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Got my tax refunds

This topic contains 21 replies, has 0 voices, and was last updated by  omgnate 6 years, 7 months ago.

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  • #173041

    ErinO
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    In case anyone is wondering what the current turn around time is for taxes, I filed mine on Feb. 7th and got my refund from the state on the 12th and from the feds on the 15th. So, it is only taking 5 -7 days.

  • #246697

    newmom
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    I’m not familiar with the word “refund”.

  • #246690

    EGL Admin
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    @newmom 73864 wrote:

    I’m not familiar with the word “refund”.

    LOL! Yeah. Depends on how you pay. We pay estimated tax based on the previous year’s income so it changes. I crack up at people who are on salary who count on that tax refund every year. They don’t realize all they did was loan it to the government. For some that’s the only way they can save it. If that’s what they need to do then they should do it.

    For the record, not referring to you Erin or anyone else here.

    That is fast though Erin. We had to file an amended return and got some money back and we filed that in early November and just got it on February 1. Just in time to pay it back!

  • #246699

    tomwaltman
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    Yeah, we just got through with our accountant, and we snuck by this year. We had a couple of unexpected things happen this year, and I thought we would end up paying this year, but luck was with us. Word from the pros say we should have our spare change from the Fed next week. We’ll see.

  • #246698

    newmom
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    @EGL Admin 73865 wrote:

    LOL! Yeah. Depends on how you pay. We pay estimated tax based on the previous year’s income so it changes. I crack up at people who are on salary who count on that tax refund every year. They don’t realize all they did was loan it to the government. For some that’s the only way they can save it. If that’s what they need to do then they should do it.

    For the record, not referring to you Erin or anyone else here.

    That is fast though Erin. We had to file an amended return and got some money back and we filed that in early November and just got it on February 1. Just in time to pay it back!

    Yeah, we have to pay estimated too. And I agree about the refund-it is an interest free loan to the government. We try and make it so we break even at tax time, but estimating isn’t exact. Somehow, though, we always end up owing more rather than getting a refund. Although for some people, paying more and getting a refund is necessary because they aren’t good about saving money throughout the year and wouldn’t have the money set aside to pay taxes when they are due.

  • #246691

    EGL Admin
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    In Real Estate it’s a crap shoot. We can always adjust mid year if necessary. Self employment is harder. The people who don’t itemize who claim single and 0 to get a big refund are the ones who should rethink it but like you said it may be the only way they save it. We knew a couple and they bragged about every year getting $3000-4000 back and they used that to buy furniture or take trips. To each his/her own.

  • #246707

    omgnate
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    Folks tell me, after I tell them you have loaned the government money interest free…that they can’t save any other way..Go figure! Not good money management if that is the case…Anyway, the IRS warns that some refunds can take up to 21days…This is because of fraud concerning some credits and an increase in identity theft. I personally know of 4 people who tried to file last year, and someone had filed a return with their SSNs…

  • #246706

    ErinO
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    I honestly don’t worry about getting a bunch of money back (it never happens). The most I’ve ever gotten back is a few thousand dollars, which isn’t much in the grand scheme of things. I’m more concerned about not owing. Last year(2011) I really tried to monitor the amount withheld and towards the end of the year, I upped my number of exemptions so that less would be withheld. That worked pretty well, and I wound up only getting $300 back, but it’s not an exact science since I tend to sell stock pretty regularly. I considered that a good year (didn’t give the government a big loan). But this year, I’m getting more than 10 times that much. I didn’t keep a close eye on my withholding like I did last year. I’m pretty sure too much tax was withheld on some stock I sold in Q4.

    But at the end of the day, my time is valuable too, and I don’t want to constantly calculate capital gains and adjust withholdings to avoid giving the government a free loan. I suppose that’s what accountants are for. But accountants cost money, probably more than what it is costing me to give the government their “free” loan.

  • #246692

    adiffer
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    That’s what software is for today.

  • #246705

    pepsilvr
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    I was out today and noticed there were a ton of people out shopping. my mom asked where everyone got money from. I said uncle sam must be sending checks out.

    I filed February 7 as well but not expecting a federal refund until early March. apparently education credits were on hold.

