After you send your return to IRS, you may have some questions. This section discusses concerns you may have about recordkeeping, your refund, and what to do if you move.
What Records Should I Keep?
You must keep records so that you can prepare a complete and accurate income tax return. The law does not require any special form of records. However, you should keep all receipts, canceled checks or other proof of payment, and any other records to support any deductions or credits you claim.
If you file a claim for refund, you must be able to prove by your records that you have overpaid your tax.
How long to keep records.
You must keep your records for as long as they are important for the federal tax law.
Keep records that support an item of income or a deduction appearing on a return until the period of limitations for the return runs out. (A period of limitations is the period of time after which no legal action can be brought.) For assessment of tax you owe, this generally is 3 years from the date you filed the return. For filing a claim for credit or refund, this generally is 3 years from the date you filed the original return, or 2 years from the date you paid the tax, whichever is later. Returns filed before the due date are treated as filed on the due date.
If you did not report income that you should have reported on your return, and it is more than 25% of the income shown on the return, the period of limitations does not run out until 6 years after you filed the return. If a return is false or fraudulent with intent to evade tax, or if no return is filed, an action can generally be brought at any time.
You may need to keep records relating to the basis of property longer than the period of limitations. Keep those records as long as they are important in figuring the basis of the original or replacement property. Generally, this means for as long as you own the property and, after you dispose of it, for the period of limitations that applies to you. See chapter 14 for information on basis.
Note.
If you receive a Form W-2, keep Copy C until you begin receiving social security benefits. This will help protect those benefits, just in case there is a question about your work record or earnings in a particular year. The Social Security Administration suggests that you confirm your work record with them from time to time.
Copies of returns.
You should keep copies of tax returns you have filed and the tax forms package as part of your records. They may be helpful in amending filed returns or preparing future ones.
If you need a copy of a prior year tax return, you can get it from the IRS. Use Form 4506, Request for Copy or Transcript of Tax Form . There is a charge for a copy of a return, which you must pay with Form 4506.
Transcript.
You can also use Form 4506 to ask for a transcript of your return filed this year or during the 3 preceding years. It will show most lines from your original return, including accompanying forms and schedules.
Tax account information.
If you need a statement of your tax account showing any later changes that you or the IRS made to the original return, you will need to ask for tax account information.
Do not use Form 4506 for tax account information. Instead, contact the IRS. You should have your name and address, social security number or employer identification number (if applicable), tax period, and form number available. You will get the following information:
- Type of return filed,
- Filing status,
- Federal income tax withheld,
- Tax shown on return,
- Adjusted gross income,
- Taxable income,
- Self-employment tax,
- Number of exemptions,
- Amount of refund,
- Amount of earned income credit, and
- Whether you claimed a mortgage interest deduction or real estate tax deduction.
More information.
For more information on recordkeeping, get Publication 552, Recordkeeping for Individuals.
Interest on Refunds
If you are due a refund, you may get interest on it. The interest rates are adjusted quarterly.
If the refund is made within 45 days after the due date of your return, no interest will be paid. If you file your return after the due date (including extensions), no interest will be paid if the refund is made within 45 days after the date you filed. If the refund is not made within this 45-day period, interest will be paid from the due date of the return or from the date you filed, whichever is later.
Accepting a refund check does not change your right to claim an additional refund and interest. File your claim within the period of time that applies. See Amended Returns and Claims for Refund, later. If you do not accept a refund check, no more interest will be paid on the overpayment included in the check.
Interest on erroneous refund.
All or part of any interest you were charged on an erroneous refund generally will be forgiven. Any interest charged for the period before demand for repayment was made will be forgiven unless:
- You, or a person related to you, caused the erroneous refund in any way, or
- The refund is more than $50,000.
For example, if you claimed a refund of $100 on your return, but the IRS made an error and sent you $1,000, you would not be charged interest for the time you held the $900 difference. You must, however, repay the $900 when the IRS asks.
Past-Due Refund
If you do not get your refund within 4 weeks after filing your return, you can call TeleTax. For details on how to use this telephone service, see What Is TeleTax? in your tax forms package. Please wait at least 4 weeks after filing your 2000 tax return before using this service. In some cases, TeleTax may not have refund information until 6 weeks after you file.
See IRS e-file, earlier, for information about refund inquiries when you file an electronic return.
Change of Address
If you have moved, file your return using your new address.
If you move after you filed your return, always notify the Internal Revenue Service in writing of your new address. You can use Form 8822, Change of Address . If you are expecting a refund, also notify the post office serving your old address. This will help in forwarding your check to your new address (unless you chose direct deposit of your refund).
Be sure to include your social security number (and the name and social security number of your spouse, if you filed a joint return) in any correspondence with the IRS.
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