IRS refund today!

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Post Reply
Spirit Rider
Posts: 8904
Joined: Fri Mar 02, 2007 2:39 pm

IRS refund today!

Post by Spirit Rider » Fri Apr 21, 2017 3:42 pm

Talk about fast. I filed Tuesday night and the refund was in my account earlier today. Less than three days. That has to be some kind of record.

Pretty impressive if you consider the volume they must have been getting on Tuesday night.

I was just hoping to get it by next Friday.

Dottie57
Posts: 4654
Joined: Thu May 19, 2016 5:43 pm

Re: IRS refund today!

Post by Dottie57 » Fri Apr 21, 2017 3:47 pm

Spirit Rider wrote:Talk about fast. I filed Tuesday night and the refund was in my account earlier today. Less than three days. That has to be some kind of record.

Pretty impressive if you consider the volume they must have been getting on Tuesday night.

I was just hoping to get it by next Friday.
Sniff,sniff. I haven't received mine yet! And I filed last thursday!

Sidney
Posts: 6694
Joined: Thu Mar 08, 2007 6:06 pm

Re: IRS refund today!

Post by Sidney » Fri Apr 21, 2017 3:50 pm

Most years I get mine before January 15th.
I always wanted to be a procrastinator.

User avatar
llama
Posts: 85
Joined: Wed Dec 23, 2015 1:41 pm

Re: IRS refund today!

Post by llama » Fri Apr 21, 2017 3:52 pm

E-filed on March 19. A couple weeks later I got a letter instructing me to call the IRS to verify my identity. Did that within a couple days and the guy on the phone said it could take up to another nine weeks for the refund to arrive.

User avatar
oldcomputerguy
Posts: 3449
Joined: Sun Nov 22, 2015 6:50 am
Location: In the middle of five acres of woods

Re: IRS refund today!

Post by oldcomputerguy » Fri Apr 21, 2017 3:54 pm

Dottie57 wrote:
Spirit Rider wrote:Talk about fast. I filed Tuesday night and the refund was in my account earlier today. Less than three days. That has to be some kind of record.

Pretty impressive if you consider the volume they must have been getting on Tuesday night.

I was just hoping to get it by next Friday.
Sniff,sniff. I haven't received mine yet! And I filed last thursday!
You're not alone. My tax guy e-filed ours on Friday, no refund yet.
It’s taken me a lot of years, but I’ve come around to this: If you’re dumb, surround yourself with smart people. And if you’re smart, surround yourself with smart people who disagree with you.

Dottie57
Posts: 4654
Joined: Thu May 19, 2016 5:43 pm

Re: IRS refund today!

Post by Dottie57 » Fri Apr 21, 2017 4:28 pm

oldcomputerguy wrote:
Dottie57 wrote:
Spirit Rider wrote:Talk about fast. I filed Tuesday night and the refund was in my account earlier today. Less than three days. That has to be some kind of record.

Pretty impressive if you consider the volume they must have been getting on Tuesday night.

I was just hoping to get it by next Friday.
Sniff,sniff. I haven't received mine yet! And I filed last thursday!
You're not alone. My tax guy e-filed ours on Friday, no refund yet.

It took about 2 weeks last year, so am hoping for it by next Thursday.

User avatar
flamesabers
Posts: 1751
Joined: Fri Mar 03, 2017 12:05 pm
Location: Rochester, MN

Re: IRS refund today!

Post by flamesabers » Fri Apr 21, 2017 4:30 pm

Sidney wrote:Most years I get mine before January 15th.
Do you mean April 15th? I don't think the IRS even accepts tax returns until the end of January.

Sidney
Posts: 6694
Joined: Thu Mar 08, 2007 6:06 pm

Re: IRS refund today!

Post by Sidney » Fri Apr 21, 2017 4:34 pm

No, I mean Jan 15. That is when my fourth quarter estimated tax payment is due. I try to make sure I know my tax liability before I make the last payment. That way I can make sure I pay only what is needed to come very close to zero refund/zero owed. Sometimes I miss.
I always wanted to be a procrastinator.

