Anyone got a tax refund this year yet?

[cariann77]

Filed on 2/1, got our refund today! Paid for our trip today, too!

 

[Debkearsch]

Filed DD20 on 1/29, deposited into her account on 2/5. Still waiting for state.

 

[Green Tea]

His company just announced yesterday that they have been purchased by a new company, so he has to re apply and fill out new paperwork. I'll make sure he adjusts his withholdings when he does all that.

If he really only had $500 withheld throughout the year, there may well be penalties you have to pay.

http://www.irs.gov/taxtopics/tc306.html

 

[lauradis]

What's a tax refund?

We will write a lovely check to the IRS.

I really hate tax refund season. Why do people give the government an Interest free loan. The part I don't understand is being happy about it.

 

[Colleen27]

What's a tax refund?

We will write a lovely check to the IRS.

I really hate tax refund season. Why do people give the government an Interest free loan. The part I don't understand is being happy about it.

It isn't always so simple. If you have a predictable income from a job without any surprises, sure, adjust your withholding so you don't get a refund. But when your income varies by any significant amount and comes from more than one source, it isn't necessarily a simple matter. I try to get fairly close but since tax season comes on the heels of sitting-on-his-butt season for DH (construction business - very limited winter work) a refund is always better than a bill so I err on the side of caution.

Also, some of those big returns are due to refundable credits - EITC, child credit, educational credit, etc. which are harder if not entirely impossible to adjust for, especially for families like ours that may or may not qualify, income-wise, depending on how the year went.

 

[SEA333]

We filed 01/26, before noon... And it still says it was received... Wonder if anyone else has got an approved? Or even dare I say refund!

I didn't read through, so this may have been brought up already - the IRS sends refunds on a cycle schedule, so if you filed on the first day of a cycle, you will get it back the same time someone who filed on the last day of the cycle. And you have count business days, too, I think, so today is day 10 if you filed on 1/26/15.

I usually file early and get it back within 10-15 days. This year, I'm taking my time on my generous $51 refund...gotta love moving up a tax bracket and being at the low end and still paying the same taxes as someone making $50,000 more than you. We get the child tax credit for 3 kids, so I like to keep our tax withholdings close to what we actually owe in taxes, then get some of the credit as a refund, but this year DH worked a lot of overtime and didn't realize he still had 5 on his W-4, so he didn't pay nearly as much as he should have. Thankfully, the ridiculous amount of money that I paid into my HSA and health benefits and 401K lowered my AGI and saved us from a big tax bill.

Oh, FYI in case nobody knew this....I had to pay tax on jury duty income. $15 tax on my $80/4days of jury duty. Paid $4.50 each way to get to jury duty on the 45 minute Metra train to Union Station in Downtown Chicago, walked a mile and a half from the station to the courthouse (in 12 degree weather) netting a total of $11/day, and paid $15 in taxes. Lovely. At least I got a free cold turkey sandwich and an apple every day for lunch. Yippee.

 

[mischief32]

I filed on 2/4 and my state return was in my account this morning plus my checking account indicates my federal payment is pending.

 

[Gisele]

I didn't read through, so this may have been brought up already - the IRS sends refunds on a cycle schedule, so if you filed on the first day of a cycle, you will get it back the same time someone who filed on the last day of the cycle. And you have count business days, too, I think, so today is day 10 if you filed on 1/26/15.

I usually file early and get it back within 10-15 days. This year, I'm taking my time on my generous $51 refund...gotta love moving up a tax bracket and being at the low end and still paying the same taxes as someone making $50,000 more than you. We get the child tax credit for 3 kids, so I like to keep our tax withholdings close to what we actually owe in taxes, then get some of the credit as a refund, but this year DH worked a lot of overtime and didn't realize he still had 5 on his W-4, so he didn't pay nearly as much as he should have. Thankfully, the ridiculous amount of money that I paid into my HSA and health benefits and 401K lowered my AGI and saved us from a big tax bill.

