The Mustachian Forum
Welcome,
Guest
. Please
login
or
register
.
Did you miss your
activation email
?
1 Hour
1 Day
1 Week
1 Month
Forever
Login with username, password and session length
News:
Home
Help
Search
Login
Register
The Money Mustache Community
»
Learning, Sharing, and Teaching
»
Taxes
»
Tax return "season" has opened - will the debt ceiling fight slow refunds?
« previous
next »
Print
Pages:
1
Author
Topic: Tax return "season" has opened - will the debt ceiling fight slow refunds? (Read 769 times)
geekette
Magnum Stache
Posts: 2550
Tax return "season" has opened - will the debt ceiling fight slow refunds?
«
on:
January 23, 2023, 08:43:46 AM »
Today's the first day for federal returns, and due to the ACA (and paying our premium out of pocket for the cc bonuses) we're expecting a hefty refund.
Anyone know if the "extraordinary measures" by the fed wrt the debt ceiling will include delaying refunds?
Logged
sonofsven
Handlebar Stache
Posts: 2026
Re: Tax return "season" has opened - will the debt ceiling fight slow refunds?
«
Reply #1 on:
January 23, 2023, 09:30:27 AM »
I don't know the answer to your question but I'm jealous that your provider accepts cc's! Mine will only link to a checking account.
Logged
bougette
5 O'Clock Shadow
Posts: 8
Location: California
Re: Tax return "season" has opened - will the debt ceiling fight slow refunds?
«
Reply #2 on:
January 24, 2023, 06:36:56 PM »
I read a news article that Janet Yellen warned Congress that it could delay tax refunds.
Another one said the Administration doesn’t plan to begin negotiations until after the April 15th tax deadline, so that should be interesting. Perhaps they are counting on angry tax payers to pressure the GOP?
I plan to file as soon as I’ve received all my 1099’s next week to try to not get caught up in the delay, but I don’t know if that will make a difference since Yellen is already taking extraordinary measures.
https://www.cnbc.com/amp/2023/01/13/us-will-hit-its-debt-limit-thursday-start-taking-steps-to-avoid-default-yellen-warns-congress.html
https://www.bloomberg.com/news/articles/2023-01-19/debt-ceiling-fight-what-does-default-battle-mean-for-us-investors
Logged
SeattleCPA
Handlebar Stache
Posts: 2369
Age: 64
Location: Redmond, WA
Re: Tax return "season" has opened - will the debt ceiling fight slow refunds?
«
Reply #3 on:
January 25, 2023, 11:29:45 AM »
For what it's worth, when you have a giant refund (like the size Congress gets to review so $2M or more) IRS will tell you that the big refund may be delayed by a few days so they have funds.
Source for parenthetical remark above:
https://www.irs.gov/refunds/large-tax-refunds-and-credits-subject-to-review-by-the-joint-committee-on-taxation-what-to-expect#:~:text=If%20you%20claim%20a%20refund,Committee%20on%20Taxation%20(JCT
).
Logged
seattlecyclone
Walrus Stache
Posts: 7254
Age: 39
Location: Seattle, WA
Re: Tax return "season" has opened - will the debt ceiling fight slow refunds?
«
Reply #4 on:
January 25, 2023, 12:42:40 PM »
I imagine the Treasury department is delaying all payments where they have any legal basis to do so. This probably includes tax refunds.
Logged
geekette
Magnum Stache
Posts: 2550
Re: Tax return "season" has opened - will the debt ceiling fight slow refunds?
«
Reply #5 on:
January 27, 2023, 09:03:08 AM »
My fears of a slow refund were unwarranted.
I filed on Monday, 1/23 and the return was accepted about 30 minutes later. The refund was approved today (Friday), and the refund should hit our bank on Tuesday, 1/31.
Logged
Print
Pages:
1
« previous
next »
The Money Mustache Community
»
Learning, Sharing, and Teaching
»
Taxes
»
Tax return "season" has opened - will the debt ceiling fight slow refunds?