Teague
Posts: 1181
Joined: Wed Nov 04, 2015 6:15 pm

Re: IRS refund today!

Post by Teague » Fri Apr 21, 2017 4:38 pm

On the other hand, they have probably owed you some of that money for over a year.
Semper Augustus

MikeG62
Posts: 1175
Joined: Tue Nov 15, 2016 3:20 pm
Location: New Jersey

Re: IRS refund today!

Post by MikeG62 » Fri Apr 21, 2017 4:56 pm

Spirit Rider wrote:Talk about fast. I filed Tuesday night and the refund was in my account earlier today. Less than three days. That has to be some kind of record.

Pretty impressive if you consider the volume they must have been getting on Tuesday night.

I was just hoping to get it by next Friday.
Wow
Real Knowledge Comes Only From Experience

Jimmie
Posts: 197
Joined: Tue Mar 07, 2017 7:05 pm

Re: IRS refund today!

Post by Jimmie » Fri Apr 21, 2017 5:04 pm

Sidney wrote:Most years I get mine before January 15th.
Expect to receive written confirmation of the termination of membership to the "Procrastinators of America Society" in the mail sometime. As usual, the person responsible for putting the termination letter in the mail today, has not even started to write it yet. :D

Otherwise, you may very well be the earliest tax filer I have ever encountered.

Sidney
Posts: 6694
Joined: Thu Mar 08, 2007 6:06 pm

Re: IRS refund today!

Post by Sidney » Fri Apr 21, 2017 5:06 pm

I usually file in early October.
I always wanted to be a procrastinator.

nolesrule
Posts: 778
Joined: Thu Feb 26, 2015 10:59 am

Re: IRS refund today!

Post by nolesrule » Fri Apr 21, 2017 5:52 pm

We got our refund in 8 days this year. E-filed on April 11th and got the refund on the 19th.

tigermilk
Posts: 530
Joined: Thu Aug 15, 2013 9:32 am

Re: IRS refund today!

Post by tigermilk » Fri Apr 21, 2017 8:40 pm

llama wrote:E-filed on March 19. A couple weeks later I got a letter instructing me to call the IRS to verify my identity. Did that within a couple days and the guy on the phone said it could take up to another nine weeks for the refund to arrive.
9 weeks? Expect 9 months. The last 2 years someone filed a fraudulent return in our names. Both times it took until December. The second year was even with a PIN from IRS. This year, smooth sailing.

User avatar
Fudgie
Posts: 137
Joined: Sun Oct 11, 2015 12:01 pm

Re: IRS refund today!

Post by Fudgie » Fri Apr 21, 2017 8:59 pm

:oops:
Last edited by Fudgie on Fri Dec 08, 2017 7:03 am, edited 1 time in total.

harrychan
Posts: 1418
Joined: Sun Nov 14, 2010 9:37 pm
Location: Pasadena

Re: IRS refund today!

Post by harrychan » Fri Apr 21, 2017 9:42 pm

They do this to give you positive connotation so you will give them an interest free loan next year as well! Truth be told, if you are excited about a (I'm assuming large) refund then you need to update your withholding.
This is not legal or certified financial advice but you know that already.

User avatar
TheTimeLord
Posts: 5284
Joined: Fri Jul 26, 2013 2:05 pm

Re: IRS refund today!

Post by TheTimeLord » Fri Apr 21, 2017 10:07 pm

Sidney wrote:Most years I get mine before January 15th.
Must not have a taxable account since brokerage documents, much less the corrected versions, are ever ready that early. Save more file later.
IMHO, Investing should be about living the life you want, not avoiding the life you fear. | Run, You Clever Boy! [9085]

Spirit Rider
Posts: 8904
Joined: Fri Mar 02, 2007 2:39 pm

Re: IRS refund today!

