Just filed my Federal tax return

[Out of Steam]

Just filed our federal and state returns. Federal refund is over $4K, state refund just shy of $200. I've always tended towards underpaying, so this is by far our largest refund ever.

I had been having about 14% withheld from retirement account withdrawals for Federal taxes, and about 12% from my pension. I missed that we had significant funds subject to 20% mandatory withholding, a product of pulling funds out of smaller TIAA subaccounts relatively quickly for convenience and simplification, instead of from all at the same rate.

Our actual Federal taxes due were under 10% of total income.

[GalaxyBoy]

Filed federal yesterday using HRB software and it was accepted by IRS within a few minutes. HRB seems to have no problem with Form 1116. I get about $800 back because I withheld a tad over last year’s tax bill, but the amount of foreign tax paid by the international funds I hold are hard to predict accurately. I owe the state $33 so I got that one pretty close. Virginia taxes are pretty simple for me so I don’t pay for software and filing now that they got rid of the state fillable forms, and with Roth conversions I exceed the income limit for free filing.

[gauss]

Quote:

Originally Posted by arch57 Thanks for replying. Here are some answers... 1) Box 2b is NOT checked 2) Code in box 7 is "B" - Designated Roth Account Distribution (text according to HR Block Tax software) 3) Yes there is an entry in box 5 and yes, it is the difference between 1 and 2a. note: I recall that the amount in box 5 is about how much I put into the Roth 401K back in 2008 4) No entries in boxes 10 or 11 However, looking at box 11 I am surprised it empty and should be 2008 as that is when I put some money in a Roth 401K for awhile but stopped as our tax bracket rose So hopefully that sheds some light but I cannot see how this is taxable. Maybe the Box 11 needs to be populated to prove I had this more than the 5 years?

I suspect that you may be on the right track here, but let's explore this a bit further to confirm.

1) Was you distribution essentially your entire balance in the Roth 401k?

2) Were there ever any distributions in the past from this Roth 401k?

3) Was the contribution that you made in 2008 your only contribution to this Roth 401k?

If your answers to these 3 questions match to what I suspect they are (from what you have said so far), then I think we will have good data to support the theory that they are treating it as a nonqualifed distribution.

-gauss




-gauss

[reneeh63]

Filed and received my (small) refund in nonly 5 days - practically a record!

[audreyh1]

Quote:

Originally Posted by cathy63 EFTPS is the same. You select that the payment is for a 1040 and then choose whether it's an estimate, regular return, amended return, audit adjustment, etc.

Be sure to enter the correct year for estimated payments! Well for any type of payment.

I especially appreciate the scheduling flexibility with EFTPS and the ability to schedule all 4 estimated tax payments ahead if desired.

[aja8888]

https://www.npr.org/2022/02/21/10817...ax-return-2022

Quote:

Collins told panel members on Thursday that as of early February, the tax collection agency had some 23.5 million tax returns and other documents, including correspondence that require manual processing, in its inventory. She said the IRS reports that "all paper and electronic individual refund returns received prior to April 2021 have been processed if the return had no errors and did not require further review." But she added, "by implication, that means returns filed as far back as April of last year are still awaiting processing."

This backlog is growing. Lst year it was estimated to be 11 million.

[harllee]

Quote:

Originally Posted by sengsational I screwed mine up is why I'm in for a refund. In December, I "did my taxes", but put in the wrong estimated total tIRA value on December 31st; I should have reduced it by the (mega) Roth conversion amount, but I didn't . Then set withholding according to the bad estimate. And I'm also wrong about insisting on a paper check; I have not ever given them my banking data. I know it's printed right there the bottom of my paper checks, but it's a comfort knowing it's at least not in their system. I'm not worried about the IRS hitting my account, and I'm not too very worried about the IRS loosing control of the data. But that is a possibility. If I was being rational, I'd realize if they did loose control of the data, the banking info would be just one facet of a much bigger mess, and I should probably go for direct deposit. Anyway, I e-filed a couple of days ago, but not holding my breath for a check any time soon.

seng, I have a separate small checking account that I keep a couple of thousand in that I use for things like PayPal, ebay, IRS payments (I deposit just enough to make the payment) etc. Maybe you could set up a separate checking account for your IRS refund.

[Midpack]

Quote:

Originally Posted by audreyh1 Be sure to enter the correct year for estimated payments! Well for any type of payment. I especially appreciate the scheduling flexibility with EFTPS and the ability to schedule all 4 estimated tax payments ahead if desired.

I didn’t realize that, thanks! I’ll schedule Q1 thru Q3 (so I don’t forget) and then trim adjust and manually enter Q4.

