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Really OT!...Back on 2-26 I filed our 2021 tax return...:REALLY OT!

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RRP
RRP Posts: 25,897
in EggHead Forum
I had purposefully overpaid my final estimated tax payment so as to purchase some more iBonds with the refund.  Here it is 6-13 and my return still has not even been processed! Trust me...there was NOT one single issue with my return to question its validity. Has anybody else experienced such a delay this year?
(YES, I know this is a BBQ grill forum, BUT there are also a helluva lot of traffic on this forum!)
Re-gasketing America one yard at a time.
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  • Legume
    Legume Posts: 14,627
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    I owed, mine was processed in a couple of weeks.
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  • kl8ton
    kl8ton Posts: 5,429
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    We haven't seen our fed refund before August last two years.  We can't efile. We mail them in.  I can't ever track them on the irs site until sometime in July.  They just sit in some warehouse and wait for manual processing. 
    Large, Medium, MiniMax, & 22, and 36" Blackstone
    Grand Rapids MI
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  • alaskanassasin
    alaskanassasin Posts: 7,663
    edited June 2022
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    You lost me, you intentionally overpaid your taxes?!   I am out.
    South of Columbus, Ohio.


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  • StillH2OEgger
    StillH2OEgger Posts: 3,748
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    We filed right before the deadline and had some money coming back and received state (MN) and federal returns relatively quickly. But we also didn't have any gasket revenue to report, even as a break-even operation.
    Stillwater, MN
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  • mEGG_My_Day
    mEGG_My_Day Posts: 1,653
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    I have a client’s return (941) filed in March 2021 that has not been processed.  Talked to IRS last week.  The irs acknowledges receipt of the return, but claims they have not assigned it to an agent.  They are backed up and short handed among other issues out of their control.  
    Memphis, TN 

    LBGE, 2 SBGE, Hasty-Bake Gourmet
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  • RRP
    RRP Posts: 25,897
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    alaskanassasin said:
    You lost me, you intentionally overpaid your taxes?!   I am out.
    Yes...purchasing iBonds vs getting a cash refund is actually something I learned on this very BBQ forum!
    Re-gasketing America one yard at a time.
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  • RRP
    RRP Posts: 25,897
    edited June 2022
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    StillH2OEgger said:
     But we also didn't have any gasket revenue to report, even as a break-even operation.
    har har har, yes my service for soon to be 21 years is break even, but some people appreciate what I do gratis and tip me. So, yes, I DO file the  proper forms to report those tips AND I have done so FOR years!
    Re-gasketing America one yard at a time.
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  • Ybabpmuts
    Ybabpmuts Posts: 940
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    Yes...purchasing iBonds vs getting a cash refund is actually something I learned on this very BBQ forum!


     I always thought IBonds was some kind of glue. For years I thought the government had a surplus of glue and they were trying to get rid of it via the tax process. I wouldn't go for it, simply because I felt like I had some, and I'm not trying to be gross here, umm .. sticky glands, that with very little processing, could make something I could market as IBondPlus. 

    I know ... you can't make this stuff up.

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  • Gulfcoastguy
    Gulfcoastguy Posts: 6,304
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    I efiled about the same time and had my refund within a week.
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  • Gulfcoastguy
    Gulfcoastguy Posts: 6,304
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    It had the tax credit for an electric car and installation of a charger.
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  • Langner91
    Langner91 Posts: 2,120
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    Paper or e-file?  They warned folks that paper returns could take forever.
    Clinton, Iowa
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  • fishlessman
    fishlessman Posts: 32,776
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    efile took just over a week and i filed the last day, state cashed my check within days
    fukahwee maine

    you can lead a fish to water but you can not make him drink it
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  • HighHeat
    HighHeat Posts: 218
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    Just remember, as of Jan 20, 2021, POTUS is no longer responsible for tax return delays.
    Memphis, TN
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  • alaskanassasin
    alaskanassasin Posts: 7,663
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    HighHeat said:
    Just remember, as of Jan 20, 2021, POTUS is no longer responsible for tax return delays.

    He is responsible for $5 gas
    South of Columbus, Ohio.


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  • AnothaStolenGenrator
    AnothaStolenGenrator Posts: 287
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    alaskanassasin said:
    HighHeat said:
    Just remember, as of Jan 20, 2021, POTUS is no longer responsible for tax return delays.

    He is responsible for $5 gas

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  • alaskanassasin
    alaskanassasin Posts: 7,663
    edited June 2022
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    South of Columbus, Ohio.


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  • HeavyG
    HeavyG Posts: 10,350
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    alaskanassasin said:
    HighHeat said:
    Just remember, as of Jan 20, 2021, POTUS is no longer responsible for tax return delays.

    He is responsible for $5 gas

    It is pretty amazing how just one person can flip a lever and cause gasoline all over the world to spike at unheard of prices.
    Now THAT is power!!
    “Reality is that which, when you stop believing in it, doesn't go away.” ― Philip K. Diçk




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  • RyanStl
    RyanStl Posts: 1,050
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    I e-file and takes about a week. My boss does old fashioned submittal and is still waiting. If you didn't e-file it might take awhile.
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  • alaskanassasin
    alaskanassasin Posts: 7,663
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    Hmm if there was only something we could do...




    South of Columbus, Ohio.


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  • Mattman3969
    Mattman3969 Posts: 10,457
    edited June 2022
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    My daughter is still waiting on hers.  Just got a letter saying it might be another 60 day. If I’m not mistaken if it takes longer than 45 days to get your return you will receive 4% interest anything after July 1 goes to 5%.   

    She e-filed.  

