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Overpaying taxes for rewards

Involver
Valued Contributor

Overpaying taxes for rewards

Is there anything prevent somebody from overpaying their taxes by, oh, $20,000?  

 

Per IRS.gov:

 

"If you overpaid, IRS will refund it after the return is processed, excepting offsets or debt on your account."

  

 Edited for brevity to allow for continuance of discussion.

Message 1 of 90
89 REPLIES 89
Imperfectfuture
Super Contributor

Re: Overpaying taxes for rewards

What is with all the threads popping up on creative ways to spend that we are not allowed to talk about?
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Message 2 of 90
kdm31091
Super Contributor

Re: Overpaying taxes for rewards

Look if you want to milk the system and do things you are obviously not supposed to do to meet minimum spend have at it but it is not something we talk about here.

 

If you can't meet min. spend legitimately, anyway, the card is probably too expensive for you to justify! Considering most cards with high min. spend for bonus also have an accordingly high AF.

 

Message 3 of 90
Involver
Valued Contributor

Re: Overpaying taxes for rewards

This is not the same as buying cash equivalents.

 

If you legitimately have a tax debt, you are allowed to pay it by credit card.  There are several companies that process these payments for the government.  Credit card companies know that this is a legitimate way to pay taxes.

Message 4 of 90
Involver
Valued Contributor

Re: Overpaying taxes for rewards

Also I'm well versed on "what we talk about here", but I appreciate the lectures.

Message 5 of 90
kdm31091
Super Contributor

Re: Overpaying taxes for rewards

You aren't just talking about paying with a credit card.

 

You are talking about overpaying purposely for the sake of rewards.

 

There's a difference. You know there is. Come on. We're not stupid.

Message 6 of 90
Involver
Valued Contributor

Re: Overpaying taxes for rewards

I genuinely don't understand why my inquiry is so upsetting to you.

 

I didn't say I was going to do it.  

Message 7 of 90
kdm31091
Super Contributor

Re: Overpaying taxes for rewards

I'm not upset, really. As I said, have at it, who cares. But you asking kind of implies you were planning on it, and I only got upset because you are acting as though paying with a CC and purposely overpaying for rewards are the same thing...

Message 8 of 90
Involver
Valued Contributor

Re: Overpaying taxes for rewards

So you did get upset.

 

At least you admitted it.

 

And they are the same thing. 

 

It's not like you're buying money with credit.

 

You're potentially overpaying a debt you owe, the difference of which is returned to you.  It's like paying $100 at the grocery store for a $20 item and getting change.

Message 9 of 90
kdm31091
Super Contributor

Re: Overpaying taxes for rewards

However you want to justify it - go ahead - as I said, one can do whatever they want. If it seems like a good idea to you, then go for it. Your original question was is there anything to stop someone from doing it, and I believe the answer is no, it would be something you could do.

 

Would I personally do it? No, because to me, it's wrong to purposely overpay for the sake of rewards. Paying $100 at the store and getting change is not purposely overpaying to get something out of it.

Message 10 of 90
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