A tax refund question
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A tax refund question
I think this place has more knowledgeable people than any other forum I visit so I have a question about a tax refund. My tax guy finished my taxes a couple of weeks ago and sent it in (electronically). I was getting around a $600 refund. After I got home, I found an error he had made with regard to our condo that we rent out. I went back to his office a couple of days later and pointed it out to him. He then re-figured everything and sent in an amended 1040. This amended return had me getting $350 back.
Now here is my dilemma. My $600 refund check arrived in the mail today. What action should I take. I am definitely not going to cash it but should I contact someone? Who- Dept of Treasury? IRS? The Baboo suggests that I just sit tight and wait on the IRS to contact me with directions on what to do.
What Say You?
BTW- Thanks in advance for any advice.
Now here is my dilemma. My $600 refund check arrived in the mail today. What action should I take. I am definitely not going to cash it but should I contact someone? Who- Dept of Treasury? IRS? The Baboo suggests that I just sit tight and wait on the IRS to contact me with directions on what to do.
What Say You?
BTW- Thanks in advance for any advice.
I felt the change
Time meant nothing and never would again
Time meant nothing and never would again
- Bob Juch
- Posts: 26457
- Joined: Mon Oct 08, 2007 11:58 am
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Re: A tax refund question
Put the $600 in the bank and send a check for $250 to the address for making a payment if you underpaid along with a copy of the correct 1040 and a letter explaining why. I'm guessing everything was done electronically?
I may not have gone where I intended to go, but I think I have ended up where I needed to be.
- Douglas Adams (1952 - 2001)
Si fractum non sit, noli id reficere.
Teach a child to be polite and courteous in the home and, when he grows up, he'll never be able to drive in New Jersey.
- Douglas Adams (1952 - 2001)
Si fractum non sit, noli id reficere.
Teach a child to be polite and courteous in the home and, when he grows up, he'll never be able to drive in New Jersey.
- Bob78164
- Bored Moderator
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Re: A tax refund question
Go to the Motley Fool's Tax Strategies forum. There are knowledgeable people there (including but not limited to ptheland and irasmilo) whom you can trust to give you good advice, and some are enrolled agents. I'd suggest you wait until after April 18 to ask your question there, because the people who know what they're doing will be pretty busy until then and your question may get lost in the shuffle. --Boblilclyde54 wrote:I think this place has more knowledgeable people than any other forum I visit so I have a question about a tax refund. My tax guy finished my taxes a couple of weeks ago and sent it in (electronically). I was getting around a $600 refund. After I got home, I found an error he had made with regard to our condo that we rent out. I went back to his office a couple of days later and pointed it out to him. He then re-figured everything and sent in an amended 1040. This amended return had me getting $350 back.
Now here is my dilemma. My $600 refund check arrived in the mail today. What action should I take. I am definitely not going to cash it but should I contact someone? Who- Dept of Treasury? IRS? The Baboo suggests that I just sit tight and wait on the IRS to contact me with directions on what to do.
What Say You?
BTW- Thanks in advance for any advice.
"Question with boldness even the existence of a God; because, if there be one, he must more approve of the homage of reason than that of blindfolded fear." Thomas Jefferson
- triviawayne
- Posts: 678
- Joined: Fri Jul 10, 2015 6:38 am
Re: A tax refund question
uh, you have a tax guy, he did both filings, this ain't his first rodeo...ask your tax guy.lilclyde54 wrote:I think this place has more knowledgeable people than any other forum I visit so I have a question about a tax refund. My tax guy finished my taxes a couple of weeks ago and sent it in (electronically). I was getting around a $600 refund. After I got home, I found an error he had made with regard to our condo that we rent out. I went back to his office a couple of days later and pointed it out to him. He then re-figured everything and sent in an amended 1040. This amended return had me getting $350 back.
