Tax Season

mac5155
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Tax Season

Postby mac5155 » Mon Feb 22, 2021 8:00 am

My parents have a W2-G from winning a 50/50 at a church raffle this year. The refund keeps getting rejected because the payer EIN doesn't match the IRS database. It's correct for what's on the form though, so someone is lying.

dodint
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Tax Season

Postby dodint » Tue Feb 23, 2021 1:30 pm

Mine was accepted on the 12th but not processed yet. TT thinks 3/5.
Nevermind, was deposited today.

mac5155
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Tax Season

Postby mac5155 » Tue Feb 23, 2021 3:42 pm

Got mine today, filed on 2/10.

robbiestoupe
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Tax Season

Postby robbiestoupe » Tue Feb 23, 2021 4:01 pm

IRS accepted on the 13th but saying up to 21 days to process. Still nothing for me

King Colby
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Tax Season

Postby King Colby » Wed Mar 17, 2021 1:40 pm

Alright, so here's my situation. KTK, ulf, someone else with a brain, help.

Eligible for stimulus based on 2019 household income, but not 2020. Have not filed 2020 yet, so received all 3 rounds of money.

Had a baby in 2020. Should I be getting any stimulus money for that baby? If so, is it all 3 payments or only the one that dropped in 2020? Also if so, is there an action I need to take besides filing my tax return?

Beveridge
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Tax Season

Postby Beveridge » Wed Mar 17, 2021 1:50 pm

You probably maximized your money by doing this.

You should get the 1,100 due for the kid being born during 2020 (500 from first stimulus and 600 from second). My Sister-In-Law and husband were in the same boat and they got the extra 1,100 when I filed their 2020 return.

You got your new stimulus money based on 2019 since you didn't file 2020 - Bad News: You didn't get credit for new baby...Good News: You got the full amount based on 2019. You'll have to wait until you file your 2021 tax return at this point probably to claim your 1,400 for new baby. If it's like this year, you'll say I got 4,200 from Biden's Bill and the program will say you should have gotten 5,600 (IF your 2021 income goes back below the threshold). If your 2021 income doesn't make you eligible, you still maxed out by waiting to file + you will get the first 1,100 due to 2020 baby.

*I don't know how it's going to work for claiming money missed this time so I'm going based on how they did catchup for the 2 payments last year.

robbiestoupe
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Tax Season

Postby robbiestoupe » Wed Mar 17, 2021 2:02 pm

You probably maximized your money by doing this.

You should get the 1,100 due for the kid being born during 2020 (500 from first stimulus and 600 from second). My Sister-In-Law and husband were in the same boat and they got the extra 1,100 when I filed their 2020 return.

You got your new stimulus money based on 2019 since you didn't file 2020 - Bad News: You didn't get credit for new baby...Good News: You got the full amount based on 2019. You'll have to wait until you file your 2021 tax return at this point probably to claim your 1,400 for new baby. If it's like this year, you'll say I got 4,200 from Biden's Bill and the program will say you should have gotten 5,600 (IF your 2021 income goes back below the threshold). If your 2021 income doesn't make you eligible, you still maxed out by waiting to file + you will get the first 1,100 due to 2020 baby.

*I don't know how it's going to work for claiming money missed this time so I'm going based on how they did catchup for the 2 payments last year.
You should also receive an extra $3600 for the child during next year's tax return. I was in the same situation as you, but did file 2020 taxes in time, so got the $1400 now. Can confirm the $1100 I missed out on last year was credited during this year's return

willeyeam
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Tax Season

Postby willeyeam » Wed Mar 17, 2021 2:18 pm

i think beveridge covered it. just checking in to acknowledge being called one of the posters with a brain

willeyeam
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Tax Season

Postby willeyeam » Wed Mar 17, 2021 2:18 pm

I haven't seen details on the 3,600 credit yet - does this get phased out?

Beveridge
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Tax Season

Postby Beveridge » Wed Mar 17, 2021 2:23 pm

I haven't seen details on the 3,600 credit yet - does this get phased out?
I read that it starts to phase out at the 150k mark for MFJ. The 200k/400k phaseout for the 2,000 that's been around for a few years stayed the same, but this extra money I think has a much smaller ceiling where the phase out beings. However, I don't know all the moving parts with it and haven't gone digging for it yet.

Dickie Dunn
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Tax Season

Postby Dickie Dunn » Wed Mar 17, 2021 2:25 pm

Just sent all my Biden Bucks back to the IRS. At least I've got that $3,600 to look forward to next year.

