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Posted by D.F. Manno on September 12, 2008, 5:35 pm
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> 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. ??
It may very well be interest. From the Pennsylvania Department of
Revenue Web site:
> 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@mail.com
Faith may be defined briefly as an illogical belief in the occurrence of
the improbable. (H. L. Mencken)
--
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