Tax implication of stimulus checks

[HOUSTON RICK]

Either negligent preparation or a scam. Is preparer also processing payment and e-filing?

Limitations on Roth IRAs were prohibitive most of our working years, they have loosened up the last few years and are still restrictive.

The only thing worse than paying taxes, is not having to pay taxes.

Happy tax Season.

 

[Muss Muggins]

The only thing worse than paying taxes, is not having to pay taxes.

Happy tax Season.

My LEO pension is tax free in Missouri . . .

 

[TX-Dennis]

Just an FYI for those curious: I e filed with Turbo Tax, and I received my refund via direct deposit in about 10 days. I don't consider that to be slow.

And no, the stimulus amounts DO NOT affect the amount of any refund or what you may owe to the IRS except, as mentioned previously, if you did not receive the proper amount it may be added to your refund assuming the IRS confirms the deficit.

 

[Old 44 Guy]

I got one , a credit card thing. I threw it in the stove. And I am far from wealthy. I do not want our country any further in debt.

 

[TX-Dennis]

I got one , a credit card thing. I threw it in the stove. And I am far from wealthy. I do not want our country any further in debt.

I have to admire a man who stands by his values even when it costs him something.

 

[JohnRippert]

A friend of mine works for Block and tells me the refunds are going to be slow this year and if congress passes the next stimulus even slower. So if you are looking for your refund to buy that gun have your eye on you may have much longer wait.

I did my taxes with Turbotax online as soon as all the paperwork came in. This was early in February. I got my refund in just over 2 weeks which is about normal.

 

[Muss Muggins]

I got one , a credit card thing. I threw it in the stove. And I am far from wealthy. I do not want our country any further in debt.

Look for your name to start being published in the local newspaper's legal advertisements by your state's unclaimed assets division in a couple years. In Missouri, the division does it about once a year. That money will always be yours, or your estate's . . .

 

[Retired LTC USAR]

A friend of mine works for Block and tells me the refunds are going to be slow this year and if congress passes the next stimulus even slower. So if you are looking for your refund to buy that gun have your eye on you may have much longer wait.

Got both my federal and state refund about 10 days after filing them electronically. I use TurboTax.

 

[mmb617]

I'm not required to file a federal income tax return anymore so I usually don't. But I didn't get the most recent $600 stimulus payment and the IRS website said that I would have to file a return this year and claim it as a credit in order to get it. I don't know why as they originally said all Social Security recipients would get it automatically, but that's not the case as I know others in the same situation.

I filed the free return on the IRS website and had the payment direct deposited a little over two weeks later.

 

[Targets Guy]

Having your tax refund reduced by any stimulus payment dollar for dollar makes no sense at all. I know of no one in the 100% tax bracket.

 

[HOUSTON RICK]

My LEO pension is tax free in Missouri . . .

That would be the least they should do. Thank you.

 

[Jon651]

I got one , a credit card thing. I threw it in the stove. And I am far from wealthy. I do not want our country any further in debt.

I can understand your feelings, except that money is still tied to your name. After a few years it will show up in the "Unclaimed Assets" section of the legal notices in some of your state's larger newspapers and on one of those Unclaimed Assets websites the government runs.

If you really wanted to "do the right thing" you should have cashed it out and sent a check back to the feds marked for deposit into the US Treasury. On the other hand, your local food bank or church charity would have been even more grateful. As it sits, your grandkids will still be paying for what you haven't yet claimed.

Sorry for being such a downer...

 

[Jounior]

A friend does taxes for folks and tells me that the stimulus checks have a negative tax impact. He stated that a family that was due a refund, ended up having the amount of their stimulus check deducted from the amount of their return. Has anyone here had a similar outcome from their stimulus check? Mrs and I didn't receive one so I don't have personal experience...did not sound right to me, but i wouldn't doubt it if it turned out to be so.

Robert

Your 'friend' is FOS. I'd never let him anywhere near my tax return. He's an idiot, no other way to put it.

 

[Jounior]

I really don't want it. All it does is increase the already unsustainable National Debt and hasten the time when the country goes into default.

No such thing as free. No free cheese despite with they tell you. Don't be gullible.

 

[llowry61]

A friend does taxes for folks and tells me that the stimulus checks have a negative tax impact. He stated that a family that was due a refund, ended up having the amount of their stimulus check deducted from the amount of their return. Has anyone here had a similar outcome from their stimulus check? Mrs and I didn't receive one so I don't have personal experience...did not sound right to me, but i wouldn't doubt it if it turned out to be so.

Robert

Either negligent preparation or a scam. Is preparer also processing payment and e-filing?

Limitations on Roth IRAs were prohibitive most of our working years, they have loosened up the last few years and are still restrictive.

The only thing worse than paying taxes, is not having to pay taxes.

Happy tax Season.

That is true. My dad used to tell me paying high taxes is a good problem to have.

 

[Just another 22 shooter]

My first hand experience: Got the stimulus and got all the refund that was due me from my 2020 Federal and state tax returns.