For those of you who use tax $ for trip...

[torinsmom]

We used to like the "forced savings" of getting a large refund.
Then times change and we needed every bit each month, so we had our withholdings adjusted.

Then we owed for 2 years and so we e-filed on tax day....no sense in paying them back early.

Last yr was a minimal refund with our employment situation changing during the year. We e-file and get Fed return back fairly quickly.
However, NC was the slowest return EVER. They were delaying refunds because they could not afford to actual pay out the refunds. There was a date set....like mid May or something, where if you did not recieve your refund then the state owed you interest.

If you are owed a refund with NC, then you are doing good. I got $1700 back from federal and still owed $100 with NC. I file my federal taxes as soon as possible and wait until 4/15 to file state. I don't know why NC taxes are so high.

 

[21hearts]

We e-file and then wait for the money to hit our account. Last year I filed the taxes online on the Jan 3ird and we had the mony by Jan 15 or 16th. It wasn't that long. I'm hoping we can get it back just as quickly this year so we can go ahead and book our vacation for next year and get it all done and paid for.

 

[growinupdisney]

If you are owed a refund with NC, then you are doing good. I got $1700 back from federal and still owed $100 with NC. I file my federal taxes as soon as possible and wait until 4/15 to file state. I don't know why NC taxes are so high.

We live in NC too and have in the past filed state in April too and stll owe!

But, I do remember reading last year that there were several who looked forward to the tax money to pay for their trips.

 

[Muushka]

I actually felt that way, too. Then I learned that there are alot of people who get back way more than they put in.

I did a tax stint at H&R Block one year. You are 100% correct. And the ones with the huge refunds always (should have used the word usually) wanted them ASAP and at any cost. Block made a bundle on them (well, actually us, the stupid tax payers who fund refunds like that).

 

[momxx5]

In NC we have always....for the 12+yrs living here gotten a refund of some sort. Even if we owe Federal, the State has always been a return. Gosh, I hope things don't change this year.....especially with our financial situation being what it is, it will be interesting to see what tax bracket we even fall in.

 

[cm8]

I also read some where that the refunds would be up to 2 weeks late


http://abclocal.go.com/ktrk/story?section=news/consumer&id=7870406


This article says to expect delays and if you are an early filer don't file till the middle of FEB I half read the article and it looks like it is for people who Itemize

 

[shelwoj]

I saw a news report that due to the tax changes that recently passed, people who itemize won't be able to file til February because the changes need to be written and loaded into the IRS system. My response was "Crap, I have a FAFSA that needs to be filled out ASAP." Not to mention the government now gets to hang onto my money longer, even though it's not a lot, still.....

 

[msmayor]

I saw a news report that due to the tax changes that recently passed, people who itemize won't be able to file til February because the changes need to be written and loaded into the IRS system. My response was "Crap, I have a FAFSA that needs to be filled out ASAP." Not to mention the government now gets to hang onto my money longer, even though it's not a lot, still.....

There's no reason you cannot complete the FAFSA when you want to with estimates from your tax return to get that filed. Once your return is final you just go back and amend any numbers that may have changed (except your asset numbers; those are always reported with the value on the date of the original filing of the FAFSA.

I purposely get my daughter's FAFSA done before I file. This way, I don't have to include any refund amount in my asset totals since I don't have it yet.

Quite honestly I've never understood why folks want to file so early in January anyway. I can't even count the number of times I've read here alone where folks file quickly and then realize they forgot something (because a document gets mailed to them later in the month) or there are changes/adjustments to the programs that need fixing, and then because their return is still in the electronic pipeline they have to wait to get the corrections made.

If having that refund money in your hands quickly and early is that important, adjust your withholdings so the IRS never gets it in the first place.

 

[sam_gordon]

Quite honestly I've never understood why folks want to file so early in January anyway. I can't even count the number of times I've read here alone where folks file quickly and then realize they forgot something (because a document gets mailed to them later in the month) or there are changes/adjustments to the programs that need fixing, and then because their return is still in the electronic pipeline they have to wait to get the corrections made.

