Tax return!

Diggy Smalls

Diggy Smalls

Notorious
Woohoo my tax return hour accepted! $1212 from the feds, too! OK looks like I'm finally able to get a pricey toy or two I've been dreaming of lol

Y'all getting some good taxes back? Anyone got some vaporizer plans with theirs?
 
TwistedGray

TwistedGray

Well-Known Member
Diggy Smalls said:
Y'all getting some good taxes back? Anyone got some vaporizer plans with theirs?
Click to expand...

I sure as hell hope so as we have been paying thousands each year. Buying a house helped us out and dropped our payment down to a few hundred dollars, but I was forking over Obamacare penalties for not having insurance. FINALLY started a new job with benefits, so I am really hoping that we get money back this year. It would be the first year in 8 years where we get money back ... crossing fingers!!
 
Diggy Smalls

Diggy Smalls

Notorious
Yeah my cost of insurance is going up 150% this year. Yuck. And I'm a single person.

I'm rooting for you man
 
Diggy Smalls,
TwistedGray

TwistedGray

Well-Known Member
Diggy Smalls said:
I'm rooting for you man
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Oh, I am not complaining now! I work for a company based in Europe with strong ties to socialism; therefore, they cover 100% of all medical for me and my family.

It is pretty amazing to go from spending thousands out of pocket and paying annual penalties to now not shelling out a penny.

I'm ROOTING FOR YOU!! Insurance costs are absurd!
 
Tranquility

Tranquility

Well-Known Member
Diggy Smalls said:
Woohoo my tax return hour accepted! $1212 from the feds, too! OK looks like I'm finally able to get a pricey toy or two I've been dreaming of lol

Y'all getting some good taxes back? Anyone got some vaporizer plans with theirs?
Click to expand...
How did you file? I couldn't electronically file any individual returns until Monday, January 23. The IRS' website says the same thing at https://www.irs.gov/uac/2017-tax-fi...tions-taxpayers-with-tax-returns-due-april-18 .

Since the post was made 5 days before that date, I might have concerns if a return was "accepted" before the Service claims is taking any submissions. I don't want to stir up anything as there could certainly be a bunch of reasons why an acceptance might come up before that date. I just want to make sure @Diggy Smalls didn't go to a scammer who gave a phony acceptance and then later filed a fake return with the data.

The victim wouldn't know for weeks. Even then, it would be hard to get the information to fix things or even find out there is a problem and a procrastinator might have to wait even longer to know.
 
Tranquility,
TwistedGray

TwistedGray

Well-Known Member
I just filed mine yesterday and it was accepted, and for reference I use TaxSlayer.
 
TwistedGray,
seaofgreens

seaofgreens

My Mind Is Free
Well, what I get back is usually enough to pay the property tax/home insurance bill that comes this time of year and.... so.... then there is valentines day coming up, which for a guy after the holidays is, well.... :(
 
seaofgreens,
Tranquility

Tranquility

Well-Known Member
Diggy Smalls said:
I used h and r block online. And I just got my return in my bank account.
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I believe you got a refund anticipation loan or refund advance in some way. The money is not from the government. On the filing acknowledgement you received from H&R, did you have a "Federal Submission ID" with a code of numbers and a few letters of 20 spaces?

If so, the IRS has some 'splainin to do. While not related to my clientele at all, that seems a competitive advantage over providers who deal with simple returns as the earlier something is filed, the sooner the refund comes.

Now, going to a known provider over a secure connection seems to me to be pretty safe from a fraud perspective (At least now, before H&R or the IRS get hacked this year and all your info goes missing.) so my confusion is not meant to motivate you to anything.

For a touch of advice to the others, it is clear the most financially sound strategy is to decrease withholding to reflect tax attributes to the return and put the extra in an interest bearing account. Any "refund" you receive has been an interest-free loan to the government. Of course, I don't do that either. I'd rather not worry about having to come up with more at tax time and get the refund. I know it is a bad financial decision. (Probably not so bad with interest rates being so low right now.) I just accept the bad for the good to not worry later on.
 
