What is tax topic 1252?

§1252, Farmland

Gain from the disposition of farm land held for less than 10 years is subject to recapture as ordinary income (IRC § 1252 ; Reg.

Does tax topic 152 mean I'm getting my refund?

It simply means your return is being processed and has yet to be approved or rejected.

How long after topic 152 will I get my refund?

The IRS issues more than 9 out of 10 refunds in the normal time frame: less than 21 days. However, it's possible that some tax returns may require further review and could result in the refund being delayed. Some common issues which may extend processing times: You filed your return on paper.

What is the tax topic 152 for 3 months?

Does Tax Topic 152 mean that a refund is coming soon? Receiving a notice to refer to Tax Topic 152 might be a sign that your refund is being delayed. If you receive this notice, you can use the IRS “where's my refund?” tool to check on the status of your refund.

Does tax topic 151 mean I'm getting my refund?

Does tax topic 151 mean I'm getting my refund? Tax topic 151 means you are getting a tax refund offset. This means you're not getting your full refund, or you're not getting a refund at all. Instead, that money is being used to pay off something you owe.

TAX TOPIC 152 and TAX TOPIC 151 reference code 1242

Is Topic 152 good or bad?

Tax Topic 152 2021 is excellent because it attempts to notify a taxpayer who has applied for a refund that the claim has been approved and that the refund will be sent to the user through direct deposit, check, or letter as soon as possible.

Does Topic 151 mean audit?

​Tax Topic 151 means that you're getting a tax offset (less of or no refund), which is where the Department of Treasury will be taking your refund to pay for something that has been reported that you owe.

What does tax Topic 151 and reference 1242 mean?

Code 1242 simply means that your return was e-filed 3 weeks ago and your refund is frozen while the IRS asks for more information such as a birth certificate for a dependent, etc. Tax Topic 151 means your return is under review.

What does tax topic 152 mean with no bars?

One of the more common questions refers to Topic 152, and this simply means that you are going to get a refund. The IRS has said in their guidelines that 90% of tax filers should get their refund within 21 days of filing this year, and it's worth bearing in mind that these are normal days, not 'business days'.

Why did my topic 152 disappear?

Every tax situation and tax return are different and it is not possible to provide a reason for why they removed a topic message. It may just be that your return is moving through the system as it processes. Keep checking the IRS Where's My Refund?

What is Rule 152 IRS?

Section 152(c)(1) defines a “qualifying child” of a taxpayer as an individual who: (A) bears a certain relationship to the taxpayer, (B) has the same principal place of abode as the taxpayer for more than one-half of the taxable year, (C) meets certain age requirements, and (D) has not provided over one-half of his or ...

What day of the week does IRS deposit refunds?

The IRS generally issues tax refunds through direct deposit within 21 days of processing your tax return. While the exact day of the week that your refund will be deposited can vary, the IRS typically issues refunds on weekdays, Monday through Friday.

When can I expect my tax refund 2023?

If you need a tax refund quickly, don't file on paper. Most people with no issues on their tax return should receive their refund within 21 days of filing electronically if they choose direct deposit.

What is tax topic 152 offset?

What Does Tax Topic 152 Mean? Tax Topic 152 means you're getting a tax refund. That's it! The IRS has given guidelines this year that 90% of tax filers should receive their refund within 21 days of filing.

Why is my refund still processing?

The following are some of the reasons why tax returns take longer than others to process: Your tax return includes errors, such as incorrect Recovery Rebate Credit. Your tax return Is incomplete. Your tax return needs further review in general.

What does tax topic 152 mean reddit?

TT 152 is a general message about refunds, it always says that on WMR while your return is being processed.

Why did my bars disappear on Where's My refund?

We have gotten many comments and messages regarding the IRS Where's My Refund Tool having your orange status bar disappearing. This has to do with the irs.gov where's my refund site having too much traffic and lagging. This is causing images not to display and information about your federal tax return to not show up.

Do you get your refund on the deposit date?

Depending on IRS security procedures, the tax refund date could take up to 21 days after the IRS tax return acceptance date or as early as 7 days via the bank direct deposit method. Certain tax credits may delay the issuing of your refund.

Does it really take 9 weeks after identity verification to get refund?

Once I successfully complete this service, when will I receive my refund? (added March 14, 2022) After you verify your identity and tax return information using this service, it may take up to nine weeks to complete the processing of the return.

What is tax Topic 152 Reference 1242?

What Is IRS Reference Number 1242? IRS Reference Number 1242 is a code the IRS uses to notify you that your return has been selected for review. Your return will remain frozen in the IRS's system until the review process is complete.

Where is tax Topic 152?

Tax Topic 152 is a reference code taxpayers see if their return is under review and could take a bit longer to be processed. It does not indicate a significant issue or error with your tax return or that you may not receive a refund, so there's no need to panic.

What is Topic 151 vs 152?

Tax Topic 151

If you don't contact them at the first notice, then they may not be able to assist you with the most beneficial outcome. Tax Topic 152 is generic payout information generally seen if you have chosen direct deposit of your funds. Your message simply means you are being processed.

What are red flags for getting audited by IRS?

Some of the common audit red flags are excessive deductions or credits, unreported income, rounded numbers and more. However, the best protection is thorough records, including receipts and documentation.

What happens after tax Topic 151?

The IRS will send you a report and/or letter that will explain the proposed adjustments or proposed or taken collection action. The correspondence also tells you of your right generally to request a conference with an Appeals or Settlement Officer, as well as how to make your request for a conference.

What are red flags to get audited?