tag:blogger.com,1999:blog-5601819916630680133.post3780520001007701103..comments2024-01-23T23:07:00.959-08:00Comments on GRACEful Retirement: Tax Time--For Me If Not For the IRSGrace.http://www.blogger.com/profile/03557395027685855901noreply@blogger.comBlogger15125tag:blogger.com,1999:blog-5601819916630680133.post-31248626287525187962011-02-20T09:46:43.323-08:002011-02-20T09:46:43.323-08:00Update - I e-filed my income tax returns on Monday...Update - I e-filed my income tax returns on Monday, Feb 14th. My California refund hit my bank account yesterday, Feb 19th. All $817 of it.Petunia 100https://www.blogger.com/profile/11419094642410711334noreply@blogger.comtag:blogger.com,1999:blog-5601819916630680133.post-32317535742605285482011-02-06T09:29:12.750-08:002011-02-06T09:29:12.750-08:00Grace - If you had rental income loss this yesr an...Grace - If you had rental income loss this yesr and a gain last year, then your refund will the higher....Do note thought that replacing a roof increases your basis, and you can only write off (depreciate) the "expense" over 27.5 years. Thus a $5000 roof replacement would only generate $182 write off in 2010 if placed in service the full year (completed 1/1/2010).Glennoreply@blogger.comtag:blogger.com,1999:blog-5601819916630680133.post-20679943048581855542011-02-05T17:16:58.424-08:002011-02-05T17:16:58.424-08:00My actual income stayed the same this past year, b...My actual income stayed the same this past year, but my taxable income decreased some due to increased 401(k) payments and a loss on my rental (which usually makes me money) due to the new roof. I assume that's the reason for the difference.Grace.https://www.blogger.com/profile/03557395027685855901noreply@blogger.comtag:blogger.com,1999:blog-5601819916630680133.post-43244431401649688752011-02-04T11:39:53.975-08:002011-02-04T11:39:53.975-08:00MasterPo, I live in California and received a refu...MasterPo, I live in California and received a refund last year. The state has not made any announcements about not paying refunds this year.<br /><br />So Grace, why is your refund larger this year? Did you have additional dependents? Did you have larger rental expenses? If it were me, I would want to know.Petunia 100https://www.blogger.com/profile/11419094642410711334noreply@blogger.comtag:blogger.com,1999:blog-5601819916630680133.post-6263097974862571802011-02-02T19:11:13.083-08:002011-02-02T19:11:13.083-08:00I'm pretty sure CA doesn't give cash refun...I'm pretty sure CA doesn't give cash refunds anymore. They can't afford it. And the idea was at least floated last year by NY and several other states last year too.MasterPohttps://www.blogger.com/profile/07247333453805284751noreply@blogger.comtag:blogger.com,1999:blog-5601819916630680133.post-18446917506534744252011-02-02T06:41:08.621-08:002011-02-02T06:41:08.621-08:00Master Po? I know many states, including mine, AL...Master Po? I know many states, including mine, ALLOW one to use a refund to prepay next year's taxes. But I know of none that require it. Am I wrong about that?Grace.https://www.blogger.com/profile/03557395027685855901noreply@blogger.comtag:blogger.com,1999:blog-5601819916630680133.post-26898894695971435972011-02-02T03:32:26.408-08:002011-02-02T03:32:26.408-08:00Be happy they are still giving cash refunds. IMO i...Be happy they are still giving cash refunds. IMO it won't be long before they stop that. Probably not all at once. More likely if you expect a refund over X-amount it willbe as a "credit" towards next years taxes. Already being done by many states.MasterPohttps://www.blogger.com/profile/07247333453805284751noreply@blogger.comtag:blogger.com,1999:blog-5601819916630680133.post-66763905940017033322011-02-01T20:13:29.050-08:002011-02-01T20:13:29.050-08:00Glad you are getting a refund Grace! My daughter ...Glad you are getting a refund Grace! My daughter tried to file two days ago and was told it couldn't be done until after Feb 14th.... Now after reading the responses here, I know why.Lisahttps://www.blogger.com/profile/16681111721765764568noreply@blogger.comtag:blogger.com,1999:blog-5601819916630680133.post-9735817325581396242011-02-01T15:07:11.422-08:002011-02-01T15:07:11.422-08:00Apparently everyone knows about this delay except ...Apparently everyone knows about this delay except me. I should pay more attention to the news, which I would if it weren't all so depressing!Grace.https://www.blogger.com/profile/03557395027685855901noreply@blogger.comtag:blogger.com,1999:blog-5601819916630680133.post-81271700637969536952011-02-01T14:11:31.369-08:002011-02-01T14:11:31.369-08:00Oh Grace, I read about that in the Washington Post...Oh Grace, I read about that in the Washington Post. Which is why I'm waiting for the 15th. Wish it had worked for you, hopefully you are getting a ton of cash back! :)!Sharonhttps://www.blogger.com/profile/13940623529019637336noreply@blogger.comtag:blogger.com,1999:blog-5601819916630680133.post-31946528832988775182011-02-01T14:04:46.738-08:002011-02-01T14:04:46.738-08:00I was one of the lucky ones who was able to file. ...I was one of the lucky ones who was able to file. But I don't use a schedule A so that may be why.<br /><br />On a good note if you are having it direct deposited the turn around time for mine was 7 days.<br /><br />JudyAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-5601819916630680133.post-23259696624596873022011-02-01T12:03:58.617-08:002011-02-01T12:03:58.617-08:00Thanks for the explanation, folks.
But I don'...Thanks for the explanation, folks.<br /><br />But I don't have to be happy about the delay, do I?Grace.https://www.blogger.com/profile/03557395027685855901noreply@blogger.comtag:blogger.com,1999:blog-5601819916630680133.post-84809229103421424002011-02-01T10:52:14.720-08:002011-02-01T10:52:14.720-08:00It was announcd some time at the end of 2010 that ...It was announcd some time at the end of 2010 that the returns of taxpayers who itemize would not be processed till after February 15. The reason given was the tax provisions passed by the "lame duck" Congress in late 2010. The IRS needs time to incorporate them into their systems.Carolnoreply@blogger.comtag:blogger.com,1999:blog-5601819916630680133.post-29975702085782484492011-02-01T10:23:42.203-08:002011-02-01T10:23:42.203-08:00Actually, because of the lateness of the legislati...Actually, because of the lateness of the legislation that was signed in mid Dec. affecting tax laws, the IRS doesn't have the software set up in it's internal system yet to process returns that include form 8917(higher ed. tuition deductions), educator expense deductions, or any form filing that includes a Schedule A(itemized deductions). Schedule As are filed by millions of filers alone so many are affected.slugmamahttps://www.blogger.com/profile/12728856166374248591noreply@blogger.comtag:blogger.com,1999:blog-5601819916630680133.post-58766703451226196672011-02-01T09:01:02.412-08:002011-02-01T09:01:02.412-08:00That lame excuse the Feds gave you, is just that. ...That lame excuse the Feds gave you, is just that. A lame excuse. Uncle Sam doesn't have the money yet to pay the refunds. It has to borrow them from the Chinese. Logistics.Anonymousnoreply@blogger.com