I got my refund already!

[A HERETIC I AM]

I was really surprised. I used TurboTax and the guesstimate for refund delivery was 2/22. I filed on the 1st, the day my W-2 came in the mail and damn if it wasn't about a week later the refund hit my checking account!

And now the silly part!

A couple days after I filed I get a 1099 INT from my bank.

I have a savings account like most I suppose, and like most, the interest rate is diddly - .01% or something. Since I don't carry a huge balance in there, I was expecting maybe a buck or so in interest over the course of the year...peanuts...

Frickin Regions Bank gave me $65 last May or so as a "Savers Bonus" or something! HOLY SHIT!

Well, since it's over ten bucks, I'll owe about $16 on that massive windfall.

So now I have to do an amended return and send in a check for about $16!!

Maybe I should send a hammer to the Pentagon, tell them it's worth $400 and just keep the change!!

[at140]

1. Similar things happened to me, so now

I wait until March 15th to file. I hate filing amended return.
Yeah, I can afford to lose 3 cents interest by delaying the refund filing.

[A HERETIC I AM]

3. Yeah...there are some securities that take their damned sweet time in getting you a 1099.

Master Limited Partnerships come to mind. Some of them don't get the documents to shareholders till after the end of April, so you have to file an extension every year in order to wait for the tax docs. If they're held in an IRA it's no issue, but if you held them in a taxable investment account, it makes for a pain in the ass every year, as long as you hold the positions.

I was just surprised I go sixty five whole dollars from the bank! WOW!

This will be the first time in my life I will ever have to file an amended. I mean, the liability is only gonna be about $16, but I'm afraid to ignore it. Seems to me that's just the sort of thing to set off a red flag and who needs to pay penalties and interest on that sort of sum?

[lastlib]

21. My experience at IRS (late 80s) was that if under $400, they didn't bother....

Given that they've been put on a rather short leash in recent years, I doubt you'll get dinged.

Maybe add it in to next year if you really got a guilty conscience......I personally wouldn't waste the time or the stamp.

[Snotcicles]

2. Can you claim that as a gift rather than income? nt

[A HERETIC I AM]

4. The bank sent a 1099-INT....

so the way I understand it, it's income as far as the IRS is concerned. I have to report it and pay the tax on it.

And HOW THE HELL ARE YOU, OLD MAN?!?

Retired yet, or still loading cars in the cold?

Hung up my tie-down bar 5 years ago this past October. Hauling US Mail now. I pass Flat Rock Assembly once a month or so. We haul mail into Allen Park from down here in Jacksonville.

I see you post elsewhere every so often. I'm glad you're still around.

[Snotcicles]

13. Hey Buzz, I've been retired for a few now. Did some CDL instruction right after I hung that bar up.

Just kickin back now keepin an eye on shit. I wouldn't be able to deal with that bunch out there on the road now the way things are. Giving any thought to retiring yourself? I'm trying to hold out as long as I can. Our pension is on shaky ground so I'm keeping all my licenses up to date.

[A HERETIC I AM]

14. I'm gonna have to work till I drop dead!!

Though I'm a Teamster down here, this local does not participate in the pension fund, and the mutual funds available in the company 401(k) suck, frankly.

My best hope is that I'll start collecting Social Security in a couple years (I'll be 60 in May) and then take a bid on a 35 hour week or something. I've been foolish with savings all my life, and I have no one to blame but myself for not being better prepared.

But no biggie. If I can get a decent bid "package" (a steady set of daily trips) that includes a couple days off, it will cover the rent, the insurance and the rest and the SS will allow me to start traveling again.

I want to go back to Europe, and in 2 years I'll have enough seniority here to do as I please, more or less.

Hell, If I had stayed up there and stayed with E & L or FJ Boutell, I could have retired this year (would have been 20 years already)!

I put in an application at a Roadmasters branch here in Jax. After all my OTR experience, they wanted to pay me $12.00/hour to teach! No thanks. I've got 30 years counting mile markers now, and I figure over 2 mil without an accident. I'm not gonna teach someone how to drive a tractor trailer for twelve bucks an hour.

