Today's PSA

[bodean]

Just got done doing our taxes and it was a rude awakening. The stimulus checks some of us received were not what they seemed.

To clarify In our case - we’re a middle class couple who don’t have children and make less than the 150k cut off to qualify for the full 2019 stimulus payment as a couple –which was $2400.

Sounds good right?

It turns out the stimulus from the feds is considered income. It’s money we would get in the spring as a paltry refund. But not this year. This year we get to send in a payment to the IRS, thanks to uncle Sam's ‘help’.

Only our government could call this a stimulus... They front me my money and then tax it.

OK, rant over…Gotta get busy writing a check.

[MI-Cans]

@bodean

https://www.aarp.org/money/taxes/info-2 ... taxed.html

(MI-Cans)

[bodean]

Thanks for the info MI cans. I went and got the check before the mailman got here... I'll look into this a little more.

The stimulus was about the only change from 2019 and we usually get a little bit back from uncle Sam but this year we owed. I use HR block and it imports just about everything from the previous year but maybe there's something I'm missing. Thanks again.

[MI-Cans]

@bodean
You may find this to be interesting reading:

https://www.thebalance.com/trump-s-tax- ... ou-4113968

The article was updated in October of last year.

(MI-Cans)

[renokenn]

I use HR Block and the stimulus didn't change my tax at all. What changes I did see were when they tax more/less of our SS. Now that bugs me, tax on both ends, going out and coming in.

[bodean]

OK I figured out what went wrong with my taxes and figured I'd let you guys know what I did . Maybe it will help others.... I received a life insurance payment when my mom passed. While doing our taxes I entered the entire amount on the form but it should have only been the interest on the pay out - not the entire amount.

I knew life insurance pay outs were not taxable and still made the error. I blame it on ambiguous wording and doing taxes while suffering from insomnia.

I'm still not sure why I had to enter the amount we got as stimulus on the form if it isn't taxed? However that wasn't the problem and if it wasn't for MI cans I'd have sent off money to uncle Sam and never been the wiser.

MI cans if we ever meet up, drinks are on me. Thanks again.

[renokenn]

You would get a tax credit for the amount of the stimulus if you didn't receive one.

[kb]

Saw PSA and thought we were having a prostrate discussion .. we are of age and i know my numbers ... but the tax thing bangs us as our kids are no longer any good to me and the wife


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[henry porter]

You would get a tax credit for the amount of the stimulus if you didn't receive one.

It's a refundable credit, too, I'm pretty sure.

TurboTax asked if we had gotten the payments during the process. I guess if you hadn't it will get added to your refund.