|
Home | Forums | Gallery | Webcams | Blogs | YouTube Channel | Classifieds | Calendar | Register | FAQ | Donate | Members List | Today's Posts | Search |
|
Thread Tools | Display Modes |
02-06-2021, 04:26 PM | #1 |
Senior Member
Join Date: Apr 2006
Location: Central MA-Gilford
Posts: 1,433
Thanks: 323
Thanked 117 Times in 94 Posts
|
Taxes ?
Have a tax question, that maybe this is a CPA on the Forum.
I didn't receive either the $1,200 or the $600 stimulus checks from the COVID-19 economic relief package, because my income in 2019 was over $150k for my self and wife. The stimulus checks were based on your 2019 IRS tax return. In 2020, my income was cut in half. #1 Is there a process I can apply for the second check which was sent out ? #2 I was told that there is a IRS tax form that can be completed and sent in with my 2020 IRS tax return, that I can get a 'credit' on my return for those stimulus funds I should have received ? Thanks ! Last edited by bigdog; 02-06-2021 at 04:27 PM. Reason: spelling |
02-06-2021, 04:42 PM | #2 | |
Senior Member
Join Date: Apr 2004
Posts: 1,078
Thanks: 338
Thanked 342 Times in 158 Posts
|
Not alone
Quote:
__________________
GTO |
|
02-06-2021, 10:11 PM | #3 | |
Senior Member
Join Date: Sep 2008
Location: Meredith Bay & LI, NY
Posts: 3,220
Thanks: 1,219
Thanked 1,007 Times in 648 Posts
|
Quote:
Sent from my iPhone using Winnipesaukee Forum mobile app |
|
02-06-2021, 10:42 PM | #4 | |
Senior Member
Join Date: Jul 2014
Posts: 6,116
Thanks: 1,159
Thanked 2,023 Times in 1,250 Posts
|
Quote:
Sent from my SM-G950U using Winnipesaukee Forum mobile app |
|
02-07-2021, 07:06 AM | #5 | |
Senior Member
Join Date: Sep 2008
Location: Meredith Bay & LI, NY
Posts: 3,220
Thanks: 1,219
Thanked 1,007 Times in 648 Posts
|
Quote:
2) Yes it is a refundable tax credit. So if the credit exceeds your tax liability you will be refunded any excess credit. Let say you owe 500 and they owe you a stimulus credit of 1000 you will receive a 500 refund or if you were getting a 500 refund before the credit of 1000 you would then receive a refund of 1500 Sent from my iPhone using Winnipesaukee Forum mobile app |
|
Sponsored Links |
|
02-07-2021, 07:14 AM | #6 | |
Senior Member
Join Date: Jul 2014
Posts: 6,116
Thanks: 1,159
Thanked 2,023 Times in 1,250 Posts
|
Quote:
What I read about holding off to file is because if the new stimulus reconciliation goes through it would be (presumedly) based on one's latest tax return. So, if we made more in 2020 than in 2019, which we did marginally, any future stimulus check might be reduced by that new income. Does that make sense? I mean, I'm guessing by the time it's actually processed—two weeks—and goes through, it might not matter, but Daddy needs a new pair of shoes, ya dig? Sent from my SM-G950U using Winnipesaukee Forum mobile app |
|
02-07-2021, 08:56 AM | #7 | |
Senior Member
Join Date: Sep 2008
Location: Meredith Bay & LI, NY
Posts: 3,220
Thanks: 1,219
Thanked 1,007 Times in 648 Posts
|
Quote:
Sent from my iPhone using Winnipesaukee Forum mobile app |
|
02-07-2021, 09:13 AM | #8 | |
Senior Member
Join Date: Jul 2014
Posts: 6,116
Thanks: 1,159
Thanked 2,023 Times in 1,250 Posts
|
Quote:
Sent from my SM-G950U using Winnipesaukee Forum mobile app |
|
02-07-2021, 09:36 AM | #9 | |
Senior Member
Join Date: Sep 2008
Location: Meredith Bay & LI, NY
Posts: 3,220
Thanks: 1,219
Thanked 1,007 Times in 648 Posts
|
Quote:
Sent from my iPhone using Winnipesaukee Forum mobile app |
|
02-07-2021, 10:10 AM | #10 | |
Senior Member
Join Date: Jul 2014
Posts: 6,116
Thanks: 1,159
Thanked 2,023 Times in 1,250 Posts
|
Quote:
Sent from my SM-G950U using Winnipesaukee Forum mobile app |
|
The Following User Says Thank You to thinkxingu For This Useful Post: | ||
joey2665 (02-07-2021) |
02-07-2021, 03:26 PM | #11 | |
Senior Member
Join Date: Apr 2006
Location: Central MA-Gilford
Posts: 1,433
Thanks: 323
Thanked 117 Times in 94 Posts
