IRS Tax Refunds and Updates Quiz

What is the main focus of the 2024 tax season update?

• Retirement planning

• Investment strategies

• Tax refunds and IRS updates

• New tax laws

How much did the total tax refunds decrease in 2024 compared to 2023?

• 12%

• 10%

• 5%

• 7%

What was the average refund amount in 2024?

• $3,145

• $2,972

• $3,500

• $4,000

How long does the IRS typically take to issue most refunds?

• 21 days

• 45 days

• 30 days

• 14 days

What tool can taxpayers use to check their refund status?

• IRS Refund Tracker

• Where's My Refund

• Refund Status Checker

• IRS Refund Portal

What does IRS transcript code 570 indicate?

• Refund adjustment

• Identity verification

• Refund issued

• Hold for review

What should you do if you receive a 12C letter from the IRS?

• Contact a tax professional

• File a new tax return

• Submit additional documentation

• Ignore it

What does the 846 code on a tax transcript signify?

• Refund issued

• Refund delayed

• Identity verification needed

• Tax return error

What is a common reason for a refund adjustment?

• Entry error on the tax return

• Incorrect filing status

• Late filing

• Missing W2 form

Why is it important to file your tax return promptly?

• To avoid penalties

• To reduce tax liability

• To ensure timely receipt of refunds

• To increase refund amount