Don't want to ask any personal questions but was it a significant amount?
For example, if you got $2000 last year and only $1000 this year that would be much worse than $200 and $100.
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Tax return....
- Thread starter quinnjalan
- Start date
Don't want to ask any personal questions but was it a significant amount?
For example, if you got $2000 last year and only $1000 this year that would be much worse than $200 and $100.
Rockrivr1
NES Member
Yeah, it was a couple thousand less then last year. I know some will say we shouldn't be giving Uncle Sam a free loan, but for us it works.
My position is that however YOU set up your taxes in regards to getting a return is YOUR business and no one else's.
It does sound like a screwing may be in the works.
quinnjalan
NES Member
Are you surprised…given all the free stuff coming out of DC….someone and that typically means you and I are paying for it!
Any tax experts on NES, we put in a new Septic in 2021, around $22,500.00 for now and the question is there a Federal credit? I know Ma. has a state credit but we are retired and only have a little income tax held from RMD's ?
FrugalFannie
NES Member
compare how much was withheld last year vs this year and what your total taxes for each year were.
EX. Withheld 2020 $16,800, Total Tax Liability $12,500 = refund $4,300
Withheld 2021 $14,600, Total Tax Liability $12,500 = refund $2,100 or withheld $16,800 but TTL is $14,200 = refund $2,600
If you earned just a little more, it could make a big difference in how much was withheld and/or TTL
Umm, you've probably already considered this but did you receive any of the Advanced Child Tax Credit payments last year?
namedpipes
NES Member
My accountant is still in Vegas. No idea what I'm getting back. Or when he is 
AHM
NES Member
I went looking for the Apollo 13 "Uh Jim, we've just had a dropout on your biomed sensors" scene,Tell you what, give us your address and the rest of us will send you ours so they won't go to waste!
![[rofl]](/xen/styles/default/xenforo/smilies.vb/013.gif "ROFL [rofl]")
but Google was more interested in this article:
From the NASA Archive: Astronauts Inspect Their Butt Molds
Each of the Mercury 7 astronauts had a mold made of his backside, so engineers could build perfectly fitted seats for the spaceships. These personalized couches were supposed to help the guys withstand the incredible G-forces experienced during launch.
Depending On The Other Guy Dept.
Once upon a time, I worked in a group whose product was packaged with the O/S.
Whenever we slipped schedule, the O/S always slipped worse so it didn't matter.
Our boss told us, "Keep it up. One of these days they're gonna be ready to ship on time,
and you'll be on the critical path for the tape".
quinnjalan
NES Member
.Gov hard at work. Perhaps we should send donuts.
TrackDayRdr
NES Member
As of the last count, there are more than 6 million unprocessed individual returns, 2.8 million unprocessed business returns, nearly 3 million unprocessed amended returns and approximately 4.7 million unopened and unanswered pieces of correspondence.
Question for the group…
I had never rolled over my 401k until switching jobs recently. I received a 1099 in the mail from the old 401k provider and after having to wait on hold for hours I get a pleasant representative who advised me that this specific version of a 1099 does not designate income but instead designates the money as a direct transfer rollover.
I’m skeptical why I would receive a 1099 if that is the case. Anyone have any insights?
I had never rolled over my 401k until switching jobs recently. I received a 1099 in the mail from the old 401k provider and after having to wait on hold for hours I get a pleasant representative who advised me that this specific version of a 1099 does not designate income but instead designates the money as a direct transfer rollover.
I’m skeptical why I would receive a 1099 if that is the case. Anyone have any insights?
AHM
NES Member
1099-R?
Boghog1
NES Member
there is a code on it that will tell the its if it is a rollover or a taxable distribution. look for a code g in box 7 iirc
TrackDayRdr
NES Member
Because fund transfers are reported to the IRS. You in turn report the distribution on your return and when you use the code noted in box 7 (should be G for a direct transfer) the amount transferred directly to your new rollover account will not be taxable. In this case the amount in box 1 will be the total rollover and box 2a will be zero. If a portion was not transferred to the new plan that amount will be taxable and you will see this non zero amount in box 2a.
