Tax Refund Delays
Question: anyone know about federal Tax Refund delays?
I filed my taxes online and they were accepted I got an original refund date of February 2nd or 3rd and then it was changed to the 10th which means I should have been getting it tomorrow but now I looked and it has been changed again to the 24th, my cousin filed hers and she got a message saying that there a delay in processing her return and it had a code 1201, but mines just had a changed date, and I have already gotten my state tax return in my account on 2-4-09 so what’s up with that? anyone know
Answer: I talked to the IRS 5 times and finally got a supervisor. Mine was accepted on 1/17 and had an original date of 1/30, mine too as of this morning has been pushed to 2/24. The supervisor told me that mine was pulled aside and put into the error department due to my stimulus payment from last year not matching the number I am claiming this year. I was then told that as of this morning the error had been corrected and they have already gone manually through my return and my return is now back into the regular processing cycle. So, as explained to me, it is as if I filed and was accepted today. I was given the date of 2/24 because it is the normal 3 week maximum wait for a direct deposit efile. She then told me it could change and be earlier as the error has been corrected and my return is now in the regular accepted proccessing department.
Hope this helps you and all others who may face a similar problem. All we can do is wait.
I understand your frustration as my girlfriend was accepted on 1/29 and was given a DD date of 2/6 as of this morning. We both filed the same way through the same efile site. It stinks, but what can you do?
File Now With TurboTax
Beginning today, all taxpayers can electronically file their 2010 tax return with TurboTax®, the nation’s No.1-rated, best-selling tax software, including taxpayers affected by recently announced IRS processing delays.
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Tax Refund Notification Email Scam
Question: Is this a scam?
I got the following email and I’m not sure if it is a scam. Anyone know?
——————————-
Tax Notification
Internal Revenue Service (IRS)
United States Department of the TreasuryAfter the last annual calculations of your fiscal
activity we have determined that you are eligible
to receive a Tax Refund of $184.80.Please submit the tax refund request and allow us
6-9 days in order to process it.A refund can be delayed for a variety of reasons.
For example submitting invalid records or applying
after the deadline.To access the form for your tax refund, click here.
Regards,
Internal Revenue ServiceDocument Reference: (92054568).
Answer: IRS would send you a notice in the mail, not email. It’s a scam
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Taxable Income Vs Accounting Income
Question: Tradition IRA (w/o tax break) vs index funds?
I exceed income limits for traditional IRA deduction but thought I’d open one to take advantage of long-term tax-deferred growth. However, a friend recommends investing in low-cost index funds in a taxable account, as capital gains taxes (currently) are only 15% and that withdrawls from an IRA later on will likely be at a greater rate than this (depending on my future tax bracket). Does this make sense? Is there something he’s not factoring in?
Answer: I assume you exceed the limit for both a deductible IRA and a Roth IRA contribution.
What your friend suggests makes sense for several reasons. If you invest after-tax money in an index fund, the gain is going to be taxed as capital gains. However, it will not be tax-deferred, the gains will be distributed annually. Some of your gains are going to be short-term (taxed as ordinary income) and some long term (taxed at a maximum of 15%). You will have the flexibility to sell some of the fund and not pay a penalty.
There are other factors to consider in deciding between a nondeductible traditional IRA and an after-tax investment. In a nondeductible traditional IRA, any eventual withdrawals of the gain will be taxed as ordinary income. If your tax bracket at retirement is higher than the capital gains rate, you are paying more tax from the IRA.
Your age is also a factor. If you have enough years to let your IRA sit, eventually the period of tax-deferred growth is going to be a better deal for you than an after-tax investment (but it may be decades depending on your particular tax situation).
There is an option available for the next couple of years that is worth considering. You can contribute your $4k ($5k if age 50 or older) to the IRA, and then in 2010 you can roll it over, tax-free, to a Roth IRA regardless of your income. The income limits for a Roth rollover will be lifted for 2010 only, unless extended. Then as long as you wait five more years, qualified distributions from the Roth IRA will be tax-free.
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