|
Quote:
I happen to use HR Block tax software, and currently in the process of entering tax info. I will check if HRB software asks these same type questions regarding 'stimulus' money, but so far nothing mentioned ? Will report back to all.... Bigdog Last edited by bigdog; 02-07-2021 at 03:26 PM. Reason: spelling |
|
02-07-2021, 03:38 PM | #12 | |
Senior Member
Join Date: Apr 2006
Location: Central MA-Gilford
Posts: 1,433
Thanks: 323
Thanked 117 Times in 94 Posts
|
Quote:
What I find interesting and strange, the IRS appears to date, to be using only 2019 tax return as the baseline and those amounts for determining if you qualify for any stimulus money. If that's the case I wouldn't qualify because I am over the threshold amount. That said, if they start sending new stimulus checks based on the 2019 return, as they did before, I would miss out on any new stimulus checks, based on the above reason. However, based on my 2020 income I would qualify. I wonder what tax year filing, the IRS will base any new stimulus checks ? Use the 2019 tax return as they did in the past, or actually use you 2020 Return if filed ? Guess we'll have to wait and see ? TBD ? |
|
02-07-2021, 03:55 PM | #13 | |
Senior Member
Join Date: Sep 2008
Location: Meredith Bay & LI, NY
Posts: 3,220
Thanks: 1,219
Thanked 1,007 Times in 648 Posts
|
Quote:
Sent from my iPhone using Winnipesaukee Forum mobile app |
|
The Following User Says Thank You to joey2665 For This Useful Post: | ||
bigdog (02-09-2021) |
02-08-2021, 10:23 AM | #14 | |
Senior Member
Join Date: Oct 2009
Location: Meredith and FL
Posts: 99
Thanks: 176
Thanked 29 Times in 17 Posts
|
Quote:
|
|
02-08-2021, 12:39 PM | #15 |
Senior Member
Join Date: Sep 2008
Location: Meredith Bay & LI, NY
Posts: 3,220
Thanks: 1,219
Thanked 1,007 Times in 648 Posts
|
|
The Following User Says Thank You to joey2665 For This Useful Post: | ||
CooperS7777 (02-08-2021) |
02-08-2021, 03:06 PM | #16 |
Senior Member
Join Date: Jan 2006
Posts: 6,597
Thanks: 742
Thanked 1,430 Times in 992 Posts
|
|
02-16-2021, 02:10 PM | #17 |
Senior Member
Join Date: Apr 2006
Location: Central MA-Gilford
Posts: 1,433
Thanks: 323
Thanked 117 Times in 94 Posts
|
Completed my taxes and getting a refund, plus Stimulus money I missed out on last go-round because 2019 AGI pushed me over the threshold to qualify.
I'm using HR Block tax software, and at the end of form, it does ask questions regarding COVID-Stimulus money received or not. This time I qualify for 2020 tax year period. Joey2665.... I believe there was mention in this Post about whether to file 2020 tax return early, or wait until it is determined when next COVID-Stimulus money (yet to be passed by Congress) is passed before filing tax return ? Does it really matter that much ? I'll assume the disbursement of stimulus money will be based on your 2020 tax return figures ? Thoughts ? |
02-16-2021, 04:10 PM | #18 | |
Senior Member
Join Date: Sep 2008
Location: Meredith Bay & LI, NY
Posts: 3,220
Thanks: 1,219
Thanked 1,007 Times in 648 Posts
|
Quote:
In other words if you receive the stimulus check in January and it ends up that you do not qualify you will have to pay it back when you file your 2021 tax return conversely if you didn’t get the credit and you subsequently qualify you’ll receive a credit when you file your 2021 tax return. So at the end of the day it doesn’t matter when you file your 2020 return it’ll all come out in the wash when you file 2021. Wow I really need to get paid for all this free advice Sent from my iPhone using Winnipesaukee Forum mobile app |
|
The Following 2 Users Say Thank You to joey2665 For This Useful Post: | ||
bigdog (02-17-2021), upthesaukee (02-17-2021) |
02-16-2021, 04:44 PM | #19 |
Senior Member
Join Date: Mar 2006
Location: Merrimack and Welch Island
Posts: 4,213
Thanks: 1,285
Thanked 1,573 Times in 1,022 Posts
|
Free advice
Yes, you're very generous.
