Tax returns surprise.

Abigail Lawrence · 01-24-2011, 08:43 AM

Yay, they owe me money. Now that is a first.

Bilbo1967 · 01-24-2011, 09:37 AM

Quote:

Originally Posted by Abigail Lawrence

Yay, they owe me money. Now that is a first.

Congratulations!

When's the party?

Dodge · 01-24-2011, 07:25 PM

That's the best, even it was only $1. I expect a refund as well

happy_terd · 01-25-2011, 12:11 AM

I may be able to buy a DVD with my return.

kindlekitten · 01-25-2011, 11:20 AM

last year I got $6,000. not because I had figured anything incorrectly, it was because the mortgage company did something really odd with my payments and the way they credited the interest paid.

kennyc · 02-12-2011, 04:55 PM

What surprised me (can you say pissed me off) was that I had everything ready early January 30 and when I filed electronically via turbo tax I was informed that DUE TO NEW LAWS the government will not accept filings before Feb 15!!!!! WTF!!!

phenomshel · 02-13-2011, 12:45 AM

Quote:

Originally Posted by kennyc

What surprised me (can you say pissed me off) was that I had everything ready early January 30 and when I filed electronically via turbo tax I was informed that DUE TO NEW LAWS the government will not accept filings before Feb 15!!!!! WTF!!!

Sorry Kenny, I figured you'd seen that on the news. Somehow we managed to dodge that, I think it's because we took education credits instead of the tuition deduction.

wannabee · 02-13-2011, 01:21 AM

When I started work in the 70's the tax return was a folded four page affair that even a teenager could fill out. Then they changed it to a 64 page magazine called TaxPack. More recently they changes the tax laws again and almost everyone I know now employs an accountant to do their tax return. (accountants are tax deductible)

So what is normal over there? Here in Oz, if you work for someone else they deduct income tax every week and at the end of the financial year (June 30) you submit your tax form and almost everyone gets some money back. Usually a couple of hundred bucks unless your accountant is really inventive.

phenomshel · 02-13-2011, 02:30 AM

"Normal" depends on how much you make, whether or not you have kids or are in school, among several other factors.

If you're single, you can get by with a one page form, called a 1040 EZ. If your tax situation is a bit more complicated, you get a 1040 A, which is about four pages, IIRC, and then there's the 1040 (plus accompanying schedules and forms) if you have some of the more complicated deductions or credits, or if you itemize your deductions. I did all our taxes when I lived in Texas but there was only one working, and only standard deductions so it was easy. Once I moved here and started school, Chris started doing ours with free software and electronic filing because they figure the education credits for you and those can get hairy to figure without help, or at least they're hard for me.

This year, the government decided to extend some previously thought to be expiring tax breaks, so the Internal Revenue Service is behind on those returns that have deductions or credits affected by those laws,which is what Kenny's is held up on.

Abigail Lawrence · 02-17-2011, 02:14 AM

Quote:

Originally Posted by kindlekitten

last year I got $6,000. not because I had figured anything incorrectly, it was because the mortgage company did something really odd with my payments and the way they credited the interest paid.

Now that would have been a nice surprise.

kindlekitten · 02-17-2011, 08:04 AM

Quote:

Originally Posted by Abigail Lawrence

Now that would have been a nice surprise.

it was a COMPLETE surprise as the CPA did the work and wasn't sure if it was going to be allowed!

jbcohen · 02-17-2011, 08:43 AM

My pop, since he retired, has done a lot of volunteer work with AARP. From what he tells me of tax preperaion I beg to differ with all those that have commented before me in this thread.

When you are getting large refunds like this it indicates that you are witholding far too much from your pay check and you are giving the government a interest free loan and as a government employee we thank you for your loan however we in the government feel that it would be best if you not give us the loan. We would preferr if you have the extra dollars. What you need to do is go to your personel office an increase the number of exemptions that you have. This will cause the payroll office to take less out of your paycheck for taxes and put more dollars in your pocket rather than the government's pocket. While the interest rates that most banks are offering these days are pitiful if you are getting interest at all <lots of fustration> there is still a time value of dollars to you.

Again - we the US Government appreciate your interest free loan you are giving us but we would preferr that you not do that.

Kindle Kitten - please add two exemptions to your paycheck. Your company's personel department will take out less and your paycheck will go up and idealy you should get a refund of $0 each year.

kindlekitten · 02-17-2011, 08:47 AM

this was completely about mortgage interest and had nothing to do with with holdings.

jbcohen · 02-17-2011, 09:00 AM

Ideally you should owe the government dollars, that means that we the government gave you an interest free loan, which frankly is the way we preferr it. More interest free loans means more dollars in the hands of the consumers which means hopefully more buying, which means more jobs and a better economy.

kindlekitten · 02-17-2011, 09:03 AM

Quote:

Originally Posted by jbcohen

Ideally you should owe the government dollars, that means that we the government gave you an interest free loan, which frankly is the way we preferr it. More interest free loans means more dollars in the hands of the consumers which means hopefully more buying, which means more jobs and a better economy.

get back to me when you understand higher finances and the application of 23K worth of paid interest by the mortgage company because they made an error before. kthnx buhbye now

01-24-2011, 08:43 AM	#1
Abigail Lawrence Abigail Lawrence Posts: 30 Karma: 100000 Join Date: Jan 2011 Device: none	Tax returns surprise. Yay, they owe me money. Now that is a first.

