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Thread: 2017 Taxes!

  1. #31
    Senior Member rosarugosa's Avatar
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    Quote Originally Posted by organictex View Post
    we got a small refund back and it was double what it was supposed to be. they sent a note
    saying I had made a mistake. I went to website and it said "call for details"...I wonder what I
    did wrong but I'm afraid to call about it!
    It's a funny position to be in to hope they are right and that you did make a mistake!

  2. #32
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    Quote Originally Posted by organictex View Post
    we got a small refund back and it was double what it was supposed to be. they sent a note
    saying I had made a mistake. I went to website and it said "call for details"...I wonder what I
    did wrong but I'm afraid to call about it!
    I did not get my refund and they said I made a mistake. They were trying to give me 3x my amount.
    Looks like the bank who gives our pensions did not report them to IRS. Still don't have it worked out but I know if I accept the large amt I will be paying it back!

  3. #33
    Junior Member organictex's Avatar
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    Quote Originally Posted by rosarugosa View Post
    It's a funny position to be in to hope they are right and that you did make a mistake!
    I forgot I had to do state taxes so in order to make sure I wasn't furthering the mistake I did call them and yes, I made a stupid
    addition error! it didn't change my state tax calculations but I did get to legitimately keep the money

  4. #34
    Junior Member organictex's Avatar
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    Quote Originally Posted by Tenngal View Post
    I did not get my refund and they said I made a mistake. They were trying to give me 3x my amount.
    Looks like the bank who gives our pensions did not report them to IRS. Still don't have it worked out but I know if I accept the large amt I will be paying it back!
    I'm sure. IRS has a very long memory

  5. #35
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    So, my earlier post about getting a refund on federal income tax turned out to be wrong. I got a notice that the IRS thought I underestimated my 2017 income and therefore my ACA insurance subsidy was too much.
    My mistake was calculating "projected" income as my retirement income which started in the middle of the year. But for purposes of the subsidy, they count your entire calendar year income, even though I didn't start the ACA insurance until June. Even my very experienced tax accountant was confused. So, I'll be writing a check to reimburse them this year, ugh.

  6. #36
    Senior Member iris lilies's Avatar
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    Quote Originally Posted by Lainey View Post
    So, my earlier post about getting a refund on federal income tax turned out to be wrong. I got a notice that the IRS thought I underestimated my 2017 income and therefore my ACA insurance subsidy was too much.
    My mistake was calculating "projected" income as my retirement income which started in the middle of the year. But for purposes of the subsidy, they count your entire calendar year income, even though I didn't start the ACA insurance until June. Even my very experienced tax accountant was confused. So, I'll be writing a check to reimburse them this year, ugh.
    I am awaiting the final reconciliation of Obamacare subsidies and our income. I suspect it may not bepretty, but we will see.

  7. #37
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    Quote Originally Posted by iris lilies View Post
    I am awaiting the final reconciliation of Obamacare subsidies and our income. I suspect it may not bepretty, but we will see.
    That's really interesting, Lainey and Iris Lilies, in a horrible sort of way--so you have to pay back the subsidy now? have others faced this?

  8. #38
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    the rascals sent the inflated amount to my account. Guess I will get a letter later this year saying I own them? Stayed on the phone with them 20 min one day telling them that we did get our pensions last year.
    They say the financial institution did not report them to the IRS, never mind that the amount has been the same for years?

  9. #39
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    Quote Originally Posted by Tybee View Post
    That's really interesting, Lainey and Iris Lilies, in a horrible sort of way--so you have to pay back the subsidy now? have others faced this?
    My tax accountant is filing an amended return. At least I get to claim the insurance premiums in my medical cost, so it won't be a total loss. But yes, I'll have to write a check for whatever the final amount turns out to be.
    Had I known this I would have opted for COBRA when I retired last year, and then started with ACA on Jan. 1st of this year. If you know of others who are retiring prior to Medicare age and will be using ACA, please let them know!

  10. #40
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    Hey I am getting money back! My income went up and I still got a more significant refund than last year. I am pretty excited, so now pay on student loan and/or go on a retreat. I hope there is still room in the retreat I really want to go on.

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