All this doesn't apply to me but it is interesting to have the knowledge so I can join the conversation when we're allowed to go to cocktail parties again. Much better than the usual talk about septic systems. In the meantime, what good is"stimulus" if I won't get the money until I file my 2021 return, which could be October of 2022... Ahhh! Now I get it. Just before I vote in November of 2022, I'll get a check. |
The Following User Says Thank You to Descant For This Useful Post: | ||
joey2665 (02-16-2021) |
03-05-2021, 08:35 AM | #20 |
Senior Member
Join Date: Jul 2014
Posts: 6,116
Thanks: 1,159
Thanked 2,023 Times in 1,250 Posts
|
Joey, can you confirm the following?
My '20 income went up from '19 but I've not yet filed taxes. If the new stimulus check goes through, and my amount is based on my lower '19 income, rendering a higher stimulus check amount, will I owe that money when I file my '21 taxes? Sent from my SM-G950U using Winnipesaukee Forum mobile app |
03-05-2021, 09:09 AM | #21 |
Senior Member
Join Date: Jul 2009
Posts: 1,425
Thanks: 743
Thanked 788 Times in 413 Posts
|
Isn’t stimulus check eligibility based upon $80k for individual and $160k for a couple’s adjusted gross income (after deductions taken)?
|
03-05-2021, 10:34 AM | #22 |
Senior Member
Join Date: Dec 2016
Posts: 1,978
Thanks: 204
Thanked 625 Times in 420 Posts
|
Just reading that the tax due date for 2020 is being pushed out till July 15th. IRS request
Sent from my iPhone using Winnipesaukee Forum mobile app |
03-05-2021, 10:43 AM | #23 |
Senior Member
Join Date: Mar 2003
Location: Merrymeeting Lake, New Durham
Posts: 2,225
Thanks: 302
Thanked 799 Times in 368 Posts
|
|
03-05-2021, 11:46 AM | #24 |
Senior Member
Join Date: Dec 2016
Posts: 1,978
Thanks: 204
Thanked 625 Times in 420 Posts
|
No, there is talk this morning to move the 2020 return date to July. Will see if I can find
Sent from my iPhone using Winnipesaukee Forum mobile app |
03-05-2021, 11:59 AM | #25 |
Senior Member
Join Date: Dec 2016
Posts: 1,978
Thanks: 204
Thanked 625 Times in 420 Posts
|
The discussion was started due to the delay the IRS had in January til early February with processing returns. Not see how or why they need to delay until July. Returns are being processed
Sent from my iPhone using Winnipesaukee Forum mobile app |
03-06-2021, 03:13 PM | #26 |
Deceased Member
Join Date: Nov 2014
Posts: 702
Thanks: 360
Thanked 179 Times in 141 Posts
|
Standard deduction...
$12,400
The standard deduction for 2020 is $12,400 for singles and $24,800 for married joint filers. There is also an “additional standard deduction,” for older taxpayers and those who are blind. A married filer who is blind or aged 65 and over can claim $1,300 for themselves. So... what is the total for: married filing jointly, both over 65, neither one blind. Every review I have read shoots out the "$1,300" thing but never makes clear that the 1,300 is per person (of the joint filing) or a single addition for the joint filing. Thanks in advance. |
03-06-2021, 04:55 PM | #27 |
Senior Member
Join Date: Jul 2020
Posts: 281
Thanks: 53
Thanked 85 Times in 64 Posts
|
Turbo Tax Deluxe, $30.00
Answers all your questions. |
03-06-2021, 06:29 PM | #28 | |
Senior Member
Join Date: Aug 2019
Location: Parrish, Florida
Posts: 574
Thanks: 268
Thanked 203 Times in 146 Posts
|
Quote:
Each person over 65 gets an additional $1300 added to the $24,800 for married filing jointly. |
|
03-06-2021, 09:43 PM | #29 |
Senior Member
Join Date: Mar 2006
Location: Merrimack and Welch Island
Posts: 4,213
Thanks: 1,285
Thanked 1,573 Times in 1,022 Posts
|
Std. vs itemized
The increased standard deduction is fine, but I still have to keep track of all eligible expenses, medical deducible, co-pays, etc. which may approach the limit and need to be tracked for the years when we do go over. If you stop tracking these records and then have, say, an un-reimbursed casualty loss, you need all the records. The system needs further simplification, but, at least in 2017, we started heading in the right direction. I hope it continues.
