topic Re: Federal Income Tax in Community Chat

Federal Income Tax

excpa — Mon, 22 Jan 2018 18:37:55 GMT

I just completed my Form 1040 on line at ezFile, thru free file on IRS.gov. They say it will be filed when the IRS accepts the returns. Since it's a refund, I'm hoping the government reopens soon and starts accepting the returns.

Anyone else concerned? (I saw that Social Security checks will go out, but I'll believe it when the money is in my account.)

It's getting harder to keep the faith.

Re: Federal Income Tax

software — Mon, 22 Jan 2018 18:40:55 GMT

@excpa wrote:
I just completed my Form 1040 on line at ezFile, thru free file on IRS.gov. They say it will be filed when the IRS accepts the returns. Since it's a refund, I'm hoping the government reopens soon and starts accepting the returns.

Anyone else concerned? (I saw that Social Security checks will go out, but I'll believe it when the money is in my account.)

It's getting harder to keep the faith.

I'm probably out of the loop but why would the IRS accept returns before the end of the month?

Are you on SS?

I work and my employer won't send in the data to the IRS until the end of January.

Are you concerned about the government shut down?

Re: Federal Income Tax

Carmie — Mon, 22 Jan 2018 18:44:27 GMT

We are still waiting for everything needed to file our taxes. I hope it gets here soon. Some places wait until the last legal minute to sent it out.

We usually owe money, no matter how much we have taken out all year long. In the few years where we did get a refund, we used it to pay some of our real estate taxes due in the spring.

i wish our law makers would not get paid until they pass the budget. This would surely influence them to come to terms and pass something...and soon.

Re: Federal Income Tax

Carmie — Mon, 22 Jan 2018 18:50:55 GMT

@software. Normally the IRS would start accepting returns on Jan 29 this year. But, if the federal government is closed down, nothing will be processed until they are up and running again. Therefore, the refunds might be late...really late as things back up.

I am sure most people are concerned because people need that money and are counting on it.

Re: Federal Income Tax

software — Mon, 22 Jan 2018 18:55:04 GMT

@Carmie wrote:
@software. Normally the IRS would start accepting returns on Jan 29 this year. But, if the federal government is closed down, nothing will be processed until they are up and running again. Therefore, the refunds might be late...really late as things back up.

I am sure most people are concerned because people need that money and are counting on it.

It's one of those things out of my hands.

Shut down or not.

I do my part, and the government will do their part in due time.

That's just the way it is.

ETA the fact the IRS has opened the free file website, is probably a good sign.

Re: Federal Income Tax

excpa — Mon, 22 Jan 2018 18:54:08 GMT

@software Yes, to all questions. SS sent the 1099 last week and, when I went on line, I found all those entities I was interested in had the info posted so I printed it out. If you file early it makes it more difficult for someone to get your refund in a case of a mis-appropriated SSN. There seem to be a lot more "security" features, with verification codes being sent.

Besides, filing early gets you your refund faster. Last year I had my refund the first week of February. I try to adjust withholding so that my refund is small. I am having some difficulty working on 2018 withholding, for some reason.

Re: Federal Income Tax

kitcat51 — Mon, 22 Jan 2018 19:22:32 GMT

@excpa Accepting Federal Tax returns for 2017 begins Jan 29, 2018. I haven't even received all my filing info yet so you are an early bird. I'm not worried at all for me but unhappy the Military will not be paid during the shutdown...that's so wrong.

Re: Federal Income Tax

hckynut — Mon, 22 Jan 2018 19:25:12 GMT

@excpa

SS check was received by me during the last shutdown, why would I think this time will be any different? I don't!

All the morons that made this decision should not get paid, period. Not now or when this nonsense ends.

As far as tax refund? I don't live that close to the vest, when it gets here it gets here. I have never and will never get too concerned about things which I have zip control over. Got more important things to occupy my mind and body.

Keeping the faith is a personal choice and I'll not mention mine here.

hckynut(john)

Re: Federal Income Tax

drizzellla — Mon, 22 Jan 2018 19:28:56 GMT

I listened to a webinar last year about changes. They talked about changing deadlines for companies to submit forms. It seemed crazy that people were getting refunds before the 1099 forms were submitted to IRS.

