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Tax Refund Delays?


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#16 ThPantherFan

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Posted 22 February 2012 - 09:53 PM

I won't be getting a refund, so I will be delaying filing my taxes


I'm with you on that! Government keeps eating away at the middle income people. Glad my portfolio tanked the way it did or I would be up the creek.

#17 Chaos

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Posted 22 February 2012 - 09:58 PM

IRS refunds - the ultimate "look at the money I found, now I will blow it" account.

#18 MadHatter

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Posted 23 February 2012 - 07:32 AM

Yeah, at least you guys are getting something back. Uncle Sam will have to wait until the tax deadline for my bank draft.


You are the smart one. At least you did not give the governmnet an interest-free loan for a year.

Setting up your exemptions and witholdings to get a nice refund is really dumb.

The only way that you can rationalize it in any intelligent way is if the person has ZERO ability to actually save money each month.

The smartest way to handle this is to set your exemptions as high as possible. Get as much as you can in your paycheck without putting yourself into an under-witholding penalty situation....then put the extra witholding into a separate bank account and draw the interest. You then pay the tax bill from this account come April....and you pocket the interest.

Given the current interest rates, you will not get rich doing this. However, you WILL make money.

Edited by MadHatter, 23 February 2012 - 07:34 AM.


#19 Davidson Deac II

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Posted 23 February 2012 - 07:47 AM

I set mine up to have as little withheld as possible. I usually end up owning 3-4 hundred at tax time though. But its better than having it withheld.

Now, if you are getting a big refund due to Earned Income Credit, that is a little different. But if you are getting a refund because the government withheld to much, you should change your withholding in order to avoid giving the money to the government.

#20 MadHatter

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Posted 23 February 2012 - 08:00 AM

I set mine up to have as little withheld as possible. I usually end up owning 3-4 hundred at tax time though. But its better than having it withheld.

Now, if you are getting a big refund due to Earned Income Credit, that is a little different. But if you are getting a refund because the government withheld to much, you should change your withholding in order to avoid giving the money to the government.


I owe $10-15k every year. But, I have the money already sitting in my bank account ready to cut the check on April 15.

#21 Davidson Deac II

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Posted 23 February 2012 - 08:28 AM

I owe $10-15k every year. But, I have the money already sitting in my bank account ready to cut the check on April 15.


You must own your on business or work for a company that doesn't do withholding.

For me to do that would cause me to incur a penalty for not having enough withheld.

#22 stankowalski

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Posted 23 February 2012 - 08:37 AM

Don't trust the date you receive on the Where's My Refund page at the IRS. It said my refund was set to be deposited 2 days ago. Got nothing and called the IRS this morning. The person I talked to said that my return was randomly selected for review so I shouldn't expect anything for another 2-3 weeks.

#23 pstall

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Posted 23 February 2012 - 08:57 AM

everybody should leave the website alone for just 2 days. go underground and let them actually work on your refund.

#24 stankowalski

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Posted 23 February 2012 - 09:14 AM

everybody should leave the website alone for just 2 days. go underground and let them actually work on your refund.

Visiting their website and checking on your refund doesn't hamper them in ANY way in processing your return. If you're not anticipating a refund or don't need the money, fantastic, don't bother telling anyone else what they should do with their time.