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Tax Refunds


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45 replies to this topic

#26 JapanExpress

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Posted 03 February 2012 - 08:21 AM



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/p...s-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.


I got mine according to the chart. Good luck with your call, I'd be interested to hear what they say about it.



#27 beli

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Posted 03 February 2012 - 08:30 AM




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/p...s-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.


I got mine according to the chart. Good luck with your call, I'd be interested to hear what they say about it.

Well according to the bank, the previous nights process isn't done yet. Still haven't gotten it as of 7:10 when I last checked.. on hold now to talk to a live person almost 22 min. According to the IRS they are just "estimates" now according to them it's the 8th, their website says the 7th, Tax act says the 1st.. what a bunch of BS. I've just about had it with Coporate Stupidity. I have NEVER had an irs refund take this long. It's always been deposited within the chart.

Edited by beli, 03 February 2012 - 08:33 AM.


#28 butterflywings

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Posted 03 February 2012 - 02:37 PM

We filed our taxes last Wed, the 25th, and it was direct deposited last night, and showed up as an avail balance today. :)

#29 beli

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Posted 03 February 2012 - 03:31 PM

We filed our taxes last Wed, the 25th, and it was direct deposited last night, and showed up as an avail balance today. :)

Bf hasn't gotten his yet either and he should have had it today. Still nothing today. I suspect I'm not going to get it till Monday.

Bf said H&R block told him they were a week behind or two (Irs)

#30 Nana83

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Posted 04 February 2012 - 11:10 PM

I'm filing on Monday and can't wait to get my refund!

I owed once and positively hated it. Never again.

#31 itrev82

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Posted 05 February 2012 - 12:17 AM

I filed state and federal on 1/24, and got both direct deposited on 2/3.

#32 boomhower1820

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Posted 05 February 2012 - 12:39 AM

Mine should be here Wednesday. Getting a bit over $5k combined. Getting some appliances and new furniture for our house were closing on this month.

#33 beli

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Posted 05 February 2012 - 08:32 AM

Mine should be here Wednesday. Getting a bit over $5k combined. Getting some appliances and new furniture for our house were closing on this month.

That's about what I'm getting as well. I've always had my refunds according to the chart.. this the first year it hasn't.. wondering if it's because of the amount I'm getting back. I plan on paying off most of my CC's if not all might leave some to report for a good score boost.

#34 beli

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Posted 06 February 2012 - 05:46 AM

Still nothing as of 4:45am... :blink: this is the LAST time I use Tax Act.

#35 IAmOnMyWay

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Posted 07 February 2012 - 12:04 PM

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.


SOOOO Very true! A lot of those large refunds are not due additional withholdings. I rather my current status, I rarely get a refund and if I do it is for very little. I am cool with that!

#36 road2freedom

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Posted 07 February 2012 - 12:46 PM


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.


SOOOO Very true! A lot of those large refunds are not due additional withholdings. I rather my current status, I rarely get a refund and if I do it is for very little. I am cool with that!


See post 19. You actually can manipulate your withholding to account for these credits. In most cases, you will have an idea of your expected income and if you will have a child or not during the year. Some are fine with refunds, others hate the thought of the IRS earning interest on your money (@1% only about $30). Me personally, I don't want to pay more than I need to but also don't want a big refund check. Finding that happy medium is a challenge though.

#37 smart1n

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Posted 08 February 2012 - 04:29 PM



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.


SOOOO Very true! A lot of those large refunds are not due additional withholdings. I rather my current status, I rarely get a refund and if I do it is for very little. I am cool with that!


See post 19. You actually can manipulate your withholding to account for these credits. In most cases, you will have an idea of your expected income and if you will have a child or not during the year. Some are fine with refunds, others hate the thought of the IRS earning interest on your money (@1% only about $30). Me personally, I don't want to pay more than I need to but also don't want a big refund check. Finding that happy medium is a challenge though.


Don't forget about Ibonds. You can only buy 5000 a year via Treasury direct account electronically. You can buy an additional 5000 if you adjust your Federal Tax accordingly. Ibonds currently pay higher interest than most bank accounts, and you don't have to go through a bunch of hoops (debit transactions, etc) to get the rate. Many people over withhold on purpose for this reason also as it's the only way to obtain the paper version now.

#38 Cactus Flower

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Posted 08 February 2012 - 11:23 PM

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?



Mine took about 2.5 weeks.

#39 road2freedom

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Posted 09 February 2012 - 03:40 PM




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.


SOOOO Very true! A lot of those large refunds are not due additional withholdings. I rather my current status, I rarely get a refund and if I do it is for very little. I am cool with that!


See post 19. You actually can manipulate your withholding to account for these credits. In most cases, you will have an idea of your expected income and if you will have a child or not during the year. Some are fine with refunds, others hate the thought of the IRS earning interest on your money (@1% only about $30). Me personally, I don't want to pay more than I need to but also don't want a big refund check. Finding that happy medium is a challenge though.


Don't forget about Ibonds. You can only buy 5000 a year via Treasury direct account electronically. You can buy an additional 5000 if you adjust your Federal Tax accordingly. Ibonds currently pay higher interest than most bank accounts, and you don't have to go through a bunch of hoops (debit transactions, etc) to get the rate. Many people over withhold on purpose for this reason also as it's the only way to obtain the paper version now.


True, but I think it's safe to say most people getting a refund aren't saving it. Maybe one of these days I'll have enough play money to max out Ibonds. :blush2:

#40 Kevin20

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Posted 09 February 2012 - 06:59 PM

Don't forget about Ibonds. You can only buy 5000 a year via Treasury direct account electronically. You can buy an additional 5000 if you adjust your Federal Tax accordingly. Ibonds currently pay higher interest than most bank accounts, and you don't have to go through a bunch of hoops (debit transactions, etc) to get the rate. Many people over withhold on purpose for this reason also as it's the only way to obtain the paper version now.