Oh, FYI in case nobody knew this....I had to pay tax on jury duty income. $15 tax on my $80/4days of jury duty. Paid $4.50 each way to get to jury duty on the 45 minute Metra train to Union Station in Downtown Chicago, walked a mile and a half from the station to the courthouse (in 12 degree weather) netting a total of $11/day, and paid $15 in taxes. Lovely. At least I got a free cold turkey sandwich and an apple every day for lunch. Yippee.

Oh god! Lol

 

[lauradis]

It isn't always so simple. If you have a predictable income from a job without any surprises, sure, adjust your withholding so you don't get a refund. But when your income varies by any significant amount and comes from more than one source, it isn't necessarily a simple matter. I try to get fairly close but since tax season comes on the heels of sitting-on-his-butt season for DH (construction business - very limited winter work) a refund is always better than a bill so I err on the side of caution.

Also, some of those big returns are due to refundable credits - EITC, child credit, educational credit, etc. which are harder if not entirely impossible to adjust for, especially for families like ours that may or may not qualify, income-wise, depending on how the year went.

EITC can be paid to you monthly, child credit and educational credit, etc can be est by a tax pro easily to adjust what you should be paying the federal government quarterly, bi weekly etc.

really its not that hard to get your refunds under control. Giving the federal government tax free loan of avg refund
$3,034 from last year

All together, the IRS sent out roughly $147 billion in refunds between Jan. 31 and Feb. 28, the majority of which was direct deposited into filers' bank accounts (2013 tax year)

It's rather foolish.

 

[Gisele]

I love the ease of direct deposit. It's sweet!
So far I have been fortunate to receive my refund either in less than 10 days or by 10 days. This year, I filed on January 30 and received direct deposit on February 6th. I might as well just sign check over to Disney. Lol

 

[ruadisneyfan2]

It isn't always so simple. If you have a predictable income from a job without any surprises, sure, adjust your withholding so you don't get a refund. But when your income varies by any significant amount and comes from more than one source, it isn't necessarily a simple matter. I try to get fairly close but since tax season comes on the heels of sitting-on-his-butt season for DH (construction business - very limited winter work) a refund is always better than a bill so I err on the side of caution.

Also, some of those big returns are due to refundable credits - EITC, child credit, educational credit, etc. which are harder if not entirely impossible to adjust for, especially for families like ours that may or may not qualify, income-wise, depending on how the year went.

I agree. Last year we got the child tax credit for both kids. This year our older ds outgrew it and our income is too high to qualify for only 1 child so now we get it for neither of them. There goes a difference of $800 lost from our refund that we did qualify for last year. I don't like giving the government an interest free loan but I also don't like owing some unpredictable amount. We've owed in the past and that's not a nice feeling. I'd rather learn to live on less, have that extra cushion for fluctuations. Or as my grandmother calls it, a forced savings.
I guess if I were an accountant I would see all these changes coming way in advance and adjust our withholding to just the right amount every year. But I'm not and I'd rather not pay one for our simple form. I don't find it that difficult since so much of the 1040 doesn't apply to us.

 

[Dax]

We have an appointment on the 19th....We should be getting a refund...

As for those asking why I give an interest free loan...I am a bad saver. Really bad....So I let the government do it for me. But I also plan vacations and big purchases based on that money. It works for my family.

 

[lovemygoofy]

EITC can be paid to you monthly, child credit and educational credit, etc can be est by a tax pro easily to adjust what you should be paying the federal government quarterly, bi weekly etc.

really its not that hard to get your refunds under control. Giving the federal government tax free loan of avg refund
$3,034 from last year

All together, the IRS sent out roughly $147 billion in refunds between Jan. 31 and Feb. 28, the majority of which was direct deposited into filers' bank accounts (2013 tax year)

It's rather foolish.

I don't think how anyone does what is best for their family is foolish. It simply is none of your business.

I shouldn't need to justify anything about how my household works but what the hey. My husband is in and out of the country alot. Anytime he spends time overseas,
that pay period month is tax free for him. It's a big pain in the *** trying to figure out how much would be due if we had to constantly readjust our exemptions. We have no debt, plenty
of savings and retirement accounts and frankly don't miss the money.

