2 days
My mother had a problem with the IRS last week, as they took out $800 from my college savings account. They were able to do this because we had a joint account set up. She then called the IRS a first time asking if they could put the money back or if she could do payments. One of the workers then told her that the funds would be put back into the account in 2 days. About 3 days had passed and they still did not put the money back into my account. My mother called the IRS again, and then the worker she talked to this time told her that she would be unable to get her money back due to the taxes being owed. The worker then claimed telling my mother that the IRS had warned her when in fact my mother never received any warning or payment arrangements or anything. So now I’m broke as ever since those $800 were for my college funding and me and my mother have no money. My account is in the negative and I am having difficulty. She even told them that they took out of a college funding account and that it wasn’t even her personal account. They then said they “couldn’t see” which account they had taken out of. The whole situation just makes me upset as they took my entire savings and it wasn’t even my fault!!
2 days
Do not claim exempt.You do not know when something might change that would make even one dollar subject to tax.You don't have to give the IRS a great big interest-free loan; you can minimize it.I find it odd that with everything else you told us, you did NOT say how many allowances you have been taking on the W-4.And you didn't say how much was coming out of every paycheck.If the withholding isn't very large and you are already claiming the 8 you would normally be allowed, try raising it to 9 and see the result. If some is still coming out, raise it to 10.By the time this all takes effect, it may be April and you may have already paid enough in to cover any future deficit, so you can safely leave it at 10 for the rest of the year.

Keep track of your periodic withholding. If going from 8 to 9 doesn't take the tax to $0, then take that change and subtract from the withholding at 9 to see how much in the hole you are, then calculate that for the entire year based on the number of pay periods.If you would owe $1,200 or less in tax the following year and you have the money to pay it, then stay at 10 and write that check for the interest-free loan the IRS gave you.

As a matter of fact, you may see this for yourself when you file for 2018, if you haven't yet. For the first time, the unused portion of the child tax credit is refundable up to $1,400 per child. In the past, this credit could only take you to $0, and $0 is what you've been used to.

For 2018, with six qualifying kids, that's a tax credit of $12k.All of that will be applied to your payments and even if you did underpay through withholding by claiming too many allowances, the additional credit might cover that. You might even be due a refund.Depending on the size of that refund, you might be OK with claiming an additional allowance or two on the W-4.
2 days
The system is not always right, and an offset could start at any time.It can still be taken.
14 hours
Purchased car with loan years ago for parents. They paid the loan as the years went by. Had $1500 and they wanted to pay it off. They did so and we transferred title. The car is worth more per kbb and now their accountant is wanting to tax them on value per oh law. Is that applicable in this scenario since they realistically paid taxes all along, and we are really not selling but rather transferring.Please help!
1 day
I have a son who is over 18 and still lives with me. Note, he is my only child. I have claimed him in the past no problem. This year I went to H&R Block instead of e-filing. She told me I was eligible for a child tax credit or CTC for my son. Of course I said yes, unknowingly. I just read that they have to be under 17 or 18 to qualify, he is not. Is this going to be a problem?Note: tomorrow will be the 21st day after I filed my taxes. Every other year i have received it much sooner. When i check "wheres my refund" then all it says is "accepted" and not approved or sent.I am a little concerned now if this could be a problem or not?
1 day
I am wondering low long it will take to get my taxes back. I want to know from YOUR personal experience. I know the IRS takes up to 21 Days.
3 days
I filed on February 1st and it said it’s still processing. It’s been 11 or 12 days since then.