Just about every taxpayer eagerly waits for his or her tax refund this time of year. No matter what they plan to do with it, taxpayers can’t wait for that fat check from the IRS. But what if you somehow got a huge refund that was way larger than expected? What would you do with it?
That happened in 2017 to one man in Florida, who decided he was going to try to keep it. The man only had about $3,500 in total wages. However, he somehow ended up with a refund of nearly $1 million. All he did was file his taxes. The 29-year-old man received a W2 from a company, which indicated he had earned $17,098 in wages in 2016.
However, the W2 also indicated that $1 million of federal income had been withheld. According to reports, the company actually paid him $2,098 and no tax was withheld. The man decided to fill out his Form 1040 according to the info on his W2 and the IRS issued a refund of $980,000.
The man must have thought he had gotten away with it because he kept the money. But that didn’t last. The IRS discovered its mistake and now it wants the money back. The man has not been charged in federal court at this point, but the case is pending. The next hearing has yet to be scheduled.
If you ever get a refund larger than you should, your best bet is to notify the IRS. Eventually, they almost always catch these kinds of tax refund mistakes.
The post Florida Man Tries to Keep Huge Tax Refund That Was A Mistake first appeared on Advisors to the Ultra-Affluent – Groco.