INCOME TAXES  

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CruzanIron
(@CruzanIron)
Trusted Member

Got my 2013 refund today! With interest!

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Posted : November 25, 2014 8:32 pm
ms411
(@ms411)
Expert

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

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Posted : November 25, 2014 9:03 pm
CruzanIron
(@CruzanIron)
Trusted Member

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.

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Posted : November 25, 2014 9:09 pm
OldTart
(@OldTart)
Expert

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

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Posted : November 25, 2014 9:17 pm
Exit Zero
(@exit-zero)
Trusted Member

Got my check today too!

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Posted : November 26, 2014 3:26 am
stjohnjulie
(@stjohnjulie)
Trusted Member

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.

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Posted : November 26, 2014 9:52 am
CruzanIron
(@CruzanIron)
Trusted Member

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.

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Posted : November 26, 2014 10:00 am
vicanuck
(@vicanuck)
Trusted Member

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.

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Posted : November 26, 2014 10:46 am
SkysTheLimit
(@SkysTheLimit)
Trusted Member

Still waiting.....

Alan
St. Croix resident since 2000

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Posted : November 26, 2014 11:35 am
CruzanIron
(@CruzanIron)
Trusted Member

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.

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Posted : November 26, 2014 11:35 am
rosesisland
(@rosesisland)
Trusted Member

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

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Posted : November 26, 2014 11:36 am
Alana33
(@Alana33)
Expert

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.

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Posted : November 26, 2014 12:33 pm
stjohnjulie
(@stjohnjulie)
Trusted Member

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 🙂

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Posted : November 27, 2014 9:21 am
gonetropo
(@gonetropo)
Advanced Member

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!

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Posted : November 27, 2014 9:47 am
East Ender
(@east-ender)
Expert

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

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Posted : November 27, 2014 1:34 pm
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