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Video instructions and help with filling out and completing Topic No 161, Returning An Erroneous Refund Form
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People also ask
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How long does the IRS have to catch a mistake?
Legal answer: Three years Technically, except in cases of fraud or a back tax return, the IRS has three years from the date you filed your return (or April 15, whichever is later) to charge you (or, “assess”) additional taxes. This three-year timeframe is called the assessment statute of limitations.
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What does erroneous refund mean?
An erroneous refund is defined as "the receipt of any money from the Service to which the recipient is not entitled." This definition includes all erroneous refunds regardless of taxpayer intent or whether the error that caused the erroneous refund was made by the IRS, the taxpayer, or a third party.
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What if I received an unexpected refund check from the IRS?
If you receive an unexpected IRS refund check or direct deposit payment, this could be a red flag. The IRS typically does not issue refunds without prior communication. You can verify your status by logging into your IRS account on their official website.
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What happens if I get a tax refund by mistake?
Received a refund but didn't expect it If you know your payment went to the wrong year, send the refund check back to us with a letter explaining what happened. If you're unsure why you received a refund, contact us . Contact us about your refund.
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What is the penalty for erroneous refund?
The erroneous refund penalty is 20 percent of the excessive refund or credit amount claimed. For example: Taxpayer A files a tax return claiming a refund of $5,000. The refund includes $3,200 in refundable tax credits.
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How long can the IRS try to collect back taxes?
The IRS generally has 10 years from the assessment date to collect unpaid taxes. The IRS can't extend this 10-year period unless the taxpayer agrees to extend the period as part of an installment agreement to pay tax debt or a court judgment allows the IRS to collect unpaid tax after the 10-year period.
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How long does the IRS have to collect an erroneous refund?
2. The applicable statute of limitations to recover a nonrebate erroneous refund is the two or the five year period set forth in I.R.C. section 6532(b).
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How long can the IRS legally hold your refund for review?
See our Held or Stopped Refund page or the TAS video for more information. If the IRS is reviewing your return, the review process could take anywhere from 45 to 180 days, depending on the number and types of issues the IRS is reviewing.
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