Bidioits stimulus money

[yote hunter]

Bidiots stimulus money wasn’t going to be taxed & guess what !?
It is !
Just did our taxes and got a hammer on state and very little back on fed .

Let’s Go Brandon !!!!

 

[Tombs]

Where's that $2k he promised if he won the election?

 

[Cameramonkey]

I hear ya. When I first started, Turbotax showed I owed just shy of $5k. Then I plugged in more numbers from my 2nd job and side gig, now its $6k due.

Now when its all said and done it looks like I'll owe around $800 to the feds. Not sure about state yet. Havent made it that far. (still waiting on some numbers)

I typically owe around $300 total, which I dont mind because its not a $1500-2,000 rebate that .gov got as an interest free loan. I got to spend it all year.

But probably close to a grand all together? Sheesh. Thats a bit much. I KNEW when they started talking child tax rebate checks and stimulus checks that it wasnt going to be good.

LGB.

 

[HoughMade]

Are you talking about the child tax credit? When that was announced, I went to the IRS website and opted out of the payments. It wasn't easy as there was a whole process to prove my identity, but I got it done.

 

[Cameramonkey]

Are you talking about the child tax credit? When that was announced, I went to the IRS website and opted out of the payments. It wasn't easy as there was a whole process to prove my identity, but I got it done.

Yeah, we opted to put the checks in savings. So the cash is there to pay. (I insisted, because I saw it coming) But damn.

 

[Lpherr]

Stimulus??
I've paid triple that measly amount, in inflation costs.

 

[Lpherr]

Are you talking about the child tax credit? When that was announced, I went to the IRS website and opted out of the payments. It wasn't easy as there was a whole process to prove my identity, but I got it done.

We didn't get child tax credits, so maybe we are safe.
I know some people that got them though, and they were complaining about owing.

 

[manifest destiny]

My child tax credit rec'd from .gov (monthly refund) was money I actually paid in taxes being returned to me. I accepted my money. No shame. What pisses me off is that all across this great land, baby-mamma's are getting the same check I rec'd but didn't pay a dime in tax??? Eph that! It's insulting. Now the weird part... I work hard to make my fed tax liability/refund zero. I don't want a big return. I want my money when I earned it. Time value and all that. But for reasons not exactly clear to me, this year my fed went as normal while state actually refunded me?? This is only the second time (since having kids) that the state gave returned my money. I write a check to the state every April typically.

 

[DoggyDaddy]

My child tax credit rec'd from .gov (monthly refund) was money I actually paid in taxes being returned to me. I accepted my money. No shame. What pisses me off is that all across this great land, baby-mamma's are getting the same check I rec'd but didn't pay a dime in tax??? Eph that! It's insulting. Now the weird part... I work hard to make my fed tax liability/refund zero. I don't want a big return. I want my money when I earned it. Time value and all that. But for reasons not exactly clear to me, this year my fed went as normal while state actually refunded me?? This is only the second time (since having kids) that the state gave returned my money. I write a check to the state every April typically.

Indiana passed a bill that required they return some of their surplus to the taxpayers this year (I think). That's probably what you're seeing.

 

[HoughMade]

My child tax credit rec'd from .gov (monthly refund) was money I actually paid in taxes being returned to me. I accepted my money. No shame. What pisses me off is that all across this great land, baby-mamma's are getting the same check I rec'd but didn't pay a dime in tax??? Eph that! It's insulting. Now the weird part... I work hard to make my fed tax liability/refund zero. I don't want a big return. I want my money when I earned it. Time value and all that. But for reasons not exactly clear to me, this year my fed went as normal while state actually refunded me?? This is only the second time (since having kids) that the state gave returned my money. I write a check to the state every April typically.

The reason I didn't take the child tax credit is because it is not an extra payment, it's an early payment. I pay quarterly estimated taxes (no withholding) and if I overpaid (unlikely), it will just go to the next payment. "Accept" the money? Absolutely, it's just that I'll just use it to take care of my continual tax liability.

Many people took the early child tax credit payments and are now complaining that their refund (NOT return) is not as big. No friggin' duh. However, they could have refused the early payment to keep their refund the same size....but I sense that if they could figure that out, they would have expected the refund to be lower.

 

[DoggyDaddy]

The reason I didn't take the child tax credit is because it is not an extra payment, it's an early payment. I pay quarterly estimated taxes (no withholding) and if I overpaid (unlikely), it will just go to the next payment. "Accept" the money? Absolutely, it's just that I'll just use it to take care of my tax liability.

Many people took the early child tax credit payments and are now complaining that their refund (NOT return) is not as big. No friggin' duh. However, they could have refused the early payment to keep their refund the same size....but I sense that if they could figure that out, they would have expected the refund to be lower.

I think it should be noted that the child tax credit is not the same as the "stimulus" payments ($600 for individual, $1200 for married couples IIRC).

 

[HoughMade]

I think it should be noted that the child tax credit is not the same as the "stimulus" payments ($600 for individual, $1200 for married couples IIRC).

Correct, but there was only 1 under Biden. I kinda forgot about that one because I didn't get it.

 

[DoggyDaddy]

Correct, but there was only 1 under Biden. I kinda forgot about that one because I didn't get it.

I think I got one (in 2020), but it was at a reduced amount because I made over the limit for the full $600.

 

[jamil]

Yeah, we opted to put the checks in savings. So the cash is there to pay. (I insisted, because I saw it coming) But damn.

And yeah, I hope they suspend the underpayment penalty. ********ers. All of them.

 

[SumtnFancy]

I raise 2 kids solo, my wife raises 1 solo (we raise the 3 together for the slow ones). She was getting IRS checks sent to her occasionally, which she thought was rejected tax payments due to paying tax quarterly (self employed Realtor). Turned out to be tax credit BS. I never received a check(s), but just got a letter saying I did. How did I not get money sent to me but they managed to send me a letter saying I did?

 

[jedi]

Bidiots stimulus money wasn’t going to be taxed & guess what !?
It is !
Just did our taxes and got a hammer on state and very little back on fed .

Let’s Go Brandon !!!!

??? Can you expand on this???
Are you referring to the $1400 3rd stimulus check people got in March 2021.

Or are you talking about the advance child tax credit where parents got $250 (kids over age 5) or $300 (kids 5 and under) monthly from July to December?

The $1400 is not considered income.

 

[bobzilla]

Wait people got “paid” for doing the most basic human function? Glad we didn’t have kids.

 

[ws6guy]

I took the child tax credit payments knowing it was going to impact my end of year taxes by around $1k and I'm ok with that. For myself I usually try to break even around tax time but the last couple years we got a small refund. But now taking the child tax credit early should wipe that out and a little more. I agree that there will be many that will be PO'd when they file taxes and end up owing or not getting as much back.

 

[1nderbeard]

It's not taxed friend. And it doesn't have anything to do with the state tax return.

Both the stimulus and the child tax credits are advance payments of a credit. If you didn't get the money you can claim the credit. If you did get the money you can't claim the credit. I know it's just semantics, but not taxed. As a CPA, this is half the problem I have the the stimulus programs. They aren't properly communicated and people weren't prepared for the change in their refunds.

Happy to help answer detailed questions for anybody in PM.

 

[1nderbeard]

Indiana passed a bill that required they return some of their surplus to the taxpayers this year (I think). That's probably what you're seeing.

From what I understand the money is sent separate from the tax return. The state tax return doesn't have a line item for the surplus.