Guys, and gals, ok, I know most of you are not tax attorneys (and I am not either!) but I want to see what others think. Ok I got my federal tax refund, right. It was $693. TurboTax, however, had calculated $698, and the data they sent into the IRS electronically said $698. So I got a Notice 54 with it, saying that "in a few days" I would get a notice with more info (because the amount was lower than expected). It also said "please do not call the IRS until you get the notice" or words to that effect. Well, I got that stuff on 9 March and it is now 29 March. Nothing more has come from the IRS. Should I just cash the check? It's only $5. Or should I wait, in case they want the check back??????? The check would help me cover a deposit on a rented room I would like to move into (I can cover the rent every month but the deposit puts it over my budget). Give me some advise guys and girls!!!!!!!! Please!!
2007-03-29 02:32:50 · 7 answers · asked by TaoSeeker 1 in Business & Finance ➔ Taxes ➔ United States
CASH IT! I would never wait for the IRS to come through with a revised check. If there is a $5.00 error in your favor, they will just sent the additonal five dollars in a separate check---you will not have to send that check back! If you received five dollars too much, then they will just send a notice saying you owe them the five dollars. There is no need to wait on cashing your refund---especially since it has been several weeks already since you have received it. I would definitely use it on your room deposit---you deserve it--it's your money!!!
2007-03-29 05:35:48 · answer #1 · answered by MarineMom 6 · 0⤊ 0⤋
Cash the check. If I read your question right, your refund check is a lower amount that you had expected, so there's no reason that the IRS will expect you to pay them the difference of $5 as others have said.
You should have gotten your letter of explanation by now. Frankly I'd just forget about it rather than staying on hold for 45 minutes with the IRS - for some silly reason, they seem to be a little busy these days.
2007-03-29 12:37:51 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
I assume the check is for $693. Cash it. As someone said, if they decide you have more coming, they will send you another check for the balance.
If it is for $698, cash it anyway. When you get the letter, you will owe the $5. Pay them then with whatever interest they want, if any. It won't be much.
Save the notice.
2007-03-29 04:12:19 · answer #3 · answered by CarVolunteer 6 · 0⤊ 0⤋
The recalculated your return due to some perceived error. You could spend a ton of time and money only to determine that they are correct. Or you could protect all of the rest of us it they are wrong by tracking down your $5. But first cash the check. If they decide they owe you the $5 they will send you a second check for the $5 plus the interest at the same rate as if you owed them. But don't hold your breath waiting for them to agree they are wrong.
2007-03-29 03:27:46 · answer #4 · answered by ? 6 · 1⤊ 1⤋
How much do you make an hour?
Even at minimum wage if you spend more than an hour working on fixing this "error", you are behind.
It's only 5 bucks, don't waste $20 bucks of your time (and life) fighting and worrying about this. Just cash the check and wait for them to contact you.
2007-03-29 02:36:32 · answer #5 · answered by Gem 7 · 0⤊ 0⤋
Now this is their mistake,but if your going to keep waiting for the IRS to send you that notice you might go gray first, Cash the check and go ahead and get a money order for their $5.00. So you can stay 1 step ahead of them
2007-03-29 02:40:34 · answer #6 · answered by BECKY 2 · 2⤊ 0⤋
cash it, they'll probably just ask for 5 dollars back and you can mail in a 5 dollar check
2007-03-29 02:36:23 · answer #7 · answered by jeffrey 3 · 0⤊ 0⤋