02-17-2011, 08:43 AM	#12
jbcohen Wizard Posts: 3,025 Karma: 11196738 Join Date: Oct 2010 Location: Piper College Device: Samsung A21	My pop, since he retired, has done a lot of volunteer work with AARP. From what he tells me of tax preperaion I beg to differ with all those that have commented before me in this thread. When you are getting large refunds like this it indicates that you are witholding far too much from your pay check and you are giving the government a interest free loan and as a government employee we thank you for your loan however we in the government feel that it would be best if you not give us the loan. We would preferr if you have the extra dollars. What you need to do is go to your personel office an increase the number of exemptions that you have. This will cause the payroll office to take less out of your paycheck for taxes and put more dollars in your pocket rather than the government's pocket. While the interest rates that most banks are offering these days are pitiful if you are getting interest at all <lots of fustration> there is still a time value of dollars to you. Again - we the US Government appreciate your interest free loan you are giving us but we would preferr that you not do that. Kindle Kitten - please add two exemptions to your paycheck. Your company's personel department will take out less and your paycheck will go up and idealy you should get a refund of $0 each year. Last edited by jbcohen; 02-17-2011 at 08:47 AM.

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01-24-2011, 07:25 PM	#3
Dodge Sparks fly off my pages! Posts: 123 Karma: 250002 Join Date: Dec 2010 Location: San Francisco Bay Area Device: Kindle	That's the best, even it was only $1. I expect a refund as well

01-25-2011, 12:11 AM	#4
happy_terd Banned Posts: 13,045 Karma: 10105011 Join Date: Jan 2010 Location: Finally made it to Walmart. Device: PRS 420	I may be able to buy a DVD with my return.

01-25-2011, 11:20 AM	#5
kindlekitten Professional Adventuress Posts: 13,368 Karma: 50260224 Join Date: Sep 2009 Location: The Olympic Peninsula on the OTHER Washington! (the big green clean one on the west coast!) Device: Kindle, the original! Times Two! and gifting an International Kindle	last year I got $6,000. not because I had figured anything incorrectly, it was because the mortgage company did something really odd with my payments and the way they credited the interest paid.

02-12-2011, 04:55 PM	#6
kennyc The Dank Side of the Moon Posts: 35,872 Karma: 118716293 Join Date: Sep 2009 Location: Denver, CO Device: Kindle2; Kindle Fire	What surprised me (can you say pissed me off) was that I had everything ready early January 30 and when I filed electronically via turbo tax I was informed that DUE TO NEW LAWS the government will not accept filings before Feb 15!!!!! WTF!!!

02-13-2011, 01:21 AM	#8
wannabee Media Bloke Posts: 2,381 Karma: 113956855 Join Date: Sep 2010 Location: NSW - Australia Device: iOS	When I started work in the 70's the tax return was a folded four page affair that even a teenager could fill out. Then they changed it to a 64 page magazine called TaxPack. More recently they changes the tax laws again and almost everyone I know now employs an accountant to do their tax return. (accountants are tax deductible) So what is normal over there? Here in Oz, if you work for someone else they deduct income tax every week and at the end of the financial year (June 30) you submit your tax form and almost everyone gets some money back. Usually a couple of hundred bucks unless your accountant is really inventive.

02-13-2011, 02:30 AM	#9
phenomshel ZCD BombShel Posts: 4,793 Karma: 8293322 Join Date: Jan 2009 Location: The Frozen North (aka Illinois, USA) Device: iPad, STB Kindle Oasis	"Normal" depends on how much you make, whether or not you have kids or are in school, among several other factors. If you're single, you can get by with a one page form, called a 1040 EZ. If your tax situation is a bit more complicated, you get a 1040 A, which is about four pages, IIRC, and then there's the 1040 (plus accompanying schedules and forms) if you have some of the more complicated deductions or credits, or if you itemize your deductions. I did all our taxes when I lived in Texas but there was only one working, and only standard deductions so it was easy. Once I moved here and started school, Chris started doing ours with free software and electronic filing because they figure the education credits for you and those can get hairy to figure without help, or at least they're hard for me. This year, the government decided to extend some previously thought to be expiring tax breaks, so the Internal Revenue Service is behind on those returns that have deductions or credits affected by those laws,which is what Kenny's is held up on.

02-17-2011, 08:47 AM	#13
kindlekitten Professional Adventuress Posts: 13,368 Karma: 50260224 Join Date: Sep 2009 Location: The Olympic Peninsula on the OTHER Washington! (the big green clean one on the west coast!) Device: Kindle, the original! Times Two! and gifting an International Kindle	this was completely about mortgage interest and had nothing to do with with holdings.

02-17-2011, 09:00 AM	#14
jbcohen Wizard Posts: 3,025 Karma: 11196738 Join Date: Oct 2010 Location: Piper College Device: Samsung A21	Ideally you should owe the government dollars, that means that we the government gave you an interest free loan, which frankly is the way we preferr it. More interest free loans means more dollars in the hands of the consumers which means hopefully more buying, which means more jobs and a better economy.

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