[RunningBum]

Got the mail today, and saw an envelope from the Treasury Dept, my paper I-bond from my refund is here! Yay! Wait, another envelope...a lot of envelopes. Maybe they issued 10x$500 bonds? I opened one...$50. WTF? I was on my way down to my son's and the weather was a little sketchy so I didn't want to open them all up. Spent 2.5 hours driving and wondering what the deal was and if they screwed up. Got there and counted 11 envelopes total. Another $50...then a $100. Then a $500. Then a $1000. I'm counting along, and I'm up to $2950 with 3 envelopes left. 2x$1000, then the final $50.

I guess they figured I might want to redeem a smaller amount at some point, and this gives me a lot of flexibility. I wonder how much more work to convert them to E-bonds or virtual or whatever you call what I bought from Treasury Direct.

[audreyh1]

Quote:

Originally Posted by Midpack I didn’t realize that, thanks! I’ll schedule Q1 thru Q3 (so I don’t forget) and then trim adjust and manually enter Q4.

You can always schedule all 4, but then cancel one of the payments and replace. I’ve done that for the Q4 payment before. You can do it pretty close to the deadline too. They say as close as the day before.

[audreyh1]

Quote:

Originally Posted by RunningBum Got the mail today, and saw an envelope from the Treasury Dept, my paper I-bond from my refund is here! Yay! Wait, another envelope...a lot of envelopes. Maybe they issued 10x$500 bonds? I opened one...$50. WTF? I was on my way down to my son's and the weather was a little sketchy so I didn't want to open them all up. Spent 2.5 hours driving and wondering what the deal was and if they screwed up. Got there and counted 11 envelopes total. Another $50...then a $100. Then a $500. Then a $1000. I'm counting along, and I'm up to $2950 with 3 envelopes left. 2x$1000, then the final $50. I guess they figured I might want to redeem a smaller amount at some point, and this gives me a lot of flexibility. I wonder how much more work to convert them to E-bonds or virtual or whatever you call what I bought from Treasury Direct.

What A Pain!!!

And you have to convert them to electronic form too, right?

[Done]

Quote:

Originally Posted by RunningBum Got the mail today, and saw an envelope from the Treasury Dept, my paper I-bond from my refund is here! Yay! Wait, another envelope...a lot of envelopes.

Yes, this article says to expect many envelopes. He also describes how to convert them to electronic form.

[REWahoo]

Our refund was deposited last night, a week after filing our e-return.

[Venturer]

We filed our taxes 02/15 and our refund was deposited 02/23, that's pretty fast to me, 8 days and 3 of those were long federal holiday weekend.

[W2R]

Got my refund today! 21 days since I e-filed with Turbo-Tax, exactly when the IRS said I'd get it.



As for the Louisiana refund, from what I understand it takes half a year longer than the federal refund. It is very small, though.

[eytonxav]

Filed on 2/16 and refund showed up today, 2/25.

[tulak]

I have a question that I'm hoping someone can answer.

I used Direct Pay to overpay my taxes in order to get $5k of iBonds. I did this over a week ago and when I log in to the IRS website, it shows as a Pending Payment.

I've been waiting for this to go to Processed Payments, but I have no idea how long, or if, it'll happen. I've been ready to file for over a week and would like to submit my return.

I'm wondering if I should file and assume that it will sort itself out or if I should wait until the payment has been processed? Has anybody encountered this before?

[cranberryjoe]

Quote:

Originally Posted by audreyh1 You can always schedule all 4, but then cancel one of the payments and replace. I’ve done that for the Q4 payment before. You can do it pretty close to the deadline too. They say as close as the day before.

Except when it doesn't work! For years I've been scheduling all four payments in advance, then in late December or early January I would cancel and reschedule a larger or smaller Q4 payment based on how the year went.

Did the same this year, canceling the Q4 payment and rescheduling a much larger payment about a week before the scheduled payment date. For some unknown reason, the cancellation didn't work this time. On the scheduled day, the IRS took both payments from my checking account! I saw the notifications from my bank, cursed like a sailor, then scrambled to transfer enough money into checking to cover the extra payment.

So I'm getting a huge refund this year. Not how I like to play the game.

[Brat]

My Federal return using H&R Block software has been a bummer. I have used that software for years, no problem, joint returns. I transferred last year's return (Fed return submitted electronically - no problems) and assumed the personal info was correct. When I went to file electronically it was rejected. Typos on both my and my husband's SSNs, middle initials dropped. Once I fixed that IRS rejected it because they claimed that it didn't match my husband's AGI didn't match their records. Ah, we have filed jointly for years. I verified the AGI on last year's return, the names are in the same order.

I updated H&R Block file today, in the hopes that they had found a glitch in their software. No luck, file rejected.

I will file a paper return. I owe money so not in any great hurry.

Not a happy customer.

[Walt34]

When logging into the local bank to pay the phone bill I noticed the state tax refund had posted. The federal one posted ten days after filing. Yay, all done!