Well apparently the new deadline for a shutdown is February 8.

Re: Federal Income Tax

FrostyBabe1 — Mon, 22 Jan 2018 19:36:43 GMT

Brokerage houses won't have 1099's for taxable accounts ready until mid-February so there's no point in me even thinking about taxes yet. I keep my files up to date throughout the year, so when I do get everything I need, I can just hand it off to my accountant and head south again. I haven't received a refund in years, and if I do, I just have it applied to my current estimated taxes, so I'm in no hurry to file anyway.

Re: Federal Income Tax

Bri36 — Mon, 22 Jan 2018 19:34:15 GMT

I would love to file now, but I haven't even received most of my documents yet.

I'm usually ready by March.

Re: Federal Income Tax

LexPex — Mon, 22 Jan 2018 19:39:36 GMT

Guess the shutdown is over (for now) ....I have my tax forms filled out and ready to go but am waiting on interest statments from investments and banks which usually don't come until the last day they legally have to send them

Five years ago my GF's tax return was hacked and went to someone else. How? I'm not sure but she and DH had to get a lawyer to help. Took about 3 months to square everything away. Once that happened to her, I always try to file ASAP

Re: Federal Income Tax

nomless — Mon, 22 Jan 2018 19:50:01 GMT

@excpa wrote:
I just completed my Form 1040 on line at ezFile, thru free file on IRS.gov. They say it will be filed when the IRS accepts the returns. Since it's a refund, I'm hoping the government reopens soon and starts accepting the returns.

Anyone else concerned? (I saw that Social Security checks will go out, but I'll believe it when the money is in my account.)

It's getting harder to keep the faith.

I don't know when IRS beings accepting returns, but I don't understand why are you concerned. Of course you will receive your refund. The IRS isn't going to keep funds that are due to be repaid to you. But as always, the date you will receive your refund is uncertain. I never know when I will receive my refund.

Re: Federal Income Tax

2blonde — Mon, 22 Jan 2018 19:52:44 GMT

I always have to pay, so no big rush here......probably the day before it's due (April 16).

Re: Federal Income Tax

Bri36 — Mon, 22 Jan 2018 19:54:32 GMT

They're not even processing returns before 01/29.

I would definitely check your Refund Status online after the 29th.

Re: Federal Income Tax

excpa — Mon, 22 Jan 2018 20:02:57 GMT

To all of you who are so sure that you will get your refunds, I say Dreamers!

Re: Federal Income Tax

SilleeMee — Mon, 22 Jan 2018 20:15:30 GMT

Question:

Will we be seeing the new tax reform applied right now or is this not happening until the 2018 filing?

Re: Federal Income Tax

Carmie — Mon, 22 Jan 2018 20:21:28 GMT

Thank goodness SS payments will go out in time. The mail continue, but most of the Federal workers will not get paid or even have to report to work.

That is a lot of people who will have to make do with whatever they can scrape up. Mortgage payments will have to wait and the late interest will add up.

If you are fortunate enough that you can afford to wait longer than usual for your tax refund, that is great. Many people do not have that luxury. The refund checks are used to pay for essential things like Real Estate taxes, home and car insurance. Many people pay these things once a year with their refund.

I can understand why they are concerned that they might get the refund months later than they expect it.

If I were in that position, i’d be concerned as well. I remember being there many years ago. It wasn’t fun.

i am also concerned for the millions of Fed workers who will not get paid either. These things are out of our control, but still concerning.

Re: Federal Income Tax

Cumbercookie13 — Mon, 22 Jan 2018 20:22:17 GMT

I don't get my W2 until the end of January. I've never had to pay, and I'm a little concerned as my refunds go towards paying property taxes and not fun stuff (plus I get so little back anyway). Congress should really be ashamed of themselves. They are really hurting a lot of people, but yet they get their paychecks. If soldiers and government employees can't get paid, neither should they.

Re: Federal Income Tax

FrostyBabe1 — Mon, 22 Jan 2018 20:22:20 GMT

@SilleeMee wrote:
Question:

Will we be seeing the new tax reform applied right now or is this not happening until the 2018 filing?

The changes to the tax code will be reflected with your 2018 return.