Tax Refunds

[hotmama973355]

Are people Getting their tax refunds already? I was at NFCU and the person in front of me was asking refund already posted he said it was suppose to be deposited on the first. I Just received my w2 today how fast is the IRS doing refunds these days?

[Frank13]

As far I know refunds which are e-filed and accepted by Monday are deposited on the following Friday. I do not know if these processing standards have changed.

[disnugaswagg]

As far I know refunds which are e-filed and accepted by Monday are deposited on the following Friday. I do not know if these processing standards have changed.

 

Did mine last Monday and got it on Thursday. 4 days total.....

[lucky4]

We used to file early every January and get our refund fast, provided that we had received all of our 1099s and other forms swiftly. That was when companies were required to send them out before the end of January. However, that all changed with the Emergency Economic Stabilization Act of 2008. That law changed the IRS reporting deadline for brokerages to February 15. The last two years we have had to wait until after the first two weeks of February to file.

 

Bummer.

[Repairerer]

I can't remember the last time I got a tax refund.

[disnugaswagg]

I can't remember the last time I got a tax refund.

 

Are u serious?

[Repairerer]

I can't remember the last time I got a tax refund.

 

Are u serious?

 

Actually, I do remember because I still have the check. It's for $2. Sometime in the early 2000s.

[disnugaswagg]

I can't remember the last time I got a tax refund.

 

Are u serious?

 

Actually, I do remember because I still have the check. It's for $2. Sometime in the early 2000s.

 

Wow, lol..... Ive always gotten a refund. This year was my lowest return in 6 years.

[wandjust]

I filed mine on the 24th, it was accepted on the 25th, and I already received my refund in my bank on 2/1. It was pretty quick.

[Repairerer]

I can't remember the last time I got a tax refund.

 

Are u serious?

 

Actually, I do remember because I still have the check. It's for $2. Sometime in the early 2000s.

 

Wow, lol..... Ive always gotten a refund. This year was my lowest return in 6 years.

 

Ever considered adjusting your W-4 so that you control your own money all year instead of providing an interest-free loan to the government?

[lucky4]

Ever considered adjusting your W-4 so that you control your own money all year instead of providing an interest-free loan to the government?

I agree with you. However, I think some people enjoy having a refund at tax time - especially those who are not good savers. For those individuals, the slightly extra amount being withheld generally would be used as disposable income on a week to week basis (had it not been withheld). I can see how they would prefer a nice little refund.

 

Also, you have to consider some are fearful of penalties for underwithholding / underpayment on estimated taxes as well as risking the IRS contact their employer if the issue persists. Then there are others, like myself, who have to deal with AMT, unpredictable revenue streams, and planning for various capital gains being realized during the calendar year. Lots of headaches are avoided by safely overwitholding, at least in some situations.

[disnugaswagg]

I can't remember the last time I got a tax refund.

 

Are u serious?

 

Actually, I do remember because I still have the check. It's for $2. Sometime in the early 2000s.

 

Wow, lol..... Ive always gotten a refund. This year was my lowest return in 6 years.

 

Ever considered adjusting your W-4 so that you control your own money all year instead of providing an interest-free loan to the government?

 

I have thought about it, but I kinda like a little extra monetary boost at the beginning of the year.

[beli]

As far I know refunds which are e-filed and accepted by Monday are deposited on the following Friday. I do not know if these processing standards have changed.

My status says the 7th according to the IRS website, but it was accepted on the 22nd.. so we'll see tomorrow if it's deposited.. like the OP Tax Act said the 1st but expect it between 48-72hrs after it was deposited. Still no status on State and they've had it accepted over a week now.

Edited February 2, 2012 by beli

[iWhat]

I can't remember the last time I got a tax refund.

Me too!

[AKAGeorgiaGirl]

Efiled on the 25th, and the refund was in my account yesterday.

[butterflywings]

Most of these large refunds have nothing to do with withholding. It's the Child Tax Credit and the EITC, and those cannot be taken out of the paycheck throughout the year to give the filer a smaller refund at the end of the year.

 

I am sure that those receiving these refunds would prefer to be in a larger tax bracket and thus not qualify for the refunds in the first place.

 

I won't say anything further because it would delve into politics.

[brobins75]

yeah, screw a refund. i dont want to give up my cash, interest free, for the year. I would rather owe. last year i owed $1500. i forgot to adjust my w4. but this year i got it the closest i ever got. I am receiving an $89 refund. thats pretty close to zero.

 

my wife is always complaining how everyone else gets these big refunds and we get nothing. i try to explain to her that those people are sending there money to an interest free account. i said if you want, take the tax out of our checks and deposit it in a cd or something. then at tax time, take it out! at least you get the 1% or whatever bs it is now. but i'd rather keep my $$ in my pocket.