[PoindexterOglethorpe]

24. Do be very aware that if you start collecting SS before your full retirement age,

(which I think for you is 66 years and 10 months) and you earn more than $17,040 in a year (and it goes up a bit each year) your benefits will be reduced by $1 for every $2 above that amount. They way it works is they withhold the next year. However, that income may result in a higher SS amount down the road.

But do be very aware so you're not caught by surprise.

You might want to consider delaying collecting SS.

[A HERETIC I AM]

25. There's a couple problems with that scenario....

(putting off collecting till later).....


I might not live that long. Not to be morbid or depressing or anything, it's just a fact. There's a history of heart disease and arterial afflictions on both sides of my family. Dad and mom died of almost identical strokes, about 15 years apart. My fathers father died of a heart attack at age 60 or so (I'll be 60 in May)

Don't know too much about my mom's side, as she was adopted. I do know her father was a drunkard however, and all of us kids have addiction issues, mostly smoking and alcohol.

I finally quit for good in April. Started smoking when I was 17, quit for 3 years in 2000 and after 3 serious COPD episodes in 60 days last spring, culminating in a 7 day hospital stay in April, I quit.

But....the damage is done. I'll slowly get more lung capacity over time, but I am seriously high risk now. I've gained weight and I am a trucker, a rather sedentary occupation.

The point is, I don't really see any long term advantage to putting off collecting. If I live to the point where it the difference becomes a wash on the amortization schedule, so to speak, I will consider myself damned lucky.


So.....I figure what the hell! Another grand or $1200 a month or whatever it is will pay the rent and whatnot, allowing me to put more away into savings and then do the traveling I want to do.

I appreciate your observations, however. Thanks.

[PoindexterOglethorpe]

38. I'm under the impression that COPD never gets better.

Okay, so I see why you want to collect as soon as possible. Just do pay attention to how much you earn in addition. Because you don't want to suddenly not be getting the SS because you earned more than that maximum.

[A HERETIC I AM]

39. Thanks.

If I think of what I could take in - of how deep a breath I could take when I was in JR HS. and assign that a level of 100%, I figure when I took myself to the ER in April? It was like 10%. Or less.

BUT....



Now....10 months with no smoking? using the medications prescribed, I'm easily at 50% and slowly improving. My pulmonologist and other clinicians have told me I can never expect anything close to 100%. That damage is done, but I can easily expect 60%.

So I don't feel all is lost, don't get me wrong. But clearly I have limited this mechanisms longevity!

I've got a couple CFP's in my orbit and I'll be sure to crunch the numbers before I apply, absolutely.

Again, thanks for your input and concern. I appreciate it.

[PoindexterOglethorpe]

40. I am very glad to learn that, despite my ignorant misinformation,

you are improving.

[A HERETIC I AM]

41. I don't look at your submissions to this thread as at all ignorant.

Again, thanks


May all your trades be net gains!

[brush]

5. You can probably forget it.They won't audit you for $16.00.

[at140]

6. No audit, but they will send a letter in mail

telling him he owes $16+6% interest+a small penalty (10% of underpayment?)
Might be easier to process than a 1040-X form.

[brush]

10. They're under staffed, over worked and behind because...

of the shutdown. I doubt the OP will hear from then for such a small amount.

[at140]

11. No manual response required from IRS

It is 100% computerized response processing. IRS gets the same 1099 we get, in electronic form.
The computer software adds up everything reported under your social security number, and if it finds a difference, it spits out a letter to the tax payer.

Only Audits require man power, and IRS has several months available to process audits (I think 7 years)

[A HERETIC I AM]

7. Famous last words! LOL

I'm not too worried. I'm just disgustingly honest when it comes to this sort of thing. Also, I've never had anything I could hide that would be worth hiding. I've been a vagabond, if you will, for most of my adult life. As such, I've always been a renter, never bought a home and I just don't have that much tax crap to worry about.

