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Look at your withholding, not just your refund! š A smaller refund might actually be GOOD - means you kept more money throughout the year. I adjusted my W-4 last January to have less withheld since I knew the child credits were dropping. Got smaller paychecks last year but didn't face refund shock this spring. The real question isn't "are refunds lower" but "is your total tax burden higher?" For most people, it's actually slightly lower due to bracket adjustments.
For investment-focused filers like yourself, pay attention to Qualified Business Income Deduction (Section 199A) limitations and Net Investment Income Tax thresholds, which remain unchanged but affect high-income investors. Capital gains rates haven't changed (still 0%, 15%, or 20% depending on income bracket), but bracket inflation adjustments might put you in a different tier. Consider tax-loss harvesting if you have unrealized losses to offset gains. Filing timing won't affect your 2023 tax liability, but might affect cash flow planning.
Thank you for addressing the investment angle specifically! This is exactly what I needed to know.
This is incredibly helpful. I was worried about timing my stock sales but it sounds like the capital gains situation is stable from last year.
I'm a tattoo artist too. Filed my taxes last year. Got the Child Tax Credit. Claimed my business expenses. Received a nice refund. Used TurboTax Self-Employed. It walked me through everything. Wasn't that complicated. Just needed my 1099s and expense receipts. Definitely worth doing.
Would your friend possibly qualify for the Earned Income Credit as well? I believe the income thresholds are somewhat higher for those with qualifying children, aren't they?
I had no idea the income limits were that high! I thought EIC was only for people making under $25,000 exactly. I've been missing out on claiming this for my 4-year-old for the past 2 years! š±
Be careful assuming everything is fine. I had a similar situation last year and it turned out there was an issue: ⢠My return was accepted on 1/28 ⢠Transcript showed no filing for 6 weeks ⢠WMR just said "still processing" ⢠Eventually received a letter requesting identity verification ⢠Took another 8 weeks after verification to get my refund Not trying to alarm you, but "acceptance" only means the return passed basic validation checks. It doesn't mean everything is proceeding normally. I'd suggest checking WMR daily and watching your mail carefully for any notices. The IRS is notoriously slow at updating their systems to reflect actual status.
Just to provide some hope - I filed on January 23rd (exactly 1 day before you) and had the exact same issue. My transcript showed no record of filing for precisely 32 days. Then on February 24th, everything updated at once and my refund was deposited 6 days later. The system is definitely backed up this year, but as long as you have your acceptance confirmation, you should be fine. For what it's worth, my filing status also changed this year (from HoH to MFJ) and I suspect that triggered additional verification. The transcript lag seems to be affecting exactly 36% of early filers based on the poll in another thread.
Got my AZ refund last wk - $188 for MFJ w/ ~90k income. Fed was $2100+. AZ's flat tax system makes small refunds totally normal. Btw, they're super fast w/ processing - filed 3/15, DD hit 3/29. The ADOR website is actually decent for checking status too.
The Arizona Form 140 instructions specifically state that the average processing time for e-filed returns with direct deposit is 8-12 business days, which aligns with your experience. The state's implementation of the flat tax rate of 2.5% (reduced from 2.98% in 2022) has actually streamlined processing considerably compared to prior years.
Did you have to do anything special to get your refund that quickly? I filed on 3/20 and still waiting... starting to worry something's wrong with my return. Is there a specific status page for Arizona refunds like the Where's My Refund tool for federal? š¬
According to the ADOR website (https://azdor.gov/individual-income-tax-information), Arizona's average refund for 2023 tax year is around $200 for individuals and $250 for joint filers. Your $174 is within normal range. The AZ Department of Revenue has a refund status checker at https://aztaxes.gov/Home/CheckRefund that usually updates within 5-7 days after filing. I'm slightly concerned it might take longer this year since we're getting closer to the April 15 deadline.
Connor Richards
OMG I went through this EXACT same situation in February!! I was so stressed about it but it actually worked out fine! š I filed on Feb 2nd and got a surprise W2 on Feb 9th for a small job I'd completely forgotten about. I freaked out thinking I'd get in trouble, but I called TurboTax support and they were super helpful. They told me to wait until my original refund came through (took 14 days) and then do the amendment. The amended return was actually pretty simple through TurboTax - it pulled all my original info automatically. I did end up owing $127 but at least there were no penalties since I fixed it right away!
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Grace Durand
My cousin thought amending was no big deal and just ignored a missing 1099 last year. It's like thinking you can ignore a small leak in your roof - eventually it causes major damage. The IRS caught it during their automatic matching process and he ended up with a $2,200 tax bill that included the original tax plus penalties and interest. He also got flagged for extra scrutiny on this year's return. I'd recommend your boyfriend handle this ASAP, especially with a military move coming up. The last thing he needs is mail from the IRS going to an old address while he's in the middle of a PCS.
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