Ugh!!!!!! Help!!!!!

[hollyhill]

I just got a tax refund cheque in the mail for $336.00! HUH!!!

I couldn't figure out what was going on or what the letter meant and I finally assimilated the info. and I am trembling.

In the tax year 2004 my Dh lost his job in Feb. and to make along story short he ended up not finding any work......and returned to school to retrain and he is now almost finished.

Well to get through 2004 we ended up cashing most of our RRSPs
and the rest in 2005.

Well when I did our income tax for 2004 (it was VERY confusing, it included, income, EI, RRSPS cash ins, student deductuons, burseries etc. ) it seems like I left out an RRSP cash in of $4990!!!!! I don't know HOW I forgot....all I can figure is that I didn't get that T4 slip......we had RRSPS in several institutions and they were cashed throughout the year and so they would have been sent at different times. We also have had our mailbox broken into a few times....so it could have gone missing then.

Well the result is it will affect my CHILD tax credit!!!!! It has dropped by $170 per month! and we also owe $1000!!!!! And they are going to charge me $335 per month until it is paid !!!!!(So the tax refund will cover one month but I will have to still pay almost $700 and we will be getting $170 per month less).

Our monthly income/survival is based on that INCOME!!!!!!
Now there is no way we are going to beable to stretch the student loan till JUNE!!!! I am panicking!!!
Now What!

[Valerie in WA]

I don't know what now, but will pray.

[Dedlered]

Hugs and prayers to you!!

[Pepper]

[PrairieRose]

You might want to check with someone like H & R Block on this Holly or with a private accountant. I'm not much help b/c I have our accountant do our taxes. I've heard that there is public assistance for tax help as well. What about if you call the 1-800 # for IRS and ask about that? I think they offer free advice in person...... . It's not an IRS person just a local individual. I may not be right about this but that's what I would do in your shoes. Don't panic. It can be fixed all you'll have to do is file an ammended return.

[hollyhill]

Lisa it has all been "done" for me already.
In Canada when you cash an RRSP a T4 is sent to you and the Government so they know.....I just forgot to file it at my end. It isn't any problem with the tax people.....in fact they owed ME money so it was kind of "nice" for them to find it.

But what it does affect is my total net income for the 2004 year. In Canada we recieve Child Tax bonus for children based on income. The higher the income the less you get.
So if my income goes up my bonus goes down. As a reslut they recalculated how much I can get per month and it DROPPED $170 per month and I have to pay $170 x 6 months BACK.
My income for that year was about $22000, I thought, well I now have it down as just over $26000 for 2004. It went over the $25000 threshold I guess so a sig. drop!

The problem is this is money I was counting on and it is now gone.

[my4littlebuffaloes]

Holly I am so sorry! I hope that you can get things figured out quickly. Is there any way to negotiate you paying them back after your dh is done with school and has a job?

Jennifer

[hollyhill]

No, Jennifer.

They just won't send me any Child bonus checks until it has been paid.

[Mom23boys]

[canadian gardener]

HH I am so sorry, I just saw this thread. Sending hugs, prayers and really wish I could give you some tea, and a hug. Praying that somehow God will make a way thru this. Show you some solution.

HUGS hon. and praying with you.

[Emerald_Mommy]

I hate taxes!

[Michele Annette]

[hollyhill]

I am still kicking myself over this today......

I am still puzzeled about the missing T4 slip. How could I have overlooked it? And where isit anyways?

Not that it matters.
Its just that $1000 is gone now and I will be getting less per month overall....

That $4990 cost us about $2000 minus $335 (tax refund)! Not that we didn't need the $4990 at the time because we did need it to survive.

[canadian gardener]

Oh HH, my sympathies. We are human, we make mistakes, not one of us manages a perfect score in any part of life and most of us have troubles with paperwork.

I sure do.

I've made some doozies of mistakes. One time we got a refund and we were paying off the Visa bill. the tune of $2,000 dollars back when dd was about 4 so that would have been around 86 or 87.

big money to lose! we couldn't afford it.

OUR big mistake? Dh took it into the bank, in cash, paid the Visa bill, and DIDN"T CHECK FOR THE RECIEPT!!!! he got distracted I guess.

the bank teller pocketed 2 grand!!!!!

Visa had NO RECORD, the bank had NO RECORD and we were stuck, having no record (WE LOOKED AND LOOKED FOR IT TOO!)

and so we were on the hook for another year with that darn debt hanging around our necks.

That really stung me and dh, that we were so foolish.

It happens.

Hope that helps, knowing that other people lose stuff big.

[hollyhill]

Oh My!!! Margery!

Was the teller charged?
I've never had THAT happen!
I trust them so.....I will be more careful with my deposit receipts from now on, too!