What's all this tax stuff about Feb 15th?

[Bettacreek]

I've heard the mention of some people not being able to do their taxes until Feb 15th. I assumed it was just an elderly thing, as I was mostly hearing it from my clients. However, I was sitting down doing my taxes and was peeved that I would only be getting about $500 back. I couldn't understand a jump from $2.5k to $500 when I made darn near the same amount as I did last year. Then my mom walks in and literally yells "NOOO! Don't file your taxes until after Feb 15th or you won't get credit for the boys!" So... What the heck is this all about?!

 

[TanksHill]

 

[i_am2bz]

Yes, I heard something about that, too, but for the life of me I can't remember the details. Since I usually don't start my tax return until the beginning of April ( ) I didn't really pay any attention to the details. I never get back much money, anyway. :/

 

[Dunkopf]

The Bush tax cuts were supposed to expire on Dec 31st 2010. The child tax credit as well as a few other items were included in those tax cuts. The software companies and the IRS were set up for the cuts to expire. At the end of the year. Then the tax cuts were extended for 2 years. So now all the software has been redone and the IRS is not processing any returns until Feb 15th. You may be using forms that were made based on the tax cuts expiring. So you don't have to wait till Feb 15th to file. You need to get the proper forms.

Turbo Tax is fully updated. I have my taxes ready to go. Just waiting for my W2 to be sure I used the right figures. It updates every time I open it up. It's well worth the money for anyone that uses a long form.

 

[FarmerChick]

I take mine to an accountant, sorry, no help here lol

 

[Bettacreek]

The Bush tax cuts were supposed to expire on Dec 31st 2010. The child tax credit as well as a few other items were included in those tax cuts. The software companies and the IRS were set up for the cuts to expire. At the end of the year. Then the tax cuts were extended for 2 years. So now all the software has been redone and the IRS is not processing any returns until Feb 15th. You may be using forms that were made based on the tax cuts expiring. So you don't have to wait till Feb 15th to file. You need to get the proper forms.

Turbo Tax is fully updated. I have my taxes ready to go. Just waiting for my W2 to be sure I used the right figures. It updates every time I open it up. It's well worth the money for anyone that uses a long form.

I went through the Turbo Tax, like I do every year... I don't understand how mine can make a jump from $2.5k to $500. I made like $4k in 09 and $1.7k in 10. I can't see it being THAT big of a jump though...

 

[patandchickens]

I went through the Turbo Tax, like I do every year... I don't understand how mine can make a jump from $2.5k to $500. I made like $4k in 09 and $1.7k in 10. I can't see it being THAT big of a jump though...

Go back and compare line-by-line to your last year's return. Then you can see WHERE the difference is from, and whether it is correct or not.

I do this whenever there is a substantial change from the previous year; sometimes it helps me catch mistakes (hey, why do I not have an entry on line 228 *this* year... oh, wait, I should...) and other times it at least explains things.

Pat

 

[Bettacreek]

I paid in $350 more last year than I did this year. It still seems like a hell of a drop in return. I guess it's like 15% of your income or something. This sucks ass... Royally.

 

[dacjohns]

Withholdings were also changed.

 

[FarmerChick]

if you got that backslide, I usually get about $6K back
UGH will be wondering how low mine will go??????? crap!