Post by Spirit Rider » Sat Apr 22, 2017 12:02 am

harrychan wrote:They do this to give you positive connotation so you will give them an interest free loan next year as well! Truth be told, if you are excited about a (I'm assuming large) refund then you need to update your withholding.
Well your assumption would be way off. Think hundreds not thousands.

I wasn't so much excited over a getting a few hundred, as I was astonished to get it today when I filed Tuesday at the last minute.

I only have one witholding on a 12/15 RMD, so I'm good. Thanks for your concern.

letsgobobby
Posts: 11648
Joined: Fri Sep 18, 2009 1:10 am

Re: IRS refund today!

Post by letsgobobby » Sat Apr 22, 2017 12:08 am

7 days. nice.

Beyond the pleasant surprise at the speed of the refund, I always breathe a sigh of relief when someone else hasn't claimed my refund for himself.

User avatar
White Coat Investor
Posts: 13541
Joined: Fri Mar 02, 2007 9:11 pm
Location: Greatest Snow On Earth

Re: IRS refund today!

Post by White Coat Investor » Sat Apr 22, 2017 12:49 am

letsgobobby wrote:7 days. nice.

Beyond the pleasant surprise at the speed of the refund, I always breathe a sigh of relief when someone else hasn't claimed my refund for himself.
I try to put myself into a position where I owe money (taxes, not penalties) to the IRS every April. No one has claimed my tax bill yet!
1) Invest you must 2) Time is your friend 3) Impulse is your enemy | 4) Basic arithmetic works 5) Stick to simplicity 6) Stay the course

Carl53
Posts: 1610
Joined: Sun Mar 07, 2010 8:26 pm

Re: IRS refund today!

Post by Carl53 » Sat Apr 22, 2017 4:38 am

White Coat Investor wrote:
letsgobobby wrote:7 days. nice.

Beyond the pleasant surprise at the speed of the refund, I always breathe a sigh of relief when someone else hasn't claimed my refund for himself.
I try to put myself into a position where I owe money (taxes, not penalties) to the IRS every April. No one has claimed my tax bill yet!
I don't think owing taxes prevents those that steal your identity from filing with made up numbers and claiming refunds.

User avatar
oldcomputerguy
Posts: 3449
Joined: Sun Nov 22, 2015 6:50 am
Location: In the middle of five acres of woods

Re: IRS refund today!

Post by oldcomputerguy » Sat Apr 22, 2017 6:25 am

Just looked again, IRS tells me that they have approved my refund (whew) and it should be in the bank by April 26. Nice to see that our Roth conversions didn't seem to break a spoke in the wheel.
It’s taken me a lot of years, but I’ve come around to this: If you’re dumb, surround yourself with smart people. And if you’re smart, surround yourself with smart people who disagree with you.

jebmke
Posts: 8424
Joined: Thu Apr 05, 2007 2:44 pm

Re: IRS refund today!

Post by jebmke » Sat Apr 22, 2017 6:59 am

Carl53 wrote:I don't think owing taxes prevents those that steal your identity from filing with made up numbers and claiming refunds.
No it does still create a hassle but it does remove the risk that your refund gets hung up for weeks/months while you sort out the details with the IRS.

Like Sidney, I try to tune my estimated tax payments at the end of the year so that I don't have much difference when I actually file. I typically file in August or September and normally my balance due is zero +/- $25
When you discover that you are riding a dead horse, the best strategy is to dismount.

letsgobobby
Posts: 11648
Joined: Fri Sep 18, 2009 1:10 am

Re: IRS refund today!

Post by letsgobobby » Sat Apr 22, 2017 8:45 am

jebmke wrote:
Carl53 wrote:I don't think owing taxes prevents those that steal your identity from filing with made up numbers and claiming refunds.
No it does still create a hassle but it does remove the risk that your refund gets hung up for weeks/months while you sort out the details with the IRS.

