Yet another tax refund question

[pyonir]

So i saw that my refund has been electronically transferred to my account. i was supposed to get $488 back when i did my taxes. well the deposit is for $788! did i do something wrong and they just corrected me? or are getting something back that i am not aware of? i don't get it.

btw: i am single and filed independent.

any ideas?

 

[StageLeft]

<< btw: i am single and filed independent. >>

Edit, now you're single, and a convict. Get a lawyer. Now.

 

[mpitts]

<<

<< btw: i am single and filed independent. >>

Edit, now you're single, and a convict. Get a lawyer. Now. >>



?

 

[pyonir]

you can always count on Skoorb for a great Canadian comment.

 

[aphex]

<< you can always count on Skoorb for a great Canadian comment. >>

 

[khtm]

oops.

 

[Freejack2]

Call the IRS and ask them, better to find out now that it's not yours than to find out after you spend the extra $300 that they want it back.

 

[pyonir]

<< Call the IRS and ask them, better to find out now that it's not yours than to find out after you spend the extra $300 that they want it back. >>


that's what i was thinking....after i get the check stub thingy in the mail. wonder how long i'll have to be on hold for that.....

 

[dullard]

<< So i saw that my refund has been electronically transferred to my account. i was supposed to get $488 back when i did my taxes. well the deposit is for $788! did i do something wrong and they just corrected me? or are getting something back that i am not aware of? i don't get it.

btw: i am single and filed independent.

any ideas? >>



If you made a mistake and they changed it, you will get a letter notifying you of the change. I made a mistake once about 5 years ago (off by $1) and I got a letter. Your change seems to be $300. This might be a coincidence but $300 is the single tax rebate amount given for the year 2001. If you DIDN'T get a tax rebate check around September 2001 and you forgot to list it on your tax form, then you deserve up to $300 more back. So did you get a tax rebate check?

Edit: I would suggest you don't spend it and call the IRS after April 15th (that way you won't have to wait on hold).

 

[rgwalt]

Well, it may have just been a mistake on the part of the government. Just spend what is rightfully yours (the $488) for the time being. If they come back for the $300, you'll have it. Hold on to that $300 (maybe a separate account?) for three years. After three years, they can't audit this year's taxes. Trying to call the government to clear this up isn't worth your time.

Also, I doubt they would have "corrected" your return, unless they are running some sort of return checking software for the e-file returns. A lot of people submit incorrect returns. They catch the big mistakes because the big mistakes will trigger the audit formula. Small mistakes like yours aren't a big deal.

Ryan

 

[kranky]

Being as it's exactly $300, could it be related to the tax rebate from last year? Did you say on your return you didn't receive one?

 

[pyonir]

<< If you made a mistake and they changed it, you will get a letter notifying you of the change. I made a mistake once about 5 years ago (off by $1) and I got a letter. Your change seems to be $300. This might be a coincidence but $300 is the single tax rebate amount given for the year 2001. If you DIDN'T get a tax rebate check around September 2001 and you forgot to list it on your tax form, then you deserve up to $300 more back. So did you get a tax rebate check? >>


yeah i figured i should get something in the mail. i didn't get that rebate check because i was a dependent in taxable year 2000.

 

[dullard]

<< yeah i figured i should get something in the mail. i didn't get that rebate check because i was a dependent in taxable year 2000. >>



Now you are independent so you deserve the tax rebate. Since you didn't get one, then you should have your 15% tax bracket reduced to 10%. This change will be up to $300 credit on your tax forms. Did you claim the credit?

The rate reduction credit is on line:
1040EZ: line 7
1040A: line 30
1040: line 47

 

[dullard]

<< Small mistakes like yours aren't a big deal. >>



The IRS is watching the rate reduction credit like a hawk. Many people are the opposite of Pyonir. They recieved the rebate check AND try to claim the rate reduction credit. You can't have both. You get either the rebate or a tax credit - not both. It is easy to get these confused since the media made it seem like Bush gave us a tax reduction - then later congress gave us a tax rebate. However the media forgot to mention that these are the same thing (you get one or the other but not both). Thus the IRS is really watching this line since they don't want abuse.

 

[pyonir]

i didn't claim the reduction credit...had no clue about it. (thats what i get for filing myself). so the rebate must be where the 300 came from. i'll keep an eye on it. Thanks all