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Old 01-24-2011, 09:43 AM   #1
Abigail Lawrence
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Tax returns surprise.

Yay, they owe me money. Now that is a first.
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Old 01-24-2011, 10:37 AM   #2
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Yay, they owe me money. Now that is a first.
Congratulations!

When's the party?
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Old 01-24-2011, 08:25 PM   #3
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That's the best, even it was only $1. I expect a refund as well
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Old 01-25-2011, 01:11 AM   #4
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I may be able to buy a DVD with my return.

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Old 01-25-2011, 12:20 PM   #5
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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.
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Old 02-12-2011, 05:55 PM   #6
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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!!!
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Old 02-13-2011, 01:45 AM   #7
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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.
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Old 02-13-2011, 02:21 AM   #8
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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.
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Old 02-13-2011, 03:30 AM   #9
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"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.
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Old 02-17-2011, 03:14 AM   #10
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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.
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Old 02-17-2011, 09:04 AM   #11
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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!
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Old 02-17-2011, 09:43 AM   #12
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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 09:47 AM.
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Old 02-17-2011, 09:47 AM   #13
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this was completely about mortgage interest and had nothing to do with with holdings.
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Old 02-17-2011, 10:00 AM   #14
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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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Old 02-17-2011, 10:03 AM   #15
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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
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