refund watch 2014

[Momoftwins+1]

Has anyone used h&r block and got accepted?
Their Facebook page is a mess.
Rumors are all over it saying they lost the efiles.
I filed yesterday and it says it was transmitted on hnr site. So I'm thinking I'm good and just need to wait. Still not accepted tho.
I was hoping to get in the first batch honestly... My furnace could use some oil, this cold snap has kicked our butts.

I'm not sure for HR Block online but offices have had returns filed pre 31st and ones filed yesterday accepted. IRS opened the gates for accepting yesterday (other than an odd return here and there they accepted a tiny bit early, only the IRS knows why....maybe to test out their servers). Within 24-48of IRS acceptance if you filed online you should get a DCN number with the acceptance.
IRS has issued a statement that their refunds could take up to 21 days from IRS acceptance. (to give themselves a fail safe time period)

 

[Colleen27]

Does anyone have a link to the refund cycle schedule? I used to get them every year where I used to work. I can't find one for this year, though.

It would show "if your return was accepted between ____ and ____, you will have your direct deposit on _____ or your check will be mailed on _____"

It was great. Figures, the first time I really NEED this, I can't find it!

There is no chart this year. A few sites have published an "estimated" chart based on past years' information, but the IRS has been very clear that there is no official refund cycle any more and will say only that 9 out of 10 refunds are complete within 21 days of filing.

 

[sweetpeakaris]

Almost 48 hours since I filed with HRblock & my return hasn't even been sent to the IRS yet, yet others who filed with Different tax programs after me were accepted right away. Hrblock has an issue going on but they haven't admitted to it yet.

 

[turkey1031]

Filed with hrblock online on Thursday. My federal was accepted Friday. My state hasn't been accepted yet but technically it hasn't been 48 hours yet.

 

[McKelly]

We get money back from the state of WI, but have to turn around and give it to the Federal government, plus another $300 OOP.

Same thing happens to us every year!! Get it back from the state and turn it around and give it back to the feds! Ugh.

 

[KaLyn]

I'm surprised to see how many people owe money to federal or state. Is that a normal thing? We never owe the state (PA) anything and we always gets thousands back from federal. We could adjust that but I like getting that large lump sum.

 

[Swimalie]

We are all ready to file but our bank still hasn't sent us the interest statement.

 

[Momoftwins+1]

I'm surprised to see how many people owe money to federal or state. Is that a normal thing? We never owe the state (PA) anything and we always gets thousands back from federal. We could adjust that but I like getting that large lump sum.

Whether you owe or not really depends on many variables. Sometimes people have withholdings from their check set too low for their owings to the federal or state. Some are in a filing status with lower standard deductions and have no additional adjustments or credits to reduce their tax liability below what they had withheld. The list of things that change tax liability goes on and on.

 

[kristinradico]

I filled last night (Friday). Patiently Waiting for it to be accepted. Impatiently waiting for the refund so we can book our Disney vacation!!!!!!!!
There are issues with H&R???? UGh!!!! We always file every year with H&R through Military One Source.

 

[KaLyn]

Whether you owe or not really depends on many variables. Sometimes people have withholdings from their check set too low for their owings to the federal or state. Some are in a filing status with lower standard deductions and have no additional adjustments or credits to reduce their tax liability below what they had withheld. The list of things that change tax liability goes on and on.

Ah, I see! Thanks for explaining it. I was afraid people may jump all over me.

 

[Colleen27]

Same thing happens to us every year!! Get it back from the state and turn it around and give it back to the feds! Ugh.

We usually have just the opposite going on - get back from the feds, but owe a little to the state. But the silver lining of 2013 being a bad year income-wise is that we get to look forward to a refund from both.

 

[sara mom]

Filed last night using Turbo Tax CD. Got the text this am that it was accepted. We have used Turbo Tax for 6+ years and never a problem.

 

[mi*vida*loca]

I just found this. Don't know accurate it is

http://www.cpapracticeadvisor.com/news/11300058/chart-shows-when-to-expect-income-tax-refunds

 

[supersnoop]

I'm surprised to see how many people owe money to federal or state. Is that a normal thing? We never owe the state (PA) anything and we always gets thousands back from federal. We could adjust that but I like getting that large lump sum.

If you get a refund when filing your taxes, you just gave the government a no-interest loan for the past year. On the other hand, if you owe money, then the government gave you a no-interest loan. It's all about planning.

 

[KaLyn]

If you get a refund when filing your taxes, you just gave the government a no-interest loan for the past year. On the other hand, if you owe money, then the government gave you a no-interest loan. It's all about planning.

I enjoy getting large lump sums on money lol. If we had it adjusted to get extra money each pay we'd likely spend it on stupid stuff. This makes saving easier for us.

 

[ToodlesRN]

I haven't filed yet waiting for one more form to make its way through the mail. I enter the info as I receive it so then I do the last form I run through and submit. I did notice a huge difference in our return so far about a $4400 difference from last year. Usually we use the extra money to finish our outside project of 2 decks that we started last year, but thats going to come from me working extra shifts now I did make a lot more last year than the year before so I bet it put me in a new tax bracket

 

[ToodlesRN]

Double post

 

[Colleen27]

If you get a refund when filing your taxes, you just gave the government a no-interest loan for the past year. On the other hand, if you owe money, then the government gave you a no-interest loan. It's all about planning.

But for a lot of people it isn't that simple. If I underestimate our self-employment tax by too much we could be subject to a penalty, and even if I'm within the acceptable margin of error I prefer not to owe. Since DH's income is wildly variable and winter is his slow season, it is worth erring on the side of "no-interest loan" rather than on the side of a big bill coming due at a time of year when we have the least money coming in.

Also, many of those big refunds are due to refundable credits (EITC, education credits, etc) or unpredictable deductions that are hard to accurately compensate for by adjusting withholdings.

 

[ToodlesRN]

Triple post, don't know what happened!

 

[Momoftwins+1]

But for a lot of people it isn't that simple. If I underestimate our self-employment tax by too much we could be subject to a penalty, and even if I'm within the acceptable margin of error I prefer not to owe. Since DH's income is wildly variable and winter is his slow season, it is worth erring on the side of "no-interest loan" rather than on the side of a big bill coming due at a time of year when we have the least money coming in.

Also, many of those big refunds are due to refundable credits (EITC, education credits, etc) or unpredictable deductions that are hard to accurately compensate for by adjusting withholdings.

Your answer is why people should stop using the " you are giving the gov't a interest free loan on your money if you receive a refund ". It is just more complex than that in many aspects. Now for some, yes the reasoning is more than true but for many others it is not that simple.