Like Sidney, I try to tune my estimated tax payments at the end of the year so that I don't have much difference when I actually file. I typically file in August or September and normally my balance due is zero +/- $25
I'd like to know more about how to do this. is it even possible for me? my paycheck is different every two weeks, sometimes by thousands of dollars. we don't know our taxable distributions from mutual funds and Etfs until the last week of December. how would I approach solving this problem? I'd like to avoid these large refunds in the future primarily so I don't have to worry so much about fraud.

User avatar
TheTimeLord
Posts: 5284
Joined: Fri Jul 26, 2013 2:05 pm

Re: IRS refund today!

Post by TheTimeLord » Sat Apr 22, 2017 8:48 am

Carl53 wrote:
White Coat Investor wrote:
letsgobobby wrote:7 days. nice.

Beyond the pleasant surprise at the speed of the refund, I always breathe a sigh of relief when someone else hasn't claimed my refund for himself.
I try to put myself into a position where I owe money (taxes, not penalties) to the IRS every April. No one has claimed my tax bill yet!
I don't think owing taxes prevents those that steal your identity from filing with made up numbers and claiming refunds.
This is the poitn, they don't file your return they file a false return that gives them refund under your Name and SS#.
IMHO, Investing should be about living the life you want, not avoiding the life you fear. | Run, You Clever Boy! [9085]

User avatar
TheTimeLord
Posts: 5284
Joined: Fri Jul 26, 2013 2:05 pm

Re: IRS refund today!

Post by TheTimeLord » Sat Apr 22, 2017 8:51 am

White Coat Investor wrote:
letsgobobby wrote:7 days. nice.

Beyond the pleasant surprise at the speed of the refund, I always breathe a sigh of relief when someone else hasn't claimed my refund for himself.
I try to put myself into a position where I owe money (taxes, not penalties) to the IRS every April. No one has claimed my tax bill yet!
I think a lot of people here don't really have that option because they are paying 110% of the previous years taxes in estimate taxes.
Estimated tax safe harbor for higher income taxpayers. If your 2016 adjusted gross income was more than $150,000 ($75,000 if you are married filing a separate return), you must pay the smaller of 90% of your expected tax for 2017 or 110% of the tax shown on your 2016 return to avoid an estimated tax penalty.
IMHO, Investing should be about living the life you want, not avoiding the life you fear. | Run, You Clever Boy! [9085]

Tal-
Posts: 359
Joined: Fri Apr 22, 2016 10:41 pm

Re: IRS refund today!

Post by Tal- » Sat Apr 22, 2017 8:57 am

I was expecting a refund, but got a call from the IRS that there was a big problem with my return. Turns out, I owed $5K in back taxes, and would be picked up by the sheriff if I didn't pay that day. Thankfully, once I verified my SSN, my wife's SSN, my credit card info and bank info, I was able pay them at that time.

[Yes - this is sarcastic]
Debt is to personal finance as a knife is to cooking.

jebmke
Posts: 8424
Joined: Thu Apr 05, 2007 2:44 pm

Re: IRS refund today!

Post by jebmke » Sat Apr 22, 2017 8:58 am

TheTimeLord wrote:I think a lot of people here don't really have that option because they are paying 110% of the previous years taxes in estimate taxes.
But by late December you should pretty much know what your income is. Simply adjust the 4th quarterly payment down if necessary.
When you discover that you are riding a dead horse, the best strategy is to dismount.

User avatar
CyberBob
Posts: 3213
Joined: Tue Feb 20, 2007 2:53 pm

Re: IRS refund today!

Post by CyberBob » Sat Apr 22, 2017 9:05 am

llama wrote:E-filed on March 19. A couple weeks later I got a letter instructing me to call the IRS to verify my identity. Did that within a couple days and the guy on the phone said it could take up to another nine weeks for the refund to arrive.
That happened to me last year. The good news was that they said there was no problem with my return and no fraud.

The better news? They paid me interest during the delay! (I even got a 1099 this year for the $60 interest payment). :moneybag

letsgobobby
Posts: 11648
Joined: Fri Sep 18, 2009 1:10 am

Re: IRS refund today!

