Tax Return to Refund in 7 Days

[Talent312]

I filed my 1040 online (Tax Slayer) on 2/12.
My bank credited my refund ($82) on 2/19... 7 days later.
I find that impressive.
.
.

 

[WinniWoman]

I can’t even file yet. Always have to wait for a tax tool form for my brokerage account and it’s never ready until March. So annoying.

 

[Bucky]

I filed my 1040 online (Tax Slayer) on 2/12.
My bank credited my refund ($82) on 2/19... 7 days later.
I find that impressive.
.
.Same here and I used HR Block software

 

[missyrcrews]

Same here. I had Block do my taxes. I got my state refund yesterday. Which I will use to pay the federal tax. Glad it's close to a wash!

 

[Timeshare Von]

I filed electronically (TurboTax) on 2/8 and just saw on "Where's my refund" that it's been cleared for payment next Monday (2/23). Also not bad . . . just 2 weeks!

 

[Timeshare Von]

I can’t even file yet. Always have to wait for a tax tool form for my brokerage account and it’s never ready until March. So annoying.

My sister was fussing that her investment/brokerage account (Fidelity) won't be ready until next month as well.

 

[TheHolleys87]

DH filed via TurboTax last month, as soon as we had all our 1099s. We don’t have investments so didn’t need to wait for any of those. Our refund was in the bank, direct deposit, a couple of weeks later.

 

[ScoopKona]

I never get a refund. My accountant thinks this is the winning strategy.

 

[WinniWoman]

I never get a refund. My accountant thinks this is the winning strategy.

We usually broke even or got a small refund or paid a small amount when we worked.

But now in retirement we’ve had too many variables and more to come to figure it out so we stay on the safe side and have been getting refunds since. This year looks like we might be getting a large one. I’m ok with it.

 

[Brett]

I also never get a refund. And I have to wait until early March for all my 1099's.

 

[1Kflyerguy]

I can’t even file yet. Always have to wait for a tax tool form for my brokerage account and it’s never ready until March. So annoying.

That sounds like a K1, the deadline for those mid march.

I was just checking my forms and now have everything except the K1 from our Investment Club. After 33 years, we are winding the club down this year, so I will only have one more year of waiting.

 

[AnnaS]

I go to my accountant next week. Once or twice kind of broke even but usually pay. It is what it is. I have them withdraw immediately/one less thing to scratch off the list of things to get done/pay.

 

[pedro47]

Did the new one time tax credit for senior citizens over seventy (70) years old help anyone?

 

[TheHolleys87]

We usually broke even or got a small refund or paid a small amount when we worked.

But now in retirement we’ve had too many variables and more to come to figure it out so we stay on the safe side and have been getting refunds since. This year looks like we might be getting a large one. I’m ok with it.

Same for us - we try to keep our withholding at just enough to cover taxes and don’t expect a refund.

Did the new one time tax credit for senior citizens over seventy (70) years old help anyone?

Yes, it seems it helped us out, might have been the reason we got a small refund this year!

 

[Talent312]

Did the new one time tax credit for senior citizens over seventy (70) years old help anyone?

A bit of a misnomer there... It's not a <credit.>
"Starting in 2025 (filing in 2026), seniors aged 65 and older can claim a new $6,000 individual ($12,000 married filing jointly) tax deduction. This additional deduction is valid through 2028."

It saved me a right smart gob. I reduced my withholding accordingly.
But now, I'm adjusting it back up for various other reasons.

 

[TolmiePeak]

Why are people giving the government an interest free loan? Besides what if there was another government shutdown? Your refund would be delayed. Best to under withhold.

 

[SmithOp]

I didn't make any changes, so expected a refund with the additional $12k added deduction. I don't bother making changes anymore, it's a fools errand, every time my tax withholding approaches my liability they pass something that screws it up, or I age into a new bracket. I have to take my first RMD this year, next year, my wife starts rmds. Taxes are constant along with the changes.

I filed Superbowl Sunday, deposits hit the bank the following Wednesday, 4 days.

 

[WinniWoman]

That sounds like a K1, the deadline for those mid march.

I was just checking my forms and now have everything except the K1 from our Investment Club. After 33 years, we are winding the club down this year, so I will only have one more year of waiting.

No. Not a K1. It’s a tool to figure out the tax free percentages for investments in our brokerage account.

 

[Patri]

A bit of a misnomer there... It's not a <credit.>
"Starting in 2025 (filing in 2026), seniors aged 65 and older can claim a new $6,000 individual ($12,000 married filing jointly) tax deduction. This additional deduction is valid through 2028."

It saved me a right smart gob. I reduced my withholding accordingly.
But now, I'm adjusting it back up for various other reasons.

Didn’t know about this. Hope my accountant does. Hope to file soon.

 

[Timeshare Von]

A bit of a misnomer there... It's not a <credit.>
"Starting in 2025 (filing in 2026), seniors aged 65 and older can claim a new $6,000 individual ($12,000 married filing jointly) tax deduction. This additional deduction is valid through 2028."

It saved me a right smart gob. I reduced my withholding accordingly.
But now, I'm adjusting it back up for various other reasons.

Yep . . . extra $6000 deduction for us in 2025, and yet is made a nice difference since we still had some income through our LLC last year. Looking ahead, we're both 65+ this year, so it will be nice to have the extra deduction as we start withdrawing from our IRAs.

 

[Timeshare Von]

Why are people giving the government an interest free loan? Besides what if there was another government shutdown? Your refund would be delayed. Best to under withhold.

Because it's easier than worrying about paying in, especially once you're on a fixed income (SS). For us, I managed Federal w/h on my SS having them withhold 10% for 7 months, figuring that would "about cover it" . . . the $1,900 refund is nice, but realistically with the crappy interest rates, how much money did we give up? Peace of mind is worth something.

 

[Timeshare Von]

Didn’t know about this. Hope my accountant does. Hope to file soon.

TurboTax software does it automatically . . . so doing tax returns is pretty foolproof these days.

 

[Talent312]

Because it's easier than worrying about paying in, especially once you're on a fixed income (SS)...

Eggsactly.
OTOH, if I can see it coming, I can budget accordingly. So...
I plug numbers into a homemade spreadsheet to predict the result.
I adjust withholding on my pension website to keep close either way.

Annual changes and including the Social Security worksheet isn't easy.
But I'm a bit OCD and have time on my hands.
.

 

[TolmiePeak]

Because it's easier than worrying about paying in, especially once you're on a fixed income (SS). For us, I managed Federal w/h on my SS having them withhold 10% for 7 months, figuring that would "about cover it" . . . the $1,900 refund is nice, but realistically with the crappy interest rates, how much money did we give up? Peace of mind is worth something.

Every bit counts. You are giving up $70 to 100 in interest. Watch your pennies and the dollars will watch themselves.

 

[Timeshare Von]

Eggsactly.
OTOH, if I can see it coming, I can budget accordingly. So...
I plug numbers into a homemade spreadsheet to predict the result.
I adjust withholding on my pension website to keep close either way.

Annual changes and including the Social Security worksheet isn't easy.
But I'm a bit OCD and have time on my hands.
.

Me too! I do projections/estimate spreadsheets all the time! And yes, Since I'm relatively to SS and have had a lot of unique income situations over the past couple of years, it's been a challenge to forecast.