Tax Refunds being stolen

[MinnesotaEric]

Fidelity did not have a breach of their system. This was one of the lady's clients telling her what had happened to him. They have nothing to do with taxes. Her point was to file as quick as I could to keep somebody else from using my info to file and get my refund. Not that it will be that much.

I have dealt with other financial companies and Fidelity beats them all as far as I'm concerned. Of course that could be because of the lady I deal with.

RSKY

My accounting firm has us paying in quarterly. Most years we owe a little more.

 

[SPIKER]

No need to OVERPAY your taxes in just to get a check (of your own money) back when you file the following year. I owe taxes just about every year (mainly due to investing activities) but also because I claim an extra dependent where I could claim 1 I do two. While that means I do owe by the 15th of Apr it also means I kept my $ all year and spent it a little at a time or saved a little at a time.

Mark

 

[Country Geek]

The Fidelity lady said that there is another problem that has already struck some of her clients. Somebody has used stolen information and filed a tax return in the clients name. Had the money direct deposited then moved it out of the country. She said the IRS will do nothing. As far as they are concerned the refund has been paid. Said one of her clients was a self employed businessman who expected a $28,000 refund and somebody already has his money.

This seems like an unlikely story since the IRS only started accepting returns on January 20th, which is less than a week ago.

That doesn't mean it's not good advice to file ASAP if you are expecting a refund. But I think someone is embellishing the case here.

 

[dmccarty]

This seems like an unlikely story since the IRS only started accepting returns on January 20th, which is less than a week ago.

That doesn't mean it's not good advice to file ASAP if you are expecting a refund. But I think someone is embellishing the case here.

I don't think the Fidelity lady was saying the stolen tax refund happened this year. It certainly has happened in prior years, and one way to avoid or minimize the chance of the theft, is to file early. A coworker had their tax refund stolen last year or the year before.

Later,
Dan

 

[s219]

Refund? What's that? Someone please steal my tax paperwork and pay what I owe every year.

 

[Country Geek]

Refund? What's that? Someone please steal my tax paperwork and pay what I owe every year.

That doesn't make you immune to this fraud. Someone could still file and claim a refund on your behalf, and then when the IRS catches up to it they're going to come to you first.

 

[phiferpharm]

My refund got hijacked several years ago. Since then, the IRS sends me a pin number to put on my return whether I owe or have a refund due.

 

[MoKelly]

My refund got hijacked several years ago. Since then, the IRS sends me a pin number to put on my return whether I owe or have a refund due.

Sorry, that must have been a pain.

However, I am curious. Did you have to eat the loss or did the IRS eventually pay you your refund once you showed identity theft?

Thanks.

MoKelly

 

[buckeyefarmer]

That has been happening for a few years now. Even if you owe money, scammers can file and get a refund of what you had withheld, and then you will have to pay even more.

 

[phiferpharm]

Sorry, that must have been a pain.

However, I am curious. Did you have to eat the loss or did the IRS eventually pay you your refund once you showed identity theft?

Thanks.

MoKelly

It was discovered at the time of filing by my CPA. It took about 5-6 months extra, but I got the refund.