Bad News For Me

20 01 2012

Then again, I already figured as much.

WBBM-CBS-2 Chicago:

Topinka: Illinois’ Unpaid Bill Crisis Just Keeps Getting Worse

SPRINGFIELD, Ill. (CBS) — Illinois keeps falling farther behind on its debt.

As WBBM Newsradio’s Regine Schlesinger reports, officially, the state has a backlog of more than $4.25 billion in unpaid bills.

But Illinois State Comptroller Judy Baar Topinka says when one factors in other bills, the figure is closer to around $8.5 billion.

Those other outstanding bills include tax refunds, employee health insurance, and bills that have not yet reached her desk.

Topinka says this is extremely disappointing, since a year ago, the state sharply increased income taxes (by 67 percent) and corporate taxes.

I now have all the documentation I need, so much of my day tomorrow will be spent doing my Federal tax return and also returns for two states, Missouri and Illinois.  I have to do a 2011 return for Illinois because I had one week of work at my Edwardsville based job after the turn of the year, before I was ultimately laid off, though I was told two months earlier, in fact, the day after the elections in November 2010, that I was going to be laid off.  But, because I had Illinois earned income in 2011, I have to do an Illinois return.  Every penny of Illinois state income taxes that were withheld from that week’s pay will be refunded to me, because my Illinois income in 2011 from that week was too low to have any net tax liability.  But…if I actually get that refund from Illinois, with the state’s dire financial situation and its backlog of payables, I’ll be surprised.  I’ll put it to you this way:  The amount will be under $50, so if I never get it, I won’t really miss it.

This is a conclusion I reached almost a year ago.

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3 responses

23 01 2012
r j p (@seedymedia)

Next time you get laid off after working in two or more states during your qualifying quarters, look into filing a multi state claim in Massachusetts as they pay the highest weekly benefit.

23 01 2012
r j p (@seedymedia)

Oh wait, you have to have had a claim in the state at one point.

23 01 2012
countenance

I couldn’t do anything about Illinois, because of the circumstances, but I always try to engineer my withholding schedule within the bounds of the law such that I get only a slight rebate or owe a slight amount when I do my taxes.

Like I said, I’ll be surprised if I ever see my Illinois refund. But over time, more and more states, as well as the Feds, will get so hard up for money, that they’ll hold back cutting tax refund checks. I want my refund to be so small that I wouldn’t miss it if I never get it. Given the sorta Hobson’s Choice, I would rather slightly owe than get a sizable refund.

Even if the fiscal situations of governments was good, why should I effectively give the Feds and state interest free loans on my own money?




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