Get help understanding Tax Topic 152 so you can file your taxes correctly

Introduction: Tax Topic 152

The IRS reference code 152 means that your tax return is being processed. This code may appear on your “Where’s My Refund?” tool or on the bottom of your paper tax return. If you see this code, it means that your return has been received and is being processed. Tax Topic 152 is an IRS reference code that some taxpayers may see when checking the status of their tax returns. This code can be used to help identify the specific issue that is causing a delay in the processing of the return. Sometimes, it can be helpful to have this code when contacting the IRS for assistance. For example, if a taxpayer is unsure why their return was rejected, they can use Tax Topic 152 to find out more information.

Does it Affect Your Tax Refund?

Tax Topic 152 is the Earned Income Tax Credit, which is a refundable tax credit for low to moderate-income working individuals and families. The amount of the credit depends on your filing status, income, and family size. The EITC can reduce the amount of tax you owe or increase your refund. 

IRS lists several common reasons for a delay:

Millions of taxpayers will file their returns before the deadline. However, for some, their return won’t be filed on time. The Internal Revenue Service has released a list of the most common reasons for a delay. Here are the top six reasons: 

  1. Filing an extension: If you can’t complete your return by the deadline, you can file for an extension. This gives you an additional six months to file your return. However, any taxes you owe still need to be paid by the original deadline.
  1. Incorrect or incomplete information: Make sure you have all of your Social Security numbers and other tax information correct before filing your return. This can help avoid delays in processing your return.
  1. Math errors: Errors in math can cause a delay in processing your return. Be sure to double-check all calculations before submitting your return.
  1. Lack of time  If you are a full-time or part-time student, you may be eligible for an extension. To apply for an extension, submit Form 4868, Application for Automatic Extension of Time to File U.S. Federal Income Tax Return, to the Internal Revenue Service (IRS) by the original due date of your return. If you are unable to file on time, contact the local IRS office for additional information regarding filing an extension.
  1. Lost or stolen ID  Often, the only way to get your return processed is to have a replacement social security card and/or an updated taxpayer ID card. If these are not available at the time of filing, you may be able to file for an extension.
  1. Other reasons to file an extension: Some taxpayers may be unable to file on time due to circumstances beyond their control. For example, you may have been out of the country for several weeks and cannot get back in time. In this case, you may be eligible to file an extension. 

 Refund Types

No one likes to pay taxes, but when it comes time to file your return, everyone wants their money back. This year, the IRS is expecting more than 148 million individual tax returns and is prepared to issue more than $473 billion in refunds. That’s a lot of money going back into taxpayers’ pockets.

There are three types of tax refunds:

  1. Earned Income Tax Credit
  2. Child Tax Credit
  3. Additional Child Tax Credit

How to Check Your Refund Status

If you’re like most people, you’re probably anxious to find out if your tax refund has been processed yet. The good news is that there are a number of ways to check the status of your refund. You can use the IRS’s “Where’s My Refund?” tool, call the IRS hotline, or check with your tax preparer. 

The best way to check your refund status is to use the “Where’s My Refund?” tool on the IRS website. This tool is updated once a day, so you can be sure that you’re getting the most up-to-date information. To use the tool, you’ll need to enter some key information, including your Social Security number, filing status, and exact refund amount. 

If you filed your return electronically, you can expect to receive your refund within 21 days of the IRS receiving your return. 

Refund Less than Expected

No one likes to get less money back than they expected from their taxes, but it happens more often than you might think. In fact, a recent study by the National Taxpayer Advocate’s office found that almost half of all taxpayers who received a refund in 2016 got back less than they expected. There are a few reasons this might happen, but one of the most common is that people underestimate their income tax withholding and end up owing money when they file their returns. 

If you’re one of the many people who received a refund that was smaller than you expected, don’t worry – there are things you can do to make sure it doesn’t happen again next year. First, make sure you are withholding enough money from your paycheck throughout the year. If you’re getting a refund, it is likely because you didn’t withhold enough money. You may also want to consider making additional contributions to your retirement plans. 

Tax topic 152 Good or Bad?

 There are many different opinions on how the tax code should be structured. Some people believe that the tax code is good, while others believe that it is bad. This debate has been going on for many years and there is no clear answer. The purpose of this article is to discuss the pros and cons of the tax code and let the reader decide which side they agree with.