Tax refund much greater than expected

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Jcdoc107
Posts: 26
Joined: Sun Sep 20, 2015 10:29 am

Tax refund much greater than expected

Post by Jcdoc107 » Wed Oct 09, 2019 1:00 am

I recently filed my taxes (needed an extension). My expected federal refund was about $300 but I received a refund of nearly 6k. Anyone have any experience with this? I filed using turbotax and can't come up with an explanation on how I could have overpaid by that much.

Katietsu
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Joined: Sun Sep 22, 2013 1:48 am

Re: Tax refund much greater than expected

Post by Katietsu » Wed Oct 09, 2019 1:17 am

Based on your past posts, you have a high income. With the new tax law, it is therefore possible that your tax liability went down by $6000 or more. If you based your withholding and estimated tax payments on the old laws, that could account for the large refund.

Topic Author
Jcdoc107
Posts: 26
Joined: Sun Sep 20, 2015 10:29 am

Re: Tax refund much greater than expected

Post by Jcdoc107 » Wed Oct 09, 2019 1:28 am

I found my mistake. I entered an estimated tax payment incorrectly. The amount refunded is the correct amount. Boy do I feel like giving the IRS a hug right now.

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Brianmcg321
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Re: Tax refund much greater than expected

Post by Brianmcg321 » Wed Oct 09, 2019 7:20 am

Jcdoc107 wrote:
Wed Oct 09, 2019 1:28 am
I found my mistake. I entered an estimated tax payment incorrectly. The amount refunded is the correct amount. Boy do I feel like giving the IRS a hug right now.
Why? You gave the government a one year interest free loan. It was your money to begin with.
Rules to investing: | 1. Don't lose money. | 2. Don't forget rule number 1.

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Stinky
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Re: Tax refund much greater than expected

Post by Stinky » Wed Oct 09, 2019 7:32 am

Jcdoc107 wrote:
Wed Oct 09, 2019 1:28 am
I found my mistake. I entered an estimated tax payment incorrectly. The amount refunded is the correct amount. Boy do I feel like giving the IRS a hug right now.
Yes, the IRS corrects mistakes that it finds in tax returns - no matter which way the mistake goes. I've seen it go both ways in my tax returns over the years.
It's a GREAT day to be alive - Travis Tritt

Topic Author
Jcdoc107
Posts: 26
Joined: Sun Sep 20, 2015 10:29 am

Re: Tax refund much greater than expected

Post by Jcdoc107 » Wed Oct 09, 2019 10:10 am

Brianmcg321 wrote:
Wed Oct 09, 2019 7:20 am
Jcdoc107 wrote:
Wed Oct 09, 2019 1:28 am
I found my mistake. I entered an estimated tax payment incorrectly. The amount refunded is the correct amount. Boy do I feel like giving the IRS a hug right now.
Why? You gave the government a one year interest free loan. It was your money to begin with.

I did not expect them to correct a mistake in my favor.

oldfatguy
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Joined: Tue Feb 27, 2018 1:38 pm

Re: Tax refund much greater than expected

Post by oldfatguy » Wed Oct 09, 2019 10:49 am

Jcdoc107 wrote:
Wed Oct 09, 2019 10:10 am
Brianmcg321 wrote:
Wed Oct 09, 2019 7:20 am
Jcdoc107 wrote:
Wed Oct 09, 2019 1:28 am
I found my mistake. I entered an estimated tax payment incorrectly. The amount refunded is the correct amount. Boy do I feel like giving the IRS a hug right now.
Why? You gave the government a one year interest free loan. It was your money to begin with.

I did not expect them to correct a mistake in my favor.
Seriously? You thought they would keep an overpayment?

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