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INCOME TAXES

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CruzanIron
November 25, 2014 05:32PM

Registered: 5 years ago
Posts: 2,400

Got my 2013 refund today! With interest!

Re: INCOME TAXES

ms411
November 25, 2014 06:03PM

Registered: 8 years ago
Posts: 3,521

I got mine weeks ago and I filed Apr 15. I had forgotten about it.

Re: INCOME TAXES
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CruzanIron
November 25, 2014 06:09PM

Registered: 5 years ago
Posts: 2,400

I file as late as I can hoping they'll be late, and rack up the tax free interest.
They could have held it another year and I would have been OK with that.

Re: INCOME TAXES

OldTart
November 25, 2014 06:17PM

Registered: 6 years ago
Posts: 6,524

Many years ago I got my refund four years late and the interest was quite nice!

Re: INCOME TAXES
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Exit Zero
November 26, 2014 12:26AM

Registered: 10 years ago
Posts: 2,255

Got my check today too!

Re: INCOME TAXES

stjohnjulie
November 26, 2014 06:52AM

Registered: 10 years ago
Posts: 781

I'm still waiting on 2011 and 2012. It took almost 3 years to get someone in the IRB to tell me that 2011 was in audit, so they couldn't give me 2012 until that was taken care of. When I gave them the info they wanted for 2011, they decided to audit me for 2012 too. Gave them a MOUNTAIN of paperwork about a month ago. No one will return my call now. I owed in 2013, so not surprisingly, they are not going to audit me for that year. They also audited me in 2010. So frustrated I could spit.

I once got interest on a refund, but I also got a 1099-INT from them for it, so not sure if your interest is really going to be tax free.

Re: INCOME TAXES
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CruzanIron
November 26, 2014 07:00AM

Registered: 5 years ago
Posts: 2,400

I received a 1099-INT only for my 2011 return interest. Never previously and none for 2012 return. I even called them and asked them for one and their reply was they didn't send one out and to calculate my interest and report that on my return.

Re: INCOME TAXES

vicanuck
November 26, 2014 07:46AM

Registered: 8 years ago
Posts: 2,285

Why would you allow the government to have your money for that long? Wouldn't it be wiser to adjust your payroll deductions so they owed you nothing? I never understood why people have the wrong amounts deducted then celebrate when they get their money back from the government. I wouldn't trust the GVI with a cent of my money.

Re: INCOME TAXES

SkysTheLimit
November 26, 2014 08:35AM

Registered: 11 years ago
Posts: 1,899

Still waiting.....

Re: INCOME TAXES
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CruzanIron
November 26, 2014 08:35AM

Registered: 5 years ago
Posts: 2,400

Have you looked at the interest rates on savings vs. what the GVI pays on a tax refund?

That's why.

Also, not everyone has fixed incomes and can plan that closely. A large income influx at the end of the year can throw off all of your planning.

Re: INCOME TAXES

rosesisland
November 26, 2014 08:36AM

Registered: 6 years ago
Posts: 708

Me either, I will always owe at the end of the year! Never let them have your money!

Re: INCOME TAXES

Alana33
November 26, 2014 09:33AM

Registered: 6 years ago
Posts: 12,049

I received a refund 7 yrs. after the fact, which I didn't realize that I had overpaid. It was a nice surprise but the interest amount wasn't that great plus I got a 1099-NT as well.

Re: INCOME TAXES

stjohnjulie
November 27, 2014 06:21AM

Registered: 10 years ago
Posts: 781

In my case, I owned my own business, so I wasn't paying anything to the IRB or the IRS until April 15th rolled around. I always owed to the IRS for social security and medicare, but the IRB (federal) was due a refund. Qualifying for both EIC and Child Tax Credit left me with a sizable refund from the IRB that pretty much balanced out what I owed to the IRS and it would have been awesome to wash one with the other but you can't do that here. If there was a way I could have withheld giving them gross receipts from the business to off set what they owed me, believe me, I would have smiling

Re: INCOME TAXES

gonetropo
November 27, 2014 06:47AM

Registered: 7 years ago
Posts: 427

Quote
vicanuck
Why would you allow the government to have your money for that long? Wouldn't it be wiser to adjust your payroll deductions so they owed you nothing? I never understood why people have the wrong amounts deducted then celebrate when they get their money back from the government. I wouldn't trust the GVI with a cent of my money.

Hey VICANUCK, they get 'free interest'!

Why would you ever let this government keep any of your money. Either apply it to next years taxes or owe them. If you apply any refund, which should not be more than $100 to next years taxes, you get the money back in 9 months if you file on April 15. Why would you wait years to get it back. That is being irresponsible with YOUR money.
Don't ever us the IRS as a bank account!



Edited 1 time(s). Last edit at 11/27/2014 06:49AM by gonetropo.

Re: INCOME TAXES

East Ender
November 27, 2014 10:34AM

Registered: 13 years ago
Posts: 4,967

Julie: As an aside, someone had Siri make a reminder to pay gross receipts on a certain day. When the reminder came up, it said "grocery seats." LOL

Re: INCOME TAXES
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CruzanIron
November 27, 2014 10:55AM

Registered: 5 years ago
Posts: 2,400

Quote
gonetropo
That is being irresponsible with YOUR money.
Don't ever us the IRS as a bank account!

Please point me to a 4.5% risk free no interest rate of return (current year) and I'll do as you say.

I've been playing this 'game' since I was 22. Never lost yet in 34 years.

Re: INCOME TAXES

Yvonne
December 02, 2014 02:56PM

Registered: 11 years ago
Posts: 164

When did you file? We are still waiting for ours... but we didn't file until August.

Re: INCOME TAXES
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CruzanIron
December 02, 2014 03:03PM

Registered: 5 years ago
Posts: 2,400

April 10th or 11th.

Re: INCOME TAXES

Yvonne
December 02, 2014 03:28PM

Registered: 11 years ago
Posts: 164

This is not good news for us... but thanks for your reply.

Re: INCOME TAXES

Yvonne
January 16, 2015 10:24AM

Registered: 11 years ago
Posts: 164

Spoke to IRB today.. .they are still working on April/May for 2013 returns.....

Re: INCOME TAXES
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CruzanIron
February 02, 2015 06:30PM

Registered: 5 years ago
Posts: 2,400

Dammit - they sent out a 1099-INT for the interest on my 2013 tax refund.

Re: INCOME TAXES

janeinstx
February 02, 2015 07:05PM

Registered: 6 years ago
Posts: 656

Some random drone at BIR. Don't you just hate that?

Re: INCOME TAXES
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CruzanIron
February 16, 2015 03:23PM

Registered: 5 years ago
Posts: 2,400

Dammit (again) - WAPA actually sent me a 1099INT for the interest earned on a deposit that was returned.

Sometimes progress sucks... sad

Re: INCOME TAXES

caribstx
February 17, 2015 08:36AM

Registered: 4 years ago
Posts: 503

But somehow the IRB can't find a way to collect taxes on GVI employees who drive government owned cars home evenings and weekends which is clearly a taxable benefit.

Re: INCOME TAXES

Yvonne
February 25, 2015 03:34PM

Registered: 11 years ago
Posts: 164

At least you got your refund... still waiting for mine.

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