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05-27-2011, 11:00 AM
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97 posts, read 373,393 times
Reputation: 36
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When the IRS adjusts your refund amount do they send a notice on why the amount was changed? I've always gotten exactly what I calculated. The amount is for exactly $250 less than I expected. We started making payments on the homebuyer credit from '08, I thought it might be related to that, but when i checked I did include the correct figure of $500 (7500/15yrs) . I also triple checked my math and everything looks good. It's been 2 weeks and I haven't received anything from them. I would think if they deposited my refund they would be finished reviewing my return and would send out any supporting documentation for changes. So what should I do? Should I file an amendment? I think I'm correct.
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05-27-2011, 11:16 AM
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Location: Boise, ID
8,046 posts, read 27,391,251 times
Reputation: 9447
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Do you have any judgments against you, that someone could have filed a garnishment against your taxes?
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05-27-2011, 11:39 AM
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Location: MMU->ABE->ATL->ASH
9,314 posts, read 19,972,954 times
Reputation: 10414
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Yes, the IRS will send you a letter as to why the number is different. If you EFT the refund to your account, the Letter should arrive in about 3 days. Electrons move faster then paper.
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05-27-2011, 11:47 AM
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97 posts, read 373,393 times
Reputation: 36
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Quote:
Originally Posted by Lacerta
Do you have any judgments against you, that someone could have filed a garnishment against your taxes?
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None that I can think of. Guess I wait for a letter. |
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05-27-2011, 12:15 PM
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Location: The Triad (NC)
32,964 posts, read 77,475,651 times
Reputation: 41193
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Quote:
Originally Posted by starfish33
When the IRS adjusts your refund amount do they send a notice on why the amount was changed?
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Yes. And ot will likely be rather cryptic.
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So what should I do? Should I file an amendment? I think I'm correct.
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Be grateful that the amount they took wasn't even more of course. |
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05-27-2011, 01:59 PM
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4,011 posts, read 10,851,971 times
Reputation: 8638
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If you call, they can review your return with you line by line (since the basics are online) and offer the explanation, right or wrong. But you should not assume anything and start writing letters because it just takes too long and gets too confusing to both sides.
Always verify the facts first to determine the specific problem and then determine what is necessary to either explain it or pay it.
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05-27-2011, 09:44 PM
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Location: Wisconsin
7,214 posts, read 9,025,186 times
Reputation: 7790
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Can I ask why you always plan to get a refund? A refund just means you overpaid and lent the government money.
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05-27-2011, 10:45 PM
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Location: The Triad (NC)
32,964 posts, read 77,475,651 times
Reputation: 41193
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Quote:
Originally Posted by MaseMan
Can I ask why you always plan to get a refund? A refund just means you overpaid and lent the government money.
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the loss on the $20/wk it takes to accumulate a $1000 refund is what?
bubkes!
conversely... how much will it cost to come up with $1000 on short notice on April 15 to pay with your return if you don't have it sitting by?
that's why.
higher numbers don't change that relationship. |
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05-28-2011, 08:48 AM
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Location: Wisconsin
7,214 posts, read 9,025,186 times
Reputation: 7790
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At least depositing that $20 a week will accumulate a minimal amount of interest. The government pays you no interest when it gives you a refund. I think some people use their taxes as a forced savings account, which I personally think it short sighted.
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05-28-2011, 09:13 AM
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Location: The Triad (NC)
32,964 posts, read 77,475,651 times
Reputation: 41193
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Quote:
Originally Posted by MaseMan
I think some people use their taxes as a forced savings account...
which I personally think it short sighted.
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That depends on scale. In the example I used above of $1000...
for the people at that level (and probably up to $5000 refunds) it makes a LOT of sense to CYA.
Certainly far more sense than playing with fire does for $20 a week.
Again, what happens when they don't have that money sitting by when it's needed?
If the number is genuinely significant... well, that's different. |
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