Now here is my dilemma. My $600 refund check arrived in the mail today. What action should I take. I am definitely not going to cash it but should I contact someone? Who- Dept of Treasury? IRS? The Baboo suggests that I just sit tight and wait on the IRS to contact me with directions on what to do.
What Say You?
BTW- Thanks in advance for any advice.
Bob is probably correct in what will happen in the end, plus along with the letter I would send copies of both filed returns, however the payment address is likely to be different than for when you send a return with payment to be processed.
ask your tax guy, that's what you paid him for.
- Bob Juch
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- Joined: Mon Oct 08, 2007 11:58 am
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- Contact:
Re: A tax refund question
If you wait until after the 18th, you will have to pay a penalty and interest.Bob78164 wrote:Go to the Motley Fool's Tax Strategies forum. There are knowledgeable people there (including but not limited to ptheland and irasmilo) whom you can trust to give you good advice, and some are enrolled agents. I'd suggest you wait until after April 18 to ask your question there, because the people who know what they're doing will be pretty busy until then and your question may get lost in the shuffle. --Boblilclyde54 wrote:I think this place has more knowledgeable people than any other forum I visit so I have a question about a tax refund. My tax guy finished my taxes a couple of weeks ago and sent it in (electronically). I was getting around a $600 refund. After I got home, I found an error he had made with regard to our condo that we rent out. I went back to his office a couple of days later and pointed it out to him. He then re-figured everything and sent in an amended 1040. This amended return had me getting $350 back.
Now here is my dilemma. My $600 refund check arrived in the mail today. What action should I take. I am definitely not going to cash it but should I contact someone? Who- Dept of Treasury? IRS? The Baboo suggests that I just sit tight and wait on the IRS to contact me with directions on what to do.
What Say You?
BTW- Thanks in advance for any advice.
I may not have gone where I intended to go, but I think I have ended up where I needed to be.
- Douglas Adams (1952 - 2001)
Si fractum non sit, noli id reficere.
Teach a child to be polite and courteous in the home and, when he grows up, he'll never be able to drive in New Jersey.
- Douglas Adams (1952 - 2001)
Si fractum non sit, noli id reficere.
Teach a child to be polite and courteous in the home and, when he grows up, he'll never be able to drive in New Jersey.
- Bob Juch
- Posts: 26457
- Joined: Mon Oct 08, 2007 11:58 am
- Location: Oro Valley, Arizona
- Contact:
Re: A tax refund question
The tax guy should have been smart enough to send the repayment with the corrected return.triviawayne wrote:uh, you have a tax guy, he did both filings, this ain't his first rodeo...ask your tax guy.lilclyde54 wrote:I think this place has more knowledgeable people than any other forum I visit so I have a question about a tax refund. My tax guy finished my taxes a couple of weeks ago and sent it in (electronically). I was getting around a $600 refund. After I got home, I found an error he had made with regard to our condo that we rent out. I went back to his office a couple of days later and pointed it out to him. He then re-figured everything and sent in an amended 1040. This amended return had me getting $350 back.
Now here is my dilemma. My $600 refund check arrived in the mail today. What action should I take. I am definitely not going to cash it but should I contact someone? Who- Dept of Treasury? IRS? The Baboo suggests that I just sit tight and wait on the IRS to contact me with directions on what to do.
What Say You?
BTW- Thanks in advance for any advice.
Bob is probably correct in what will happen in the end, plus along with the letter I would send copies of both filed returns, however the payment address is likely to be different than for when you send a return with payment to be processed.
ask your tax guy, that's what you paid him for.
If you want to stay on hold for over an hour, call the IRS help line.
I may not have gone where I intended to go, but I think I have ended up where I needed to be.
- Douglas Adams (1952 - 2001)
Si fractum non sit, noli id reficere.
Teach a child to be polite and courteous in the home and, when he grows up, he'll never be able to drive in New Jersey.
- Douglas Adams (1952 - 2001)
Si fractum non sit, noli id reficere.
