Balta1701 Posted March 17, 2021 Share Posted March 17, 2021 4 minutes ago, Rowand44 said: Ya, same. I basically ran all my stuff and am ready to file but am not actually going to until the 10.2 k exempt is on there and it isn't yet. You'd think that would have been something they'd add in right away. The IRS appears to have released the instructions yesterday if you're filling it out by hand. If you're using a software package, they will need time to get updates to you, but this guidance is out so it should only be days. https://www.irs.gov/faqs/irs-procedures/forms-publications/new-exclusion-of-up-to-10200-of-unemployment-compensation Quote Link to comment Share on other sites More sharing options...
Rowand44 Posted March 17, 2021 Share Posted March 17, 2021 4 minutes ago, Balta1701 said: The IRS appears to have released the instructions yesterday if you're filling it out by hand. If you're using a software package, they will need time to get updates to you, but this guidance is out so it should only be days. https://www.irs.gov/faqs/irs-procedures/forms-publications/new-exclusion-of-up-to-10200-of-unemployment-compensation Ya, I do it through TurboTax and it's just not updated it. But cool beans, thanks for the info! Quote Link to comment Share on other sites More sharing options...
pettie4sox Posted March 17, 2021 Share Posted March 17, 2021 1 hour ago, Rowand44 said: Ya, I do it through TurboTax and it's just not updated it. But cool beans, thanks for the info! Yep I was doing it through turbo tax as well. I saw I owed money because of the unemployment I received last year and hit the brakes, fast haha. Quote Link to comment Share on other sites More sharing options...
bmags Posted March 17, 2021 Share Posted March 17, 2021 And looks like the tax deadline was pushed into May today (May 17 I think) Quote Link to comment Share on other sites More sharing options...
Heads22 Posted March 17, 2021 Share Posted March 17, 2021 Got stimulated and the first dose of the vaccine today. Gotta say it was a good day. 1 1 Quote Link to comment Share on other sites More sharing options...
Rowand44 Posted March 18, 2021 Share Posted March 18, 2021 3 hours ago, pettie4sox said: Yep I was doing it through turbo tax as well. I saw I owed money because of the unemployment I received last year and hit the brakes, fast haha. Did the exact same thing lol. Quote Link to comment Share on other sites More sharing options...
pettie4sox Posted March 18, 2021 Share Posted March 18, 2021 4 hours ago, bmags said: And looks like the tax deadline was pushed into May today (May 17 I think) Yep even better! Quote Link to comment Share on other sites More sharing options...
he gone. Posted March 18, 2021 Share Posted March 18, 2021 Everybody hates taxes and loathes the process, so they make it worse haha. I haven't researched this, but I'd guess most people would rather just take a flat tax and be done with it. No filling. No deductions, no mess. Just a flat tax and be done. Some would get screwed a bit, some would win a bit, but in the end it would eliminate something we hate more than anything. Quote Link to comment Share on other sites More sharing options...
Balta1701 Posted March 18, 2021 Share Posted March 18, 2021 On 3/17/2021 at 3:01 PM, Rowand44 said: Ya, I do it through TurboTax and it's just not updated it. But cool beans, thanks for the info! TurboTax says they should have that update available tonight. Quote Link to comment Share on other sites More sharing options...
Rowand44 Posted March 18, 2021 Share Posted March 18, 2021 17 minutes ago, Balta1701 said: TurboTax says they should have that update available tonight. Awesome. Thank ya sir! Quote Link to comment Share on other sites More sharing options...
The Grinder Posted March 19, 2021 Share Posted March 19, 2021 I've filed at least 25 straight yrs of extensions, so many that my accountant once told me if I ever filed on time I would probably get audited So the new deadline of May 17 is good! Quote Link to comment Share on other sites More sharing options...
Middle Buffalo Posted March 21, 2021 Author Share Posted March 21, 2021 I finally took the time to figure my taxes without claiming my 19 and 21 year olds. Having my 19 year old file independently gave her around a $3600 refund because I put all the tuition expense on her. She made around $10,000 working part time. My 21 year old had a pretty crappy year because his study abroad program was canceled in March for obvious reasons, but he still paid most of the cost by taking out loans. The school gave a small refund for housing, but not much. Then, he couldn’t get hired anywhere when he came back, and now he has his hardest labs, etc, so I don’t even think he’s really looking very hard for a job. He’s getting around $1800. My bill went up $1000 when I didn’t claim them, but the net gain is $4400. I told them just to give me the $500 I lost for not claiming each of them. I hope they get the stimulus checks too. Not getting anything for them last year is what a made me think it was a mistake to claim them at all once they are over 18. Quote Link to comment Share on other sites More sharing options...
