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(The Consumerist)   Happy New Year from the IRS: If you claim earned income tax credit or the additional child tax credit, your refund will be late   (consumerist.com ) divider line
    More: Fail, tax returns, Taxation in the United States, fraudulent refunds, past tax returns, earned income tax, IRS commissioner John, tax preparation season, additional child tax  
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1219 clicks; posted to Business » on 11 Jan 2017 at 3:20 PM (6 days ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



39 Comments     (+0 »)
 
View Voting Results: Smartest and Funniest
 
6 days ago  
...r than if you do not. You'll have to wait until the end of February! MY GOD.

First world problems.
 
6 days ago  
Probably the last year for it.... swamp draining and all.
 
6 days ago  
Are they ever going to finish Trumpuppet's audit?
 
6 days ago  
Darn. I was relying on that refund to purchase scratch-off tickets which I'm relying on to cover my phone and cable payments.
 
6 days ago  
What's a refund?
 
6 days ago  

edmo: Probably the last year for it.... swamp draining and all.


Those damn poors sucking up money that needs to go to give Job Creators more tax breaks
 
6 days ago  
That zero interest loan H&R Block is offering will more than cover those poor souls sitting around waiting for those checks.
 
6 days ago  
If you're getting a sizable refund, you're doing it wrong.
 
6 days ago  

GanjSmokr: If you're getting a sizable refund, you're doing it wrong.


I jumped up a bracket last year, but was unemployed for the first 3 months so hopefully this will be my last significant tax return.
 
6 days ago  
The "additional child tax credit"?  Never heard of that one.  Just looked it up.  Instead of making the child tax credit refundable they went and made a refundable credit to reflect the unused portion of the child tax credit when you zero out your tax liability....  I really nee to look into becoming a regulator.  I love absurdism.
 
6 days ago  

ginandbacon: Are they ever going to finish Trumpuppet's audit?


I bet that goes on for the next 4-8 years.
 
6 days ago  

GanjSmokr: If you're getting a sizable refund, you're doing it wrong.


Or just got married.

We got one because my wife was still in school the year we got married and was just starting a new job that paid a lot more. Her poor student income gave us a lot back.
 
6 days ago  

Frank N Stein: GanjSmokr: If you're getting a sizable refund, you're doing it wrong.

I jumped up a bracket last year, but was unemployed for the first 3 months so hopefully this will be my last significant tax return.


Intrepid00: GanjSmokr: If you're getting a sizable refund, you're doing it wrong.

Or just got married.

We got one because my wife was still in school the year we got married and was just starting a new job that paid a lot more. Her poor student income gave us a lot back.


Yea, I thought of a few other exceptions after posting.... absolutes are rare.

In general, if you're getting a sizable refund, you're doing it wrong.

:)
 
6 days ago  

Lando Lincoln: ...r than if you do not. You'll have to wait until the end of February! MY GOD.

First world problems.


I was going to use my return to replace my rotting and broken windows while sold at a discount, the labor is cheaper (lower demand in winter/spring,) and when I can actually get a contractor (demand exceeds capacity in my area.) Now, that has to go on hold for at least another year.

Are windows a first world problem?
 
6 days ago  

Intrepid00: Or just got married.


I ended up owing a bunch when I got married.  And we weren't even making enough to be close to the marriage penalty.

The W-4 form is bullshiat and not to be trusted.
 
6 days ago  

BMFPitt: Intrepid00: Or just got married.

I ended up owing a bunch when I got married.  And we weren't even making enough to be close to the marriage penalty.

The W-4 form is bullshiat and not to be trusted.


That's why we kept our claims as single. You can use third party calculators but you have to check them every quarter to make sure you are still on track.
 
6 days ago  
Thanks Trump!
 
6 days ago  

Intrepid00: That's why we kept our claims as single. You can use third party calculators but you have to check them every quarter to make sure you are still on track.


She made a lot less than me, so being married saved us a few bucks, but withholding went down way too much and got is by surprise.

After that, I just calculated manually.  Ended up having us both claim 0 to get into the right ballpark.

Now we have a mortgage and 3 kids.  So I currently claim 11 and come within $200 of what we owe for the year unless something weird happens.

Following the actual instructions on the W-4 is farking useless.
 
6 days ago  

BMFPitt: Intrepid00: That's why we kept our claims as single. You can use third party calculators but you have to check them every quarter to make sure you are still on track.

She made a lot less than me, so being married saved us a few bucks, but withholding went down way too much and got is by surprise.

After that, I just calculated manually.  Ended up having us both claim 0 to get into the right ballpark.

Now we have a mortgage and 3 kids.  So I currently claim 11 and come within $200 of what we owe for the year unless something weird happens.

Following the actual instructions on the W-4 is farking useless.