I had long thought that if the IRS was going to come after me (or audit, as the case may be) for anything, it would have been the transportation workers per diem calculations and amounts I had entered for the last decade or so. The only documentation I ever had to prove the amount I was claiming was my hours of service log books, which are entirely admissible in court as I understand it, but never heard a peep from the IRS.

But still....my luck? Sixteen dollars will get me in trouble!

[at140]

12. Your tax software can spit out a 1099-X with ease.

And I know exactly what you mean. Way back in the 1960's when I was a newbie to investing,
I reported my dividend payments from each corporation. That was a blunder because the stocks were held in street name, and IRS sent me a underpayment notice based on I had not reported any dividends from the broker.

The total bill was around $110, and I just sent them a check to avoid further confusion and headaches.
So basically I overpaid my taxes LOL...

[A HERETIC I AM]

15. Yup. The Turbotax home page has a link for it....

but when you click it, it says the forms aren't ready yet - projected 2/22.

There is a link to be notified by email when the forms are ready. I signed up for that.

(I presume you meant "1040-X" )

[at140]

16. Sorry, yes 1040-X.....nt

[marble falls]

8. What the hell? Didn't you get your big ass refund???

[A HERETIC I AM]

9. Actually, this year was a little bigger than last, for some reason.

Well.....I know the reason - my filing status changed.

But "big ass"? Naaaaw...


Medium ass, I would call it.

[lastlib]

17. Late 80s, I worked in the cash unit at IRS service center.

Some guy owed a $1600 tax bill, and sent in, I kid you not, 4 hammers, along with a note telling us to sell them to the Pentagon and get the $$ from them. We workers all got a laugh out of it, but per our manual, forwarded them to the protest unit in the Criminal Division. I don't know how it was all resolved, but I'm sure they were not as amused; I'm guessing the guy got a nasty-gram and possibly a lien or garnishment out of it.

So probly not a good idea to send them a hammer............

[A HERETIC I AM]

18. Kind of funny that actually happened!

Seems I heard that in a stand-up comics bit years ago!

Of course I would never do such a thing.

I try and minimize my interactions with law enforcement, not increase them.

Interesting that there is a "Protest Unit". I wonder how busy they are.

[lastlib]

19. I understood it was quite lively there.

I had an acquaintance who was extremely anti-Iraq war, and actively protested it. One year, he wrote all kinds of anti-war, anti-Bush stuff all over his tax return--"Impeach Bush", "Bush is a Killer","End the war, send Bush"--stuff like that. His return apparently got sent to that unit, and a couple months later, he got a visit from the Secret Service. I guess they investigated him rather thoroughly, talking to his family, acquaintances, employer, co-workers.... Wild.

Another funny incident happened while I worked there. A guy owed a couple thousand bucks for taxes, and created a "check" on the back of a T-shirt--I guess to make the point that we were taking the shirt off his back, as it were. Made it payable to the IRS, for the correct amount, with his signature, bank routing number and account number--everything you would find on a paper check--and we cashed it. Evidently the bank honored it!

[A HERETIC I AM]

20. LOL!

Love the T-Shirt idea! Too funny!

I can imagine that if you write subversive or other protest things on your return, you are going to get looked at.

That job obviously had it's interesting moments!

[rinopa]

22. Cash

US Gov will not turn away payment in any form.

[lastlib]

23. But they don't like hammers, toilet seats--or pennies.

They TAKE pennies.....but they don't LIKE them.

[mobeau69]

26. And there's the state that would need amended.

Have fun. Been there, done that.

[A HERETIC I AM]

28. Luckily, I'm in Florida....

So no state return for this sort of stuff.

[Indykatie]

27. $1005 Reported on 1099 as "Other Income" by Chase Bank

Chase sent some of their customers 1099s after 1/31/2019 reflecting the reward points that had been posted to their accounts. The problem on mine was that I didn't even accumulate $1005 in credit card charges in 2018 so there was no way I had earned $1005 in reward points. After spending an hour on the phone with various Chase departments I was told that many of the 1099s contained erroneous totals and that the issue had been elevated to the "highest levels" within Chase. That was 2 weeks ago and I haven't heard anything else.