Post by letsgobobby » Sat Apr 22, 2017 9:37 am

jebmke wrote:
TheTimeLord wrote:I think a lot of people here don't really have that option because they are paying 110% of the previous years taxes in estimate taxes.
But by late December you should pretty much know what your income is. Simply adjust the 4th quarterly payment down if necessary.
so this means changing my w4, then each quarter paying estimated quarterly taxes - overpaying, probably - and then in the 4th quarter (due Jan 15) pay much less if necessary?

How do I calculate how much estimated tax I owe each quarter without owing a penalty?

Also the added Medicare tax has been a bugaboo which has made it hard to figure this out. All of a sudden in the middle of the year, my employer starts withholding extra money; yet some of it is ultimately refunded to us because they withhold at the single rate.

jebmke
Posts: 8424
Joined: Thu Apr 05, 2007 2:44 pm

Re: IRS refund today!

Post by jebmke » Sat Apr 22, 2017 9:40 am

It is a lot harder if you have highly variable compensation income. But yes, you'd basically have to under withhold and do quarterly estimates of your income to keep things relatively close with estimated payments. May not be worth the hassle in your case.
When you discover that you are riding a dead horse, the best strategy is to dismount.

User avatar
TheTimeLord
Posts: 5284
Joined: Fri Jul 26, 2013 2:05 pm

Re: IRS refund today!

Post by TheTimeLord » Sat Apr 22, 2017 10:00 am

jebmke wrote:
TheTimeLord wrote:I think a lot of people here don't really have that option because they are paying 110% of the previous years taxes in estimate taxes.
But by late December you should pretty much know what your income is. Simply adjust the 4th quarterly payment down if necessary.
Good point, never thought about that. But by then does it much matter? Of course, I enjoy getting a mu refund check even though it is just money I over paid it is always fun to get a decent size check or more accurately electronic deposit.
IMHO, Investing should be about living the life you want, not avoiding the life you fear. | Run, You Clever Boy! [9085]

jebmke
Posts: 8424
Joined: Thu Apr 05, 2007 2:44 pm

Re: IRS refund today!

Post by jebmke » Sat Apr 22, 2017 10:09 am

TheTimeLord wrote:Good point, never thought about that. But by then does it much matter? Of course, I enjoy getting a mu refund check even though it is just money I over paid it is always fun to get a decent size check or more accurately electronic deposit.

Fine, but if you are due a refund and your SSN gets hijacked it could be months before you get it. If you have zero balance due or owe a little bit, even if someone steals your identity, your main hassle is the paperwork to get an IP PIN and other things related to credit etc.
When you discover that you are riding a dead horse, the best strategy is to dismount.

letsgobobby
Posts: 11648
Joined: Fri Sep 18, 2009 1:10 am

Re: IRS refund today!

Post by letsgobobby » Sat Apr 22, 2017 10:15 am

jebmke wrote:
TheTimeLord wrote:Good point, never thought about that. But by then does it much matter? Of course, I enjoy getting a mu refund check even though it is just money I over paid it is always fun to get a decent size check or more accurately electronic deposit.

Fine, but if you are due a refund and your SSN gets hijacked it could be months before you get it. If you have zero balance due or owe a little bit, even if someone steals your identity, your main hassle is the paperwork to get an IP PIN and other things related to credit etc.
agreed that would be my motivation to do this.

User avatar
TheTimeLord
Posts: 5284
Joined: Fri Jul 26, 2013 2:05 pm

Re: IRS refund today!

Post by TheTimeLord » Sat Apr 22, 2017 10:17 am

jebmke wrote:
TheTimeLord wrote:Good point, never thought about that. But by then does it much matter? Of course, I enjoy getting a mu refund check even though it is just money I over paid it is always fun to get a decent size check or more accurately electronic deposit.

