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#1
09-12-2008, 09:35 PM
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 Re: Pennsylvania Paying 7% on Refunds? In article <64mdnUQ9GroNz1fVnZ2dnUVZ_jmdnZ2d[at]comcast.com> , "D.D. Palmer" <ddpalmer[at]backnet.net> wrote: - quote - > Back in April, I realized that I made a mistake to my 2006 (prior year
It may very well be interest. From the Pennsylvania Department of> tax filing) PENNSYLVANIA return that was to net me a $900 refund beyond > what was originally filed in April, 2007 (again, for tax year 2006). > It took PA 5 months to process my return but yesterday I received a > check for $992 and change. I calculated this to be a 7% return, assuming > that the "extra" money was interest. > Hey, Pennsylvania guaranteed 7% return? How can I get more of this? Of > course most people are not nutty enough to try to play with the tax dept > to get extra interest. But I am just wondering if I am missing something > here or if that is really what happened (they paid me $92 interest for > 17 months which is about a 7% annualized return) on $900. ?? Revenue Web site: - quote - > The Department of Revenue must pay interest on any overpayments that are not
--> credited or refunded within 75 days of the later of: > (1) the return due date or > (2) the actual filing date of a complete, correct return. > Interest is paid on a personal income tax refund at the same rate it is > charged on an outstanding balance due. The interest rate is established by > the U.S. Secretary of the Treasury. > To calculate interest, use the following rates: > calendar year 2008 7% or .000192 daily > calendar year 2007 8% or .000219 daily > calendar year 2006 7% or .000192 daily > calendar year 2005 5% or .000136 daily > calendar year 2004 4% or .000110 daily > calendar year 2003 5% or .000137 daily > calendar year 2002 6% or .000164 daily > calendar year 2001 9% or .000247 daily > calendar year 2000 8% or .000219 daily > calendar year 1999 7% or .000192 daily > calendar year 1995-1998 9% or .000247 daily > calendar year 1993-1994 7% or .000192 daily > calendar year 1992 9% or .000247 daily > calendar year 1988-1991 11% or .000301 daily > calendar year 1987 9% or .000247 daily > calendar year 1986 10% or .000274 daily > calendar year 1985 13% or .000356 daily > calendar year 1984 11% or .000301 daily > calendar year 1983 16% or .000438 daily > calendar year 1982 20% or .000548 daily D.F. Manno | dfmanno[at]mail.com Faith may be defined briefly as an illogical belief in the occurrence of the improbable. (H. L. Mencken) -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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09-12-2008, 07:31 PM
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| Re: Pennsylvania Paying 7% on Refunds? On Sep 12, 7:47*am, "D.D. Palmer" <ddpal...[at]backnet.net> wrote: - quote - > Back in April, I realized that I made a mistake to my 2006 (prior year > tax filing) PENNSYLVANIA return that was to net me a $900 refund beyond > what was originally filed in April, 2007 (again, for tax year 2006). > It took PA 5 months to process my return but yesterday I received a > check for $992 and change. I calculated this to be a 7% return, assuming > that the "extra" money was interest. > Hey, Pennsylvania guaranteed 7% return? How can I get more of this? Of > course most people are not nutty enough to try to play with the tax dept > to get extra interest. But I am just wondering if I am missing something > here or if that is really what happened (they paid me $92 interest for > 17 months which is about a 7% annualized return) on $900. ?? You'll probably receive, separately, a statement that explains the amount you received. PA pays the same interest rate on overpayments that it charges on underpayments of tax. The rate for calendar year 2007 was 8%; for calendar year 2008, it's 7%. It's a lot better for them to owe you than vice versa! Katie in San Diego -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#-1
09-12-2008, 02:47 PM
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| Pennsylvania Paying 7% on Refunds? Back in April, I realized that I made a mistake to my 2006 (prior year tax filing) PENNSYLVANIA return that was to net me a $900 refund beyond what was originally filed in April, 2007 (again, for tax year 2006). It took PA 5 months to process my return but yesterday I received a check for $992 and change. I calculated this to be a 7% return, assuming that the "extra" money was interest. Hey, Pennsylvania guaranteed 7% return? How can I get more of this? Of course most people are not nutty enough to try to play with the tax dept to get extra interest. But I am just wondering if I am missing something here or if that is really what happened (they paid me $92 interest for 17 months which is about a 7% annualized return) on $900. ?? -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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