Depends on your situation.
 
6 days ago  

47 is the new 42: BMFPitt: Intrepid00: That's why we kept our claims as single. You can use third party calculators but you have to check them every quarter to make sure you are still on track.

She made a lot less than me, so being married saved us a few bucks, but withholding went down way too much and got is by surprise.

After that, I just calculated manually.  Ended up having us both claim 0 to get into the right ballpark.

Now we have a mortgage and 3 kids.  So I currently claim 11 and come within $200 of what we owe for the year unless something weird happens.

Following the actual instructions on the W-4 is farking useless.

Depends on your situation.


I would really like to meet someone that isn't piss poor that the sheet worked for them.
 
6 days ago  

47 is the new 42: Depends on your situation.


If a form that's supposed to be used by everyone is only valid in certain situations, it's worthless.
 
6 days ago  

GanjSmokr: If you're getting a sizable refund, you're doing it wrong.


If it's sizable because you're getting the Earned Income Tax Credit, no you're not.
 
6 days ago  

Frank N Stein: GanjSmokr: If you're getting a sizable refund, you're doing it wrong.

I jumped up a bracket last year, but was unemployed for the first 3 months so hopefully this will be my last significant tax return.


Please remember that all your income isn't taxed at the higher bracket rate. Only the dollars earned in that bracket are taxed at the higher rate.

img.fark.net

I hope that by "last significant tax return" you mean "the last tax return where I have to report unemployment insurance income"

Or did you use "return" where you meant to say "refund"?
 
6 days ago  

jjwars1: Lando Lincoln: ...r than if you do not. You'll have to wait until the end of February! MY GOD.

First world problems.

I was going to use my return to replace my rotting and broken windows while sold at a discount, the labor is cheaper (lower demand in winter/spring,) and when I can actually get a contractor (demand exceeds capacity in my area.) Now, that has to go on hold for at least another year.

Are windows a first world problem?


Why doesn't late February work?  That sounds like winter/spring to me.
 
6 days ago  

Frank N Stein: GanjSmokr: If you're getting a sizable refund, you're doing it wrong.

I jumped up a bracket last year, but was unemployed for the first 3 months so hopefully this will be my last significant tax return.


Technically, you're supposed to fill in a number in the "exemptions" number on your W-4 to minimize the amount of extra money you pay.
 
6 days ago  

jjwars1: Lando Lincoln: ...r than if you do not. You'll have to wait until the end of February! MY GOD.

First world problems.

I was going to use my return to replace my rotting and broken windows while sold at a discount, the labor is cheaper (lower demand in winter/spring,) and when I can actually get a contractor (demand exceeds capacity in my area.) Now, that has to go on hold for at least another year.

Are windows a first world problem?


Yes.
img.fark.net
 
6 days ago  

BMFPitt: 47 is the new 42: Depends on your situation.

If a form that's supposed to be used by everyone is only valid in certain situations, it's worthless.


Unless that situation includes most people.
 
6 days ago  

Intrepid00: BMFPitt: Intrepid00: Or just got married.

I ended up owing a bunch when I got married.  And we weren't even making enough to be close to the marriage penalty.

The W-4 form is bullshiat and not to be trusted.

That's why we kept our claims as single. You can use third party calculators but you have to check them every quarter to make sure you are still on track.


Says the poors who don't own their own corporation. It becomes quite a mess when you are a contractor, and when you have contractors you subcontract out to for your contracts.
 
6 days ago  
Great, now they'll have to wait before they can buy cartons of smokes and scratch offs with that refund.
 
6 days ago  
Good, those of us that aren't deadbeats should get to go first.
 
6 days ago  

dywed88: Unless that situation includes most people.


I would say that "most" should either be 99% or at least have a disclaimer on it.

But I don't think it even comes close to 50% accurate as far those filling Married.  How could it?  It doesn't account for how much more or less your spouse makes than you.
 
6 days ago  

GanjSmokr: If you're getting a sizable refund, you're doing it wrong.


Depends.. I take 10 exemptions and still get a large refund.

Adopting kids gave me about $40k In tax credits to burn though over 5 years.

I will have some left over before the 5 years are up. I will be playing around with my Retirement to use it up by then tho
 
6 days ago  

squegeebooo: jjwars1: Lando Lincoln: ...r than if you do not. You'll have to wait until the end of February! MY GOD.

First world problems.

I was going to use my return to replace my rotting and broken windows while sold at a discount, the labor is cheaper (lower demand in winter/spring,) and when I can actually get a contractor (demand exceeds capacity in my area.) Now, that has to go on hold for at least another year.

Are windows a first world problem?

