Finally submitted my tax return!

Discussion in 'Archived Threads 2001-2004' started by Patrick Sun, Feb 24, 2002.

  1. Patrick Sun

    Patrick Sun Moderator
    Moderator

    Joined:
    Jun 30, 1999
    Messages:
    38,676
    Likes Received:
    424
    And boy did I give Uncle Sam plenty of money for the privilege and honor of living in the US of A! But it is worth every penny! (How many people actually realize how much in taxes they paid for 2001, not just how much you get back or owe? I do.)

    But with the tax free loan I gave out, I can use it to pay for my 2 new crowns I got earlier this month. Oh joy! It's the smaller state tax refund that I get to spend on goodies! Woo hoo!

    I must say, using something like Turbo Tax totally sped up the process once again. I'm damn grateful for the software.
     
  2. Kevin T

    Kevin T Screenwriter

    Joined:
    Jul 12, 2001
    Messages:
    1,402
    Likes Received:
    1
    i used taxcut and i kept running into problems...couldn't file online due to having misplaced my 2000 return info, taxcut kept prompting me to enter the $300 rebate i received in 2001 and then proceded to deduct it from my refund amount. what's up with this? i hand filed and will get back $950 from the feds. if taxcut had their way, i would have received $650?!

    kevin t
     
  3. Bruce Hedtke

    Bruce Hedtke Cinematographer

    Joined:
    Jul 11, 1999
    Messages:
    2,249
    Likes Received:
    0
    I keep very clear track of what Unk takes from me every year. Getting a refund is nice, but it's still quite a chunk to part with.

    Bruce
     
  4. Kelley_B

    Kelley_B Cinematographer

    Joined:
    Feb 27, 2001
    Messages:
    2,324
    Likes Received:
    0
    I'm getting back $1300 from the Fed and $93 from the state. And then on top of that my fiance is getting about $700 back from the fed and $200 back from the state. Can we say HDTV, yes we can[​IMG] [​IMG]
     
  5. JamesMH

    JamesMH Stunt Coordinator

    Joined:
    Mar 8, 1999
    Messages:
    74
    Likes Received:
    0
    KevinT, you are supposed to enter the federal tax refund you got as income in the year that you got it.

    That is normal, not sure about your amounts though, did you enter it anywhere on your taxes as an income? If not, oh dear.
     
  6. Steven K

    Steven K Supporting Actor

    Joined:
    Jan 10, 2000
    Messages:
    830
    Likes Received:
    0
    I got back $2250 from the Fed, $420 from the state... paying for my honeymoon in April.
     
  7. MikeAlletto

    MikeAlletto Cinematographer

    Joined:
    Mar 11, 2000
    Messages:
    2,369
    Likes Received:
    0
    I don't understand why people get excited over tax refunds. It's money that should have been yours to start with, they are just giving it back after borrowing it for a year.
     
  8. Howard Williams

    Howard Williams Supporting Actor

    Joined:
    Mar 7, 2001
    Messages:
    521
    Likes Received:
    0
    I'm no tax expert but:

    JamesMH says:

     
  9. Kevin T

    Kevin T Screenwriter

    Joined:
    Jul 12, 2001
    Messages:
    1,402
    Likes Received:
    1
     
  10. Jesse Leonard

    Jesse Leonard Second Unit

    Joined:
    Jun 8, 2000
    Messages:
    430
    Likes Received:
    0
     
  11. Jeff R.

    Jeff R. Stunt Coordinator

    Joined:
    May 31, 1999
    Messages:
    175
    Likes Received:
    0
    The way I understood the $300 "rebate" was that it is actually an advance on your 2001 refund. So, although you don't claim it as income, you must deduct it from your calculated refund. Kevin, I think Taxcut was correct when it reduced your refund by the amount you've already received. TurboTax does the same thing.
    http://www.irs.gov/pub/irs-news/ir-02-19.pdf
     
  12. Kevin T

    Kevin T Screenwriter

    Joined:
    Jul 12, 2001
    Messages:
    1,402
    Likes Received:
    1
    well i hand filed my taxes so if i did them wrong someone will catch it. however, if you look on form 1040 line 47 titled "Rate reduction credit" it tells you to see page 36 of the worksheet. on page 36 it states:
    if you received (before offset) an advance payment of your 2001 taxes equal to the amount shown below for your 2001 filing status, stop. You cannot take the credit because you have received the maximum amount of the credit
    * single or married filing separately - $300
    * head of household - $500
    * married filing jointly or qualifiy widow(er) - $600
    since i received my $300 credit i stop and enter 0 as entering the $300 is asking the govt. to subtract it again from your tax liability. i must say this rate reduction credit has caused quite an uproar. i did what the instructions said and even heard an accountant say to enter 0 on line 47 if you received your credit on the local news station. i just can't comprehend why taxcut would reduce my refund when i followed the directions on the 1040 to the t and came out $300 ahead. i hope i'm right in doing this...if not, i await the audit [​IMG]
    kevin t
     
  13. BrianB

    BrianB Producer

    Joined:
    Apr 29, 2000
    Messages:
    5,205
    Likes Received:
    1
    Kevin, you did it exactly like HRBlock are advising, exactly like my bank manager brother-in-law advised me, exactly like all the media sources I've read have advised - if you already received the tax credit, put 0 in that line.
     
  14. Steven K

    Steven K Supporting Actor

    Joined:
    Jan 10, 2000
    Messages:
    830
    Likes Received:
    0
     
  15. Howard Williams

    Howard Williams Supporting Actor

    Joined:
    Mar 7, 2001
    Messages:
    521
    Likes Received:
    0
    As far as big refunds being a bad idea I would say this. I think people are pleasently surprised when they enter the correct number of claims on their W-4 and then get a refund. If your refund is more than 2400 buck, that's $200 a month you could have in your pocket. It's all relative but I could surely use an extra $200 a month for something.
     
  16. Jesse Leonard

    Jesse Leonard Second Unit

    Joined:
    Jun 8, 2000
    Messages:
    430
    Likes Received:
    0
     
  17. MikeAlletto

    MikeAlletto Cinematographer

    Joined:
    Mar 11, 2000
    Messages:
    2,369
    Likes Received:
    0
    Yes, you are correct to put 0 on that line. I can't find it anymore but about a month ago irs.gov had an article about that line. Here is a part that I put in an email to someone else:

     

Share This Page