Wickedcoolname
NES Member
Many people here are confusing terms. A tax RETURN is the tax forms that you send in to the IRS. A tax REFUND is the money they give back that you over paid.
AHM
NES Member
I asked The Bride if we ever got a 1099 for a rollover,
and she admitted that we had. And under further questioning
she specified that we had in particular received 1099-R's.
But just posting those 7 characters before dinner sent her into low-earth orbit
because she said I was "giving tax advice on the Intarwebs".
She's really gonna feel a disturbance in the Force,
now that I've just hyperlinked six of them to Wikipedia.
But it might have just been because she hadn't eaten yet.
But the two downstream prompting questions by @Boghog1 and @TrackDayRdr
sound even more specific and potentially on-point.
I. Don't. Know. what your deal is.
She does the taxes, and then I proofread them.
Only 2-3 times in over 35 years have I brought any value whatsoever to the table
beyond finding trivial typos or missing chickensh¡t deductions.
But the fact that we allegedly received a flavor of 1099
after a properly-executed rollover (we treat them like handling nitroglycerine),
tells me that that you shouldn't panic before reading the fine print,
and maybe (as was said above) seeing if the taxable value is even nonzero.
Once again you have crystallized my very thoughts.
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The proposed move, which would have used the company ID.me, was criticized resoundingly by privacy advocates and some members of Congress, who say the technology is flawed and would not recognize users if they experienced significant physical changes. Previously, the IRS said it would use the software to cut down on fraudulent accounts.
The IRS “will transition away from using a third-party service for facial recognition to help authenticate people creating new online accounts,” according to its news release. “The transition will occur over the coming weeks in order to prevent larger disruptions to taxpayers during filing season.”
www.zerohedge.com
Damn, and I just received a poster in the mail today for the facial recognition:
The IRS “will transition away from using a third-party service for facial recognition to help authenticate people creating new online accounts,” according to its news release. “The transition will occur over the coming weeks in order to prevent larger disruptions to taxpayers during filing season.”
Zerohedge
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
www.zerohedge.com
Damn, and I just received a poster in the mail today for the facial recognition:
PaulR
NES Member
Biden is taking back all the advance child tax credit/payments for any couples that made over $150,000. ![[laugh]](/xen/styles/default/xenforo/smilies.vb/012.gif "Laugh [laugh]")
That's a LOT of people with kids. See the form 8812 Line 5 worksheet for this years fun! ![[thinking]](/xen/styles/default/xenforo/smilies.vb/010.gif "Thinking [thinking]")
That's a LOT of people with kids. See the form 8812 Line 5 worksheet for this years fun! 
GM-GUY
NES Member
Biden is taking back all the advance child tax credit/payments for any couples that made over $150,000.
I knew they were going to - I still paid out to each kid $80/mo (x2) - I kept $6. My wife and I got the forms a couple weeks ago reporting $500 to each of us (they split the payout to each taxpayer evenly. Wait till people get their taxes done and find out that $2K-$3K refund is $500 now
TurboTax has the required info under the Child Tax Credit section
quinnjalan
NES Member
Ugh, every year it get worst. We are scheduled to do our taxes on Feb 17th. Like my original thread post I wonder how close I'll get to 1911 this year. However, a 2011 would be even better but Maura would not approve....not that I'm looking for it!
SHOCKNAWE
NES Member
I got a letter last week from the IRS telling me I had a $2200 credit for overpaying last year, so the guy who did my taxes messed up which is fine but these scumbags let me know that they have had $2200 of my money since last March.
Several years ago they charged me big interest on $600 or so that I owed on a detail I never claimed, I’m assuming I won’t see any interest on my money lol
Several years ago they charged me big interest on $600 or so that I owed on a detail I never claimed, I’m assuming I won’t see any interest on my money lol
Did they tell you when/if you will get the money they owe you?
SHOCKNAWE
NES Member
F’k no. I called twice and was on the phone for 45 minutes straight with no answer both times and gave up.
An IRS friend told me it’s a several hour wait so I dumped it off at HR Block so waiting to see what’s going on.
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