99
votes
Does my tax refund need to be as close to zero dollars as possible?
You don't "need" your refund to be as small as possible, but you usually would want it to be as small as possible.
The reason people say you should aim for a small refund is that getting a big refund ...
- 24k
99
votes
Accepted
My tax refund is exactly $3000. Did I hit a cap?
One can overpay their state and federal taxes by tens or hundreds of thousands of dollars. Tax time is when it gets reconciled, a payment due or a refund. No cap either way, your $3000 is just ...
37
votes
How does the government shutdown affect tax returns?
During the partial shutdown of the US Federal government, the IRS will continue to collect tax and process income tax returns, but refunds will not be paid out until the shutdown has ended. There ...
- 2,131
36
votes
Does my tax refund need to be as close to zero dollars as possible?
Years ago, a coworker bragged to me how his "tax guy" got him a huge refund. I told him my goal was to owe a couple thousand dollars, and that I'm glad I didn't have his guy.
In the end, your return ...
26
votes
My tax refund is exactly $3000. Did I hit a cap?
Is there some law I'm running into that is capping my tax return
You're filing two returns, not one. Thus, the premise of your question is flawed.
Just as importantly, the two tax returns don't ask ...
- 50.6k
22
votes
How bad would a leaked tax return be?
They would have access to information about your entire life. They have your name and SSN, but they also know:
the name and SSN of your spouse
the name and SSN of your children
the name of your ...
- 136k
21
votes
Accepted
What do I do if an IRS check doesn't arrive?
Try using the IRS tool - Where's My Refund.
You could also create and check your tax account or request an account transcript online or via mail.
These will show you if they have sent the check ...
- 366
15
votes
How does the government shutdown affect tax returns?
The bottom line is that no one knows, and it is dependent upon your particular situation. This is pure speculation, but I think that most people will not be affected. Given that W-2s are employer ...
- 76.1k
15
votes
Accepted
When will I get my Federal refund if I file today, given the deadline has been extended to July 15th?
Generally the IRS processes your return as soon as they can. So unless there is an issue that causes them to have to stop processing returns you will get your refund in a few weeks. It does depend on ...
- 136k
13
votes
My tax refund is exactly $3000. Did I hit a cap?
Roughly, about one in a thousand people will have a tax return in multiples of a thousand. If 100 million people/families file, there could be around 100,000 with a return that’s a multiple of 1,000.
...
- 37.6k
11
votes
Accepted
Do you pay less US income tax if you withhold more?
Your assumption in the first paragraph is correct: "the amount you withhold from a salary for federal income taxes does not change the amount you actually pay in taxes".
That part however: "my Wages ...
- 3,118
11
votes
Does overpaying estimated taxes lead to loss of non-refundable tax credit?
You would get an $8k refund. Non-refundable tax credits don't literally mean you can't get a refund in the sense that most people think (i.e. a check or direct deposit from the IRS); it means you can'...
- 15.7k
10
votes
When will I get my Federal refund if I file today, given the deadline has been extended to July 15th?
The sooner you file your tax return, the sooner you’ll get your refund. This has not changed, and there has been no talk of delaying tax refund payments.
- 115k
9
votes
Does my tax refund need to be as close to zero dollars as possible?
Let's say you should have paid $4000 in taxes in a year, but you paid $5000, so you get a tax return of $1000. "Somebody" thinks that you should have tried to only pay $4000 in the year and get zero ...
- 22.4k
9
votes
Accepted
Can I claim moving expenses if I my company paid for the relocation?
Bottom Line Up front: Yes you should be able to claim at least some of your moving expenses on IRS form 3903.
In general if they pay you exactly for all your allowable expenses, and if you meet the ...
- 136k
9
votes
Accepted
Recovering tax money from previous years
For the most part: No. If you had literally zero income this year than you will presumably owe zero taxes. But this doesn't in any way reduce the income you earned last year, so there's no reason why ...
- 22k
9
votes
Accepted
Why do we pay taxes on something that we can later deduct from taxes?
You are mixing up two different kind of taxes here.
What the craftsman pays and adds on his invoice is VAT. He adds this to every bill. The craftsman would have no way to know when and if you are ...
- 5,316
9
votes
How to get a refund from the IRS if taxes were over-withheld?
It's actually your money
Let me guess. You're in the habit of just selecting exemptions carefully so your refund is not worth worrying about, and just walking away from your tax situation at the end ...
9
votes
Accepted
What counts toward the tax free limit for pension contributions in the UK
These two questions/statements are addressing different aspects of the pension tax system.
The general principle is that you should be able to have pension contributions be tax-free up to the £40k ...
- 27.9k
8
votes
How to minimize over-withholding of taxes
So after a great deal of clarification, it appears that your question is how to adjust your withholding such that you'll have neither a refund, or a balance due, when you do your 2016 taxes next year. ...
- 1,097
8
votes
Does my tax refund need to be as close to zero dollars as possible?
The pure numbers answer says you want the refund to be close to $0. You can even argue, as some answers have, that you want to try to maximize the payment without receiving any sanctions for ...
- 1,009
7
votes
Accepted
If I claim a dependent who owes back taxes, is my refund at risk?
You are only responsible for IRS debt that you owe from returns that you have filed for yourself. The back taxes that your dependent owes are between him and the IRS.
- 32.7k
7
votes
Accepted
Is my tax return refund unsually late?
No, that's not typical.
The IRS refunds site suggests you call if:
It has been 21 days or more since you e-filed
It has been 6 weeks or more since you mailed your return
"Where's My Refund" ...
- 69.1k
6
votes
Can I file early and use refund for last year's IRA contribution?
Yes. In fact, it's explicitly mentioned in Publication 590-A that you can file before making the contribution, as long as you make the contribution before the deadline.
Filing before a contribution ...
- 16.9k
6
votes
Can I file early and use refund for last year's IRA contribution?
Your strategy is well thought out. Others use it same as you, to fund an IRA in the prior tax year with that year's refund.
Gotcha? Forgetting to send in the money on time. Or not correctly ...
6
votes
Does my tax refund need to be as close to zero dollars as possible?
It depends on when you're setting the goal.
1) When you have finished the year and you are filling out tax forms, your goal is to get as large of a refund as possible.
2) When the year begins afresh ...
- 557
6
votes
Accepted
Turbo Tax says return was approved, IRS refund status shows processing
According to the IRS Where's My Refund page:
Where's My Refund? is updated no more than once every 24 hours, usually overnight.
Try checking again tomorrow, and if it still says "processing," wait ...
- 115k
6
votes
PayStub - What is Employee ID?
Employee ID is the number or code your company uses to identify you uniquely.
Its format is completely up to the employer, and it has no meaning outside of this employer.
- 37.6k
6
votes
How long can I back file for a tax return from the IRS?
You must claim any refund within 3 years of the original deadline. So, she'd have to file her 2014 tax return by the April 17, 2018 deadline to get a refund for 2014.
Most states use the same ...
- 69.1k
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