[beli]

Most of these large refunds have nothing to do with withholding. It's the Child Tax Credit and the EITC, and those cannot be taken out of the paycheck throughout the year to give the filer a smaller refund at the end of the year.

 

I am sure that those receiving these refunds would prefer to be in a larger tax bracket and thus not qualify for the refunds in the first place.

 

I won't say anything further because it would delve into politics.

Mine is tax credits for going back to school. I won't have this large of refund next year. With my case I'd rather put zero and get a refund then trying to figure out how much witholding I need then at the end of the year screw myself with having to owe. I did that with my first job and screwed myself up and ending up having to owe. Ever since then I've just put zero. Still no deposit.. usually its there by now if I'm gonna get one that day.

Edited February 2, 2012 by beli

[road2freedom]

Most of these large refunds have nothing to do with withholding. It's the Child Tax Credit and the EITC, and those cannot be taken out of the paycheck throughout the year to give the filer a smaller refund at the end of the year.

 

I am sure that those receiving these refunds would prefer to be in a larger tax bracket and thus not qualify for the refunds in the first place.

 

I won't say anything further because it would delve into politics.

 

Well, actually if you knew what credits you qualify for, you could adjust your withholding manually. The only people that couldn't really do this are those that make almost nothing and get big chunks back from the gov't. Working at Jackson-Hewitt was nauseating some days...

[road2freedom]

Most of these large refunds have nothing to do with withholding. It's the Child Tax Credit and the EITC, and those cannot be taken out of the paycheck throughout the year to give the filer a smaller refund at the end of the year.

 

I am sure that those receiving these refunds would prefer to be in a larger tax bracket and thus not qualify for the refunds in the first place.

 

I won't say anything further because it would delve into politics.

Mine is tax credits for going back to school. I won't have this large of refund next year. With my case I'd rather put zero and get a refund then trying to figure out how much witholding I need then at the end of the year screw myself with having to owe. I did that with my first job and screwed myself up and ending up having to owe. Ever since then I've just put zero. Still no deposit.. usually its there by now if I'm gonna get one that day.

 

I think the point he was making is you can still save the money, but to save it in your own account rather than the IRS piggy bank. You would however have to make sure you wouldn't get dinged for underpayment or make estimated quarterly payments.. and many people just don't want to deal with that, understandably.

[beli]

Most of these large refunds have nothing to do with withholding. It's the Child Tax Credit and the EITC, and those cannot be taken out of the paycheck throughout the year to give the filer a smaller refund at the end of the year.

 

I am sure that those receiving these refunds would prefer to be in a larger tax bracket and thus not qualify for the refunds in the first place.

 

I won't say anything further because it would delve into politics.

Mine is tax credits for going back to school. I won't have this large of refund next year. With my case I'd rather put zero and get a refund then trying to figure out how much witholding I need then at the end of the year screw myself with having to owe. I did that with my first job and screwed myself up and ending up having to owe. Ever since then I've just put zero. Still no deposit.. usually its there by now if I'm gonna get one that day.

 

I think the point he was making is you can still save the money, but to save it in your own account rather than the IRS piggy bank. You would however have to make sure you wouldn't get dinged for underpayment or make estimated quarterly payments.. and many people just don't want to deal with that, understandably.

I thought estimated quaterly payements were mostly for those who owned their own business?

[road2freedom]

Nope, individuals can be expected to make quarterly payments too if their withholding is not enough to satisfy certain portions of their tax bill.

 

Edit: Here's more info http://www.irs.gov/b...=110413,00.html

Edited February 2, 2012 by road2freedom

[nerve64]

Are people Getting their tax refunds already? I was at NFCU and the person in front of me was asking refund already posted he said it was suppose to be deposited on the first. I Just received my w2 today how fast is the IRS doing refunds these days?

 

 

IRS e-file refund cycle chart

 

http://www.irs.gov/pub/irs-pdf/p2043.pdf

[Mortgagase]

E-Filed on Jan 17 and received refund on Jan 31.

[beli]

Are people Getting their tax refunds already? I was at NFCU and the person in front of me was asking refund already posted he said it was suppose to be deposited on the first. I Just received my w2 today how fast is the IRS doing refunds these days?

 

 

IRS e-file refund cycle chart

 

http://www.irs.gov/pub/irs-pdf/p2043.pdf

That's a bunch of crock.. because my tax refund was accepted by 11am on the 23rd and I STILL don't have my refund as of 5am today. IRS website says the 7th. According to the chart I should have had it two days ago. I'm going to call when I get to work if I still don't have it and find out what the hold up is and why I don't have it yet.