Tax guru?

[snow1]

So,who is up to speed for 2020?GD  feds are draning me dry after 4 months on unemployment,news claims the IRS will not tax us on our benifits,I even had my federal taxes with held and they are still sucking my blood,any truth to this,left a message to my tax lady no reply,pissed at her for calling me friday with the bad news,like a kick in the nutt's.

[Gunner55]

Deadeye is the tax man here as I believe he even does some for Seniors in his area. Maybe he'll chime in when he see's your thread.

[glenn57]

not sure where you got that idea from  unemployment benefits have been taxable income for as long as i can remember.

the trump and now biden stimulas are not supposed to be taxable however!!!!!

[Gunner55]

not sure where you got that idea from  unemployment benefits have been taxable income for as long as i can remember.

the trump and now biden stimulas are not supposed to be taxable however!!!!!

They always were when I was laid off from the golf course and/or makin tractors in the 80's & early 90's. Might be a 1 time CV-19 related thing this year though with so many more drawing benefits. The checks from Uncle Sam aren't taxable as I've had mine done for a month except for a statement on the the estate we're waiting on. Done my own online for 10 years or more, usually free file as I can use 1040 or 1040A. I had to use the brothers Turbo Tax software this year however because of the estate(K-1) form.

[Gunner55]

  It does look like even the Cares Act UE benefits are taxable to me. https://www.irs.gov/newsroom/irs-unemployment-compensation-is-taxable-have-tax-withheld-now-and-avoid-a-tax-time-surprise

[glenn57]

It does look like even the Cares Act UE benefits are taxable to me. https://www.irs.gov/newsroom/irs-unemployment-compensation-is-taxable-have-tax-withheld-now-and-avoid-a-tax-time-surprise

Yea when I collected unemployment because of covid due to layoff I had taxes taken out. It asked right on the application I believe that it was taxable.

[deadeye]

Yes, they really messed it up this time.  Historically unemployment was taxable as "other" income. Not SS taxes but Federal and State (in MN).  Part of the save America bill just passed includes a provision to not tax the first $10,200 of unemployment.  Minnesota has yet to weight in on weather or not to conform with the Feds.  Of course they dump this in the middle of tax season so all those who have already filed and had unemployment will have to true up some how. Either file an amended or perhaps the IRS will make the corrections but I doubt that.  Also, the tax implications ripple through a lot of things.  It can have a big impact on State taxes, first, second, and the upcoming third stimulus payments.  If you are single and your income fell into the $75,000 - $98,000 range, and you filed your 2020 taxes, you need to be especially aware as the non taxable unemployment will increase your first two and most likely the third payment.  Thanks for the mess.
 

[snow1]

Thanx D.E, this info eases my mind somewhat,still waiting to here from my tax lady.

I appoligize I didn't clarify up from about the irs easing the tax on unemployment bennies because of the careact its been many years since I've been in this situation/layoff where I had to collect unemployment and fully aware that our unemplyoment bennies are tax able,thankful I don't have a family to support during this troubled time,well my golden is all wish I could claim him as a dependent for all the mischief he causes, at 8 years old I still use child gates when I remember to put them up,last weekend I forgot and the little shetehead finished off my left over for monday night beef(prime rib) and mushroom over steamed rice wilst the old man was asleep,couple weeks before he got my chowmein...,all my fault tho leaving the temptation available where he can reach it.

[dutchboy]

Where do people think these Trillions of dollars are coming from? Monopoly?     

[Jerkbiat]

Unfortunately a lot of people probably do.

[savage270]

Deadeye laid it out well for you.  The one thing I would add is that you will be best off waiting as long as possible to file, and even potentially filing an extension, to give the IRS time to sort through the mess congress just created.  Then hopefully you won't have to come back later and file an extension to get your taxes back on that $10,200 just declared non-taxable.

[snow1]

Deadeye laid it out well for you.  The one thing I would add is that you will be best off waiting as long as possible to file, and even potentially filing an extension, to give the IRS time to sort through the mess congress just created.  Then hopefully you won't have to come back later and file an extension to get your taxes back on that $10,200 just declared non-taxable.

Good point,thanx for the advice guyz.

[snow1]

Reading in to this deal waldo hasn't signed off just yet even tho the new soft ware is coming out soon,so like here the word is to wait ,don't file yet.

thanx again D.E.

[Gunner55]

  Just heard a rumor that there's been some mention of it getting pushed back a month to May 15th now. IRS won't be ready by 4/15.

[glenn57]

Seen that to. We have an appointment on Tuesday next week to bring ours in and I got questions I need to ask and get figured out.

They can do them and send them in whenever.

[Gunner55]

No worry here either as I do my own. Don't usually even have to file but that might be different this year because of the estate. Normally e-file them anyway as it's free.

[LPS]

We already got our refund about 2 weeks ago.  Glad the wife is good at doing our info and getting it to our tax guy.

[Gunner55]

Just heard a rumor that there's been some mention of it getting pushed back a month to May 15th now. IRS won't be ready by 4/15.

Norah just said May 17 is the new date.

[glenn57]

Just heard a rumor that there's been some mention of it getting pushed back a month to May 15th now. IRS won't be ready by 4/15.

Norah just said May 17 is the new date.

Norah's kinda hot!!!!!!!