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Just Got My Tax Refund

Lost_in_the_HTTP

Lost_in_the_HTTP

Lifer
Just filed less than two weeks ago. Don't normally get one, but a bank screwed up on one of the bonuses and withheld part of it.


Cool. I guess.
 
I normally file in January, however we closed a business last year and I idiotically did not download the credit card statements before closing the account and now Chase is giving me the runaround.

Have to wait for the transaction list before I can add them all.
 
We usually owe and always keep the amount we owe put back in an interest bearing savings account. Around April 12 we just shoot a check off to the IRS and the state.

I'm toying with the idea of not filing and not paying at all this year. The federal government is currently a fucking mess due to the insane felon-in-chief.

Rolling the dice and falling through the cracks would save us about 9K. What could possibly go wrong…? We get caught, get a slap on the wrist then have to pay the tax and penalties. No big wiggle, I had the cash set aside previously.
 
iRONic said:
Rolling the dice and falling through the cracks would save us about 9K. What could possibly go wrong…? We get caught, get a slap on the wrist then have to pay the tax and penalties. No big wiggle, I had the cash set aside previously.
Click to expand...
This crossed my mind, but it looks like the interest rate is 7% + penalty, and with so many forms automatically filed, I think it would be hard to hide income.

I also want to do IDR for my wife's med school loans which we'll have to start paying later this year, so that would require the return. (Though, if they eliminate the DOEd, I guess it means they don't want their money back).
 
deadlyapp said:
I normally file in January, however we closed a business last year and I idiotically did not download the credit card statements before closing the account and now Chase is giving me the runaround.

Have to wait for the transaction list before I can add them all.
Click to expand...
I hate the idea of paper statements, because it is just such a waste of resources. But, the reason above is exactly why I have all paper statements on all relevant accounts. Companies and/or the cloud are always more than willing to instantly cut you off for stuff you might desperately need. And I hope they aren't charging you some $35/page to give it back to you.

That said, I now see a business idea. One that automatically downloads all statements from all accounts and digitally stores them for 70+ years (securely stored, of course).
 
My company always waits last second to send the T4 so still waiting on that. Usually March by the time it's all done.

This also made me remember to check my spam folder. Lot of stuff comes by email now so it's easier to miss if it gets marked as spam. There was a couple things in there, whoops. Just printed them now. Easier to deal with paper for tax stuff, as I physically drop it off to my tax person's house. Not everything comes electronically so end up with physical paper either way.
 
iRONic said:
Rolling the dice and falling through the cracks would save us about 9K. What could possibly go wrong…? We get caught, get a slap on the wrist then have to pay the tax and penalties. No big wiggle, I had the cash set aside previously.
Click to expand...
I got hit with penalties one year, but this was last century so take this in context. My memory isn't what you'd call reliable but I definitely remember late filing and late payment coming to 25% EACH.
 
dullard said:
I hate the idea of paper statements, because it is just such a waste of resources. But, the reason above is exactly why I have all paper statements on all relevant accounts. Companies and/or the cloud are always more than willing to instantly cut you off for stuff you might desperately need. And I hope they aren't charging you some $35/page to give it back to you.

That said, I now see a business idea. One that automatically downloads all statements from all accounts and digitally stores them for 70+ years (securely stored, of course).
Click to expand...
Mint used to do this, rocketmoney does, basically any service that pulls your transactions will keep them.

As mentioned this was a business account and frankly our business was so small I didn't even bother using quicken or another service that would have pulled and tracked transactions regularly. I normally just pulled quarterly and sorted them in excel. Guess you live you learn.
 
Okay, I have most of my forms now and started the process. One tax question. What tax year isn't 2024 but starts in 2024 and ends in a 20__ year?
1739052407219.png
 
I think corp.s have fiscal tax years. LLCs and small businesses might be able to do something similar. The latter might be why you're seeing this on a 1040.
 
It's pretty easy for a fiscal year to start in February and run through January. 2-1-2024 through 1/31/2025 for example.

US Gov fiscal year starts in October and some of the vendors follow that for grant/contract reasons, making it 10-1-2024 through 9-30-2025
 
Wow I'm surprised some you have already filed. My cpa just got my k-1 to me. It will take another month or so before I get everything ready to file on the personal side.
 
bbhaag said:
Wow I'm surprised some you have already filed. My cpa just got my k-1 to me. It will take another month or so before I get everything ready to file on the personal side.
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I think the last form I was waiting for arrived today - a 1098-T for my wife's tuition. Though, it seems like I don't qualify for any of the educational credits this year, so I guess I didn't really need to wait.

All my 1099-INT, Vanguard consolidated 1099 and 1099-R, and W2 forms came by the end of January. Still need to double check it all before I file, but I also owe money, so I'm not in a rush, especially with the greedy fucksticks who are trying to illegally impound taxpayer money.
 
I filed mine, getting my refund in a couple of days. It's almost a paycheck, so not too shabby. Still waiting on my refunds from years past from St. Louis even though I've filed them twice. Yay 1% off the top income tax for driving on about 1200 feet of their terrible roads on the way to the office every day.
 
iRONic said:
We usually owe and always keep the amount we owe put back in an interest bearing savings account. Around April 12 we just shoot a check off to the IRS and the state.

I'm toying with the idea of not filing and not paying at all this year. The federal government is currently a fucking mess due to the insane felon-in-chief.

Rolling the dice and falling through the cracks would save us about 9K. What could possibly go wrong…? We get caught, get a slap on the wrist then have to pay the tax and penalties. No big wiggle, I had the cash set aside previously.
Click to expand...

I'm thinking of not filing my brother's taxes at all. He passed last year, and had only RMD's and social security income, and he paid in to both federal and state. If they come after me it will be an inconsequential amount. Here's to hoping the federal gov. is slacking for the next 3 years.
 
We got notice the other day that a company will send out forms we need for our taxes "Before 3/31/2025". Great - thanks for potentially giving me less than 2 weeks to file our taxes (unless we file for an extension)
 
Exterous said:
We got notice the other day that a company will send out forms we need for our taxes "Before 3/31/2025". Great - thanks for potentially giving me less than 2 weeks to file our taxes (unless we file for an extension)
Click to expand...
That's annoying.

If you use something like H&R Block's offline program, you could at least prepopulate it with every other form to speed things along. That's what I did the last year or two: throw the forms in as they arrive, then just use the last time through as a numbers double-check and file.
 
nOOky said:
I'm thinking of not filing my brother's taxes at all. He passed last year, and had only RMD's and social security income, and he paid in to both federal and state. If they come after me it will be an inconsequential amount. Here's to hoping the federal gov. is slacking for the next 3 years.
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Condolences on your brother passing.
 
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