9th Annual Tax Thread - 2011

[Xcobra]

Got it figured out. Turbo Tax says the IRS doesn't need or want you to claim it (as it's exempt from CG). Haven't checked the forms, but no tax on gain.

I'm just saying, it's better that the IRS (and your State) have records on it than no records at all. I had a client who had an audit and basically California was asking why the transaction wasn't reported so we had to show the agent that there was no CG tax (with documentation, etc.). Up to you in the end.

 

[alkemyst]

Interesting why someone would want to give money to the IRS. They won't penalize you for not taking the deductions. As Eagle said, if need be file an amended later on.

You do get penalized if you do not pay enough taxes during the year.

For the OP, more than likely there is something like a grant, program, etc that his income cannot go over in order to qualify for.

 

[EagleKeeper]

You do get penalized if you do not pay enough taxes during the year.

For the OP, more than likely there is something like a grant, program, etc that his income cannot go over in order to qualify for.

This ^^

Which if a grant/contract/set aside is surprising, because they usually look at the gross not the net

 

[Red Squirrel]

I was late this year in filling (well on time, but later than usual). Just got a message from the lady that does my taxes and I get $1400 back! Not like last year where I had to pay. So at least I know I bought enough RRSPs this year. I just have to go sign today and it's done deal.

 

[rcpratt]

Am I going to have to pay a fee for paying my state taxes one day late? I did file on time.

 

[alkemyst]

Am I going to have to pay a fee for paying my state taxes one day late? I did file on time.

1) not all of use know you are from Michigan.

2) we do not provide state tax answers here.

In general, at least with the feds, there is some wiggle room.

I have paid taxes within the first 120 days without any penalty. it's usually been something like send $1000 in with my return and then another $1000 each month until paid in full.

 

[D1gger]

Damn, I just had to sign the cheque for our corporate taxes. I know we had a good year but there were way too many zero's on that cheque. Makes me sad. 🙁

 

[coloumb]

Due to some miscommunication between the wife and I - we both paid the amount due. Will the IRS automatically see this and send out a refund check or do I need to get on the phone and politely demand they send me a check?

 

[alkemyst]

Due to some miscommunication between the wife and I - we both paid the amount due. Will the IRS automatically see this and send out a refund check or do I need to get on the phone and politely demand they send me a check?

This is why only one person should be responsible for the filing of taxes.

I don't know if the IRS will automatically refund it, there is no need to make any demands...simply call them up and request a refund via check or direct deposit. They can even set you up with multiple checks or put money in more than one account.

 

[EagleKeeper]

Due to some miscommunication between the wife and I - we both paid the amount due. Will the IRS automatically see this and send out a refund check or do I need to get on the phone and politely demand they send me a check?

Checks are immediately logged and routed to the Treasury.

You can call a CSR, but
1) Good luck getting one on the phone
2) The most they can do is make a note in the file that may flag a review.
At this point the funds are no longer in your bank.

IRS will treat this as an advance payment for 2012 taxes without interest

 

[alkemyst]

Removed reply to spammer.

 

[EagleKeeper]

Removed reply to spammer

 

[coloumb]

Thanks for the advice. 🙂

After being re-routed twice and on hold for 20 minutes with the IRS - they took a quick look at my account, notified me the other payment was on hold, released it and told me I should see a refund in about 2-4 weeks. /phew