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Ask Lane Your Own Question
Category: Tax
Satisfied Customers: 12035
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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My refund is in and i called the sum***** *****ne

Customer Question

Hi my refund is in for review and i called the sum***** *****ne and it stated payments and credits of refund amount have been applied account has a credit balance of refund amout of refund amount as of april 15th not sure of what this mean. I recieved a cp05 letter dated 03/07 and they have until 04/21 to issue a refund or another letter.
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.
Hi,...This simply means that, based on the work they've done so far, you have a refund due....As your notice probably states ... you don’t need to take any action at this time....Some of the things they do is contact third parties to verify the information you reported on your return....And then, if you haven’t received your refund or been contacted by us within 45 days from the date of that notice, you should call AT THAT NUMBER on the notice....This does NOT mean that you have necessarily done anything wrong... there are several DIFFERENT criteria for reviews (one of which is that they always review a random number of returns EVERY YEAR)....You might want to take a look and see if someone could have sent in a W-2 or 1099 that says something different from something different from what you reported....Those are the two most common reasons; (1) a mis match of 1099s, W-2s or other income reporting and (2) random reviews.
Expert:  Lane replied 1 year ago.
...Please let me know if you have any questions at all....If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the faces or stars on your screen, and then clicking “submit”) will not credit us expert users here, until you have rated positively....Thank you!Lane……I hold a law degree (JD, Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security/Medicare, estate, corporate & tax advice since 1986.
Expert:  Lane replied 1 year ago.
Did you see my answer ... do you have more questions on this?

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