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IRS refunded me more than expected - anything I should do?

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IRS refunded me more than expected - anything I should do?

Old 03-07-08, 12:30 PM
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IRS refunded me more than expected - anything I should do?

I was expecting just under 3k as my refund, and when it was deposited today the IRS gave me ~5k more than expected. What is my duty in this case? Do I report it? Do I assume that they are right?
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Old 03-07-08, 12:34 PM
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Old 03-07-08, 12:35 PM
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Save it indefinatly - they'll be asking for it back sooner or later.....
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Old 03-07-08, 12:36 PM
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save it... they will ask for it... they are testing you
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Old 03-07-08, 12:37 PM
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I've had the same thing happen to me; nine months later they asked for it back. I put mine in money market funds and kept the interest, then sent them their share back when they asked.

I also had a co-worker that this happened too five years ago. He spent the money, they eventually asked for it back..and when he said he didn't have it they took it out of his paycheck. Watch out.
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Old 03-07-08, 12:38 PM
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Originally Posted by Liver&Onions
I was expecting just under 3k as my refund, and when it was deposited today the IRS gave me ~5k more than expected. What is my duty in this case? Do I report it? Do I assume that they are right?
Keep all your paperwork, seperate the overage and put it into a safe bank account.

While I would not report it I would recheck the return if I were you. I would hang onto the money you may need to give it back.
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Old 03-07-08, 12:55 PM
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Old 03-07-08, 12:58 PM
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OK - so don't bother reporting becase they're going to ask for it anyway. Gotcha.

I figured they would so I've been trying to see if there are any good CD rates out there right now, but not really
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Old 03-07-08, 01:05 PM
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Originally Posted by Liver&Onions
OK - so don't bother reporting becase they're going to ask for it anyway. Gotcha.

I figured they would so I've been trying to see if there are any good CD rates out there right now, but not really
Be careful what you lock into as well, you don't want to have to break a cd to get the money. Look at money markets.

Also, have your return checked, it could be possible that you made the mistake, they simply use the numbers they have available to them to process the first time. Then they do a more through check later on.
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Old 03-07-08, 01:07 PM
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Old 03-07-08, 01:08 PM
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Originally Posted by Liver&Onions
OK - so don't bother reporting becase they're going to ask for it anyway. Gotcha.

I figured they would so I've been trying to see if there are any good CD rates out there right now, but not really

Open up a HSBC or ETrade online savings account they pay decent rates. Put the $ in there and enjoy the interest income.
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Old 03-07-08, 01:20 PM
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Send the money to me, I will put it in my interest free savings!
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Old 03-07-08, 01:27 PM
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Withdraw the money
Close the account
Change your name
Move to Mexico
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Old 03-07-08, 01:28 PM
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I guess even a 3 month rolling CD would potentially tie up the cash for too long. I'll look into MM and other savings accounts.

What's the time frame they can come back and ask for it? Indefinite?

I filed with Turbo Tax - so I guess I have some sort of backup there with the guarantee they offer right?
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Old 03-07-08, 01:28 PM
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Originally Posted by Bronkster
Withdraw the money
Close the account
Change your name
Move to Mexico
But I just got my greencard a couple years ago
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Old 03-07-08, 02:14 PM
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yeah earn interest of some sort...

but keep it handy just in case...
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Old 03-07-08, 09:28 PM
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Ahem:

http://forum.dvdtalk.com/showthread.php?t=526636
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Old 03-07-08, 10:53 PM
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Originally Posted by PopcornTreeCt
I'm sure the current bid is way over $5,000.
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Old 03-07-08, 11:05 PM
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I never get a refund anymore. Stupid AMT.
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Old 03-08-08, 12:54 AM
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Buy $5,000 worth of gold.
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Old 03-08-08, 01:03 AM
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Don't worry about it, it's only the IRS. They have bigger fish to fry.
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Old 03-08-08, 07:23 PM
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I, personally, would put it in a savings account and try to forget about it. Eventually, you'll get used to having that buffer there, and it'll be like it's not there at all. If a few years goes by, and they don't come knocking, I wouldn't worry about it.
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