CityOfAngels

Sorry if this is common knowledge, but I'm just wondering when the next tax return arrives? I just made a $1,250 deal with this guy (selling off my Shaun Livingston basketball card collection), and he says he can't pay until his return arrives. He was told it should come this month (January), so the deal was he has until the end of January to pay me before I start wondering what's up. I was just wondering if his 2nd-hand info was correct?

Also the reason I don't know this is because this is my first year as an employee; was private contracting before this year.

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maleficent

I imagine he's working for someone else...

1. He's got to wait for his W-2 form to show up -- that's what tells him how much he's paid in taxes last year.
2. He's got to then file his taxes (If he's young wihtout deductions or a high salary, he cando this on the phone
3. Wait for the return. - If he's an early filer, this can take a few days to 2 weeks - provided there were no problems on his return.

I'd have a tough time beleiving that someone already has their return filed right now seeing as most people don't generally get their W-2s til the end of January.

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eribrav

I'd say getting a return in January is pretty optimistic. Mal's done a good job outlining the reasons for you.

Grasshopper Green

It also depends on if he has direct deposit or waits for a check. Waiting for a check can take several weeks longer than having it deposited directly into your account.

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Formerly Medusa

snowy

You can't even file with the IRS until the 12th of January, and most people don't receive their W-2s before then. I know this all too well--I'm a compulsive early filer. According to my paperwork from last year, my federal efile was accepted on the 21st of January. I received a return, via check, about two weeks later.

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maleficent

I think you're friend is just a little confused - what should come this month is the w-2 form that he'll need to file his taxes...

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