March 25, 2010 12:00 am

Some State Income Tax Refunds Delayed

Because of fiscal problems, a handful of states have announced a delay in sending taxpayer refunds. The refunds will eventually be paid, but those expecting to have the funds soon may be disappointed.

In order to obtain refunds as quickly as possible:

  • File as soon as you can. States process refund claims in the order in which they are received.
  • Where available, use the direct deposit option to have your refund transferred into your bank account; this avoids the time it takes to mail the refund to you.

Note: There is no delay in federal tax refunds. To learn whether your state is experiencing refund delays, contact your state tax department. You can find the telephone number for your state through the IRS at www.irs.gov/businesses/small/article/0,,id=99021,00.html.

 

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Tax Glossary

Appreciation in value

Increase in value of property due to market conditions. When you sell appreciated property, you pay tax on the appreciation since the date of purchase. When you donate appreciated property held long term, you may generally deduct the appreciated value.

More terms