Iowa tax refund

[ketchupnmustard]

Last year I e-filed bot Fed & IA in mid-February. Got my Fed refund in about 2 weeks. I didn't get my State refund until the last week in May.

Did the same this year and so far the results are similar. Got Fed refund in about 2 weeks. Still waiting on the state.

 

[dmclone]

Guess we are too poor to get our taxes cut.

I hope you're kidding.

 

[CloneLawman]

I always love these situations. As if it isn't fairly easy to ballpark what your tax burden is and if you employ the right people (and actually accept their input) you can make informed decisions knowing how it is going to affect your tax burden. By all means though whine, make up BS, spew garbage about the govt etc. to make up for your lack of planning and knowledge.

The power of rationalization and denial runs strong in some.

 

[CycloneDaddy]

When comparing year over year you need to look at your effective tax rate and not the refund/owed amount.

 

[dmclone]

When comparing year over year you need to look at your effective tax rate and not the refund/owed amount.

Which if they live in Iowa, stayed exactly the same.

 

[cycloneG]

Which if they live in Iowa, stayed exactly the same.

Didn't the standard deduction increase this year? I thought it had.

 

[dmclone]

Didn't the standard deduction increase this year? I thought it had.

Yes, the deduction changed like $200 for couples and less than $100 for singles. Rates stayed the same.

 

[cycloneG]

Yes, the deduction changed like $200 for couples and less than $100 for singles. Rates stayed the same.

Which would impact the effective tax rate for some which was @CycloneDaddy 's point!

 

[Clonedogg]

I usually like to be pretty close to even, but this year we are getting way more back than anticipated, albeit I didn't try to anticipate very hard. Wife went from 5 to 4 days a week, I didnt get any bonus this year cuz the economy, thanks Biden (joke), and our Itemized is greater than the Standard deduction.

 

[ISUAgronomist]

Back to topic, when will Iowa employers start adjusting for the lower Iowa income tax rates?

My company (not Iowa based) updated my withholdings on Jan 1.

 

[carvers4math]

Couple questions:

1. Do you not e-file? Why wouldn't you file Fed and IA at the same time?
2. You do know you don't have to pay what you owe when you file right?

Genuinely curious. Because I have a client who's taxes are complete, he owes a bunch (because he took out a huge 401k distribution and got the 10% penalty) but won't let me deliver them to him/e-file them yet because he doesn't want to pay the taxes right now (and he's trying to come up with outlandish ideas to not pay it). He doesn't know it yet but he's getting charged a storage fee every week his taxes sit on my kitchen table ready to be delivered.

We e-file. But husband isn’t going to pay until we have to file it cause it annoys him there is all this big deal about cutting taxes and ours went up. It’s only a little over $100. And husband always does our taxes and all five kids taxes on software. At least they are only in three different states. Wish they would consolidate states a bit more, we only get two states without extra costs with the software.

He didn’t say why we have to pay but I am guessing it’s a bonus he got and didn’t withhold enough. He just refuses to pay until he has to.

 

[isufbcurt]

We e-file. But husband isn’t going to pay until we have to file it cause it annoys him there is all this big deal about cutting taxes and ours went up. It’s only a little over $100. And husband always does our taxes and all five kids taxes on software. At least they are only in three different states. Wish they would consolidate states a bit more, we only get two states without extra costs with the software.

He didn’t say why we have to pay but I am guessing it’s a bonus he got and didn’t withhold enough. He just refuses to pay until he has to.

Ok but you can file and not pay until it's due.

 

[carvers4math]

Ok but you can file and not pay until it's due.

Sure. But he’s gonna sit on it. Do it all at once. He’s still working on two Minnesota returns. Then all the boys will have to go through their returns with him at Easter cause some people hide eggs, others try to teach their kids taxes with income in multiple states.

 

[cycloner29]

Ok but you can file and not pay until it's due.

Not looking forward to April 18 and May 1st. What is the rate you get charged if you don't pay all what you owe, all at once?

 

[isufbcurt]

Not looking forward to April 18 and May 1st. What is the rate you get charged if you don't pay all what you owe, all at once?

Depends on if you set up a payment plan or just pay partials on your own.

 

[cycloner29]

Depends on if you set up a payment plan or just pay partials on your own.

Didn't know you could just pay partials on your own. Only because this like the first time in 20+ years we've had to pay in.

 

[isufbcurt]

Didn't know you could just pay partials on your own. Only because this like the first time in 20+ years we've had to pay in.

Yeah I had someone last year who sent in half of what he owed with his payment voucher. They will just send you a letter in a couple months asking for the remaining balance plus interest/penalty.

 

[mapnerd]

So I'm guessing it will still take a month or so to see my Iowa refund if I just filed last night?

 

[wxman1]

So I'm guessing it will still take a month or so to see my Iowa refund if I just filed last night?

Think of it as a May Day present.

 

[mapnerd]

Think of it as a May Day present.

That will be very thoughtful indeed.