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99 votes
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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 ...
JTP - Apologise to Monica's user avatar
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 ...
Istanari's user avatar
  • 2,131
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 ...
RonJohn's user avatar
  • 50.7k
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 ...
mhoran_psprep's user avatar
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 ...
Garrett Gould's user avatar
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 ...
Pete B.'s user avatar
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15 votes
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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 ...
mhoran_psprep's user avatar
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. ...
Aganju's user avatar
  • 37.7k
11 votes
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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 ...
void_ptr's user avatar
  • 3,128
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'...
Craig W's user avatar
  • 15.9k
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.
Ben Miller's user avatar
  • 116k
9 votes
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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 ...
Jay's user avatar
  • 22.8k
9 votes
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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 ...
mhoran_psprep's user avatar
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 ...
Daniel's user avatar
  • 5,316
9 votes
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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" ...
Hart CO's user avatar
  • 70.5k
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 ...
Harper - Reinstate Monica's user avatar
9 votes
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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 ...
GS - Apologise to Monica's user avatar
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.
NL - Apologize to Monica's user avatar
6 votes
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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 ...
Ben Miller's user avatar
  • 116k
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.
Aganju's user avatar
  • 37.7k
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 ...
Hart CO's user avatar
  • 70.5k
6 votes
Accepted

Income taxes for sign-on bonus

It will not make a difference in the amount that is actually incurred, but it could make a difference in the amount that is withheld, which could change the amount that you owe or the refund you get ...
D Stanley's user avatar
  • 136k
6 votes

Deferring a W2 income to another year for tax return filing

No. It is what it is. There is very little you can do once Dec 31 has passed. If you are able to deduct a deposit into an IRA, that's an option. Short of that, there's no choice to simply claim ...
JTP - Apologise to Monica's user avatar
5 votes

What happens to money paid by IRS in fraudulent refund?

Unfortunately, the thieves don't have to be all that sophisticated to make the money unrecoverable. What they typically do is open a phony bank account in the name of the victim. They receive the ...
Nobody's user avatar
  • 2,082
5 votes
Accepted

How much of my state income tax refund is considered taxable income?

Under the old law (as well as the new law AFAIK), state tax refunds are taxable only to the extent that you benefited from taking itemized deductions. For example, if you got a big state tax refund, ...
user102008's user avatar
  • 17.2k
5 votes
Accepted

Is Maryland's Wynne Tax Refund taxable on my federal return?

Because the Wynne tax refunds cover several years the question of it being taxable income would depend on if you were itemizing during each of those years. Imagine this scenario: year Withheld ...
mhoran_psprep's user avatar
5 votes
Accepted

U.S. nonresident alien: Is my state tax refund taxable?

Federal income tax refunds received during 2016 are not taxable income for 2016 (or any other year) on either the Federal or the State tax return. The State income tax refund for 2015 received during ...
Dilip Sarwate's user avatar
5 votes
Accepted

Adjusting tax withholdings to reduce refund

If you are employed and are having taxes withheld from your paycheck, you complete a new W-4 (talk to HR) with a higher number of allowances, which will result in a lower amount of withholdings. Be ...
Magua's user avatar
  • 5,097
5 votes

Why do we pay taxes on something that we can later deduct from taxes?

In addition to @Daniel's answer: I think the political reason is to combat black market work. Prelimiary finding: It is a well-known phenomenon [in Germany, but probably not restricted to Germany] ...
cbeleites unhappy with SX's user avatar
5 votes

What happens if the IRS owe me refund, but I file my taxes after the extension deadline of Oct 15?

You will not lose any of your refund as long as you file within 3 years of the date that your return is due. From the IRS website: In most cases, an original return claiming a refund must be filed ...
7529's user avatar
  • 3,753

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