|
03-06-2021, 10:35 PM | #30 | |
Senior Member
Join Date: Sep 2008
Location: Meredith Bay & LI, NY
Posts: 3,220
Thanks: 1,219
Thanked 1,007 Times in 648 Posts
|
Quote:
Sent from my iPhone using Winnipesaukee Forum mobile app |
|
03-07-2021, 05:15 AM | #31 | |
Senior Member
Join Date: Feb 2004
Location: Center Harbor
Posts: 1,150
Thanks: 205
Thanked 424 Times in 242 Posts
|
Quote:
The only change could be in your favor. If the government did NOT pay a stimulus to you because available data said you did not qualify HOWEVER when you do your taxes you DO qualify, you would receive a tax credit that "pays" the stimulus to you when you file. Of course this is the federal government and the IRS. What they said then and what they actually do now are subject to change. |
|
03-07-2021, 06:06 AM | #32 | |
Senior Member
Join Date: Jul 2014
Posts: 6,116
Thanks: 1,159
Thanked 2,023 Times in 1,250 Posts
|
Quote:
Sent from my SM-G950U using Winnipesaukee Forum mobile app |
|
The Following User Says Thank You to thinkxingu For This Useful Post: | ||
joey2665 (03-07-2021) |
03-07-2021, 10:32 AM | #33 | |
Senior Member
Join Date: Sep 2008
Location: Meredith Bay & LI, NY
Posts: 3,220
Thanks: 1,219
Thanked 1,007 Times in 648 Posts
|
Quote:
This is what we are hearing from IRS and AICPA but until the bill is passed we have no idea. I recommend to my clients if they received the first 2 stimulus checks and their income went over the threshold than try to hold out filing until the 3 round is out. Additionally an interesting side effect is if you had a dependent that you did not receive stimulus for and they had earned income they should probably file on their own and claim themselves. If they do this they retroactively get $1800. 1200 from the first stimulus and 600 from the second stimulus. But again they have to have enough earn income to file on their own and clam themselves Sent from my iPhone using Winnipesaukee Forum mobile app |
|
03-07-2021, 10:34 AM | #34 | |
Senior Member
Join Date: Sep 2008
Location: Meredith Bay & LI, NY
Posts: 3,220
Thanks: 1,219
Thanked 1,007 Times in 648 Posts
|
Quote:
My recommendation would definitely be to hold off as long as you can. You can obviously prepare your tax return and know what your results are but I will tell my preparer not to hit the button to electronically file until after the third stimulus is issued Sent from my iPhone using Winnipesaukee Forum mobile app |
|
03-07-2021, 12:04 PM | #35 |
Deceased Member
Join Date: Nov 2014
Posts: 702
Thanks: 360
Thanked 179 Times in 141 Posts
|
I'm sorry you think I'm lazy. I didn't need ALL my questions answered- just one.
My post included information, from readings, which still left the final answer unclear/ambiguous. Because this forum is so helpful, I knew I could get a respectful/decisive response, such as from Susie Cougar. Thank you. M-Head- naturally using Turbo Deluxe! Good man/woman! |
03-07-2021, 12:12 PM | #36 |
Senior Member
Join Date: Apr 2004
Location: formerly Winter Harbor, still Wolfeboro
Posts: 1,158
Thanks: 296
Thanked 505 Times in 284 Posts
|
Taxes
All this discussion of taxes reminds me of the old joke (at least is was when I first heard it), "How much did you make? Send it in."
