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Abu3baid

By Abu3baid
in The Grill Room

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Abu3baid Great Member

Abu3baid

Posted
Posted
Well I'm sure the subject says it all.. I'm going to make this as short and simple as I can. 1. I actually filed my 2012 taxes 2. I claimed the child credit for my 2 kids 3. I claimed my wages and with-holdings from the w2 I recieved. 4. I submitted my earnings from overseas for the remaining time I spent over seas. I should have been getting a refund but instead the IRS came back with their findings on an investigation they started. 1. They want verification that the two kids lived with me for half the tax year (but at least they said they can confirm that they are my kids with out the need for verification) 2. They want verification that I made money in the US and that there were actual with-holdings by having the company in the US send that info on letter head(apparently the w2 is not suffecient enough for them) 3. The are disallowing the value if earnings from overseas unless I provide another letter from the employer. 4. Net result? I will owe them nothing and they are not going to refund me anything I'm not sure what planet these guys are in but I can't believe that they are serious about these things? I guess I should just be thankfull that they didn't say I owe them anything! For now I'm willing to forgo the refund I know they owe me just to stop dealing with them! Oh well!

:adams: / :tmade: / :edel: / :aimpoint: / :ecco: / :bushnell: / :gamegolf: / 

Eyad

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Hammer 4 Great Member

Hammer 4

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As someone that has dealt with the IRS in the past, and gets taxed to the hilt at present, I only have 3 things to say about the irs....The IRS SUCKS..

Hope you get your situation sorted out, in your favor.

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hilmar2k Well Established Member

hilmar2k

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Posted

Honestly, getting a refund is a terrible financial decision. You just gave the government an interest free loan. Adjust your with-holdings so that you owe them slightly at the end of the year. Really, the best bet is to owe them as much as possible without being subjected to fines.

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iacas Hall of Fame Member

iacas

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Honestly, getting a refund is a terrible financial decision. You just gave the government an interest free loan. Adjust your with-holdings so that you owe them slightly at the end of the year. Really, the best bet is to owe them as much as possible without being subjected to fines.

Meh. So long as you don't owe them a LOT, the amount of money you could make off interest sitting in your checking account (which probably doesn't even get interest) is pretty minimal. I think calling it a "terrible financial decision" is overstating things by about a factor of ten.

Heck, I got $950 or so back this year… and just applied it to the pre-paying I'm doing for my taxes this year, further "extending" the loan, basically.

I don't worry about small amounts of money here and there if I can save on stress and other things.

Erik J. Barzeski — ⛳ I knock a ball. It goes in a gopher hole. 🏌🏼‍♂️
Director of Instruction Golf Evolution • Owner, The Sand Trap .com • Author, Lowest Score Wins
Golf Digest "Best Young Teachers in America" 2016-17 & "Best in State" 2017-20 • WNY Section PGA Teacher of the Year 2019 :edel: :true_linkswear:

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Abu3baid Great Member

Abu3baid

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As someone that has dealt with the IRS in the past, and gets taxed to the hilt at present, I only have 3 things to say about the irs....The IRS SUCKS..

Hope you get your situation sorted out, in your favor.

No one likes the IRS (as far as I know or believe anyway)  :)

It seems to me that they just wanted to give me a hard time so they went to the extreme of asking things like "prove that your kids lived with you?"  when is the last time someone was asked to do that??  Or when was the last person who was told "ya, your W2 is not enough evidence of your income and with-holding?"  it's like WTF?? really??

Anyway, ya they are keeping money that I believe that they owe me, but I am going to have to go through hoops to get my old company to send a letter and for me to get my kids doctor to get me some evidence that we went to see them for my kid to get immunizations there.

Honestly, getting a refund is a terrible financial decision. You just gave the government an interest free loan. Adjust your with-holdings so that you owe them slightly at the end of the year. Really, the best bet is to owe them as much as possible without being subjected to fines.

It isn't always the best case scenario, but like Erik mentioned it is sometimes the safer option rather than having to set money aside, and especially since I'm not talking about hundred of thousands that I am paying in taxes.. If that was the case then I would be looking at thing differently..

:adams: / :tmade: / :edel: / :aimpoint: / :ecco: / :bushnell: / :gamegolf: / 

Eyad

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cipher Super Member

cipher

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Posted
It is not always as simple as adjusting your with-holdings accordingly either. Especially for a shareholder of an s-corp. You can only claim one, have married status, a couple kids and still end up owing...a good amount back on unearned corporate gains.

Nate

:tmade:(10.5) :pxg:(4W & 7W) MIURA(3-PW) :mizuno:(50/54/60) 

 

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Note: This thread is 4303 days old. We appreciate that you found this thread instead of starting a new one, but if you plan to post here please make sure it's still relevant. If not, please start a new topic. Thank you!

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