Teach a child to be polite and courteous in the home and, when he grows up, he'll never be able to drive in New Jersey.
- bazodee
- Posts: 944
- Joined: Tue Oct 09, 2007 10:23 am
- Location: Atlanta, Georgia
Re: A tax refund question
Cash the $600 check.
Then write a check for the difference. Notate 2016 1040X on your check. Reprint a blank transmittal form and write your $250 in. It will all eventually match up.
-----
As a general rule, do not file an amended return until the original return has been processed.
Then write a check for the difference. Notate 2016 1040X on your check. Reprint a blank transmittal form and write your $250 in. It will all eventually match up.
-----
As a general rule, do not file an amended return until the original return has been processed.
- Bob Juch
- Posts: 26457
- Joined: Mon Oct 08, 2007 11:58 am
- Location: Oro Valley, Arizona
- Contact:
Re: A tax refund question
He did wait, but should have sent in the $250 with the 1040X.bazodee wrote:Cash the $600 check.
Then write a check for the difference. Notate 2016 1040X on your check. Reprint a blank transmittal form and write your $250 in. It will all eventually match up.
-----
As a general rule, do not file an amended return until the original return has been processed.
I may not have gone where I intended to go, but I think I have ended up where I needed to be.
- Douglas Adams (1952 - 2001)
Si fractum non sit, noli id reficere.
Teach a child to be polite and courteous in the home and, when he grows up, he'll never be able to drive in New Jersey.
- Douglas Adams (1952 - 2001)
Si fractum non sit, noli id reficere.
Teach a child to be polite and courteous in the home and, when he grows up, he'll never be able to drive in New Jersey.
- triviawayne
- Posts: 678
- Joined: Fri Jul 10, 2015 6:38 am
Re: A tax refund question
Except the check didn't come until after thatBob Juch wrote:The tax guy should have been smart enough to send the repayment with the corrected return.triviawayne wrote:uh, you have a tax guy, he did both filings, this ain't his first rodeo...ask your tax guy.lilclyde54 wrote:I think this place has more knowledgeable people than any other forum I visit so I have a question about a tax refund. My tax guy finished my taxes a couple of weeks ago and sent it in (electronically). I was getting around a $600 refund. After I got home, I found an error he had made with regard to our condo that we rent out. I went back to his office a couple of days later and pointed it out to him. He then re-figured everything and sent in an amended 1040. This amended return had me getting $350 back.
Now here is my dilemma. My $600 refund check arrived in the mail today. What action should I take. I am definitely not going to cash it but should I contact someone? Who- Dept of Treasury? IRS? The Baboo suggests that I just sit tight and wait on the IRS to contact me with directions on what to do.
What Say You?
BTW- Thanks in advance for any advice.
Bob is probably correct in what will happen in the end, plus along with the letter I would send copies of both filed returns, however the payment address is likely to be different than for when you send a return with payment to be processed.
ask your tax guy, that's what you paid him for.
If you want to stay on hold for over an hour, call the IRS help line.
- triviawayne
- Posts: 678
- Joined: Fri Jul 10, 2015 6:38 am
Re: A tax refund question
No penalty or interest as any tax owed for 2016 was all paid in 2016Bob Juch wrote:If you wait until after the 18th, you will have to pay a penalty and interest.Bob78164 wrote:Go to the Motley Fool's Tax Strategies forum. There are knowledgeable people there (including but not limited to ptheland and irasmilo) whom you can trust to give you good advice, and some are enrolled agents. I'd suggest you wait until after April 18 to ask your question there, because the people who know what they're doing will be pretty busy until then and your question may get lost in the shuffle. --Boblilclyde54 wrote:I think this place has more knowledgeable people than any other forum I visit so I have a question about a tax refund. My tax guy finished my taxes a couple of weeks ago and sent it in (electronically). I was getting around a $600 refund. After I got home, I found an error he had made with regard to our condo that we rent out. I went back to his office a couple of days later and pointed it out to him. He then re-figured everything and sent in an amended 1040. This amended return had me getting $350 back.
