Ask TaxMama Issue 673 – Be my Valentine

Dear Family,

We’ve answered a lot of questions this week. They just flooded in from all over, between Yahoo! and KFWB, and MarketWatch and Equifax, the articles and interviews were out there, with new people finding a resource.

We love to answer questions.  And we are working on making it easier to find where to post. There will be a new button on the TaxQuips Forum navigation bar that says POST HERE. (People who followed a link to read a question, couldn’t find their way back to main forum page.)

When you ask a question, it’s important that you give us enough information to help you. Always tell us what state(s) you live in for the tax issue. It makes a difference. And please, make your subject line short. Don’t ask your question IN THE SUBJECT LINE. I don’t look for the question there. I look for it IN the post.

Speaking of common sense and wisdom brings us to this week’s Money Funny. It’s all about the Wisdom of the (s)ages.

In today’s IRS News, the IRS had a press teleconference yesterday about the massive issue of identity theft. Steven T. Miller, IRS Acting Commissioner since November, has really made an intense effort to put a stop to this problem. Last year, when I wrote about the issue, victims were complaining that the identity thieves were not being prosecuted. In fact, as a result of my article, an EA got help from the Taxpayer Advocate Service to get a wage levy lifted on someone working under a stolen Social Security Number. (What a bizarre development.) Since then, however, IRS is taking action – aggressively.

Also in today’s IRS News, are some tips on how to deal with a missing W-2.
The IRS is issuing refunds faster than we expected. People are reporting seeing refunds within one week of efiling. Don’t count on that though. With the increased scrutiny of tax returns claiming earned income credits and other refundable credits – some refunds will be delayed. Expect to wait about 15-21 days.

Incidentally, next week, you should be able to start filing tax returns with the education credits. So just chill a bit and you won’t have to file now; amend later.

In my MarketWatch column, next Monday, you’ll get some information about several Key Tax Issues Affecting You Right Now.

In this week’s Equifax Blog you’ll learn how to make your record-keeping easier.   10 Tips to Save Money on Groceries and several other good tips.

Remember, Valentine’s Day is next week. Got any plans? Got a Valentine? If not, will you be mine?

And have a great weekend!

As always, we love your feedback, opinions and ideas.

You are what makes all this fun – and interesting!

TaxNerd gear makes a bold statement year-round.

Hugs from your favorite TaxNerd,

Eva Rosenberg, EA

Your TaxMama®


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2 thoughts on “Ask TaxMama Issue 673 – Be my Valentine

  1. TaxMama says:

    Hi Judy,

    Sorry, I don’t understand.

    Are you saying you cashed out the HSA?
    Or that it’s still where it was?

    When you set up an HSA, YOU have the money in YOUR account.
    Not a company account.
    So leaving the company has no effect on the money you’ve built up in the past.

    If you’re asking if your contributions for Jan-April qualify as valid 2012 contributions?
    Yes, they do. You just fill out the worksheet for the form, showing each month’s contributions.
    Then check NO for May-Dec (as to eligibility) – and the computer figures it all out.

    Is that what you wanted to know?


  2. Judy Harris says:


    If you worked for a company for 12 years and were laid off in April 2012.
    You had a HSA account. Is the total amount taxed at 20%.
    You did not roll it over. The new company did not offer HSA.
    You paid no medical expenses with it.
    Would I still be a qualified participant for 2012 even through I was not working in December 2012 for the company?

    Thank You so much.

    Judy Harris

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