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Old 01-26-2015, 05:54 AM
 
18,719 posts, read 13,492,794 times
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Quote:
Originally Posted by glass_of_merlot View Post
We always overpay. . Purposely.
We are not trying to make it even. We are always getting money back due to child credit, student loan interest. This year we are getting 4700 federal and 400 state.


I'd rather have an extra 300-500 a month to do whatever I wanted with than purposely loaning it out
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Old 01-26-2015, 07:04 AM
 
Location: Los Angeles area
14,018 posts, read 17,659,551 times
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As I type this on January 26, I am still waiting for some of my 1099's and one of my two
W-2's. I NEVER have them all before February 1, and sometimes one or two of them come in after that date. The OP must have only a small number of them (and has already received them) in order to have filed his tax returns this early.

I agree with another poster who doesn't get the point of this thread - who would care about other people's refunds versus taxes owed? So why did I even read the thread? Because the thread title is very general and it was necessary to read at least the original post in order to see what it was about.
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Old 01-26-2015, 08:07 AM
 
24,843 posts, read 32,294,958 times
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Quote:
Originally Posted by Gandalara View Post
Sigh. All you early filers. I'm jealous. Would like to get done with and out of the way.

I always get corrected 1099's, so I have to wait.
I learned that lesson the hard way.

I filed my business tax.......then received a 1099......very late......in June.

I filed a schedule X.........that was the wrong thing to do........because I had claimed the income.

I am sure that is why I was audited.

It turned out OK........and was not near as bad as I thought it be......but, I would not want to do it again.
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Old 01-26-2015, 02:44 PM
 
6,045 posts, read 2,790,381 times
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Quote:
Originally Posted by glass_of_merlot View Post
We always overpay. . Purposely.
We are not trying to make it even. We are always getting money back due to child credit, student loan interest. This year we are getting 4700 federal and 400 state.
Why would you purposely give an interest free loan to the government?
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Old 01-26-2015, 04:28 PM
jw2
 
2,028 posts, read 2,619,285 times
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Quote:
Originally Posted by TaxPhd View Post
Why would you purposely give an interest free loan to the government?
If you like Amazon, it might work. TurboTax will add 5%-10% to your refund if you take the refund as an Amazon gift card.

https://ttlc.intuit.com/questions/18...nd-bonus-offer
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Old 01-26-2015, 04:47 PM
 
839 posts, read 1,079,438 times
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Quote:
Originally Posted by TaxPhd View Post
Why would you purposely give an interest free loan to the government?
I do because it might not turn out to be an interest free loan to the government. Each year I don't know for sure until I find out what the year end mutual fund distributions turn out to be. This year they were very large, so I know I'll owe a lot of taxes on them, so I definitely didn't loan a lot of money to the government.

In years past I used to follow the advice of "not loaning much to the government", only to be burned when the year-end distributions meant I suddenly had a huge tax bill.
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Old 01-26-2015, 04:50 PM
 
18,719 posts, read 13,492,794 times
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Quote:
Originally Posted by EdJS View Post
I do because it might not turn out to be an interest free loan to the government. Each year I don't know for sure until I find out what the year end mutual fund distributions turn out to be. This year they were very large, so I know I'll owe a lot of taxes on them, so I definitely didn't loan a lot of money to the government.

In years past I used to follow the advice of "not loaning much to the government", only to be burned when the year-end distributions meant I suddenly had a huge tax bill.


What does this have to do with a interest free loan? Were you penalized when you had your large tax bill?
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Old 01-26-2015, 04:51 PM
 
839 posts, read 1,079,438 times
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To answer the originally question, sort of:

I'm nowhere near done with my taxes this year. I expect them to be quite complicated. I haven't even received most of my forms in the mail yet.
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Old 01-26-2015, 04:52 PM
 
839 posts, read 1,079,438 times
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Quote:
Originally Posted by Lowexpectations View Post
What does this have to do with a interest free loan? Were you penalized when you had your large tax bill?
It's hard to have to pay a $2500 bill unexpectedly.
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Old 01-26-2015, 04:54 PM
 
6,045 posts, read 2,790,381 times
Reputation: 5942
Quote:
Originally Posted by EdJS View Post
I do because it might not turn out to be an interest free loan to the government. Each year I don't know for sure until I find out what the year end mutual fund distributions turn out to be. This year they were very large, so I know I'll owe a lot of taxes on them, so I definitely didn't loan a lot of money to the government.

In years past I used to follow the advice of "not loaning much to the government", only to be burned when the year-end distributions meant I suddenly had a huge tax bill.
You will never get burned by an end of year issue if you are "filed safe" based on your prior year tax liability. Make sure your withholdings and estimated payments equal your prior year tax, and you won't face a penalty, no matter how large the end of year amount is.
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