Now here is my dilemma. My $600 refund check arrived in the mail today. What action should I take. I am definitely not going to cash it but should I contact someone? Who- Dept of Treasury? IRS? The Baboo suggests that I just sit tight and wait on the IRS to contact me with directions on what to do.
What Say You?
BTW- Thanks in advance for any advice.
- ghostjmf
- Posts: 7421
- Joined: Tue Oct 09, 2007 11:09 am
Re: A tax refund question
On the very rare occasion when I paid my very uncomplicated taxes incorrectly, the IRS billed me but didn't apply any penalties. On the even rarer occasion when I undercalcuated my refund, they just sent it to me.
They have occasionally marked that I did something wrong which I provably have not done wrong, but it has never been, literally, worth pursuing; in one case they said "you did this wrong", though I hadn't, & have sent me my calculated refund anyway.
What really irks me is when they send me a check, even though I've clearly marked my bank account & routing # that I want the $$ sent to. IRS is not the only entity that has disregarded my bank account info when sending me $$.
I don't have a secure mailbox in any way. I could buy one at the PO I guess.
They have occasionally marked that I did something wrong which I provably have not done wrong, but it has never been, literally, worth pursuing; in one case they said "you did this wrong", though I hadn't, & have sent me my calculated refund anyway.
What really irks me is when they send me a check, even though I've clearly marked my bank account & routing # that I want the $$ sent to. IRS is not the only entity that has disregarded my bank account info when sending me $$.
I don't have a secure mailbox in any way. I could buy one at the PO I guess.
Last edited by ghostjmf on Mon Apr 03, 2017 12:51 pm, edited 1 time in total.
- Bob Juch
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Re: A tax refund question
But then they refunded too much so there would be.triviawayne wrote:No penalty or interest as any tax owed for 2016 was all paid in 2016Bob Juch wrote:If you wait until after the 18th, you will have to pay a penalty and interest.Bob78164 wrote:Go to the Motley Fool's Tax Strategies forum. There are knowledgeable people there (including but not limited to ptheland and irasmilo) whom you can trust to give you good advice, and some are enrolled agents. I'd suggest you wait until after April 18 to ask your question there, because the people who know what they're doing will be pretty busy until then and your question may get lost in the shuffle. --Bob
I may not have gone where I intended to go, but I think I have ended up where I needed to be.
- Douglas Adams (1952 - 2001)
Si fractum non sit, noli id reficere.
Teach a child to be polite and courteous in the home and, when he grows up, he'll never be able to drive in New Jersey.
- Douglas Adams (1952 - 2001)
Si fractum non sit, noli id reficere.
Teach a child to be polite and courteous in the home and, when he grows up, he'll never be able to drive in New Jersey.
- bazodee
- Posts: 944
- Joined: Tue Oct 09, 2007 10:23 am
- Location: Atlanta, Georgia
Re: A tax refund question
As I read the question, he did not wait. He filed an amended return before receiving the original (incorrect) refund back. After receiving the refund, then he should have filed the 1040X including the $250.... In other words, the amended return and additional payment should happen simultaneously, and should happen after processing of the original return had been completed.Bob Juch wrote:He did wait, but should have sent in the $250 with the 1040X.bazodee wrote:Cash the $600 check.
Then write a check for the difference. Notate 2016 1040X on your check. Reprint a blank transmittal form and write your $250 in. It will all eventually match up.
-----
As a general rule, do not file an amended return until the original return has been processed.
