Ours came yesterday from the Feds.

I owe fed a lot of money so I’m holding off filing until I get my refund from state to pay for it. That’s almost as much money, and so far I haven’t gotten it. It’s usually quick but my tax guy says there’s a good chance I’ll be audited due to the amount. We’ll see.

I'll owe this year because of some adjustments to my IRA withdrawals and capital gains. My goal is to adjust the withholding so that I don't owe or get anything back.

We owed enough that we’re having to pay a small penalty. Hopefully, that’s now been fixed and won’t happen next year.

Mailed out both Fed & State last week, it'll be a wash between them.

Sitting here working on my return now!

Refund? What refund? I am one of the people who got scr*wed when Tweety's tax reforms went into effect. :o(

Got my refund from th e IRS and my WEP from Social Security. I'm glad I buried and dug up a couple of quarters for New Year's.

Best is adjust one's withholding to avoid a large refund. The Feds are otherwise holding that money as an interest-free loan until it's returned to the citizen ... when said citizen could apply it ongoing to a credit card balance or other such debt or expense.

I was the payroll dept at work (among many other duties) for years. I set up a spreadsheet into which I entered my income as it occurred, with the tax tables from Form 1040-ES, and adjusted my withholding on every check to avoid both a large balance due or an excessive refund.

I haven't yet filed for 2024. One of my 1099s is emblazoned NOT FINAL in red print.

My accountant has my figures now. She hasn't called me, I just delivered them to her this last Thursday. I won't have a refund. My goal for years has been to break even. I can save with interest without help from the government, I have no need to overpay and have them return money to me. I know I may be in the odd lot, many of my friends look forward to their tax returns when I just shake my head and think silently - but they are returning your own money to you. I owed a little last year and made 4 small estimated payments during the following months with my goal to be very close to nothing owed, nothing returned for 2024. Will see how close I came - at least I was organized enough she hasn;t called me with questions. Yet.

Our accountant is working on ours now. But if we get a refund, we apply it to next year's taxes anyway. DH hates paying estimated payments. And there's little point in us filing earlier as we *always* get a corrected form of one sort or other late in March. Then we have to file an amended return...

I received my last 1099 a week ago and gave my accountant the paperwork the following day. We pay estimated quarterly taxes and always get a refund of some amount. Like Annie we apply it to next year's taxes.

We pay fixed estimated taxes monthly. Due to the nature of our business, sometimes we owe and sometimes we get a refund-but not a huge amount either way. We like it this way.

Lucille, if I may ask, did you have to do anything to get your WEP from social security or was it automatically ?

I have to pay a small amount this year because I took a large chunk of my 401k out (not enough, I fear) in anticipation of the economy and market crashing. I did withholding on it, but still owe a little. My goal is to keep a balance of withholding so that I don't have to pay quarterly taxes. So far, so good. We don't have state income tax, so I don't have to deal with that.

Lucille, if I may ask, did you have to do anything to get your WEP from social security or was it automatically ?

For me, since I already had a Social Security account and receive Social Security, the lump sum payment was automatic. I expect the additional money every month starting March will also be automatic. The only thing that Social Security recommended to everyone was to make sure one's address and bank account info was up to date.

No refund. Will pay in early April. I don't give my money to the federal government until absolutely required. Why should they make the interest when I can keep it?

" We pay fixed estimated taxes monthly. "

Individuals paying estimated tax do so 4 times a year, not monthly. They're called quarterly but the timing is irregular; payments are due in April, June, September and January.

We never get a refund. We prefer to use our money for our own benefit, rather than give the government an interest-free loan. We have adjusted our withholdings appropriately so we owe nothing or very little. This year, we owed $155.

I just looked at my paperwork and saw I was missing a 1099 from my now former brokerage account. I called and he said they were mailed out on February 17, but I am not sure I believe that. I feel like every year I have had to call to get the forms I need. Due to the volatility these days, I closed that account out. I may have to pay a little next year but the peace of mind is well worth it.

Thank you Lucille

1099 reporting forms from financial institutions are almost always (and I think it's ALWAYS) available online.

As far as "waiting for a refund", most tax authorities (including the IRS) have moved into modern times and will process refund payments as a direct deposit to a bank account. When this is desired, the forms have a place to enter a bank account's routing number and account number. By doing this, you'll have the refund quicker than when waiting for a check.

No refund/bit to pay in would always be the goal. It all depends on if your State tax table is anywhere near close. Try that in MN, it's a yearly circus. Then sprinkle in changing jobs/unemployment/number of hours you works fluctuates. This year's refund shows the hours put into estimating/taking more out of Federal to cover stupid MN was a bit of a fail but still glad we didn't pay in that amount. 40 years of working in this state NEVER has their tax table been close to being accurate.

" 40 years of working in this state NEVER has their tax table been close to being accurate "

The federal withholding tables have always been inaccurate, this isn't a state-only issue. There are too many known problem areas about how the withholding rules work to mention.