub/irs-pdf/f8822.pdf

Year-round support

Questions about tax returns don’t stop after April 15 — and neither do we. Reach out to your trusted Wegner CPAs tax advisor anytime for guidance.