- Bob Juch
- Posts: 26457
- Joined: Mon Oct 08, 2007 11:58 am
- Location: Oro Valley, Arizona
- Contact:
Re: A tax refund question
You're right, he didn't wait. I guess he was hoping the correction would be processed before the incorrect refund was issued.bazodee wrote:As I read the question, he did not wait. He filed an amended return before receiving the original (incorrect) refund back. After receiving the refund, then he should have filed the 1040X including the $250.... In other words, the amended return and additional payment should happen simultaneously, and should happen after processing of the original return had been completed.Bob Juch wrote:He did wait, but should have sent in the $250 with the 1040X.bazodee wrote:Cash the $600 check.
Then write a check for the difference. Notate 2016 1040X on your check. Reprint a blank transmittal form and write your $250 in. It will all eventually match up.
-----
As a general rule, do not file an amended return until the original return has been processed.
I may not have gone where I intended to go, but I think I have ended up where I needed to be.
- Douglas Adams (1952 - 2001)
Si fractum non sit, noli id reficere.
Teach a child to be polite and courteous in the home and, when he grows up, he'll never be able to drive in New Jersey.
- Douglas Adams (1952 - 2001)
Si fractum non sit, noli id reficere.
Teach a child to be polite and courteous in the home and, when he grows up, he'll never be able to drive in New Jersey.
- triviawayne
- Posts: 678
- Joined: Fri Jul 10, 2015 6:38 am
Re: A tax refund question
Bob Juch wrote:But then they refunded too much so there would be.triviawayne wrote:No penalty or interest as any tax owed for 2016 was all paid in 2016Bob Juch wrote: If you wait until after the 18th, you will have to pay a penalty and interest.
Apples and oranges; there would be no penalty
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- Posts: 1988
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Re: A tax refund question
Thanks everyone. I knew there would be good advice here.
I felt the change
Time meant nothing and never would again
Time meant nothing and never would again
- Bob Juch
- Posts: 26457
- Joined: Mon Oct 08, 2007 11:58 am
- Location: Oro Valley, Arizona
- Contact:
Re: A tax refund question
Only if he paid on or before the 18th.triviawayne wrote:Bob Juch wrote:But then they refunded too much so there would be.triviawayne wrote:
No penalty or interest as any tax owed for 2016 was all paid in 2016
Apples and oranges; there would be no penalty
I may not have gone where I intended to go, but I think I have ended up where I needed to be.
- Douglas Adams (1952 - 2001)
Si fractum non sit, noli id reficere.
Teach a child to be polite and courteous in the home and, when he grows up, he'll never be able to drive in New Jersey.
- Douglas Adams (1952 - 2001)
Si fractum non sit, noli id reficere.
Teach a child to be polite and courteous in the home and, when he grows up, he'll never be able to drive in New Jersey.
- triviawayne
- Posts: 678
- Joined: Fri Jul 10, 2015 6:38 am
Re: A tax refund question
the date won't change this to apples and apples or oranges and orangesBob Juch wrote:Only if he paid on or before the 18th.triviawayne wrote:Bob Juch wrote: But then they refunded too much so there would be.
Apples and oranges; there would be no penalty
- Bob Juch
- Posts: 26457
- Joined: Mon Oct 08, 2007 11:58 am
- Location: Oro Valley, Arizona
- Contact:
Re: A tax refund question
There is a penalty for paying your taxes late.triviawayne wrote:the date won't change this to apples and apples or oranges and orangesBob Juch wrote:Only if he paid on or before the 18th.triviawayne wrote:
Apples and oranges; there would be no penalty
I may not have gone where I intended to go, but I think I have ended up where I needed to be.
- Douglas Adams (1952 - 2001)
Si fractum non sit, noli id reficere.
Teach a child to be polite and courteous in the home and, when he grows up, he'll never be able to drive in New Jersey.
- Douglas Adams (1952 - 2001)
Si fractum non sit, noli id reficere.
Teach a child to be polite and courteous in the home and, when he grows up, he'll never be able to drive in New Jersey.
- BackInTex
- Posts: 12802
- Joined: Mon Oct 08, 2007 12:43 pm
- Location: In Texas of course!
