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Dec. 6, 2011
Sometimes it seems like the best thing about paying your taxes is the possibility of a refund. You might be tempted to fill out your forms early by using your last pay stub from 2011, but don’t do it! Filing correctly is the only way to get your refund quickly and accurately, so make sure you wait for the right forms.
Top three reasons why you should just wait for your official W-2 before filing your 2010 taxes:
Waiting for your official W-2 shouldn’t take long. Your employer is required to make your W-2 available to you by the end of January (at the latest), and most employees get their W-2s before then. That’s a short wait compared to the weeks or months of delays you would experience if you choose to use your pay stub to file your 2010 taxes.
If you wait to file your taxes with your official W-2, your tax return will be filed correctly the first time. If you do have a refund coming; you will get it quicker if it is done correctly. This is especially true if you file electronically. People who electronically file through an e-file service generally receive their refunds within 7 to 12 days. Some receive their refund in as little as three days if they have their funds electronically deposited into their bank accounts.
Next month the Department of Revenue will be releasing good news about e-filing. It’s getting faster and easier, so remember check here in December.
If you have questions or concerns about the upcoming tax season, you can always speak to a bilingual representative by calling (317) 232-2240 (press 2 for Spanish) from 8 a.m. to 4:30 p.m., Monday through Friday.
Also, be sure to visit and subscribe to the Department’s Spanish website at www.impuestos.in.gov/ to get the latest tax updates.
To return to Señora Hinojosa’s tax blog, click here.
If you have any suggestions for this blog, please e-mail those suggestions to Señora Hinojosa at feedback@dor.in.gov