Fine, but if you are due a refund and your SSN gets hijacked it could be months before you get it. If you have zero balance due or owe a little bit, even if someone steals your identity, your main hassle is the paperwork to get an IP PIN and other things related to credit etc.
It could. And I haven't researched it since my mother's was hijacked after her passing, but it seems like people who filed paper returns in the past are most at risk. Honestly if I did get hijacked waiting a couple extra months for my refund would be at the bottom of the list of frustrations for me. I would rather take that chance than risk IRS penalties I guess.

https://www.irs.gov/individuals/new-security-safeguards
IMHO, Investing should be about living the life you want, not avoiding the life you fear. | Run, You Clever Boy! [9085]

User avatar
llama
Posts: 85
Joined: Wed Dec 23, 2015 1:41 pm

Re: IRS refund today!

Post by llama » Sat Apr 22, 2017 10:46 am

CyberBob wrote:
llama wrote:E-filed on March 19. A couple weeks later I got a letter instructing me to call the IRS to verify my identity. Did that within a couple days and the guy on the phone said it could take up to another nine weeks for the refund to arrive.
That happened to me last year. The good news was that they said there was no problem with my return and no fraud.

The better news? They paid me interest during the delay! (I even got a 1099 this year for the $60 interest payment). :moneybag
As of this morning, the IRS website says I can expect my refund Wednesday, and my savings bonds ... soon. The guy on the phone told me the same thing that there was no evidence anyone had tried to steal my identity. I suspect the return was flagged because of the large refund due.

Not a huge deal, but all the time spent on hold was annoying enough that I think I may be done intentionally overpaying to get savings bonds with my refund.

I do find it amusing that my return was flagged as suspicious, while the paper return I filed for a deceased parent with a refund of several thousand due was processed with amazing speed.

GuyInFL
Posts: 121
Joined: Thu Aug 04, 2016 7:17 pm

Re: IRS refund today!

Post by GuyInFL » Sat Apr 22, 2017 11:18 am

You can check the status of your refund here:
https://www.irs.gov/refunds

User avatar
House Blend
Posts: 4501
Joined: Fri May 04, 2007 1:02 pm

Re: IRS refund today!

Post by House Blend » Sat Apr 22, 2017 12:06 pm

letsgobobby wrote:
jebmke wrote:
Carl53 wrote:I don't think owing taxes prevents those that steal your identity from filing with made up numbers and claiming refunds.
No it does still create a hassle but it does remove the risk that your refund gets hung up for weeks/months while you sort out the details with the IRS.

Like Sidney, I try to tune my estimated tax payments at the end of the year so that I don't have much difference when I actually file. I typically file in August or September and normally my balance due is zero +/- $25
I'd like to know more about how to do this. is it even possible for me? my paycheck is different every two weeks, sometimes by thousands of dollars. we don't know our taxable distributions from mutual funds and Etfs until the last week of December. how would I approach solving this problem? I'd like to avoid these large refunds in the future primarily so I don't have to worry so much about fraud.
I am in the camp that arranges to owe.

I have significant dividend income, a W-2, and the option to do side gigs (for varying amounts), so I basically maintain projections of income and taxes (Fed and two states) all year round. I cannot know my exact taxable income until after Vanguard reveals how much foreign tax I paid--typically in late January. But I can generally get pretty close.

My main weapon of choice is the W-4. I aim to withhold a bit below the low end of my projections. If it looks too low later in the year, when my estimates are of higher quality, then I up the withholding.

Another option is deduction bunching/unbunching. For example, if you can postpone some of your charitable deductions to next year, or accelerate some into this year, you still have time to adjust your tax bill up or down in December.

A couple of years ago, December dividends came in noticeably lower than I had projected, and I was on the hook for a refund. My last paycheck is always the last business day before Christmas, so it was too late to change withholding. Donations were all done, so it was too late to push any of them into January. Fortunately I am at a rough point of indifference for Roth conversions, so I did a Roth conversion of $1000 to get back into the red.

