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Post by Larry Madsen on Apr 30, 2024 19:43:34 GMT -5
Submitted our return on 1/31 via Turbo Tax, as we have done for many years now.
Got notice within a couple of weeks that our return was being held up for further inspection. It was two W-2 forms from major Hotel/Casino operators, that's it.
Got letter from IRS saying they were looking at some things ... none of which we could see as being possible problems.
Today the tax refund showed up in our bank account.
We did sell the 54 ford F100 this year for 5k. I was wondering if they might try to call the sale "taxable income".
I just don't feel much comfort in anything when the IRS is looking at stuff.
IRS web site does not show the filing as completed and refunded, yet. Sort of weird.
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Post by LTB on Apr 30, 2024 21:04:38 GMT -5
I hope it works out in your favor. I had heard they hired more people to go over them and a comment they expected to have more audits. Might be worth the money (about $45-$50) in the future to pay Turbo Tax to represent you if there is an audit.
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Post by Larry Madsen on Apr 30, 2024 21:47:16 GMT -5
22 years running a business (schedule C) every year … never an audit.
One might figure it was time for us to be hit with one. Ours now though are ridiculously simple. Transfer numbers from the W-2 to the 1040.
I have no idea if they audit past years and if so, how far back. 2018 was the last year we had anything more than the two W-2s.
I don’t think they would issue the refund ($1,266.00) if they thought there was a chance of us owing anything based on what they did (or are doing).
Edited to add: yeah the 87,000 new agents we kept hearing about. 😜
Historically, we file early and have the refund in about 10 days. 🙂
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Post by LTB on Apr 30, 2024 22:35:35 GMT -5
You shouldnt have anything to worry about. Maybe they just need to look busy.
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Post by Larry Madsen on May 1, 2024 6:54:23 GMT -5
The official IRS Refund Tracker now shows "Refund Approved"  I hope so, since the refund is sitting in my bank account. Hopefully they are done with me  |
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Post by slacker 🐨 on May 1, 2024 7:48:13 GMT -5
I bounce around between getting a refund and owing. When it's a refund, I just apply to the next year's taxes as it reduces my quarterly estimated payments.
I got what I guess was an audit one year. It wasn't like you see in TV or movies...I just got a letter saying "hey, we think you have this other income". They were right (chaos in estate crap when my dad passed away), we filed an amended return, paid the tax and penalty and moved on. I was dead certain they were wrong when If first got the letter as we do everything above board and have an accountant who does the return.
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Post by Larry Madsen on May 1, 2024 19:46:10 GMT -5
well, looking a bit closer at the IRS website ... It clearly states, "your refund will be issued May 03-2024. |
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Post by LTB on May 1, 2024 22:34:15 GMT -5
That is great news Larry! |
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Post by Larry Madsen on May 1, 2024 23:46:15 GMT -5
That is great news Larry! The interesting part is the refund has already posted in our account. I suppose it shouldn’t surprise me in view of the fact that my Social Security benefit is scheduled for the 3rd Wednesday and it has always posted a couple of days early. 🙂 |
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Post by LTB on May 2, 2024 8:43:14 GMT -5
Yeah, that is amazing you get the refund before the notification. Usually seems to be the reverse.
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Post by Seldom Seen on May 2, 2024 11:58:00 GMT -5
One thing I’ve learned from trying to work with the IRS is that this Kraken has many tentacles that are practically independent. I’ve had amended active return claims dropped and closed for no reason and received refunds that, even though completed, continue to generate “need 60 more days” letters. One amended return was delayed for 2-1/2 years before I finally engaged IRS Tax Advocate Service to take up my case. The refund appeared within 30 days. Be thankful you got your money.
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Post by ninworks on May 2, 2024 15:36:25 GMT -5
I filed my return mid March. I got an email stating the refund had been approved but it still hasn't hit my account. I went on the IRS website today to check the status of the refund. For some reason, unknown to me, they were unable to do the direct deposit so they are sending a check in the mail tomorrow. They also said that if I haven't received it by May 31st to contact them. Hopefully it will be here by then.
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Post by markfromhawaii on May 5, 2024 11:40:28 GMT -5
I’m not getting a refund for both my state and federal returns. I filed mine, including 2024 Q1 estimated just before the deadline and surprise, surprise all checks were cashed already.
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Post by rickyguitar on May 7, 2024 12:39:48 GMT -5
I have not filed yet. Filed an extension due to small claims court claim against crappt contractor. A real distraction. I will get to it.
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Post by Larry Madsen on May 7, 2024 13:26:21 GMT -5
The IRS website is now showing my refund "Paid".
I guess they work on an arbitrary timeline established up front without regard to what is actually happening.
OK by me, just happy to not be sitting here every day wondering what the heck they are trying to do.
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