Can you clarify this? How does that work? Does that mean you can get your refund in the form of iBonds, or what are you talking about?

#41 Kevin20

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Posted 09 February 2012 - 10:40 PM


Don't forget about Ibonds. You can only buy 5000 a year via Treasury direct account electronically. You can buy an additional 5000 if you adjust your Federal Tax accordingly. Ibonds currently pay higher interest than most bank accounts, and you don't have to go through a bunch of hoops (debit transactions, etc) to get the rate. Many people over withhold on purpose for this reason also as it's the only way to obtain the paper version now.



Can you clarify this? How does that work? Does that mean you can get your refund in the form of iBonds, or what are you talking about?


Actually -- never mind, I fired up Turbo Tax tonight, and see in the intro frames they tell you you can get your refund via series I bonds mailed to you.

#42 Nana83

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Posted 10 February 2012 - 11:46 PM

I'm filing on Monday and can't wait to get my refund!

I owed once and positively hated it. Never again.



#43 hegemony

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Posted 21 February 2012 - 07:52 PM


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

Me too!

Me three!!!!

just think of all the interest people could save if they adjusted their W4s!!!!!

a tax refund is not found money.

#44 LogicalNoMore

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Posted 21 February 2012 - 11:45 PM

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.


No offense to this theory yet here is some further detail to keep the mind clear.
The Employer is the one reaping the interest . They pay quarterly to the IRS...so all that money that is ficticiously taken from your pay for the allocated tax's ( city, fica, state, federal)...gets placed in an account. It grows quite nicely before the quarter pay out transpires...So your employer is the one reaping the rewards from that little "allocating to a separate bank account" for payments on taxes. Everytime I look at my quarterly of what was pulled for taxes...I laugh and think...hmmm...nice chunk of change my boss (owner) is getting from this sweet government delay in tax payments. The Feds/state/locals are not making the interest...your corporate owners (business owners) are. Unless the laws of reporting have changed...that's how the accounting side works for wages for those who aren't self employed and allow the employer to do the deductions.

I've heard of folks who decline having their business (employer) do the deductions...yet they are at risk for being tracked for errors...on many levels....

I like having an extra ($10) deducted...it actually saved me when I had to make a line item claim that increased my amount owed at year end.

I am in delay this year (still got pending docs to remit)...otherwise my associates are saying they got theirs from efile within 10-12 days...

#45 Kevin20

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Posted 22 February 2012 - 12:25 AM

No offense to this theory yet here is some further detail to keep the mind clear.
The Employer is the one reaping the interest . They pay quarterly to the IRS...so all that money that is ficticiously taken from your pay for the allocated tax's ( city, fica, state, federal)...gets placed in an account. It grows quite nicely before the quarter pay out transpires...So your employer is the one reaping the rewards from that little "allocating to a separate bank account" for payments on taxes. Everytime I look at my quarterly of what was pulled for taxes...I laugh and think...hmmm...nice chunk of change my boss (owner) is getting from this sweet government delay in tax payments. The Feds/state/locals are not making the interest...your corporate owners (business owners) are. Unless the laws of reporting have changed...that's how the accounting side works for wages for those who aren't self employed and allow the employer to do the deductions.

I've heard of folks who decline having their business (employer) do the deductions...yet they are at risk for being tracked for errors...on many levels....

I like having an extra ($10) deducted...it actually saved me when I had to make a line item claim that increased my amount owed at year end.

I am in delay this year (still got pending docs to remit)...otherwise my associates are saying they got theirs from efile within 10-12 days...


Interesting point -- I've never been a business owner, so it didn't occur to me that they pay these taxes only quarterly, but that makes sense. So sure the employer makes some hidden profit on this. But the government keeps most of the profit ... e.g., your January withholding is held, and paid to the government as tax in April (I suppose), but you don't get the money back until a year later, to Uncle Sam's benefit.

All beside the point though ... the one being deprived of an opportunity to make interest on your own money is YOU :)

I for one would be happy to under-withhold and owe some money. As long as you're not filing late, or significantly under-withhold, there is no penalty and no interest for modest underpayment. People act like it's some horror to have to send a check with your 1040 -- assuming you got the cash on hand it's no big deal. Just another bill. I do it with a smile because I got one over on the tax man.

Of course it takes judgement and you can't go too far without penalty. But I'll let you in on a secret -- even the IRS penalties are not too severe. Late payment fees are pretty trivial. (Late filing is worse, so file even if you don't have the money to pay.) Unless you're talking serious chunks of money they're nicer than you'd suppose. I know whereof I speak.

(This year I very slightly underpaid. So I just zapped $200 to my deductible IRA as I was doing my taxes, so as to balance out at zero due/zero refund. Then I uploaded the 1040 and it was accepted almost immediately. Done.)

Edited by Kevin20, 22 February 2012 - 12:32 AM.


#46 Repairerer

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Posted 22 February 2012 - 12:37 AM

Of course it takes judgement and you can't go too far without penalty. But I'll let you in on a secret -- even the IRS penalties are not too severe. Late payment fees are pretty trivial. (Late filing is worse, so file even if you don't have the money to pay.) Unless you're talking serious chunks of money they're nicer than you'd suppose. I know whereof I speak.

(This year I very slightly underpaid. So I just zapped $200 to my deductible IRA as I was doing my taxes, so as to balance out at zero due/zero refund. Then I uploaded the 1040 and it was accepted almost immediately. Done.)


I had to go on a IRS payment plan once. I would not recommend that to those with other options, but at the time I had none.

All things considered, even with penalty and interest it was not terribly usurious. I have had worse terms on credit cards.




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