topic Re: File amended tax return or wait for next year? in Mortgage Loans

File ammended tax return or wait for next year?

Anonymous — Wed, 26 Aug 2009 18:56:45 GMT

Hi,

I will be closing on my home hopefully by mid October (closing set for Oct 2 but I know it may take longer because of USDA direct- they are slow) and was wondering which would be better - putting in an ammended tax return for this past year (Jan 2009 taxes) or waiting until I file my taxes in Jan 2010. I usually file the end of Jan. and get my refund automatically put into my checking account about 2-3 weeks later. I am not in a super rush to get the money as I want to make informed decisions about what to do with it so I want to sit and stew about changes and updates on the house.

So what do you guys think........ better to ammend this year or just do it with next years taxes? (explain your reasoning please)

Thanks guys for not only your great info but the moral support that is so wonderful,

Jordjon

Re: File amended tax return or wait for next year?

ronq — Wed, 26 Aug 2009 19:06:29 GMT

I'd wait if you don't need the money. I always file my returns at the end of January or early February too. I bought in

March and amended my return and that was a mistake. The received it on April 8 and I still haven't received my

check. They will not direct deposit amended returns. I have called numerous times for the status and due to so

many legitament and fraudulent claims they are backed up. It's now a minimum of 16 weeks so they told me. Some people have gotten theirs back a lot sooner. I think it really depends which center you send it too. Mine was Landover, MD. I think

you would probably get it back sooner on your 2009 return plus it will be direct deposited.

Re: File amended tax return or wait for next year?

Anonymous — Thu, 27 Aug 2009 00:14:02 GMT

Jord, are you doing a new construction? If one was to wait until Jan to file taxes, would the IRS then make a direct deposit of the tax credit along with your normal refund?

Re: File ammended tax return or wait for next year?

Anonymous — Thu, 27 Aug 2009 00:38:29 GMT

I would wait. I am planning on it, only because I heard that it can take up to 12 weeks to get the check back. So if you 10/2 then you're looking at January for them to send it to you via check, at that rate you might as well wait a couple of weeks, and hopefully you'll get it via direct deposit.

Re: File amended tax return or wait for next year?

Anonymous — Thu, 27 Aug 2009 02:59:06 GMT

lexxpoke,

I wish it was a new construction. lol. It is an exsisting home that I was lucky enough to get in my price range. I will be doing the home inspection on friday. Hopefully it goes really well. I believe from what I have learned that they will just include the home purchase with my refund that I have coming for next year and do direct deposit for it all together. But I could be wrong, wouldn't be the first time. lol

Re: File amended tax return or wait for next year?

Anonymous — Thu, 27 Aug 2009 22:21:09 GMT

Wait until next year. It will probably take until 2011 to get the check if you file an amendment now.

Re: File amended tax return or wait for next year?

Anonymous — Fri, 28 Aug 2009 03:37:35 GMT

My inspection is on Friday too jord! Wish you the best,

Re: File ammended tax return or wait for next year?

Paxx — Fri, 28 Aug 2009 11:50:09 GMT

Thanks for this thread. We're set to close sept 21st (but should be closed much earlier from what my loan officer has told me) and was pondering what I should do regarding the refund. I usually do taxes myself online with turbo tax but this year I think I am going to hire a tax guy. Getting maried and buying a house in the same year probably makes for confusing tax papers. Not sure I can handle it on my own online.

Re: File amended tax return or wait for next year?

Anonymous — Fri, 28 Aug 2009 13:07:46 GMT

Good luck to you too lex!

Re: File ammended tax return or wait for next year?

Anonymous — Fri, 28 Aug 2009 13:12:34 GMT

At this point, I would wait if I were you. It's taking 12-16 weeks to get them back now so it would only be a few weeks difference if you wait to file for it. Plus, you will be able to get it direct deposited then.

We amended our return and got it back in 10 weeks because we wanted to have a fence installed. But if we closed in October, we would have waited.

Re: File ammended tax return or wait for next year?

Anonymous — Wed, 23 Sep 2009 03:12:36 GMT

Definatley file an amended return for 2008. This was you will get all of the interest on the $8000 for this year- this will amount to a feww hundred dollrs. If you wait you only get $8000.

Re: File ammended tax return or wait for next year?

Anonymous — Wed, 23 Sep 2009 20:36:56 GMT

I'm not sure I'm understanding you right, but if I put $8000 in my high interest checking account -- whether I put it in on January 31st, versus February 21, I'm not going to have a few hundred dollars in interest, yes I'll get some interest, but not enough to make any huge difference. Afterall, when I have $6K I get about $30 interest, so when I have $8K it's not going to be that much more.

Re: File ammended tax return or wait for next year?

Anonymous — Sat, 26 Sep 2009 01:02:53 GMT

I think she was saying the IRS will pay interest on the $8000. The longer they have it, the more interest you accrue. right?

Re: File ammended tax return or wait for next year?

Anonymous — Tue, 03 Nov 2009 05:08:19 GMT

First off,I am a man baby. Skippy is my puppy and he is stealth like James Bond. And yes I am saying that if you amend this years return you get interest on a years worth of $8 grand vs. waiting 'til next year and just getting $8K. Seacrest Out!

Re: File ammended tax return or wait for next year?

Anonymous — Tue, 03 Nov 2009 14:13:38 GMT

Sorry for the mixup sir. lol

Re: File amended tax return or wait for next year?

Anonymous — Tue, 03 Nov 2009 14:30:14 GMT

If you're closed....do it NOW.

Seriously, since you're not looking to get the money right away, just file an amendment and be done with it. As others have mentioned, you'll get interest on the $8000 if you file an amended return, so why wait??

Re: File amended tax return or wait for next year?

Anonymous — Tue, 03 Nov 2009 16:46:23 GMT

Do you really get interest on that $8K? In other words have those who have ammedned their 2008 taxes gotten more than $8K? Or have they only gotten 8K?

Because I haven't heard anyone say they've gotten a check for more than $8K? Not saying they haven't, just that I haven't heard that.

Re: File ammended tax return or wait for next year?

Anonymous — Tue, 03 Nov 2009 21:05:32 GMT

It depends on your situation really. I was above the $75K income limit for getting the full credit but below the $95K upper limit so I was entitled to a portion of the credit. If I waited and used my 2009 income I would have lost more of the credit since my 2009 income would be higher. I would have had to file an ammended 1040X for 2008 anyway, so I decided to do it now.

I'm no tax pro. But I'm pretty sure thats how it wold have worked.

Re: File ammended tax return or wait for next year?

Anonymous — Tue, 03 Nov 2009 22:48:29 GMT

We filed the amended return in September and got the check 5 weeks later for $8130, if that helps.

Re: File ammended tax return or wait for next year?

Anonymous — Tue, 03 Nov 2009 23:00:21 GMT

That does help, Thanks!