Calculated refund of $2

[Fermion]

Just did our taxes. It wasn't super complicated this year because there was not a lot of activity in our taxable accounts but I did have to report the first 72t distribution we took last year. Hope I did that right...seemed fairly easy, just put in the 1099-R info and the software filled out form 5329 that indicated this was substantially equal lifetime payments, so exception applies.

Bank had taken out 1.51 in taxes on a massive $10 in yearly interest on a decent five figure account (that certainly has changed now...next year interest will be a thing again).

We get all that 1.51 back...actually it rounds up to $2.

So not only am I getting $2 back this year, but we are skimming $0.49 from Uncle Sam. How about that!

I know it should be invested wisely, but tempted to treat it as found money.

 

[jebmke]

make sure you invest the $.49 every year; eventually you'll be solid.

 

[aja8888]

Just did our taxes. It wasn't super complicated this year because there was not a lot of activity in our taxable accounts but I did have to report the first 72t distribution we took last year. Hope I did that right...seemed fairly easy, just put in the 1099-R info and the software filled out form 5329 that indicated this was substantially equal lifetime payments, so exception applies.

Bank had taken out 1.51 in taxes on a massive $10 in yearly interest on a decent five figure account (that certainly has changed now...next year interest will be a thing again).

We get all that 1.51 back...actually it rounds up to $2.

So not only am I getting $2 back this year, but we are skimming $0.49 from Uncle Sam. How about that!

I know it should be invested wisely, but tempted to treat it as found money.

Just think about the huge numbers of us that got rounded down. Smirk at us!

 

[jazz4cash]

I know it should be invested wisely, but tempted to treat it as found money.

BTD

 

[jldavid47]

We got an $11 refund. I told the IRS to keep it to pay 2023 taxes.

 

[audreyh1]

There are already so many round ups and round downs on every form that by the time you get to the final number you could be off by several $!

 

[GalaxyBoy]

I had a 1099 this year for $0.49 in interest on the cash balance in my Schwab brokerage account, which I keep fully invested as much as possible. Anyway, my tax software kept reporting an error which I finally figured out was due to the figure being rounded down to 0, and it wouldn't let me have a 1099 with no interest. Some googling led me to the answer that I don't have to report that 1099.

Woo-hoo, tax-free interest on that account!

 

[FLSUnFIRE]

I had a 1099 this year for $0.49 in interest on the cash balance in my Schwab brokerage account, which I keep fully invested as much as possible. Anyway, my tax software kept reporting an error which I finally figured out was due to the figure being rounded down to 0, and it wouldn't let me have a 1099 with no interest. Some googling led me to the answer that I don't have to report that 1099.

Woo-hoo, tax-free interest on that account!

Odd that they sent a 1099. I don't think I've ever got one for under $10.

 

[GalaxyBoy]

Odd that they sent a 1099. I don't think I've ever got one for under $10.

I should have mentioned it was part of a composite 1099, but the software produced a separate virtual form for each account.

 

[pb4uski]

Just did our taxes. It wasn't super complicated this year because there was not a lot of activity in our taxable accounts but I did have to report the first 72t distribution we took last year. Hope I did that right...seemed fairly easy, just put in the 1099-R info and the software filled out form 5329 that indicated this was substantially equal lifetime payments, so exception applies.

Bank had taken out 1.51 in taxes on a massive $10 in yearly interest on a decent five figure account (that certainly has changed now...next year interest will be a thing again).

We get all that 1.51 back...actually it rounds up to $2.

So not only am I getting $2 back this year, but we are skimming $0.49 from Uncle Sam. How about that!

I know it should be invested wisely, but tempted to treat it as found money.

Apply to 2023 tax rather than get a refund... easier.

 

[audreyh1]

Odd that they sent a 1099. I don't think I've ever got one for under $10.

Agreed - I always carefully look through my various accounts and for those below $10 I get the interest off the Dec statement where they usually give YTD interest paid.

Unless it was on a combined 1099 then they would likely include that interest.

I should have mentioned it was part of a composite 1099, but the software produced a separate virtual form for each account.

I see now that was it.

 

[RetiredAt55.5]

Odd that they sent a 1099. I don't think I've ever got one for under $10.

My wife has an account with Truist Bank. The interest rate is ever so slightly higher than 0%.

Just like in prior years, they mailed us another 1099-INT this year.

The interest was a grand total of 36 cents.

 

[pb4uski]

It cost them more than that to mail it to you.

 

[scrabbler1]

I am getting a $10 refund from my state, mostly by design, so I can roll it into next year's taxes. This way, no money changes hands which keeps everything cheap and simple.

 

[11522914]

I just prepared my 2022 Federal tax form. Throughout the year I take IRA withdrawals and have them take out taxes. And by the end of the year I roughly estimate what my taxes will be and take out enough to cover them. With so many moving parts on my tax return I usually take out a little bit more than I think I need.

So I finish my tax return and it says I get no refund and owe no taxes. Uh? I checked everything and it appears to be correct. I mean, come on, what are the chances that I pulled out the exact, to the penny, amount of taxes. Plus every entry is rounded. Especially since I took out withdrawals several times from both our IRA accounts. Weird. I'm scared to file thinking the IRS is going to think there is some funkiness going on.

Apparently I overestimated state taxes as I'm getting a refund.

I'm buying a lottery ticket today.

 

[cathy63]

Congrats! Getting the exact amount of withholding correct is a pretty amzing achievement.

 

[scrabbler1]

I just prepared my 2022 Federal tax form. Throughout the year I take IRA withdrawals and have them take out taxes. And by the end of the year I roughly estimate what my taxes will be and take out enough to cover them. With so many moving parts on my tax return I usually take out a little bit more than I think I need.

So I finish my tax return and it says I get no refund and owe no taxes. Uh? I checked everything and it appears to be correct. I mean, come on, what are the chances that I pulled out the exact, to the penny, amount of taxes. Plus every entry is rounded. Especially since I took out withdrawals several times from both our IRA accounts. Weird. I'm scared to file thinking the IRS is going to think there is some funkiness going on.

Apparently I overestimated state taxes as I'm getting a refund.

I'm buying a lottery ticket today.

I prepare the tax returns for my (snake-bit) friend. Back in 2017, I guessed perfectly how much of his inherited IRA to devote to state income taxes in a December RMD. He ended up owing zero and getting a zero refund. He broke even.

 

[skipro33]

Just make sure you select to receive this refund, not apply it to next years taxes. We did that once and when the pandemic money was handed out, it was based on the bank account used to deposit a federal tax refund. Since we had a refund, I expected to see it. But since the refund wasn't e-deposited to our checking account, we didn't get the money. Took a long time to get it.

 

[Winemaker]

I received a phone bill statement 2 weeks ago stating that my late DM had a $0.38 credit. Last week I received a check for that amount, made out incorrectly. I signed it as the executor, and the bank accepted it, I didn't have 38 cents of time to call and get the name spelt correctly.

 

[Surewhitey]

We just got ours back in record time. Filed on a Sunday and deposited on Thursday... Time for vaca.