Possible Reasons for a Missing Tax Refund

March 4th, 2014
Blog Tax Pic
Avoid Misdirected Tax Refunds
Please re-check the account number listed on your tax return or stored in your tax software. Make sure that the bank account is OPEN and ACTIVE (not dormant or closed) and that you have checked the appropriate box on your return, checking or savings.
Missing a tax refund?
If your tax refund is missing, first double check the bank information that was sent with your tax return. There are four problem areas that might result in a rejected refund, as follows:
1. Bank Routing Number, the (RTN or ABA Number). Look for the 9-digit number on the bottom of your checks. State Bank’s RTN is 124301779.
2. Bank account number. Make sure that you include all digits of your account number.  Some numbers have a digit, a space and then more digits. Others will have 7 or 8 digits with no space. You must include all digits. There should be at least 7 digits in your SBSU account number.
3. Checking or Savings. You must accurately identify the account as a checking or savings account. Money Market accounts are designated as “checking”. Your refund will reject if you incorrectly check the “Savings Account” box when your account is really checking or vice versa.
4. Your name. We can sometimes avoid rejecting a refund back to the IRS if your name is accurately listed, including any joint filers who also sign on your account.
Liability for misdirected refunds lies with the person who provided the incorrect information, not the bank.  If your refund is missing, contact the IRS to begin the non-receipt process at (800)829-1040.

Important Birthdays to Remember

December 20th, 2012

Courtesy of SBSU Financial Services

Unforgettable Birthdays

Birthdays may seem less important as you grow older. They may not offer the impact of watershed moments, such as getting a driver’s license at 16 and voting at 18. But beginning at age 59, there are several key birthdays that can affect your tax situation, health-care eligibility, and retirement benefits.

59½ — You can start taking penalty-free withdrawals from IRAs and qualified retirement plans, provided certain conditions are met. Ordinary income taxes generally (more…)

Copyright © 2014 State Bank of Southern Utah. All Rights Reserved.
Member FDIC