I agree. I usually don't get all my paperwork until the middle of Feb anyway. Maybe those who file early in January only have one (or two) incomes, and take the standard deductions.

 

[Green Tea]

Just heard from a friend that works at H&R block that there will be no quick/rapid rebates this year from anyone! You send in a wait They did say that H&R block were looking to do something thru there company but as of now no!

The "Rapid Refund" scam of theirs was ALWAYS thru them. It was never a government program.

 

[LisaNJ25]

I did a tax stint at H&R Block one year. You are 100% correct. And the ones with the huge refunds always wanted them ASAP and at any cost. Block made a bundle on them (well, actually us, the stupid tax payers who fund refunds like that).

I am one of these who get a larger refund the past few years and never went with rapid refund. Actually did H&R black the first year I was married and never went back since I thought their fees were to high and the nickle and dime on each form. We e-file every year and get a direct deposit.

I do think it is silly that I am getting more back than we pay in.

 

[Muushka]

I am one of these who get a larger refund the past few years and never went with rapid refund. Actually did H&R black the first year I was married and never went back since I thought their fees were to high and the nickle and dime on each form. We e-file every year and get a direct deposit.

I do think it is silly that I am getting more back than we pay in.

I apologize and changed my word from always to usually.
You are right, there were those who got big refunds who did not do the rapid refunds.
I'll tell you, I was amazed at the money that poured into that place at tax time.
I'm glad it won't be as fruitful for them (HRB) this year.

 

[cheap traveler]

I have a nice tax situation - I don't have any federal taxes withheld from my paycheck, and last year my total refund (fed and state) was $9300. Low income, own a home, 2 kids, both in daycare, head of household etc...

I have always known that "rapid refund" thing was a huge money making scheme. One of my employees always used it, total idiot.

But here in NY, I have been seeing a lot of commercials for the refund-anticipation loan up to $9999.00 Not sure if that is HR Block, or one of the other companies. I e-file in January, and get the refund within 3 weeks. The state takes a little longer, 6 weeks is normal.

 

[momxx5]

cheaptraveler,

If you do not have any federal taxes withheld, and yet get a refund, are you recieving a earned income tax credit, plus credit for kids(all perfectly legal).
I just don't understand how to get a refund when you do not have anything withheld.
Thanks.

 

[DCLbrideSept2009]

I actually felt that way, too. Then I learned that there are alot of people who get back way more than they put in.

When I was a single parent, I always got a "refund" of about $3500 but never paid any taxes in... (earned income credit and child tax credit).

 

[cheap traveler]

I get the earned income credit, credits for the kids, dependent care credits, and it seems that in NY I'm getting credits back on my property taxes paid also.

I've done it through turbo tax every year, but also had it checked by our company accountant to make sure everything was ok last year. I do pay state taxes, so that adds to the refund.

 

[ICF]

Doing that was really a bad idea for 99% of the people.

You can get the refund back in 2 - 3 weeks anyway without all the crazy fees that they charged.

 

[hipchickie]

I actually felt that way, too. Then I learned that there are alot of people who get back way more than they put in.

being self employed, I have also had times where I had to pay a certain amount quarterly based on expected income and had no choice how much I paid in, only to get most or all of it back. We have also had years where I paid nothing, my DH claimed to have the least amt. taken out, and we still got a ton back.
This year, they have changed the adoption tax credit, so we will be getting back everything and then some...actually, more than some - a LOT

would never do that rapid refund though

 

[My2BabiesLexis&Dill]

Recent years I've been like that...don't put much in but get a ton back. Well this year, we put the same amount in and were getting next to nothing back. I guess as long as I don't have to pay in, I'm happy, somewhat. LOL

 

[Purseval]

I actually felt that way, too. Then I learned that there are alot of people who get back way more than they put in.

That's the welfare program called EITC where you get to pay for your neighbor's vacation even if you can't afford to take your own