Why doesn't late February work?  That sounds like winter/spring to me.


winter. Unless you are an ex-pat down in Chile
 
6 days ago  
Let's see, people who like tax refund fraud like those credits. If we slow things down a bit and give the IRS a chance to review the documents, maybe ask the honest people will benefit.
 
6 days ago  

jmr61: That zero interest loan H&R Block is offering will more than cover those poor souls sitting around waiting for those checks.


Pretty sure you have to waste money on H&R Block's tax prep fees to get that interest-free loan.
 
5 days ago  

GanjSmokr: Frank N Stein: GanjSmokr: If you're getting a sizable refund, you're doing it wrong.

I jumped up a bracket last year, but was unemployed for the first 3 months so hopefully this will be my last significant tax return.

Intrepid00: GanjSmokr: If you're getting a sizable refund, you're doing it wrong.

Or just got married.

We got one because my wife was still in school the year we got married and was just starting a new job that paid a lot more. Her poor student income gave us a lot back.

Yea, I thought of a few other exceptions after posting.... absolutes are rare.

In general, if you're getting a sizable refund, you're doing it wrong.

:)


Bah, I wanted to jump on the bandwagon harassing you for your generality, countering it with my anecdote...

Anyway, due to my own circumstances (I see a fair bit of variation on alternate year's returns due to a child custody agreement), I've settled into a rut of big refund one year, almost nothing the next. I could take the time each year to adjust accordingly, but the lost opportunities that come with getting a large refund every other year are outweighed by my laziness.  And really, the lost opportunity on a couple thousand dollars withheld interest free for a few months isn't enough to lose sleep over.

I do miss the days when things were simpler - one year I managed to get my net tax refunds (among two states and federal) to under three figures. I was quite proud of myself.
 
5 days ago  

eKonk: GanjSmokr: Frank N Stein: GanjSmokr: If you're getting a sizable refund, you're doing it wrong.

I jumped up a bracket last year, but was unemployed for the first 3 months so hopefully this will be my last significant tax return.

Intrepid00: GanjSmokr: If you're getting a sizable refund, you're doing it wrong.

Or just got married.

We got one because my wife was still in school the year we got married and was just starting a new job that paid a lot more. Her poor student income gave us a lot back.

Yea, I thought of a few other exceptions after posting.... absolutes are rare.

In general, if you're getting a sizable refund, you're doing it wrong.

:)

Bah, I wanted to jump on the bandwagon harassing you for your generality, countering it with my anecdote...

Anyway, due to my own circumstances (I see a fair bit of variation on alternate year's returns due to a child custody agreement), I've settled into a rut of big refund one year, almost nothing the next. I could take the time each year to adjust accordingly, but the lost opportunities that come with getting a large refund every other year are outweighed by my laziness.  And really, the lost opportunity on a couple thousand dollars withheld interest free for a few months isn't enough to lose sleep over.

I do miss the days when things were simpler - one year I managed to get my net tax refunds (among two states and federal) to under three figures. I was quite proud of myself.


Here's what I don't get, at current interest rates, who really cares if you get a size-able refund?  Oh no, I gave the government an interest free loan, instead of earning .1% on it...assuming I didn't blow it on bar tabs anyways.

Maybe back in the 80s when inflation/interest was running rampant it mattered, but it really doesn't anymore.  Yet another thing the older generation is totally stuck in the past on.
 
5 days ago  

squegeebooo: Here's what I don't get, at current interest rates, who really cares if you get a size-able refund?  Oh no, I gave the government an interest free loan, instead of earning .1% on it...assuming I didn't blow it on bar tabs anyways.

Maybe back in the 80s when inflation/interest was running rampant it mattered, but it really doesn't anymore.  Yet another thing the older generation is totally stuck in the past on.


There are many places to put your money that will get you more than .1%.

If you think the only 2 options are a savings account at .1% interest and letting the IRS borrow it for free, you might as well let the IRS borrow it.  They'll do something more productive with it than you apparently would.
 
5 days ago  

BarkingUnicorn: jmr61: That zero interest loan H&R Block is offering will more than cover those poor souls sitting around waiting for those checks.

Pretty sure you have to waste money on H&R Block's tax prep fees to get that interest-free loan.


You would be correct. You can only apply for the "Refund Advance" while you are doing your tax return with H&R Block. If your return is put on hold (because you are waiting on documents, etc) or you decide not to finish your return at H&R Block...your application for the loan is not submitted. If you started your return and had to put it on hold, and end up finishing it after the loan promotion period, you can no longer apply for the loan.

And an FYI...the loan amounts are "$500", "$750", and "$1,250". The bank decides if you are approved, and for what amount you are approved. You do not find out at the office while filing your taxes (and the office you filed through does not get to find out whether you were approved)...and you find out by text or e-mail within 24 hours of applying.
 
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