OFFICIAL 2020 STIMULUS CHECK THREAD

wallyhopp said:
I Have a cousin get a irs letter this past week. He has a month to pay a couple thousand for an omission from 2018 taxes. Plus they added a couple hundred in interest. Never say never. Just a heads up

he had 1099-misc income from a reliable source that ended up showing the wrong ssn, so he didn’t claim it. Theee months back, the company corrected it and likely got the irs involved.

many folks who got that $600 unemployment bonus don’t realize that that was taxable. They may be in a new tax bracket above the threshold for other tax breaks or credits.
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Dog I’m just now resolving an issue involving an erroneous duplicate 1099 that was reported in 2016.

**** took months. IRS tried slap me with $20K in taxes on unreported income, failure to pay penalties, and interest.
 
elpablo21 said:
2-C147237-CB59-4-ACA-8944-94-DD2-CCDD3-A7.jpg
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he was born on black history month???
 
wallyhopp said:
many folks who got that $600 unemployment bonus don’t realize that that was taxable. They may be in a new tax bracket above the threshold for other tax breaks or credits.
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Yup, my mom caught on 2nd week of her PUA when I asked if taxes were deducted
 
Mark Antony said:
Unemployment is always taxed though, why wouldn't they expect that?
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Some saw the $1200 and felt everything extra was all free money.
Lots of surprises coming 2/15

I know a few who usually get their tax breaks and credits for kids etc..., But it's also income based. If you're into a different threshold some breaks or credits do not qualify
 
Some lowest income folks may not qualify for the earned income tax credit (EIC):. And then everything else has a huge threshold maybe your child credit isn't $2k anymore. Maybe it's $500?
Tax season will be very interesting.
 
Also. Taxable does not mean it was taxed/withheld either.
Was $100 or $200 of your $600 unemployment bonus withheld? Was it done by choice or did the government step in? I have no idea so that's why I'm asking.

Some could have gotten $600 weekly for 3 months tax free, ND may end up owing $1200 or more.
 
geno90221 said:
Damn so ain’t no way we can update our Bank info?
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Doesn't sound like it.

wallyhopp said:
Also. Taxable does not mean it was taxed/withheld either.
Was $100 or $200 of your $600 unemployment bonus withheld? Was it done by choice or did the government step in? I have no idea so that's why I'm asking.

Some could have gotten $600 weekly for 3 months tax free, ND may end up owing $1200 or more.
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At least in Texas you can opt to have 10% of you're benefits withheld for taxes. I opted to have mine withheld while the 600 extra was being paid. Once that ended, and I was strictly on PUA 207 a week, I opted to not have them withheld, and I'll be changing it back, once the new extra money comes in. Again each state may have different systems.
 
barrebaby said:
Doesn't sound like it.



At least in Texas you can opt to have 10% of you're benefits withheld for taxes. I opted to have mine withheld while the 600 extra was being paid. Once that ended, and I was strictly on PUA 207 a week, I opted to not have them withheld, and I'll be changing it back, once the new extra money comes in. Again each state may have different systems.
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Good on you. Just know you may be in other thresholds for credits or tax breaks. I could literally earn $1 too much and miss out on Hundreds of tax breaks. Other than the $1200 stimulus in April, there is no free money from here on out.
 
It's wild these politicians will throw out numbers like they're pretend money when it's stuff that doesn't directly impact us but then will be worried about the country's financial future when it's for the citizens of America. If the Airline industry is about to collapse they're like "oh it'll take $800 BBBBBillion to save them? Ok fine. It's for the best."

If the banks are about to fail "it'll take $1 TTTTTTrillion to save them? Ok let's do it. We need banks."

But then they'll say "it'll cost $900 billion to get every struggling American $2k" and their response is "damn idk. Sounds like a bad idea long term."
 
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