Question

David · Feb 5, 2010

So I filed my taxes today and was told I overpaid by $600+. No biggie, that's why the gov't gives you change at the end of the tax year (tax refunds). But then the tax person said something about 'work credits' or some such and lets just say my refund is quite a bit more $600. Are the Feds paying interest or something?

myp · Feb 5, 2010

David said:
So I filed my taxes today and was told I overpaid by $600+. No biggie, that's why the gov't gives you change at the end of the tax year (tax refunds). But then the tax person said something about 'work credits' or some such and lets just say my refund is quite a bit more $600. Are the Feds paying interest or something?

What exactly was the phrase the person used about the work credits? They might have been referring to this: http://www.irs.gov/newsroom/article/0,,id=204447,00.html

As for interest on returns, from what I know the IRS doesn't pay interest on returns within 45 days (on original, non-late filings)- if it takes them longer to process it than 45 days, they will likely pay interest, although I doubt it would be at a very high rate.

Not a tax expert here though, so take it with a grain of salt

David · Feb 5, 2010

myp said:
What exactly was the phrase the person used about the work credits? They might have been referring to this: http://www.irs.gov/newsroom/article/0,,id=204447,00.html

As for interest on returns, from what I know the IRS doesn't pay interest on returns within 45 days (on original, non-late filings)- if it takes them longer to process it than 45 days, they will likely pay interest, although I doubt it would be at a very high rate.

Not a tax expert here though, so take it with a grain of salt

So the increase is due to President Obama lowering the tax in the middle of the tax year then or am I misunderstanding something? In any case that was the term used, thanks for the link.

myp · Feb 5, 2010

David said:
So the increase is due to President Obama lowering the tax in the middle of the tax year then or am I misunderstanding something?

Well, that credit was made available for 2009-2010 through the "stimulus" package passed last February.

David · Feb 5, 2010

myp said:
Well, that credit was made available for 2009-2010 through the "stimulus" package passed last February.

Ah, thanks. Was a bit confused when my refund was more then what I over payed.

Barnabas · Feb 17, 2010

It is simple. next year you paid less. You can save this money

David · Feb 17, 2010

Barnabas said:
It is simple. next year you paid less. You can save this money

No I can't. The increase was due to a tax credit, it won't carrie over. Ether I'll get nothing or I'll get my change back plus this extra credit. It'd be nice if that extra 250 or so was taken off my taxes, though.

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