New York State Tax Refund
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New York State Tax Refund

In the State of New York normally it takes six to eight weeks to process the case of tax refund, once a return is filed by a tax payer.

New York State Tax Refund

After filing the income tax return to the appropriate authorities in the state or federal,it is the turn of every US citizen to eagerly await the tax refund or rebate allowed by the Department of Taxation and Finance. Since each income tax return contains an estimated tax proposal and accordingly paid, the taxation department after working out the actual tax to be paid under the existing rules, refunds the excess amount paid by each tax payer and this is known as the tax refund or rebate.

In the State of New York, the Department of Taxation and Finance, whose official web site is looks after the process of taxation and allows the tax refund to its tax payers.

Generally the average tax refund allowed to the tax payers is a considerable amount.For example in the year 2006, the average tax refund allowed to a US citizen was $ 2,100.Hence, this tax refund being a significant amount can be very useful and confers a number of benefits to the tax payers. This tax refund can be utilized as savings, to provide education to your children or grand children and it can even be part and parcel of your retirement package.Therefore, the issue of tax refund should be taken very seriously.

In the State of New York normally it takes six to eight weeks to process and allow tax refund to a tax payer. However, it takes a longer duration for the following reasons:

  • If your tax return has mistakes and the department has sought for clarification from you.You have not submitted your clarification in time.
  • If you are found that you are in dues in providing child support or spousal support or you have yet to clear a fine involved in traffic ticket; then your file will be sent to the concerned departments and your file will be cleared only when you are not in any arrears.
  • Your tax return reached the concerned authorities belatedly since you have mailed it.

Therefore, it is always advisable to check the current status of your tax refund by providing the requisite details like your Social Security Number and other details in the official web site of IRS or New York State Department of Taxation and Finance. While checking up your current status on line, you should deal with rather carefully and confidentially.Please note that a state official web site will mostly have ‘gov’ or ‘https’, the ‘s’ denoting secured.

Some misconceptions about tax refund:

Knowing pretty well that tax payers are very anxious in getting their tax refunds as quickly as possible, some unscrupulous people have devised some plans and even equated them with tax refunds which are commonly known as:

  • RAL : Refund anticipated Loans
  • RAC: Refund anticipated checks

RAL is nothing but a loan offered instantly at a high rate of interest worked out at as much as 2000 % and it is secured by the anticipated refund of the tax payer. Sometimes, it may even exceed the actual amount of tax refund, thereby making the tax payer a debtor for a high rate of interest. However, only 6 % tax payers avail such loans.

RAC is refund anticipated check issued to a tax payer secured by his anticipated tax refund. Even a temporary bank account is opened for the tax payer to encash such checks.Once the refund is received, the temporary account of the tax payer is closed and of course charging a customer in the process.Some 7 % tax payers avail this facility.

The New York Department of Taxation and Finance has even issued warnings against such plans and even stipulated that such plans should not be advertised as Tax refund schemes.

How to expedite Tax refund process?

In order to avoid such risky plans like RAL or RAC and to receive the tax refund as quickly as possible, the following steps are suggested:

  • Always prefer e-filing for your tax returns.
  • Have a bank account and get the refund deposited into your bank account.
  • Having a refund debit card 1040 will not be a bad idea to get your tax refund debited in your debit card as quickly as possible.

Despite e-filing your returns, some times due to departmental reasons, the tax refund process is delayed. Hence, if the delay exceeds 45 days, your tax refund carries interest from the date of filing your returns.

Despite e-filing of your returns, most of the tax refunds involve a heavy delay exceeding more than six or eight weeks. Hence, New York Senator Nozzolio has even sponsored a legislation stipulating a maximum of 30 days for processing and allowing tax refunds. Considering the heavy demand for a speedy process of tax refund in the State of New York, it is a welcome step in the right direction

Sources: New York State Department of Taxation and Finance/


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