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Old 07-02-2020, 05:43 PM   #121
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Originally Posted by SecondCor521 View Post
If it is interest, and if it is at 5%, then based on the $2748 that represents about 71 days worth of interest. That works backward to April 21st. Maybe they don't pay interest on weekends, or I did the math wrong, or some of it was at 3% (I saw somewhere they changed rates at some point).

Anyway, if it is interest apparently it's taxable.


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Old 07-02-2020, 07:01 PM   #122
Thinks s/he gets paid by the post
 
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Oh! I've just realized that they paid $2,774.78 when the refund was only supposed to be $2,748, so I received $26.78 extra. Do you think this is earned interest from April 15 to July 1st?
That is 71 days of interest at 5% annually compounded daily, so if they processed the refund the Friday before you received it, that sounds right. It is taxable, and you'll get a 1099 next year.
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Old 07-02-2020, 07:50 PM   #123
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That is 71 days of interest at 5% annually compounded daily, so if they processed the refund the Friday before you received it, that sounds right. It is taxable, and you'll get a 1099 next year.
Thank you, cathy63!

I should consider myself lucky that I got a refund sooner than many of you...
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Old 07-04-2020, 02:06 PM   #124
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CPA electronically filed in late March. Fed refund $16K.

Website kept saying "processing" until recently, when it said "Your return has been amended and you refund has been changed to $0. A letter confirming this will be mailed June 15."

No letter has yet arrived and the CPA said she can't do anything without the letter. FWIW, she said she reviewed the return and found no reason for any change. I'm in for a long hold on the help line, I guess.

So frustrating!
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Old 07-04-2020, 02:21 PM   #125
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CPA electronically filed in late March. Fed refund $16K.

Website kept saying "processing" until recently, when it said "Your return has been amended and you refund has been changed to $0. A letter confirming this will be mailed June 15."

No letter has yet arrived and the CPA said she can't do anything without the letter. FWIW, she said she reviewed the return and found no reason for any change. I'm in for a long hold on the help line, I guess.

So frustrating!
Yikes!!
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Old 07-04-2020, 10:24 PM   #126
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Originally Posted by kch130 View Post
CPA electronically filed in late March. Fed refund $16K.

Website kept saying "processing" until recently, when it said "Your return has been amended and you refund has been changed to $0. A letter confirming this will be mailed June 15."

No letter has yet arrived and the CPA said she can't do anything without the letter. FWIW, she said she reviewed the return and found no reason for any change. I'm in for a long hold on the help line, I guess.

So frustrating!
This gets my vote for sucky post of the day! Put your CPA to work after the letter shows up...oh wait it's now July 3 so I guess they didn't mail your letter..
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Old 07-05-2020, 06:32 AM   #127
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Just checked figuring it was a futile effort on a Sunday- refund approved and due to be deposited 7/9! I'm sure I'll get a nastygram when they find my paper return filed in early March in one of their trailers (I e-filed 5/19), but too bad.
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Old 07-07-2020, 01:36 PM   #128
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Filed paper return March 28th. Just received my refund check yesterday, July 6th.
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Old 07-08-2020, 11:36 AM   #129
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I am getting a big refund. Filed electronically early in June and IRS received and are still processing. Playing the waiting game.
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Old 07-08-2020, 02:55 PM   #130
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Just checked again today... no change.

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+1 I e-filed for DS on May 19 and his return was accepted. The email from TurboTax says "Once your refund is issued typically in 3 weeks or less it will be on its way to being all yours via your preferred delivery method." and what they say there is typical with my past experience.

A couple weeks ago I did the "Where's my refund?" and it didn't even have record of the return. A couple days ago I did a "Where's my refund?" and they now say "Your tax return is still being processed. A refund date will be provided when available."

Last year he e-filed on March 23 and received his refund on March 29.

Definitely a huge decline in service.... no real difference in his return between last year and this year... mostly W-2 income, IRA deduction, standard deduction and the retirement saver's tax credit.
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Old 07-08-2020, 03:51 PM   #131
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Originally Posted by kch130 View Post
CPA electronically filed in late March. Fed refund $16K.

Website kept saying "processing" until recently, when it said "Your return has been amended and you refund has been changed to $0. A letter confirming this will be mailed June 15."

No letter has yet arrived and the CPA said she can't do anything without the letter. FWIW, she said she reviewed the return and found no reason for any change. I'm in for a long hold on the help line, I guess.

So frustrating!
Any news on this?
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Old 07-08-2020, 06:12 PM   #132
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I'm still waiting for mine.
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Old 07-10-2020, 05:39 PM   #133
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Original OP here. July 10th now and my two daughters still haven't received their refunds nor does the system even show any status. Glad to hear they at least get a little interest though.

To make matters even worse, I'm the Executer of my recently deceased mothers estate. Sure enough she received a $1,200. Stimulus check by auto deposit even though she's dead. IRS officially came out later and requested everyone to return the money along with a letter describing the situation. Not wanting to hassle with the IRS maybe years down the road, I nicely sent them a check. You guessed it, 2 months later and the check still hasn't been cashed and I can't close out the bank account until they do.

Great system we have.
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Old 07-10-2020, 06:53 PM   #134
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We'll see. I just filed today.
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Old 07-12-2020, 12:16 PM   #135
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My son filed his tax return early March on paper. He said he received his federal tax refund yesterday direct deposited into his bank account. Looks like some IRS office is now open processing returns.

I filed mine on paper late March and have not received my refund into my bank yet.
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Old 07-16-2020, 09:05 AM   #136
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Progress at IRS's California processing centers. I mailed in my paper return on March 6. I checked the IRS website this morning and it now shows "Return Received"
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Old 07-16-2020, 10:05 AM   #137
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Progress at IRS's California processing centers. I mailed in my paper return on March 6. I checked the IRS website this morning and it now shows "Return Received"
Thanks, that helps. Our's are about the same time frame.
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Old 07-16-2020, 03:28 PM   #138
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Filed with TurboTax on July 7th, and as of this morning, have received both state and federal refunds. Sorry to those who are experiencing such long delays.
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Old 07-16-2020, 05:13 PM   #139
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Filed with TurboTax on July 7th, and as of this morning, have received both state and federal refunds. Sorry to those who are experiencing such long delays.
I'm pretty sure the long delays are almost exclusively for paper filers. People who filed electronically (like I did back in February and sounds like you did this month) have typically seen refunds in 7-10 days.
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Old 07-16-2020, 06:18 PM   #140
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I'm pretty sure the long delays are almost exclusively for paper filers. People who filed electronically (like I did back in February and sounds like you did this month) have typically seen refunds in 7-10 days.
Filed electronically on Feb 27th and still no refund and there are others in this thread with similar situations.
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