|
03-07-2021, 01:24 PM | #37 | |
Senior Member
Join Date: Jun 2016
Location: Tuftonboro and Sudbury, MA
Posts: 2,317
Thanks: 1,223
Thanked 985 Times in 606 Posts
|
Quote:
|
|
03-07-2021, 03:19 PM | #38 |
Senior Member
Join Date: Mar 2008
Location: Welch Island and West Alton
Posts: 3,271
Thanks: 1,207
Thanked 2,045 Times in 938 Posts
|
Correct. I have finished, but not yet filed, our 2020 return using Turbo Tax. Joint return, both over 65 but not blind. Our standard deduction 1040 line 12 is $27,400.
|
The Following User Says Thank You to Slickcraft For This Useful Post: | ||
JEEPONLY (03-07-2021) |
03-17-2021, 03:29 PM | #39 |
Senior Member
Join Date: Dec 2016
Posts: 1,978
Thanks: 204
Thanked 625 Times in 420 Posts
|
Well, the IRS did move the file date. Now May 15
https://trishintel.com/irs-pushes-back-tax-deadline/ Sent from my iPhone using Winnipesaukee Forum mobile app |
03-17-2021, 03:32 PM | #40 | |
Senior Member
Join Date: Sep 2008
Location: Meredith Bay & LI, NY
Posts: 3,220
Thanks: 1,219
Thanked 1,007 Times in 648 Posts
|
Quote:
|
|
03-17-2021, 04:37 PM | #41 |
Senior Member
Join Date: Jul 2002
Location: Massachusetts
Posts: 335
Thanks: 0
Thanked 242 Times in 81 Posts
|
I was into taxes 30 years ago. Unless the law has changed (which I doubt), there is no late-filing penalty if you are due a refund, and 90% of you do have a refund. The penalty for late filing is entirely based on the tax due. I always get a chuckle out of the 11 o'clock news on April 15th showing the lines at the Post Office. If you don't file, you'll start getting letters from the IRS sometime in June of 2022. I've been there.
|
03-20-2021, 07:48 PM | #42 |
Senior Member
Join Date: Apr 2006
Location: Central MA-Gilford
Posts: 1,433
Thanks: 323
Thanked 117 Times in 94 Posts
|
Joey2665, I sent you a PM
Hi Joey2665, I sent you a PM, please read.
Thanks ! |
03-20-2021, 08:16 PM | #43 |
Senior Member
Join Date: Sep 2008
Location: Meredith Bay & LI, NY
Posts: 3,220
Thanks: 1,219
Thanked 1,007 Times in 648 Posts
|
As soon as I get to my computer. Can’t see pm from the app for some reason
Sent from my iPhone using Winnipesaukee Forum mobile app |
03-20-2021, 09:49 PM | #44 | |
Senior Member
Join Date: Jan 2003
Location: Alton Bay
Posts: 5,585
Blog Entries: 2
Thanks: 2,434
Thanked 1,945 Times in 1,075 Posts
|
Simple answer
Quote:
It's been a long time since I used the app, but I seem to remember a link to the full site to where you can see PMs, and other features of the full site. Dave
__________________
I Live Here... I am always UPTHESAUKEE !!!! |
|
The Following User Says Thank You to upthesaukee For This Useful Post: | ||
joey2665 (03-21-2021) |
03-20-2021, 11:30 PM | #45 | |
Senior Member
Join Date: Jan 2013
Posts: 755
Thanks: 758
Thanked 304 Times in 202 Posts
|
Quote:
Sent from my iPad using Winnipesaukee Forum mobile app
__________________
GG |
|
03-21-2021, 08:14 AM | #46 | |
Senior Member
Join Date: Jan 2003
Location: Alton Bay
Posts: 5,585
Blog Entries: 2
Thanks: 2,434
Thanked 1,945 Times in 1,075 Posts
|
Funny
Quote:
They must have either upgraded the app over the years or I was too dumb to know how to access the PMs. In any case, thanks for letting me (and others) know. Dave
__________________
I Live Here... I am always UPTHESAUKEE !!!! |
|
03-22-2021, 09:41 AM | #47 | |
Senior Member
Join Date: Jan 2013
Posts: 755
Thanks: 758
Thanked 304 Times in 202 Posts
|
Quote:
Sent from my iPad using Winnipesaukee Forum mobile app
__________________
GG |
|
03-22-2021, 10:57 AM | #48 | |
Senior Member
Join Date: Sep 2008
Location: Meredith Bay & LI, NY
Posts: 3,220
Thanks: 1,219
Thanked 1,007 Times in 648 Posts
|
Quote:
|
|
Bookmarks |
|
|