If someone needs help with saving that money, then this is a great way to save because it is best for their family. Knowing what is best for your family is not foolish at all.

 

[JanaDee]

LOL What refund?

 

[aaarcher86]

EITC can be paid to you monthly, child credit and educational credit, etc can be est by a tax pro easily to adjust what you should be paying the federal government quarterly, bi weekly etc.

really its not that hard to get your refunds under control. Giving the federal government tax free loan of avg refund
$3,034 from last year

All together, the IRS sent out roughly $147 billion in refunds between Jan. 31 and Feb. 28, the majority of which was direct deposited into filers' bank accounts (2013 tax year)

It's rather foolish.

Who cares?! Why would anyone care about what others do with their own money?

 

[Minnesota!]

EITC can be paid to you monthly, child credit and educational credit, etc can be est by a tax pro easily to adjust what you should be paying the federal government quarterly, bi weekly etc.

really its not that hard to get your refunds under control. Giving the federal government tax free loan of avg refund
$3,034 from last year

All together, the IRS sent out roughly $147 billion in refunds between Jan. 31 and Feb. 28, the majority of which was direct deposited into filers' bank accounts (2013 tax year)

It's rather foolish.

You say foolish, I say a nice chunk of change that I can use for something "foolish". I do not miss it throughout the year and I like having a chunk of mad money come my way 1x a year. To each their own.

I think offering unsolicited advice is foolish, but YMMV.

 

[GAN]

What's a tax refund?

We will write a lovely check to the IRS.

I really hate tax refund season. Why do people give the government an Interest free loan. The part I don't understand is being happy about it.

For most people, it's the old "out of sight, out of mind." We usually end up getting a couple grand back -sure, I could adjust the deductions and get it closer to even but we don't need it on a monthly basis. What am I actually losing, the 1/2% interest from a bank? This year we will put it back into the home, next year we'll use it towards another trip somewhere. Not a big deal to us. Maybe we feel good giving the government an interest-free loan ...I don't hate the government as much as most!

 

[ruadisneyfan2]

EITC can be paid to you monthly, child credit and educational credit, etc can be est by a tax pro easily to adjust what you should be paying the federal government quarterly, bi weekly etc.

really its not that hard to get your refunds under control. Giving the federal government tax free loan of avg refund
$3,034 from last year

All together, the IRS sent out roughly $147 billion in refunds between Jan. 31 and Feb. 28, the majority of which was direct deposited into filers' bank accounts (2013 tax year)

It's rather foolish.

And there is certainly no need for the huge, bold font as if you think we're mentally incapacitated or you're screaming at us. You're free to express your opinion, just as we all are, but no need to put others down who don't do things the same as you.
The amount you spend on your accountant is a lot higher than the amount I would earn on that 3,000 if it were in my savings account.

Before you say it's foolish to not use an accountant, my father has a degree in accounting and taught me how to file a return back when I was 16 with the EZ form. I've been doing ever since and gradually adding mortgage interest, children, child care, FSA etc. It's just not that complicated for us.

The only time I questioned my ability was after we had our 2nd child, I adjusted my W-4 accordingly, and ended up owing. So I took my return to my BIL/SIL's accountant and asked if there was any deductions that I'm missing out on or some way to reduce what we owe. There was nothing he could do to help us and made no changes to our return. He refused to charge us since he really didn't do much except to recommend increasing my withholding for next year.

 

[denise5374]

I filed 1/30/15, accepted 1/30/15 and my refund was deposited this morning.

The funny thing is when I checked the IRS Where's My Refund this morning, the status read "processed" I was presently surprised when I signed to my online banking this morning and saw it there.

 

[GeorgiaH]

We filed our fed return 1/28/15 and our refund was deposited Wednesday 2/4

our state refund is another story (NY).....keep getting the status update that it required further review and could take up to 90 days to process. I can't say it doesn't worry me but this happened last year too when the state got overwhelmed with returns and couldn't process them all at once. I wish they would get a status message that says "we are receiving a mass amount of returns at this time, this will affect processing times. Don't worry about it!" lol But no, NY has to be difficult about it.

Same for us with NY State refund. Not happy here.