Late Tax Refund

[Doug]

I mailed my tax return about mid-March. I received my refund on December 5th. It included about 2% interest.

Anybody else have a similar experience?

 

[TangoFoxtrot]

I mailed my tax return about mid-March. I received my refund on December 5th. It included about 2% interest.

Anybody else have a similar experience?

Lucky dawg.. I had to pay in 2019

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[Doug]

Lucky dawg.. I had to pay in 2019

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I, like most people, paid; I just had more withheld than I owed.

 

[MnemonicMonkey]

Good to hear... I think.

I had to re-file on paper in August and haven't been able to get any info.

I may have next year's return before this year's...

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[Doug]

I finally got through by phone to a person at IRS and was told they are running very behind as nearly everyone went home from March to September because of Covid. The IRS person said they we asking that people not refile.
It may well be next year before your refund, if you are due one, arrives.
Please let us know what happens.

 

[Super Bee]

We filed back in February and we still do not have our refund. I actually just talked to the IRS this week and they said another 45 days.

 

[Cameramonkey]

Lucky dawg.. I had to pay in 2019

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We all have to pay. You (like me) are actually better off. You paid, but you kept your money throughout the year.

OP surrendered his money in excess, and in typical years would have given them an interest free loan. In this case he got a little extra for the delay, but below the industry standard investment rates. He could have made more money had he kept his "excess" income and invested it.

Stop lamenting about "refunders" coming out ahead. You actually came out ahead of them! (even with the 2%)

And yes, there are some that prefer to overpay. My mom is one of them. In her case her typical refund is in the ballpark of her property taxes, so she lets it ride because her federal tax refund is more or less equivalent to her property tax bill. Its an easy "savings account" for that particular bill.

 

[Doug]

What you say is true.
I have reasons that I won't go into for doing what I do.
From a purely monetary view, it is better to pay each year than to get a refund of over payment.

 

[churchmouse]

What you say is true.
I have reasons that I won't go into for doing what I do.
From a purely monetary view, it is better to pay each year than to get a refund of over payment.

Bingo

 

[Cameramonkey]

Yes. there are some who go into the refund game with open eyes. Sadly, many dont get it.

 

[maxwelhse]

Yes. there are some who go into the refund game with open eyes. Sadly, many dont get it.

I'm one of them. I just straight up like getting a big a** check every spring, even if it's my own money I just left out in the cold for the last year. Also, the security of knowing that I shouldn't have to write a big check to the feds every spring is worth the potential lost interest earnings to me.