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Topic: Tax Refund check  (Read 1098 times)

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Tax Refund check
« on: April 14, 2011, 12:50:33 AM »
Wasn't sure if I should put this here or in "Money Matters", so feel free to move it!

I had my Dad file my taxes for me, and kindly wrote down all the information he would need, including my bank account and routing number so my refund could be directly deposited. That is what I did last year, and it worked like a charm.  Turns out, he decided against using these lovely bits of information, and is now planning on mailing them..

What I'm wondering is if there's a good way to go about depositing a check for USD into my GBP bank account, or if I'm better off just signing the checks, and sending them back to be deposited into my US-account, praying to God that they don't get lost somewhere along the way. (It's quite a nice chunk of money)..But in the event that they do get lost, Does anyone know if there is a way to have the lost refund checks cancelled and reissued/direct deposited?

Thanks in advance for any help!
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Re: Tax Refund check
« Reply #1 on: April 14, 2011, 08:10:13 AM »
I *think* most banks let you deposit foreign cheques- they just take ages and ages and ages to clear.  
Check with your bank and see if they let you! I wouldn't send a signed cheque in the post- that's just asking for it to be ripped open and taken  :-\\\\
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Re: Tax Refund check
« Reply #2 on: April 14, 2011, 09:32:29 AM »
Can't a cheque just have 'for deposit only' written on it instead of a signature? I know my mum has done that for me in the past.
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Re: Tax Refund check
« Reply #3 on: April 14, 2011, 12:30:48 PM »
If the refund includes taxable income and you are claiming the remittance basis on your UK tax return, the deposit in the UK my be a remittance or partial remittance of taxable income reportable for UK tax purposes in the 2011/12 tax year.  No...don't yawn, them are the rules...


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Re: Tax Refund check
« Reply #4 on: April 14, 2011, 02:29:09 PM »
Hi,

I think the best thing to do is write "For Deposit Only" and your account number on the back of the check and mail it to your bank. Foreign deposits can take over 6 weeks to clear and sometimes they like to hit you with big fees for clearing them.

Also if you are planning a trip back to the US a federal check should be good for (I think) 6 months from the issue date. So if you are more comfortable you can bring the check back on your next visit and deposit it yourself - just check how long the check is good for.

Hope that helps.

David
www.Greenbacktaxservices.com
Expert US Expat Tax Preparation. Simplified. Resolved. Designed to save you time and money.


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Re: Tax Refund check
« Reply #5 on: April 14, 2011, 07:32:01 PM »
If the refund includes taxable income and you are claiming the remittance basis on your UK tax return, the deposit in the UK my be a remittance or partial remittance of taxable income reportable for UK tax purposes in the 2011/12 tax year.  No...don't yawn, them are the rules...

I'm not filing a UK tax return, since I'm a student and haven't earned a single penny in the UK... so I'm pretty sure this doesn't apply to me. But I do get quite confused with all these tax terms!

Can't a cheque just have 'for deposit only' written on it instead of a signature? I know my mum has done that for me in the past.
Turns out that's what she did today! :)  Checked my online balance today and had just gotten significantly richer! Time to book myself a holiday!
2007-Short Term Student;   2010-T4;   2011-T1 PSW;   2013-FLR(M);    2015-ILR;    2016 - Citizenship (approved!)


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