If you're waiting for a tax refund...
...you'll apparently have to wait until 2012! "...Friday, V.I. Internal Revenue Bureau Director Claudette Watson-Anderson said only about $75 million of the $80.8 million originally earmarked for refund payments was available to pay refunds in Fiscal Year 2011. "Anyone still owed will be paid in Fiscal Year 2012," she said. "After today, we start another $80 million clock." That means the amount set aside in FY 2012 to pay 2011 tax refunds will be spent to pay 2010 refunds..."
But you'll get interest: "...Taxpayers who do not receive their refund within 45 days of filing accrue a 4 percent annual interest on their refund. To calculate the interest payments, the Internal Revenue Bureau takes the refund amount and calculates 4 percent of that total. The 4 percent interest then is divided by 365 days. Each day after June 1 that the check is late, that portion of the interest is added to the refund..."
Bombi - Some folks, like me, overpay by several thousand every year because of the limit on/maximum deductibles. My refund is always late, but has always included interest.
Tippi - I am certain, based on some research, that they do not prioritize refunds by last name, but I don't know the actual scheme they use.
Zigmo - Don't do it. I was audited here, and if that happens to you you will appreciate that your taxes have been filed properly.
They owe me $700and that is because of the work credit. I try to calculate being even or within $100 either way. Why anyone would overpay is beyond me.
The refunds are said to be paid on an as filed by date basis.
Thanks Bombi! My return amount is more than a $1000. We try not to overpay ever but being business owners it's difficult.
Hey Ee - All's well with me, and I hope the same is true of you and T. I've never applied my over payment to the next year, and did not know it was an option in the VI with personal income taxes. It probably behooves me not to carry over anything from one year to the next, to keep the records as clear as possible in case I ever get audited again! 😀
By treaty, if the income was earned here, you have to pay it here and file here.
Still waiting for ours and we filed early March.
Believe I heard that the 2010 refunds are now being drawn from fiscal year 2012 budget return fund which started last month.
Anybody else hear something like that?