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Financial Planning / Tax Strategies
|Subject: Re: Refund question||Date: 8/11/2010 5:41 PM|
|Author: KluverBucy||Number: 110874 of 119693|
Thank you both for your answers.
It looks like I will just have to wait and see if any interest will be paid.
To answer the questions you posed, here is a copy of the IRS release:
IR-2010-25, March 2, 2010
WASHINGTON — The Internal Revenue Service has made an administrative
determination to accept the position that medical residents are excepted from FICA taxes based on the student exception for tax periods ending before April 1, 2005, when new IRS regulations went into effect.
The IRS will, within 90 days, begin contacting hospitals, universities and medical residents who filed FICA (Social Security and Medicare tax) refund claims for these periods with more information and procedures. Employers and individuals with pending claims do not need to take any action at this time.
I had no idea that this FICA tax issue was even being debated, let alone apparently being decided in my favor. An old friend recently suggested that I look into it. I contacted my former employer and sure enough they they were on top of the situation and had filed the appropriate paperwork thus far.
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