Tranquility,
TwistedGray

TwistedGray

Well-Known Member
OldNewbie said:
For a touch of advice to the others, it is clear the most financially sound strategy is to decrease withholding to reflect tax attributes to the return and put the extra in an interest bearing account. Any "refund" you receive has been an interest-free loan to the government. Of course, I don't do that either. I'd rather not worry about having to come up with more at tax time and get the refund. I know it is a bad financial decision. (Probably not so bad with interest rates being so low right now.) I just accept the bad for the good to not worry later on.
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After paying about $3,000 a year for two years, my wife and I started a "tax" savings account where we would pay the equivalent of $3,000 stretched over a year. Then come tax time at least we were prepared to pay the tax without having to pull money from our other account(s). Despite having a good idea that we would NOT pay this year we continued that trend and will going forward.

Side note: We knew we were not going to pay this year because it's also the first year that I have been insured, so we no longer are paying that penalty.
 
Diggy Smalls

Diggy Smalls

Notorious
I got my w2 so early this year, I thought I was just getting a headstart on the forms, but they said STATE couldn't be done until the 23rd, and the website tried to convince me not to send in the fed return, but I did. And walla. That was FAST!

I definitely did not get a loan.
 
Tranquility

Tranquility

Well-Known Member
Diggy Smalls said:
I got my w2 so early this year, I thought I was just getting a headstart on the forms, but they said STATE couldn't be done until the 23rd, and the website tried to convince me not to send in the fed return, but I did. And walla. That was FAST!

I definitely did not get a loan.
Click to expand...
Today was the first day the government direct deposits refunds--at least so they say. Another organization tracks such things and they point out there is a testing period before the official start where some taxpayers can submit an electronic return.

https://www.refundschedule.com/2017-irs-e-file-chart/

Those are estimates as the IRS does not release the numbers directly.

Approximations can be made from known IRS processing dates like those at:

http://www.irstaxseason.com/irs-wheres-my-refund-updating-schedule.html

The bottom line, I think, is @Diggy Smalls had an unusual set of circumstances to make his facts true. Others filing in the future should probably look to the charts at the links for refund times. (They will be longer for those with a child care credit or earned income tax credits. Areas that sometimes are duplicated by filers or outright fraud occurs.)
 
Tranquility,
Stevenski

Stevenski

Enter the Dragon
I was so strung out gambling & drugging I did not file a tax return for 7 or 8 years. Working on the logic of if I ignore it, it will go away I eventually had to face reality & try & find paperwork for all those years. Now I do one every year although usually six months after everyone else because I am an idle fucker.

I will be doing one as early as possible this year though. Having no income for 19 of 52 weeks means I should be getting a nice healthy return for once.

Curious as to what people in different countries pay for income tax. I lose 25% of my gross salary in tax before I pay another 10% on pretty much anything I buy.
 
Stevenski,
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Squiby

Squiby

Well-Known Member
Stevenski said:
I did not file a tax return for 7 or 8 years.
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I did that for three years in a row, about 20 years ago. When the forth year rolled around, Revenue Canada called me, bitched me out and reminded me of my oversight. So I filed and the ended up owing me 3grand! Hahaha.


Stevenski said:
Curious as to what people in different countries pay for income tax. I lose 25% of my gross salary in tax before I pay another 10% on pretty much anything I buy.
Click to expand...
Our sales tax is 13%. Federal and Provincial Income Tax together for me is around 30%. The percentage is driven by net income and ranges from 5% to 53%. The Provincial Tax varies by province.
 
Diggy Smalls

Diggy Smalls

Notorious
Just got my state accepted.
Every time I file taxes I do it as soon as I can and always get it really fast. My taxes are always simple and straightforward, which I'm sure makes quicker. I think it comes faster when you do them earlier, though.
1000 gross check leaves me with about 700 that seems like a lot of taxes.
 
Diggy Smalls,
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