MrKennethTKangaroo
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Tax Season

Postby MrKennethTKangaroo » Wed Mar 17, 2021 2:29 pm

I haven't seen details on the 3,600 credit yet - does this get phased out?
I read that it starts to phase out at the 150k mark for MFJ. The 200k/400k phaseout for the 2,000 that's been around for a few years stayed the same, but this extra money I think has a much smaller ceiling where the phase out beings. However, I don't know all the moving parts with it and haven't gone digging for it yet.
If I'm a taxpayer that is around child tax credit phase out, i'm doing everything humanly possible to get that AGI below $150k. IRA contributions, 401k contributions, selling a dog stock and taking the $3,000 loss, whatever it takes. I mean, i'd even consider deferring salary into the future.
Last edited by MrKennethTKangaroo on Wed Mar 17, 2021 2:31 pm, edited 1 time in total.

King Colby
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Tax Season

Postby King Colby » Wed Mar 17, 2021 2:30 pm

Thanks guys. Helpful. Assuming 2021 wouldn't dip if all goes well so I'll have to make sure I get that extra 1100 payday babay

Beveridge
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Tax Season

Postby Beveridge » Wed Mar 17, 2021 2:36 pm

I haven't seen details on the 3,600 credit yet - does this get phased out?
I read that it starts to phase out at the 150k mark for MFJ. The 200k/400k phaseout for the 2,000 that's been around for a few years stayed the same, but this extra money I think has a much smaller ceiling where the phase out beings. However, I don't know all the moving parts with it and haven't gone digging for it yet.
If I'm a taxpayer that is around child tax credit phase out, i'm doing everything humanly possible to get that AGI below $150k. IRA contributions, 401k contributions, selling a dog stock and taking the $3,000 loss, whatever it takes.
For sure. My wife and I had a few weird one-time items that happened this past year that took us just over 150k. By the time I realized, it was too late and we weren't eligible for IRA deduction to offset. Should be back down below 150k for 2021 but I'll be watching it much closer come about October. I'll switch from my Roth 401k to 401k if need be. Would have done that last year, but oh well. It's why I haven't filed 2020 yet.

willeyeam
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Tax Season

Postby willeyeam » Wed Mar 17, 2021 2:48 pm

tax deadline is being extended til "at least May 15th"

mac5155
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Tax Season

Postby mac5155 » Wed Mar 17, 2021 2:50 pm

Just sent all my Biden Bucks back to the IRS. At least I've got that $3,600 to look forward to next year.
Mine went to the wonderful county of Fayettenam

blackjack68
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Tax Season

Postby blackjack68 » Wed Mar 17, 2021 8:30 pm

They can wait to get my money.

NTP66
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Tax Season

Postby NTP66 » Thu Mar 18, 2021 6:42 am

They can wait to get my money.
Yep. We always set our payment date for one week prior to the deadline.

Dickie Dunn
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Tax Season

Postby Dickie Dunn » Thu Mar 18, 2021 8:27 am

They can wait to get my money.
Yep. We always set our payment date for one week prior to the deadline.
If you owe a more than inconsequential amount, have they ever come back to you asking for interest? That threat was why I filed as quickly as possible the past two years.

NTP66
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Tax Season

Postby NTP66 » Thu Mar 18, 2021 8:31 am

They can wait to get my money.
Yep. We always set our payment date for one week prior to the deadline.
If you owe a more than inconsequential amount, have they ever come back to you asking for interest? That threat was why I filed as quickly as possible the past two years.
We owed over $5k two years ago, but never heard a peep from them.

willeyeam
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Tax Season

Postby willeyeam » Thu Mar 18, 2021 8:45 am

If you pay before 4/15 you are gucci unless you should have paid estimates then you're hit with the estimate underpayment penalty. Typically as long as you have 100% of last year's tax or 90% or your current total tax paid in throughout the year through withholding/estimates you'll avoid the interest/penalties

NTP66
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Tax Season

Postby NTP66 » Thu Mar 18, 2021 9:08 am

Were the rules changed in the year that pissbaby reformed the taxes? Because that's basically what **** me and everyone I know with their witholdings.

Beveridge
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Tax Season

Postby Beveridge » Thu Mar 18, 2021 9:12 am

The rules that Ulf mentioned have been around since at least 2010. There is zero interest owed if you pay by deadline. The only possibility would be under estimate penalties.

NTP66
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Tax Season

Postby NTP66 » Thu Mar 18, 2021 9:15 am

Gotcha. I have no idea what percentage we were at, but given that I didn't hear anything, I assume we were fine.

Beveridge
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Tax Season

Postby Beveridge » Thu Mar 18, 2021 9:22 am

Gotcha. I have no idea what percentage we were at, but given that I didn't hear anything, I assume we were fine.
However you filed would have caught it unless it didn't have prior year information. The reason people ran into problems with Trump's cuts is because most HR places didn't update tables right away and screwed over their own people. Not to mention the new W4s that went into effect last year, which our system still doesn't have in place and drives me nuts.

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