 I live in texas and was married less than 6 months ago. Can my wife and I still file single.? |
| my wife wants to file single to receive earned income and her 2 children. If we file together we can't get much because I make so much. If we only have been married for less than 6 months can ... |
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 What percentage of the sale of a property does a property agent earn.? |
| what are cost that the property agent must take besides the advertising cost. Is there any tax or any amount they would have to pay to the ... |
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 Is the TV License a stealth tax? |
| If you own a TV you have to pay for the license regardless of how many TV channels you can pick up or how good the reception is.... |
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 Whyen do you get your money back from taxes? |
im 17 and pay taxes so will i get all my money back from paying my taxes
and when do i get the money back usually?... |
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 Can the court find out the employer and garnish wages of a non-custodial parent who owes back child support? |
| I'm asking this for a co-worker. The non-custodial parent has been unemployed for 2 years. Has worked for the last 6 months. Has not told the court, child enforcement, ex-spouse of new ... |
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 HELP Tax fraud question? |
| Me and my friend went to go get our taxes done, and our preparer put me as my friends dependent, cause she said we would get more money back, she said it was legal, but listed me as his son or ... |
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 If i buy a piece of property and knock down the house, do I still have to pay taxes on the house? |
| If i buy the property knock down the house and don't build a new house on the property for a few years do I still have to pay taxes as if the house was still there? Or do i just pay taxes on the ... |
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 I have to pay taxes on a motorcycle. Could I lie and say I paid less for lower taxes? Do they check that? |
| My taxes will run almost 650$ Could I say I paid 1-2,000 less, do they check up on it. I am form Illuinois and bought it from a dealer in Wisconsin.... |
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 I didn't pay taxes quarterly on my small business am I going to get in trouble? |
| I don't have any 1099 misc forms. I'm new to this whole thing. I didn't pay quarterly taxes. I have 2 kids, college expenses to deduct, loss from stock that I owned for a couple of ... |
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 I was looking at a job. It pays wage plus mileage. The company pays for gas. How do I claim expenses on taxs |
| It pays min wage plus .15 per mile. The company furnishes a gas card for gas. It will be about 4 hours per day and around 200 miles per day. Since the company is paying for the gas I assume that I ... |
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 How can I kepp my chech from getting taxed? |
| Im still a minor and i want to keep all my money. Isnt there some form i can file or something like that??... |
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 I am a contractor and didn't save any money for taxes, what do I do? |
| I made a good amount of money last year as a contractor, but due to complications in my personal life, I didn't have a chance to save anything for taxes. My friend suggested to use an extension,... |
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 Claiming your fiance? |
| my fiance wants to know if he can claim me on his income tax we have been together 3 yrs now an also i draw social security ... |
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 What would happen if i turned my father in for tax fraud? |
| We both filed taxes last year and got refunds. I didn't really know what I was doing so I let him do both of our taxes. He ended up claiming me on his taxes, therefore allowing him to pay less ... |
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 Do you get your money back after filing a tax return? |
| all the money they take from yor paycheck's do u ever get that back?... |
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Mike D | Does the IRS charge a penalty for receiving a refund check that is too large? |
My Mother told me that if my tax refund was too large, the IRS would charge a penalty. I have never heard of such a thing, and she had no idea what that threshold was. Any ideas? |
 |
 
spicertax
|
No such penalty. The IRS is not required to add interest to your refund unless they take more than 45 days to mail it after filing. This means that you get no interest on your money for up to 45 days. This could be called a penalty but it is really just lost income on the money you could have invested. |
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Judy1
 |
Heck no, they love it! A large refund check means that you gave them an interest-free loan of the money while they had it. |
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Fool in the Rain
 |
No, they don't. Basically you are loaning that money to the federal government interest-free. We should be charging them! |
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Another Garcia
|
As long as the money you receive is the money that you were entitled to then there is no penalty. If you however receive a large sum because you lied or committed fraud or alternatively recieved a check for more than you should have received and cashed it anyway then you would be in trouble. But overpaying your taxes throughout the year is not a crime. In fact, the IRS prefers it. |
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stray cat
|
If the refund is legit, it's good. If you feel it's a mistake, take it to an independant tax preparer BEFORE you cash it, and let them look it over.
The IRS does have initials that make your skin crawl, but they are a pretty fair lot indeed. But don't take what is theirs. If the refund is yours, then it's yours. |
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Nancy S.
 |
The answer is - it depends.
If the refund check is due to fraud (example - claiming things you should not have) then yes a penalty is due.
If you do not pay enough then yes they charge a penalty. (example- taxes owed last year was 10,000 and this year you owe 10,000 but only pay 5000 they charge a penalty)
I do not know of any refund penalties |
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One Sexy Jeep Girl
|
So long as you receive no more than you are entitled to there is not a problem. If by some error they send you a check in excess of what you have coming back and you cash that check then yes you will be penalized. |
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Aero-Smith
|
Dont know about a penalty but if they catch it you will have to back it back |
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SuzeY
 |
Charge you a penalty for holding your money too long? Not hardly! You're the IRS's new best friend - you gave them an interest free loan for a year.
If your refund is that large, I suggest that you reassess your federal withholding and use the extra amount on your paycheck to invest in a nice solid stock index fund. |
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~*WoodSmoke*~ ~Environment~ daBlogPound,Inc
 |
They can. The ideal for the IRS and taxpayer is to withhold taxes as close to even as possible.
Back before the Earned Income Credit, the IRS was more strict about over withholding, and until last year they haven't really fussed, but last tax season, people whose refunds have been large have been getting Estimated Tax Payment Schedules, meaning the IRS is probably going to start cracking down again.
For accurate withholding go to IRS website, Individual, Withholding Calculator. This may help..
Good Luck & Blessings |
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