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Applying for a Refund in 2012?

Are you thinking about refunding in 2012?

  • Please visit CalSTRS.com and log on to your myCalSTRS account to complete your Refund Application online. Submitting your application online means faster processing and ensures CalSTRS receives your application error free.
  • To electronically submit your Refund Application online, you must:
    • Elect a direct payment (no rollover) and
    • Not have worked in a CalSTRS-covered position within the past 12 months.
  • If you would like your refund paid in 2012, we encourage you to submit your Refund Application no later than November 1, 2012, due to heavy volume at the end of the year.
  • If your application is received after November 1, 2012, CalSTRS cannot guarantee you will receive a refund in the 2012 calendar year.
  • An incomplete application could further delay the processing of your refund. Please be sure to complete all sections of the application.

Crossing Calendar Years Could Have Severe Tax Consequences

A change in how you want your refund paid or a cancellation of your refund may have tax consequences if two tax years are involved.

For example, if you receive a refund in December 2012 and later decide to cancel your Refund Application in January 2013, you must return the gross refund amount. If you return only the net amount, CalSTRS will be unable to process your request and will return the net amount to you. You will be responsible for any taxes on those funds. The amount refunded in 2012 will be reported as income on your 2012 IRS Form 1099-R.

 

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