INCOME TAXES

I got mine weeks ago and I filed Apr 15. I had forgotten about it.

I file as late as I can hoping they'll be late, and rack up the tax free interest.
They could have held it another year and I would have been OK with that.

Many years ago I got my refund four years late and the interest was quite nice!

Got my check today too!

I'm still waiting on 2011 and 2012. It took almost 3 years to get someone in the IRB to tell me that 2011 was in audit, so they couldn't give me 2012 until that was taken care of. When I gave them the info they wanted for 2011, they decided to audit me for 2012 too. Gave them a MOUNTAIN of paperwork about a month ago. No one will return my call now. I owed in 2013, so not surprisingly, they are not going to audit me for that year. They also audited me in 2010. So frustrated I could spit.

I once got interest on a refund, but I also got a 1099-INT from them for it, so not sure if your interest is really going to be tax free.

I received a 1099-INT only for my 2011 return interest. Never previously and none for 2012 return. I even called them and asked them for one and their reply was they didn't send one out and to calculate my interest and report that on my return.

Why would you allow the government to have your money for that long? Wouldn't it be wiser to adjust your payroll deductions so they owed you nothing? I never understood why people have the wrong amounts deducted then celebrate when they get their money back from the government. I wouldn't trust the GVI with a cent of my money.

Still waiting.....

Have you looked at the interest rates on savings vs. what the GVI pays on a tax refund?

That's why.

Also, not everyone has fixed incomes and can plan that closely. A large income influx at the end of the year can throw off all of your planning.

Me either, I will always owe at the end of the year! Never let them have your money!

I received a refund 7 yrs. after the fact, which I didn't realize that I had overpaid. It was a nice surprise but the interest amount wasn't that great plus I got a 1099-NT as well.

In my case, I owned my own business, so I wasn't paying anything to the IRB or the IRS until April 15th rolled around. I always owed to the IRS for social security and medicare, but the IRB (federal) was due a refund. Qualifying for both EIC and Child Tax Credit left me with a sizable refund from the IRB that pretty much balanced out what I owed to the IRS and it would have been awesome to wash one with the other but you can't do that here. If there was a way I could have withheld giving them gross receipts from the business to off set what they owed me, believe me, I would have 🙂

Why would you allow the government to have your money for that long? Wouldn't it be wiser to adjust your payroll deductions so they owed you nothing? I never understood why people have the wrong amounts deducted then celebrate when they get their money back from the government. I wouldn't trust the GVI with a cent of my money.

Hey VICANUCK, they get 'free interest'!

Why would you ever let this government keep any of your money. Either apply it to next years taxes or owe them. If you apply any refund, which should not be more than $100 to next years taxes, you get the money back in 9 months if you file on April 15. Why would you wait years to get it back. That is being irresponsible with YOUR money.
Don't ever us the IRS as a bank account!

Julie: As an aside, someone had Siri make a reminder to pay gross receipts on a certain day. When the reminder came up, it said "grocery seats." LOL

That is being irresponsible with YOUR money.
Don't ever us the IRS as a bank account!

Please point me to a 4.5% risk free no interest rate of return (current year) and I'll do as you say.

I've been playing this 'game' since I was 22. Never lost yet in 34 years.

When did you file? We are still waiting for ours... but we didn't file until August.

April 10th or 11th.

This is not good news for us... but thanks for your reply.

Spoke to IRB today.. .they are still working on April/May for 2013 returns.....

Dammit - they sent out a 1099-INT for the interest on my 2013 tax refund.

Some random drone at BIR. Don't you just hate that?

Dammit (again) - WAPA actually sent me a 1099INT for the interest earned on a deposit that was returned.

Sometimes progress sucks... 🙁

But somehow the IRB can't find a way to collect taxes on GVI employees who drive government owned cars home evenings and weekends which is clearly a taxable benefit.

At least you got your refund... still waiting for mine.