Go Back  DVD Talk Forum > General Discussions > Other Talk
Reload this Page >

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

Other Talk "Otterville" plus Religion and Politics

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

Old 03-07-08, 12:30 PM
  #1  
DVD Talk Legend
Thread Starter
 
Liver&Onions's Avatar
 
Join Date: Jan 2001
Location: Oregonzola
Posts: 14,293
Likes: 0
Received 1 Like on 1 Post
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?
Old 03-07-08, 12:34 PM
  #2  
DVD Talk Legend
 
Join Date: Mar 2003
Location: Lyon Estates
Posts: 10,795
Likes: 0
Received 0 Likes on 0 Posts
hide
Old 03-07-08, 12:35 PM
  #3  
DVD Talk Legend
 
Minor Threat's Avatar
 
Join Date: Jul 2000
Posts: 13,748
Likes: 0
Received 4 Likes on 3 Posts
Save it indefinatly - they'll be asking for it back sooner or later.....
Old 03-07-08, 12:36 PM
  #4  
DVD Talk Legend
 
raven56706's Avatar
 
Join Date: Feb 2001
Location: Back in the Good Ole USA
Posts: 21,767
Likes: 0
Received 1 Like on 1 Post
save it... they will ask for it... they are testing you
Old 03-07-08, 12:37 PM
  #5  
DVD Talk Legend
 
Join Date: Jul 2003
Location: Marina Del Rey, California
Posts: 10,023
Received 10 Likes on 6 Posts
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.
Old 03-07-08, 12:38 PM
  #6  
DVD Talk Legend
 
Join Date: Jun 1999
Location: USA
Posts: 12,302
Received 3 Likes on 3 Posts
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.
Old 03-07-08, 12:55 PM
  #7  
DVD Talk Gold Edition
 
Join Date: Nov 2005
Location: Galt's Gulch
Posts: 2,652
Received 3 Likes on 3 Posts
Throw a party
Old 03-07-08, 12:58 PM
  #8  
DVD Talk Legend
Thread Starter
 
Liver&Onions's Avatar
 
Join Date: Jan 2001
Location: Oregonzola
Posts: 14,293
Likes: 0
Received 1 Like on 1 Post
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
Old 03-07-08, 01:05 PM
  #9  
DVD Talk Legend
 
Join Date: Jun 1999
Location: USA
Posts: 12,302
Received 3 Likes on 3 Posts
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.
Old 03-07-08, 01:07 PM
  #10  
Senior Member
 
smg669's Avatar
 
Join Date: Dec 2003
Posts: 915
Likes: 0
Received 2 Likes on 2 Posts
Step 1: Locate high-end prostitute
Step 2: Inquire about cost to pee in her butt
Step 3: Pee in her butt
Old 03-07-08, 01:08 PM
  #11  
DVD Talk Ultimate Edition
 
Join Date: Jul 1999
Posts: 4,529
Received 1 Like on 1 Post
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.
Old 03-07-08, 01:20 PM
  #12  
DVD Talk Hall of Fame
 
Join Date: Nov 2000
Location: On the banks of the Red Cedar
Posts: 9,864
Likes: 0
Received 1 Like on 1 Post
Send the money to me, I will put it in my interest free savings!
Old 03-07-08, 01:27 PM
  #13  
DVD Talk Legend
 
Bronkster's Avatar
 
Join Date: Aug 2002
Location: AnaheimLand, SoCal
Posts: 16,661
Received 18 Likes on 13 Posts
Withdraw the money
Close the account
Change your name
Move to Mexico
Old 03-07-08, 01:28 PM
  #14  
DVD Talk Legend
Thread Starter
 
Liver&Onions's Avatar
 
Join Date: Jan 2001
Location: Oregonzola
Posts: 14,293
Likes: 0
Received 1 Like on 1 Post
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?
Old 03-07-08, 01:28 PM
  #15  
DVD Talk Legend
Thread Starter
 
Liver&Onions's Avatar
 
Join Date: Jan 2001
Location: Oregonzola
Posts: 14,293
Likes: 0
Received 1 Like on 1 Post
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
Old 03-07-08, 02:14 PM
  #16  
DVD Talk Legend
 
Dr Mabuse's Avatar
 
Join Date: Jun 2007
Location: 75 clicks above the Do Lung bridge...
Posts: 18,946
Likes: 0
Received 1 Like on 1 Post
yeah earn interest of some sort...

but keep it handy just in case...
Old 03-07-08, 09:28 PM
  #17  
DVD Talk Hero
 
PopcornTreeCt's Avatar
 
Join Date: Feb 2004
Posts: 25,913
Likes: 0
Received 1 Like on 1 Post
Ahem:

http://forum.dvdtalk.com/showthread.php?t=526636
Old 03-07-08, 10:53 PM
  #18  
DVD Talk Legend
 
Join Date: Feb 2001
Posts: 14,812
Likes: 0
Received 0 Likes on 0 Posts
Originally Posted by PopcornTreeCt
I'm sure the current bid is way over $5,000.
Old 03-07-08, 11:05 PM
  #19  
DVD Talk Ultimate Edition
 
Join Date: Aug 2002
Location: MA
Posts: 4,661
Likes: 0
Received 0 Likes on 0 Posts
I never get a refund anymore. Stupid AMT.
Old 03-08-08, 12:54 AM
  #20  
DVD Talk Godfather
 
DVD Polizei's Avatar
 
Join Date: Jan 2002
Posts: 53,264
Received 93 Likes on 68 Posts
Buy $5,000 worth of gold.
Old 03-08-08, 01:03 AM
  #21  
DVD Talk Legend
 
JumpCutz's Avatar
 
Join Date: Aug 2004
Location: south of heaven
Posts: 13,540
Likes: 0
Received 1 Like on 1 Post
Don't worry about it, it's only the IRS. They have bigger fish to fry.
Old 03-08-08, 07:23 PM
  #22  
DVD Talk Legend
 
Join Date: May 2004
Location: a mile high, give or take a few feet
Posts: 13,665
Likes: 0
Received 6 Likes on 6 Posts
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.

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Thread Tools
Search this Thread

Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information

Copyright 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.