raBBit Posted March 29, 2021 Share Posted March 29, 2021 On 3/21/2021 at 6:33 PM, Middle Buffalo said: I finally took the time to figure my taxes without claiming my 19 and 21 year olds. Having my 19 year old file independently gave her around a $3600 refund because I put all the tuition expense on her. She made around $10,000 working part time. My 21 year old had a pretty crappy year because his study abroad program was canceled in March for obvious reasons, but he still paid most of the cost by taking out loans. The school gave a small refund for housing, but not much. Then, he couldn’t get hired anywhere when he came back, and now he has his hardest labs, etc, so I don’t even think he’s really looking very hard for a job. He’s getting around $1800. My bill went up $1000 when I didn’t claim them, but the net gain is $4400. I told them just to give me the $500 I lost for not claiming each of them. I hope they get the stimulus checks too. Not getting anything for them last year is what a made me think it was a mistake to claim them at all once they are over 18. Good on you for doing the work and reaching an equitable situation for you and your kids. Quote Link to comment Share on other sites More sharing options...
Middle Buffalo Posted March 30, 2021 Author Share Posted March 30, 2021 On 3/29/2021 at 8:16 AM, raBBit said: Good on you for doing the work and reaching an equitable situation for you and your kids. I’ll be white-knuckling the next seven years hoping not to be audited. Quote Link to comment Share on other sites More sharing options...
The Grinder Posted March 30, 2021 Share Posted March 30, 2021 My accountant told me what is already expected, with the current administration our taxes will go up Quote Link to comment Share on other sites More sharing options...
bigruss Posted May 24, 2021 Share Posted May 24, 2021 Sooo randomly I got a notice from Illinois for what it appears not paying taxes in 2018, even though I didn't work or live in the state that year. This is going to be fun... Quote Link to comment Share on other sites More sharing options...
Texsox Posted May 30, 2021 Share Posted May 30, 2021 On 5/23/2021 at 8:28 PM, bigruss said: Sooo randomly I got a notice from Illinois for what it appears not paying taxes in 2018, even though I didn't work or live in the state that year. This is going to be fun... It wasn't bad for the 1997 tax year. I sent a copy of my Federal return with W2s and the case was closed. The only complication they said was I had moved to a state without a state income tax. I assume I was audited because I literally moved in late December but stayed with the same employer. There wasn't a split year with earnings in two locations from two different companies Quote Link to comment Share on other sites More sharing options...
bigruss Posted May 30, 2021 Share Posted May 30, 2021 3 hours ago, Texsox said: It wasn't bad for the 1997 tax year. I sent a copy of my Federal return with W2s and the case was closed. The only complication they said was I had moved to a state without a state income tax. I assume I was audited because I literally moved in late December but stayed with the same employer. There wasn't a split year with earnings in two locations from two different companies Yea doesnt seem too bad after I talked to them, have to send my Wisconsin tax return and then prove residency which is kind of a pain in the butt since it was a few years ago but doable. Quote Link to comment Share on other sites More sharing options...
Texsox Posted May 30, 2021 Share Posted May 30, 2021 IIRC the first solution was showing I paid state income tax in another state. Texas does not have a state income tax so that was impossible. Still no matter how easy it's annoying. Quote Link to comment Share on other sites More sharing options...
Brian Posted June 1, 2021 Share Posted June 1, 2021 Finally got my return but it’s less than what I filed for. ”We changed the amount claimed as Recovery Rebate Credit on your tax return. The error was in one or more of the following: The Social Security number of one or more individuals claimed as a qualifying dependent was missing or incomplete. The last name of one or more individuals claimed as a qualifying dependent does not match our records. One or more individuals claimed as a qualifying dependent exceeds the age limit. Your adjusted gross income exceeds $75,000 ($150,000 if married filing jointly, $112,500 if head of household). The amount was computed incorrectly. “ I promise I made no where near 75k last year. Quote Link to comment Share on other sites More sharing options...
Iwritecode Posted June 2, 2021 Share Posted June 2, 2021 (edited) Do you have dependents? Edited June 2, 2021 by Iwritecode Quote Link to comment Share on other sites More sharing options...
southsider2k5 Posted June 2, 2021 Share Posted June 2, 2021 15 hours ago, Brian said: Finally got my return but it’s less than what I filed for. ”We changed the amount claimed as Recovery Rebate Credit on your tax return. The error was in one or more of the following: The Social Security number of one or more individuals claimed as a qualifying dependent was missing or incomplete. The last name of one or more individuals claimed as a qualifying dependent does not match our records. One or more individuals claimed as a qualifying dependent exceeds the age limit. Your adjusted gross income exceeds $75,000 ($150,000 if married filing jointly, $112,500 if head of household). The amount was computed incorrectly. “ I promise I made no where near 75k last year. Typically this is via an informational error. Bad SSI, wrong spelling, etc. Call the IRS and see what is going on, and have your records ready close by to fix it. Quote Link to comment Share on other sites More sharing options...
Brian Posted June 2, 2021 Share Posted June 2, 2021 5 hours ago, Iwritecode said: Do you have dependents? Nope. I just checked my return and everything is right Quote Link to comment Share on other sites More sharing options...
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