I just E-filed my federal tax return. I'll explain why I went ahead and did my tax return instead of waiting until March or April like I stated in my previous post in a second. First let me share a very important piece of advice to take heed of when filling out your tax return:
Never rely on information from documents such as your last pay stub or last bank statement of the year to complete your tax return. Wait for your employers, past and present, to send your W-2s and for the banks to mail out your interest statement.
I used the last pay stubs of my two past employers and present employer and also used my last bank statement from each savings account to estimate my 2008 tax refund. And because I e-file, I really didn't need to wait to receive my hardcopy W-2s through the mail. Everything is done electronically. But being me, I waited to receive ALL my OFFICIAL documents and do yall want to guess how far off my original $1335 tax refund estimate was??
Now I would never have sent off my tax return using estimates but still. The huge difference blew me away. Just shows you how much "minor" mistakes can cost you.
Anyhoo. I went ahead and filed my tax return today because of three reasons:
1. I already had all my paperwork and could file at any time.
2. I spoke to a rep at the IRS and he confirmed that I could amend my 2008 tax return to claim the 1st Time Home Buyer Tax Credit once I had closed on a house and it was before the July 1, 09 deadline.
3. The $2207 tax refund I will be receiving will be better used now towards my home purchase fund.
Based on my IRS e-File Refund Cycle Chart I should be receiving my refund via direct deposit next Friday, 2/6/09. Here are a few dates from the chart:
|Transmitted & Accepted (by 11:00 am) between...||Direct Deposit Sent*||Paper Check Mailed*|
|Jan 16 and Jan 22, 2009||Jan 30, 2009||Feb 6, 2009|
|Jan 22 and Jan 29, 2009||Feb 6, 2009||Feb 13, 2009|
|Jan 29 and Feb 5, 2009||Feb 13, 2009||Feb 20, 2009|
|Feb 5 and Feb 12, 2009||Feb 20, 2009||Feb 27, 2009|
|Feb 12 and Feb 19, 2009||Feb 27, 2009||Mar 6, 2009|
|Feb 19 and Feb 26, 2009||Mar 6, 2009||Mar 13, 2009|
|Feb 26 and Mar 5, 2009||Mar 13, 2009||Mar 20, 2009|
Happy tax filing yall!!
IRS Free File