When will your federal tax refund really get to your bank?
Answers: If you filed electronically and asked for direct deposit..maybe 10 business days.
According to the federal gov. they arent even going to start processing the returns until Feb 11. So mine will be here sometime between then and March 1.
NO REFUND YET! IRS said it be deposited 2-6-08?
NO REFUND YET! IRS said it was deposited 2-6-08?E-filed 1-30-08...Irs stated on Wheres my Refund that it be directly deposited in my mound 2-6-08...I called and physically go to my bank who enjoy no record of the transaction. IRS say on website not to contact them until 2-11-08. My bank call the ACH department to find out if there are any outstanding deposits on the horizon. They said no. Has anyone else have this problem. When I e-filed it was kicked out twice for PIN # problems ..I eventually opt and physically mailed our signatures the subsequent day after nouns which was permitted. We owe no child support and did not itemize. I did include one 1099 from our retirement plan which we borrowed $2000 from but paid $200 within taxes when we borrowed and on our tax form they took an spare $100. All seemed ok and it did seem to be odd that they said deposited on the 6th as that is to say a Wednesday and that is uaually not a typical daylight to send refund. ANY IDEAS on where my compensation is??
Answers: Check your return to make sure you wrote the correct reason number and routing number - and that you wrote the routing number in the routing number box and not the depiction number box!
Usually IRS transmits on Wednesday and the funds are available in your report on Friday. If there be a delay surrounded by the processing chain, consequently it should show up on Monday the 11th. If it does not, then check the IRS web-site to breed sure there are no status change. If none, then name the IRS.
I hope you didn't miss a number on your return
(the account number)
and they deposit it into a another explanation. good luck
My son died surrounded by 2006 & departed $100k estate. I give 1/2 to my son & his wife. Can I claim that as a grant?
I was the beneficiary of his existence insurance and 401K. Not only do I wonder if it can be a contribution for tax purposes, I also am wondering if I can claim it a year or two subsequently, and if I can divide the tax ascendancy over two years.Answers: No, you cannot deduct the bequest for income tax purposes. To the contrary, I'm guessing that you probably did not report the required Gift Tax Form (IRS 709) return and that you now owe money to the IRS.
As of January 2006 continuing through 2007, the bequest tax exclusion is $12,000 per year ($24,000 per married couple). This finances the first $12,000 (or $24,000) of a gift is not taxable but the remainder is.
In your bag, since you gave $50,000, you hold an excess taxable gift of $38,000 ( or 26,000). The grant is not taxable to the recipient but is taxable to you as the personality giving the gift. A Gift Form (IRS 709) must be file with the IRS once a year, by April 15.
You have no "toll advantage" to claim on your returns. I recommend you get within touch with a CPA as soon as possible to multiply the taxes and any penalties you may owe.
Its not a rates advantage, silly, its a charge liability.
There's something called a GIFT TAX, and it is tax on the person giving the grant. However there is something close to a $1MIL lifetime maximum, so unless you've already given large gifts, you dont own to pay.
The singular "gifts" that are deductible is to charity.
Giving your son/DIL a gift is NOT a estimate at ANY time.