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About Tax Map

left arrowPrevious Page: Instructions for Form 1040 - Line 67
right arrowNext Page: Instructions for Form 1040 - Amount You Owe
Use  left arrowright arrow to find additional occurrences of topic items. Index for these Instructions

taxmap/instr/i1040gi-017.htm#TXMP5aafd991
Refund(p60)


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taxmap/instr/i1040gi-017.htm#TXMP7ba2379f
Line 73(p60)


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taxmap/instr/i1040gi-017.htm#TXMP0ca6d671
Amount Overpaid(p60)


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If line 73 is under $1, we will send a refund only on written request.

If you want to check the status of your refund, please wait at least 6 weeks (3 weeks if you filed electronically) from the date you filed your return to do so. But if you filed Form 8379 with your return, allow 14 weeks (11 weeks if you filed electronically). See page 79 for details.

If the amount you overpaid is large, you may want to decrease the amount of income tax withheld from your pay by filing a new Form W-4. See Income Tax Withholding and Estimated Tax Payments for 2008 on page 76.


taxmap/instr/i1040gi-017.htm#TXMP5318747c
Refund Offset(p60)


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If you owe past-due federal tax, state income tax, child support, spousal support, or certain federal nontax debts, such as student loans, all or part of the overpayment on line 73 may be used (offset) to pay the past-due amount. Offsets for federal taxes are made by the IRS. All other offsets are made by the Treasury Department's Financial Management Service (FMS). For federal tax offsets, you will receive a notice from the IRS. For all other offsets, you will receive a notice from FMS. To find out if you may have an offset or if you have any questions about it, contact the agency to which you owe the debt.


taxmap/instr/i1040gi-017.htm#TXMP750c0608
Injured Spouse(p60)


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If you file a joint return and your spouse has not paid past-due federal tax, state income tax, child support, spousal support, or a federal nontax debt, such as a student loan, part or all of the overpayment on line 73 may be used (offset) to pay the past-due amount. But your part of the overpayment may be refunded to you if certain conditions apply and you complete Form 8379. For details, use TeleTax topic 203 (see page 79) or see Form 8379.


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Lines 74a Through 74d(p60)


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Choose Direct Deposit
Fast Refunds! Choose direct deposit–a fast, simple, safe, secure way to have your refund deposited automatically to your checking or savings account, including an individual retirement arrangement (IRA). See the information about IRAs on page 60.

taxmap/instr/i1040gi-017.htm#TXMP37f3c180
Why Use Direct Deposit?(p61)


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If you want us to directly deposit the amount shown on line 74a to your checking or savings account, including an IRA, at a bank or other financial institution (such as a mutual fund, brokerage firm, or credit union) in the United States:

Otherwise, we will send you a check.

taxmap/instr/i1040gi-017.htm#TXMP0a30abb2
Note.(p61).
If you do not want your refund directly deposited to your account, do not check the box on line 74a. Draw a line through the boxes on lines 74b and 74d.

The IRS is not responsible for a lost refund if you enter the wrong account information. Check with your financial institution to get the correct routing and account numbers and to make sure your direct deposit will be accepted. Do not use the routing number on a deposit slip if it is different from the routing number on your checks.

If you file a joint return and check the box on line 74a and attach Form 8888 or fill in lines 74b through 74d, your spouse may get at least part of the refund.

If the direct deposit to your account(s) is different from the amount you expected, you will receive an explanation in the mail about 2 weeks after your refund is deposited.


taxmap/instr/i1040gi-017.htm#TXMP38c2fb9a
Line 74a(p61)


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You cannot file Form 8888 and split your refund among two or three accounts if Form 8379 is filed with your return.


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Line 74b(p61)


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The routing number must be nine digits. The first two digits must be 01 through 12 or 21 through 32. Otherwise, the direct deposit will be rejected and a check sent instead. On the sample check below, the routing number is 250250025. Jeffrey and Suzanne Maple would use that routing number unless their financial institution instructed them to use a different routing number for direct deposits.

Ask your financial institution for the correct routing number to enter on line 74b if:

.

taxmap/instr/i1040gi-017.htm#f24811v03
taxmap/instr/i1040gi-017.htm#TXMP20ab2079
Sample Check-Lines 74b Through 74d Text Description Sample Check-Lines 74b Through 74d   

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Line 74c(p61)


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Check the appropriate box for the type of account. Do not check more than one box. If the deposit is to an IRA, ask your financial institution whether you should check the Checking or Savings box. You must check the correct box to ensure your deposit is accepted.


taxmap/instr/i1040gi-017.htm#TXMP48a80f17
Line 74d(p61)


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The account number can be up to 17 characters (both numbers and letters). Include hyphens but omit spaces and special symbols. Enter the number from left to right and leave any unused boxes blank. On the sample check below, the account number is 20202086. Do not include the check number.

Some financial institutions will not allow a joint refund to be deposited to an individual account. If the direct deposit is rejected, a check will be sent instead. The IRS is not responsible if a financial institution rejects a direct deposit.


taxmap/instr/i1040gi-017.htm#TXMP571abf41
Individual Retirement Arrangement (IRA)(p61)


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You can have your refund directly deposited to a traditional IRA, Roth IRA, or SEP-IRA, but not a SIMPLE IRA. You must establish the IRA at a bank or other financial institution before you request direct deposit. Make sure your direct deposit will be accepted. You must also notify the trustee of your account of the year to which the deposit is to be applied unless the trustee will not accept a deposit for 2007. If you do not, the trustee can assume the deposit is for the year during which you are filing the return. For example, if you file your 2007 return during 2008 and do not notify the trustee in advance, the trustee can assume the deposit to your IRA is for 2008. If you designate your deposit to be for 2007, you must verify that the deposit was actually made to the account by the due date of the return (without regard to extensions). If the deposit is not made to your account by the due date of the return (without regard to extensions), the deposit is not an IRA contribution for 2007. You must file an amended 2007 return and reduce any IRA deduction and any retirement savings contributions credit you claimed.

You and your spouse, if filing jointly, each may be able to contribute up to $4,000 ($5,000 if age 50 or older at the end of 2007) to a traditional IRA or Roth IRA for 2007. The limit for 2008 is $5,000 ($6,000 if age 50 or older at the end of 2008). A higher limit may apply for 2007 and 2008 if you were a participant in a 401(k) plan and your employer was in bankruptcy in an earlier year. You may owe a penalty if your contributions exceed these limits.

For more information on IRAs, see Pub. 590, Individual Retirement Arrangements (IRAs).


taxmap/instr/i1040gi-017.htm#TXMP6d3e6d56
Line 75(p61)


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taxmap/instr/i1040gi-017.htm#TXMP47c328d1
Applied to Your 2008 Estimated Tax(p61)


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Enter on line 75 the amount, if any, of the overpayment on line 73 you want applied to your 2008 estimated tax. We will apply this amount to your account unless you attach a statement requesting us to apply it to your spouse's account. Include your spouse's social security number in the attached statement.

This election to apply part or all of the amount overpaid to your 2008 estimated tax cannot be changed later.

left arrowPrevious Page:  Instructions for Form 1040 - Line 67
right arrowNext Page:  Instructions for Form 1040 - Amount You Owe
Use  left arrowright arrow to find additional occurrences of topic items. Index for these Instructions