Consider these three points after submitting your return:
Keep Track of Your Refund Status
After filing your 2023 tax return, stay updated on your refund status using the IRS's online tool. Visit irs.gov and select "Get your refund status." You'll need your Social Security number or Individual Taxpayer Identification Number, filing status, and the exact refund amount.
Retain Tax Records
Hold onto tax-related records for as long as the IRS can potentially audit your return or assess additional taxes. Typically, the statute of limitations is three years after filing your return. However, it extends to six years if you understate your gross income by over 25%. Certain records, like actual tax returns, should be kept indefinitely to verify legitimate filing.
For retirement account paperwork, maintain records until you've depleted the account and reported the last withdrawal on your tax return, plus three (or six) years. For real estate or investment records, retain them as long as you own the asset, plus at least three years after selling it and reporting the sale on your tax return (or six years for added safety).
Amend Your Return if Necessary
If you failed to report something, you can file an amended tax return using Form 1040-X within three years after filing your original return or within two years of paying the tax, whichever is later. For a 2023 tax return filed on April 15, 2024, you can generally amend it until April 15, 2027. However, there are exceptions, such as the longer statute of limitations for bad debts, allowing amendments up to seven years from the due date of the tax return for the year the debt became worthless.
We're Here Year-Round
For inquiries about tax record retention, refund status, or amending your return, remember that we're available beyond tax filing time. Reach out to us anytime throughout the year for assistance.