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As it turned out when I did my taxes on 4/15, I owed $8,500. Fortunately we have kept the additional raise money the bank so we have it. I ended up using my best cash-back credit card and then paid it off yesterday. As for the penalties, I'm hopeful that their rule exempting the penalty "You paid at least 90% of the tax shown on the return for the taxable year or 100% of the tax shown on the return for the prior year, whichever amount is less." applies. It allows you to be off one year, but not the next. Meanwhile I have made a big change to my W-4 withholding.
Those safe harbor rules apply every year, so you can owe every year without an underpayment penalty as long as you meet the 90% or 100% (110% for higher income taxpayers) requirements.
Mailed our taxes March 20 and received refund via check April 23rd. Usually get direct deposit but filed form to get I Bonds and direct deposit but they just sent check. Only thing I can figure is since I Bonds were to be in my name as owner and hubby as beneficiary they didn't like the way it was set up. Got it in time to buy electronic I Bonds before rate goes down anyhow and weren't going above $10,000 in them anyway this year.
Mailed our taxes March 20 and received refund via check April 23rd. Usually get direct deposit but filed form to get I Bonds and direct deposit but they just sent check. Only thing I can figure is since I Bonds were to be in my name as owner and hubby as beneficiary they didn't like the way it was set up. Got it in time to buy electronic I Bonds before rate goes down anyhow and weren't going above $10,000 in them anyway this year.
You must have filed a joint return. In that instance, co-ownership of the bonds is required.
Just checked the IRS website on my refund status and my refund status shows “approved.” IRS states that my (tiny) refund should be direct deposited by May 3rd, 2023.
Total time from filing to refund (if it is received by May 3rd, would be exactly 3 weeks.)
I efiled, by the way.
I am eagerly awaiting $4800. from Ohio. We had a one time taxable event that cost us $9000 in Fed and Georgia, so I really hope the $4800. comes soon. It was filed electronically on 4/11.
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