Re: A tax refund question
Not in all cases. In many instances it being you owing more the current year than the previous year. Interest likely will apply but no penalty.Bob Juch wrote:There is a penalty for paying your taxes late.triviawayne wrote:the date won't change this to apples and apples or oranges and orangesBob Juch wrote: Only if he paid on or before the 18th.
..what country can preserve it’s liberties if their rulers are not warned from time to time that their people preserve the spirit of resistance? let them take arms.
~~ Thomas Jefferson
War is where the government tells you who the bad guy is.
Revolution is when you decide that for yourself.
-- Benjamin Franklin (maybe)
~~ Thomas Jefferson
War is where the government tells you who the bad guy is.
Revolution is when you decide that for yourself.
-- Benjamin Franklin (maybe)
- Bob Juch
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- Joined: Mon Oct 08, 2007 11:58 am
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Re: A tax refund question
If I understand what you're talking about, that would have no penalty nor interest.BackInTex wrote:Not in all cases. In many instances it being you owing more the current year than the previous year. Interest likely will apply but no penalty.Bob Juch wrote:There is a penalty for paying your taxes late.triviawayne wrote:
the date won't change this to apples and apples or oranges and oranges
I may not have gone where I intended to go, but I think I have ended up where I needed to be.
- Douglas Adams (1952 - 2001)
Si fractum non sit, noli id reficere.
Teach a child to be polite and courteous in the home and, when he grows up, he'll never be able to drive in New Jersey.
- Douglas Adams (1952 - 2001)
Si fractum non sit, noli id reficere.
Teach a child to be polite and courteous in the home and, when he grows up, he'll never be able to drive in New Jersey.
- triviawayne
- Posts: 678
- Joined: Fri Jul 10, 2015 6:38 am
Re: A tax refund question
which isn't what happened hereBob Juch wrote:There is a penalty for paying your taxes late.triviawayne wrote:the date won't change this to apples and apples or oranges and orangesBob Juch wrote: Only if he paid on or before the 18th.
- Bob Juch
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- Joined: Mon Oct 08, 2007 11:58 am
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Re: A tax refund question
Well it would if he waits until after the 18th.triviawayne wrote:which isn't what happened hereBob Juch wrote:There is a penalty for paying your taxes late.triviawayne wrote:
the date won't change this to apples and apples or oranges and oranges
I may not have gone where I intended to go, but I think I have ended up where I needed to be.
- Douglas Adams (1952 - 2001)
Si fractum non sit, noli id reficere.
Teach a child to be polite and courteous in the home and, when he grows up, he'll never be able to drive in New Jersey.
- Douglas Adams (1952 - 2001)
Si fractum non sit, noli id reficere.
Teach a child to be polite and courteous in the home and, when he grows up, he'll never be able to drive in New Jersey.
- triviawayne
- Posts: 678
- Joined: Fri Jul 10, 2015 6:38 am
Re: A tax refund question
Still apples and orangesBob Juch wrote:Well it would if he waits until after the 18th.triviawayne wrote:which isn't what happened hereBob Juch wrote: There is a penalty for paying your taxes late.
- Bob Juch
- Posts: 26457
- Joined: Mon Oct 08, 2007 11:58 am
- Location: Oro Valley, Arizona
- Contact:
Re: A tax refund question
With which do you pay your taxes?triviawayne wrote:Still apples and orangesBob Juch wrote:Well it would if he waits until after the 18th.triviawayne wrote:
which isn't what happened here
I may not have gone where I intended to go, but I think I have ended up where I needed to be.
- Douglas Adams (1952 - 2001)
Si fractum non sit, noli id reficere.
Teach a child to be polite and courteous in the home and, when he grows up, he'll never be able to drive in New Jersey.
- Douglas Adams (1952 - 2001)
Si fractum non sit, noli id reficere.
Teach a child to be polite and courteous in the home and, when he grows up, he'll never be able to drive in New Jersey.