[A HERETIC I AM]

29. Holy crap!

I've been a member of Marriott Rewards for years and got a rewards credit card issued by Chase a year or so ago. During the course of 2018 I ramped up it's usage because I've been having things like cell phone and cable bills auto debited to it so I can collect points, right?

Damn! I had not heard of even the possibility they would issue a 1099 for collecting rewards points! How absurd.

Let's hope it goes away for you.

I'm closing in on enough points to cover a vacation for a week almost anywhere, airfare and all.

[mobeau69]

31. The points you earn on purchases aren't taxable yet.

Bonus points you get for signing up for a card are.

Disclaimer: I'm not a CPA but I play one sometimes.

[A HERETIC I AM]

33. Interesting.

And fucking ridiculous.


Let's see....major corporation looking for a new home?

All the free shit you want

Regular, everyday, normal working stiff?

FUCK YOU! GIVE US YOUR MONEY!!


LOL

[mobeau69]

34. Elizabeth Warren and her replacement guy from Ohio at the CFPB were cleaning up the CC industry but

you know the rest. It's buyer beware and every man for himself. I stocked up on KY jelly two years ago.

[mobeau69]

35. How did my post above's subject line drop down to an additional line? I never noticed this before.

[A HERETIC I AM]

36. Ahhh! Kentucky Jelly!

A Peanut Butter and Kentucky Jelly sandwich.

Just what we all need at tax time!

It has never ceased to amaze me the lengths the opposition will go to just fucking screw over people who don't have a 8 figure net worth.

If you have 20 mil in investable assets, you haven't a care in the world.

If you have 20 minutes to get to work and the bus is late, you're fucked.

[politicaljunkie41910]

30. Do you know for certain that you owe additional taxes. The reason I ask is because you may not owe

any additional taxes. Even though you have an additional $65 of income, you may not have used up all your standard deduction on the income that you claimed, or personal exemptions, etc. If you used Turbo Tax or one of the other tax software programs, I'd run the new figures through again and see what the actual difference is. If you still come out with a net amount due, you have two choices.
One call the IRS and ask them what you should do. They probably have a dollar amount that as long as you don't go over, than they will ignore it. This happened with my elderly Dad one year. I used to do his taxes, and he would save all his documents for me. After I had done his taxes, he found another bank statement or 1099 and it was something like you described. Had it been mine, I wouldn't have done anything, but since it was my Dad, I knew he'd fret over it and wouldn't be able to rest, so I called the IRS. She told me don't worry about it. I told her, I don't want my Dad to get a notice from the IRS because it will freak him out. She told me don't worry about it. Without giving me any more details, she implied if it was below a certain amount they ignore it.

I assume it would cost them more in manpower hours to send out a notice to you and then review the new Return that you send in and that would not be worth their time.

Good Luck with whatever you decide to do. Let us know how it works out so we will all know, for the record.

[A HERETIC I AM]

32. Short answer is no, I don't.

But when I did a Google search, asking about amended returns, interest income on savings, etc. I got the impression that yeah, I owe about sixteen dollars on my massive, $65 windfall! If I had gotten the 1099 earlier and added it to the return, it would have just been added to my AGI and simply lowered my refund a tiny bit, that's all.

TurboTax will email me when the form 1040-X is ready (haven't gotten it yet) and I am going to assume filing it will be free, or at least under the coverage of what I paid them already. If it isn't, I'll complain. I don't think it will take me more than ten minutes frankly, so I'm looking at it as one of those "better safe than sorry" type things.

I know it isn't a big deal, and yeah, it's a tiny amount, but as I said in a response above, I am terribly honest about this shit. I've heard too many horror stories about people of modest means getting raked over the coals because of something equally as trivial.

And since we are now suffering under what is the most trivial administrations in history, led by a man who relishes punching down, I'm not putting anything past anyone or any division of the Executive Branch.