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Topic No 161, Returning an Erroneous Refund

Topic No 161, Returning an Erroneous Refund 2025

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The document is the 2023 Ohio IT 10 form for individual income tax returns, which outlines the filing requirements and instructions for taxpayers. It specifies that individuals must use black ink and uppercase letters, provides sections for personal information, residency status, and filing status, and emphasizes that only certain forms can be filed based on tax liability. The form also includes a declaration of zero tax liability and instructions for mailing.

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What is the penalty for erroneous refund?

The erroneous refund penalty is 20 percent of the excessive refund or credit amount claimed. For example: Taxpayer A files a tax return claiming a refund of $5,000. The refund includes $3,200 in refundable tax credits.

What does erroneous refund mean?

An erroneous refund is defined as the receipt of any money from the Service to which the recipient is not entitled. This definition includes all erroneous refunds regardless of taxpayer intent or whether the error that caused the erroneous refund was made by the IRS, the taxpayer, or a third party.

What if I received an unexpected refund check from the IRS?

If you receive an unexpected IRS refund check or direct deposit payment, this could be a red flag. The IRS typically does not issue refunds without prior communication. You can verify your status by logging into your IRS account on their official website.

How long does the IRS have to collect an erroneous refund?

2. The applicable statute of limitations to recover a nonrebate erroneous refund is the two or the five year period set forth in I.R.C. section 6532(b).

What is an erroneous refund?

Its an erroneous refund if you receive a refund youre not entitled at all or for an amount more than youre entitled to.

Why would I get an unexpected tax refund?

Tax refunds can happen if you fill out your W-4 incorrectly, overpay your estimated taxes, are eligible for a refundable tax credit, or receive the Recovery Rebate Credit in 2025. You can use an unexpected tax refund to pay down debt, save for emergencies or college, invest for retirement, and even splurge a little.

Topic No 161, Returning an Erroneous Refund 2025

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