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CAA_Beat
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Same here. The kicker for me. The tax guy said its due to large payment I got in November from an overpayment to the state several years ago.
Just didnt make make since to me. I didn't see it as income, but as a correction. Guess the IRS see's it differently.
GRCTampa
Member
Nice! Finish strong, good luck.
Spivey
Active member
Have not started my taxes yet.
moosejaa
Mr. Inconsistent
emart2173
#journey2017
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Its funny that the money I overspent in taxes and was given back to me is considered income. I shook my head when my tax guy told me that
CAA_Beat
Active member
Just doesn't make since does it. Glad but also sorry to hear it wasn't just me.
I don't ever recall in the past getting a separate form to file saying I had to claim an overpayment refund. Maybe it was because the amount this time was so much.
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GRCTampa
Member
Since state income tax is deductible, when you receive a refund due to overpayment you lose that portion of the deduction. It's really tax you should have paid previously. Still not any fun for sure. AMT is also a kick in the butt.
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lightningbolt44
Well-known member
If it wasn't considered income I would be taking extra out each week out of my check to purposely overspend and avoid the tax on that amount. It is there for a reason. The closer to 0 refund you get at the end of the year the better off you are for multiple reasons imo.
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I feel like a jerk complaining about this, but work issues are now really starting to affect me. Haven't slept in a week now, I'm coming down with something, and today I walk into the office and discover one of my new sales reps is still making misleading comments to prospects even after we've discussed why that's not a good idea (I know, shocking right?). It's been a long time since I've had a stretch like this at the office, and it just reaffirms my thoughts about moving along somewhere else.
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My sunburn hurts so much right now. I was an idiot and didn't put some on yesterday and it went from overcast to sunny to overcast all day. My arms and face hurt so much.
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Lobster tonight?
Oh man. Been a while since I was this dumb. My ears and chin are on fire. But following my people's home remedies I was outside this morning cutting some savila (aloe Vera) to put on it to help take the sting away.
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I love when i try to help someone sell something on ebay by giving them a better offer (especially when there is no bids/action on the item) and they go 'i'll let the auction run out".. i'll talk to you tomorrow buddy...
Does that mean it wasn't taxed the first time or are they taxing it twice??? I don't trust those people!!
It means it wasn't taxed the first time. The taxes you write off on your federal return are the taxes shown on your w2, before you calculate a refund. So whatever refund you get is treated as taxable income for the next year.
After cleaning all my grips last night, I wanted to get to the range this morning and see how different the clubs might feel. Well, they definitely felt different. Seems I'm going to need to pull all the grips off the Srixon, as the grips are all loose now. Not sure what's going on, but assume there is no tape under them. The shafts in these are not the originals, so I'm guessing that when the shafts were swapped and the new grips are installed, either no tape or masking tape is under them.
Now the problem is that all my equipment is back in Texas, and I'm not.
Now the problem is that all my equipment is back in Texas, and I'm not.
CAA_Beat
Active member
I don't know if it's the same thing. But here's my story. My 2010 State return never got filed (ultimately my fault) So in 2012, the sent me a bill/statement for what they say should have been paid in taxes. Afraid of going to jail or having a suit filed Ipaid it, but actually still never filed the return.
it wasn't until last year when this came up with my tax guy. He said, we need to file the 2010 return to make sure what they took from you is correct. Sure enough they billed me SEVERAL Thousand more in taxes than the return showed it should have been. So we filed an amended return (amended form what the State filed on it's own, when I didn't) The result was getting those several thousand dollars back. Then they sent an form (can't remember the exact number but it looked like a W2) to be filed with this years return. So it showed as income on my federal return in which I owe a few hundred dollars this year.
I guess that makes since, as it's the first the the IRS has seen this actual return, even though in 2010 I filed a correct return with them.
But as far as normal refunds go...I don't think I've ever received a form like the one I got this year showing income that I to report. Is there a specific dollar amount that is considered the threshold to be taxed or not?
I trust they are doing the right thing this year, I mean I saw on the federal return where this new form went and he plugged in the number there, and it jumped my actual income up by that amount.
This bum knee and not playing during this gorgeous weather is really bumming me out. #mildlydepressed :arrogant:
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captaincaution is correct, it was never taxed. I had this happen to me as well. I had my taxes done at H&R block when I was younger (BIG mistake!) They did them incorrectly and lead me to believe I was due over $3K back. Turned out I should have only gotten back about $500, so I had to then pay back the $2500 extra I got back in my returns.
That $2500 is now considered income and therefore taxable, so I had to pay taxes on that $2500. Talk about a kick in the stomach!
bogeyme
The Golf GODS hate me
I just got around to watching this. Awesome song and video. Hits home big time. Thanks.
CAA_Beat
Active member
Yikes...That's who I've been using the past 3 years and I thought they were doing a pretty good job (at least much better and faster than my previous "friend".) I mean they were the one that helped me file the 2010 return, but he didn't tell me to expect to pay income tax on it. Still I came out way ahead, so I'm not really complaining. Just hate to write that check giving back some of what was due me
UVaWahoo
New member
Yikes...That's who I've been using the past 3 years and I thought they were doing a pretty good job (at least much better and faster than my previous "friend".) I mean they were the one that helped me file the 2010 return, but he didn't tell me to expect to pay income tax on it. Still I came out way ahead, so I'm not really complaining. Just hate to write that check giving back some of what was due me
It is not a good idea to use "store front" tax services. Find yourself a competent CPA or a tax attorney. Many of the store front services will put people through a few weeks of training and then have them prepare returns just during the season. Taxes are not just an April 15th endeavor, tax considerations and tax planning is a continuous process requiring assistance from one that deals with them year round. I would hate to hear a tax preparer say "well if you had done this......."
bogeyme
The Golf GODS hate me
Yikes...That's who I've been using the past 3 years and I thought they were doing a pretty good job (at least much better and faster than my previous "friend".) I mean they were the one that helped me file the 2010 return, but he didn't tell me to expect to pay income tax on it. Still I came out way ahead, so I'm not really complaining. Just hate to write that check giving back some of what was due me
We used them last year to file our return. We got to use the half off due to our preparer the previous year was much less than their fee. I don't know how anyone willingly pays what they wanted to charge us for doing our return. We only used them because we had already made plans to get rid of the kid for the weekend to have our taxes done and didn't want to have to reschedule when our preparer wasn't able to get to us that week. We use a private CPA/Tax Preparer to do ours.
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