Sounds like in your case, you have highly variable W-2 income. I sometimes do too, but most of my variability occurs in the middle of the year, so I have time to recover. If you haven't already, you should learn how employers determine how much to withhold based on your wages and what's on your W-4.

jebmke
Posts: 8424
Joined: Thu Apr 05, 2007 2:44 pm

Re: IRS refund today!

Post by jebmke » Sat Apr 22, 2017 12:21 pm

House Blend wrote: I cannot know my exact taxable income until after Vanguard reveals how much foreign tax I paid--typically in late January.
You should be able to get pretty close once you know the dividends paid -- even if you just use the ratios from prior year. Remember, to avoid a penalty, you just have to be within $1,000 of the actual tax liability.

The bigger estimating issue is highly variable compensation income with tax withholding.
When you discover that you are riding a dead horse, the best strategy is to dismount.

User avatar
House Blend
Posts: 4501
Joined: Fri May 04, 2007 1:02 pm

Re: IRS refund today!

Post by House Blend » Sat Apr 22, 2017 12:57 pm

jebmke wrote:
House Blend wrote: I cannot know my exact taxable income until after Vanguard reveals how much foreign tax I paid--typically in late January.
You should be able to get pretty close once you know the dividends paid -- even if you just use the ratios from prior year. Remember, to avoid a penalty, you just have to be within $1,000 of the actual tax liability.
Right. But my point was that for those of us with a high proportion of taxable income from dividends, you don't know enough until say, mid December, when the dividends are announced. So you have only a week or two to take action if it turns out that your estimates were poor. That's what happened to me in 2015.

The objective here is primarily refund-avoidance, not penalty-avoidance.

informal guide
Posts: 200
Joined: Mon Aug 29, 2016 10:26 am

Re: IRS refund today!

Post by informal guide » Sat Apr 22, 2017 1:31 pm

I wish I could have e-filed, to get my refund faster. Unfortunately, I had to include a rarely used form this year that is not supported by turbo-tax (Form 926), so I had to mail.

As someone who has required minimum distributions from an inherited retirement account, I try to estimate my taxes in mid-December and adjust tax withholding on the required minimum distribution. This worked particularly well for my mother, who had a significant portion of her income coming from RMDs. She didn't need to file or pay estimated taxes; the RMD withholding was sufficient

jebmke
Posts: 8424
Joined: Thu Apr 05, 2007 2:44 pm

Re: IRS refund today!

Post by jebmke » Sat Apr 22, 2017 2:14 pm

House Blend wrote:Right. But my point was that for those of us with a high proportion of taxable income from dividends, you don't know enough until say, mid December, when the dividends are announced. So you have only a week or two to take action if it turns out that your estimates were poor. That's what happened to me in 2015.
True, that is why I set up EFTPS for only 3 months. If I need to pull back I have until January 15 to adjust the 4th payment. I am usually doing a ROTH conversion so I can also adjust the income up to late December.
When you discover that you are riding a dead horse, the best strategy is to dismount.

NotWhoYouThink
Posts: 2071
Joined: Fri Dec 26, 2014 4:19 pm

Re: IRS refund today!

Post by NotWhoYouThink » Sat Apr 22, 2017 2:18 pm

The state won't admit it has my paper return yet, although the USPS tracking data says that they received it on the 18th. Because of state tax credits, we
1) have to file by paper
2) get a refund.

And because the executor of FIL's estate wasn't sure until last week that we wouldn't get any K-1s from the estate (because the taxes haven't been done because the forms haven't gone to the CPA yet.....) we waited until the last minute to file instead of filing a month ago. Oh, well. We'll get a surprise deposit in June maybe to pay for a vacation. And if needed, we'll file amendments.

Dottie57
Posts: 4654
Joined: Thu May 19, 2016 5:43 pm

Re: IRS refund today!

Post by Dottie57 » Thu Apr 27, 2017 12:33 pm

My refund came today! Yea!

Post Reply