  • #246708

    omgnate
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    Education credit form was on hold because it was scheduled to expire and Congress extended it forms had to be redesigned…The form just got approval to get efiled 2/14

  • #246700

    sea
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    Ugh. Taxes. Every year it’s so stressful and we try so hard to make the proper adjustments. Married and zero, maxed deferred comp, a rental, a business, an abundance of charitable contributions and meticulous record keeping. We’ll see how we fare this year, just hoping not to have to pay too much. Our appointment with our tax attorney is at the beginning of March.

    I get irritated this time of year with all the Earned Income Tax credit people flaunting their big ole refunds for more than they paid…..and the famous welfare recipient “spend down”….Grrrrrrrrrrrrrrrrrrr

  • #246696

    joy
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    We might owe this year for the first time ever. There will definitely be adjustments made so that doesn’t happen again. I’d rather err on the side of a small refund than owe, interest free loan or not.

  • #246709

    omgnate
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    The earned income credit is for the working poor with families..It began in 1975 as an anti poverty program..I am proud to say during that time I too got that credit, as a divorced “working” single Mom barely able to put more than beans and rice on the table. That money went for something each year we desperately needed. Therefore, now when I have to pay over and above what I have withheld or paid in estimates, I thank God I am in that tax bracket and able to pay it…It is a blessing I thought I would never ever experience..

  • #246701

    sea
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    @omgnate 73916 wrote:

    The earned income credit is for the working poor with families..It began in 1975 as an anti poverty program..I am proud to say during that time I too got that credit, as a divorced “working” single Mom barely able to put more than beans and rice on the table. That money went for something each year we desperately needed. Therefore, now when I have to pay over and above what I have withheld or paid in estimates, I thank God I am in that tax bracket and able to pay it…It is a blessing I thought I would never ever experience..

    I’m glad it worked for you. I spent years listening to welfare workers telling “clients” how to spend down their refund as to not lose eligibility for that month. It was ridiculous. They would scout receipts from garbage cans, buy big screen TV’s, and then come in and present all their receipts and still stay eligible for their welfare that month……even though they had a few thousand dollars. What irritates me is getting back more money than they paid in. Really? Where do you think that money comes from? I’d sure like to get a bonus, but no, I get the bill.

  • #246710

    omgnate
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    Sea, just because your job takes you into areas where there are people who work the system, does not mean all of us who have had to have a hand up are the same..My story is not an isolated success story…As the Bible teaches us..the “wheat” and the “tares” (weeds) will always be on this earth together..Some folks settle for less, some folks reach higher..

  • #246702

    sea
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    No one said everyone is the same. You don’t have to pull out the bible on me. I have every right to resent the tax set up and where my money goes. My taxes go up and up. I don’t get back more than I put in. Seems unbalanced to me.

  • #246711

    omgnate
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    @sea 73922 wrote:

    No one said everyone is the same. You don’t have to pull out the bible on me. I have every right to resent the tax set up and where my money goes. My taxes go up and up. I don’t get back more than I put in. Seems unbalanced to me.

    Okay…

  • #246694

    bevone
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    @sea 73922 wrote:

    No one said everyone is the same. You don’t have to pull out the bible on me. I have every right to resent the tax set up and where my money goes. My taxes go up and up. I don’t get back more than I put in. Seems unbalanced to me.

    Just curious, would you end up paying even more taxes if you were single with no dependents? Once my kids were no longer dependents my taxes went way up….not thrilled about that since I don’t ever intend to get married.

  • #246703

    sea
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    I don’t know. I am paying a huge amount now. I’d probably pay less if I got divorced. Great.

  • #246695

    bevone
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    @sea 73926 wrote:

    I don’t know. I am paying a huge amount now. I’d probably pay less if I got divorced. Great.

    I know at one time I was paying less in tax when I was married even with both of us working. Then things changed and there was the “marriage penalty” (didn’t effect us since we had dependent children then). Now I am paying more in federal taxes but less in state taxes since Social Security income is exempt from state tax…That helps me a lot because then the whole tax thing becomes a wash for me. I do miss the refunds I used to get but as long as I don’t have to come up with a big chunk every year I am ok with that.

  • #246704

    violarose
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    I hate hate paying taxes. I cant wait till we can one day break even steven. I would love if I got a tax refund, I would love to go on a big fat vacation. I dont care what people do, unless they want to give me free great advice. If they get money back, great for them, if they dont, I can commensurate with them .

  • #246693

    adiffer
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    Charity. If you don’t get to keep it, give it to someone you actually want to have it.

    Yah. I know. Less sucky than the other option. 8/

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