    -----------------------------------------

    analyze adapt overcome

    2008 -Large BGE. 2013- Small BGE and 2015 - Mini. Henderson, Ky.
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  • alaskanassasin
    alaskanassasin Posts: 7,663
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    Not going to hijack your thread @RRP carry on.   On that note I took a whopper of a check for my taxes last year and left it on the counter at the post office. (more like a slider in your world).   After 2 weeks and the deadline looming I called Bob at the PO and asked him if he remembers seeing my envelope and did he mail it?  I assume the IRS uses automatic check readers so it should have cleared by now. He said no he doesn't remember seeing it. 
      Two days later it cleared.

    South of Columbus, Ohio.


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  • Ybabpmuts
    Ybabpmuts Posts: 940
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    HeavyG said

    It is pretty amazing how just one person can flip a lever and cause gasoline all over the world to spike at unheard of prices.
    Now THAT is power!!

    It's not that amazing when you know how the system works. There are levers all over the place and they're all chained together with bluetooth technology, not unlike those doors that you can unlock using just your phone app, so that if one is flipped, they all flip over automatically. Anybody in the controlling group can flip a lever anywhere along the chain at any time. Once the levers are flipped, gas station attendants all over the world run out of their little buildings .. with the new price tags in their hands  .. and that's how the prices go up everywhere. It's brilliant in its simplicity, but that amazing really.
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  • Kayak
    Kayak Posts: 700
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    alaskanassasin said:
    Not going to hijack your thread @RRP carry on.   On that note I took a whopper of a check for my taxes last year and left it on the counter at the post office. (more like a slider in your world).   After 2 weeks and the deadline looming I called Bob at the PO and asked him if he remembers seeing my envelope and did he mail it?  I assume the IRS uses automatic check readers so it should have cleared by now. He said no he doesn't remember seeing it. 
      Two days later it cleared.

    Think Uncle Billy, think! Let's retrace your steps....

    Bob

    New Cumberland, PA
    XL with the usual accessories

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  • HeavyG
    HeavyG Posts: 10,350
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    alaskanassasin said:
    Hmm if there was only something we could do...





    And that has exactly nada to do with current and foreseeable pricing trends here or abroad.


    “Reality is that which, when you stop believing in it, doesn't go away.” ― Philip K. Diçk




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  • alaskanassasin
    alaskanassasin Posts: 7,663
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    We can agree on that @HeavyG
    South of Columbus, Ohio.


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  • RyanStl
    RyanStl Posts: 1,050
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    Mattman3969 said:
    My daughter is still waiting on hers.  Just got a letter saying it might be another 60 day. If I’m not mistaken if it takes longer than 45 days to get your return you will receive 4% interest anything after July 1 goes to 5%.   

    She e-filed.  
    Hey, that's not too bad. Maybe I'll overpay on purpose and paper file so I can get those rates.  Wait a second the rest of the time I'd be loaning uncle Sam money for free. Nevermind.
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  • kl8ton
    kl8ton Posts: 5,429
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    RyanStl said:
    Mattman3969 said:
    My daughter is still waiting on hers.  Just got a letter saying it might be another 60 day. If I’m not mistaken if it takes longer than 45 days to get your return you will receive 4% interest anything after July 1 goes to 5%.   

    She e-filed.  
    Hey, that's not too bad. Maybe I'll overpay on purpose and paper file so I can get those rates.  Wait a second the rest of the time I'd be loaning uncle Sam money for free. Nevermind.
    They have been paying us interest for the past two refunds because of how long it has taken.  
    Large, Medium, MiniMax, & 22, and 36" Blackstone
    Grand Rapids MI
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  • RRP
    RRP Posts: 25,897
    edited June 2022
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    Let’s see if I can try to explain why what I did that some of you think I was so stupid doing in having  overpaid my final 2021 quarterly tax payment on 1-17-22.

    There are only 2 ways to acquire iBonds which are limited per year. One is an outright purchase and the other is an option to purchase these iBonds in lieu of receiving a cash refund.

    Today’s highest yield on 2 yr treasury notes was 3.431%

    Today’s 30 year treasury bond yield was 3.277%

    iBonds also issued by the U.S. Treasury are now paying 9.62%

    iBond rates are adjusted twice a year to inflation predictions, so they aren’t subject to the same daily market whims and drastic swings. As for safety? Well if the USA tanks are the dollar values of your other investments safe?

    And lastly if you feel inflation is going  to be tamed within years I do have to disagree and wish you the best!





    Re-gasketing America one yard at a time.
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  • HeavyG
    HeavyG Posts: 10,350
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    RRP said:
    Let’s see if I can try to explain why what I did that some of you think I was so stupid doing in having  overpaid my final 2021 quarterly tax payment on 1-17-22.

    There are only 2 ways to acquire iBonds which are limited per year. One is an outright purchase and the other is an option to purchase these iBonds in lieu of receiving a cash refund.

    Today’s highest yield on 2 yr treasury notes was 3.431%

    Today’s 30 year treasury bond yield was 3.277%

    iBonds also issued by the U.S. Treasury are now paying 9.62%

    iBond rates are adjusted twice a year to inflation predictions, so they aren’t subject to the same daily market whims and drastic swings. As for safety? Well if the USA tanks are the dollar values of your other investments safe?

    And lastly if you feel inflation is going  to be tamed within years I do have to disagree and wish you the best!






    So am I correct to assume that you are also buying the $10K limit directly and then just using the tax refund approach to buy more bonds up the the $5K limit?
    “Reality is that which, when you stop believing in it, doesn't go away.” ― Philip K. Diçk




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