Sooo, filed your taxes yet?

Discussion in 'New Roundtable' started by CajunlostinCali, Feb 7, 2021.

  1. CajunlostinCali

    CajunlostinCali Booger Eatin Moron

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    Bend over, and prepare thyself. If you received even just a fraction of any stimulus, you are paying back more than they gave. Nevermind that I live in California, that's a given, (this is about the feds) but I already pay damn near 30% of my income and this year, I still owe the feds over a grand. I got pennies on the dollar for stimulus, barely enough to notice and set it aside thinking, they can have that back. But not only do they want that back, they want 30% more than they gave AND I'm penalized for actually working last year. I'm single, rent and don't have near the write offs most here do, but WTF? And California, those mf'ers wanna charge me $2300.00 For not having an insurance policy. That will wash because I have the VA, but that doesn't even trigger in their system. What a GF!

    And this should look glorious compared to what Joe is gonna go after. Gas is up .35 cents and the rest is in the language packed into a 5000 page stimulus that is certain to screw us later.

    A lot of feelings are gonna get hurt this tax season. Prepare yourself. Grab a bottle, skip the glass and push them digits. Your gonna say wow
     
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  2. Bengal B

    Bengal B Founding Member

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    There's a solution. Move to Florida. LOL. Or Texas or Nevada. No state income taxes
     
  3. CajunlostinCali

    CajunlostinCali Booger Eatin Moron

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    My plans are to leave California this year. Likely Georgia, but if that doesn't pan, I'm all in for Tennessee. Texas will, over time, turn into California. But not as fast as Arizona and NM is already there.

    But state taxes are not the matter this year, it's federal taxes. We all get to share that pain. If you are not paying the stimulus back, it's because I already did, and then some.
     
  4. BAY0U BENGAL

    BAY0U BENGAL I'm a Chinese Bandit

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    thank you for this gift
     
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  5. shane0911

    shane0911 Helping lost idiots find their village

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    IRS says that stimulus was non taxable. I didn't get any just saying
     
  6. mancha

    mancha Alabama morghulis

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    I heard it explained as a advance payment tax credit. You owe nothing. I didn't get anything so my interest in that pretty much stops there.
     
  7. kcal

    kcal Founding Member

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    https://www.kiplinger.com/taxes/602009/is-your-stimulus-check-taxable

    I've heard the question many times: Will I have to pay tax on my stimulus check? The tax code says you have to pay taxes on "all income from whatever source derived," unless it's specifically exempted or excluded. That's a pretty broad definition that seemingly would include money from the government. And, strictly speaking, there's no specific exemption or exclusion for stimulus check money. So, stimulus checks are taxable – right?
    Wrong! There's a loophole in the law that prevents you from having to pay taxes on the stimulus check money you get from Uncle Sam. As it turns out, your stimulus check isn't "income" after all, according to the law. Instead, it's simply an advance payment of a tax credit. And tax credits aren't taxable income.
     
  8. CajunlostinCali

    CajunlostinCali Booger Eatin Moron

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    It is not taxable income. What it does however, is it goes against the standardized deduction by lowering it. So in my case, it actually was enough to put me into a higher tax bracket. So this may very well be more about my individual situation being the difference between 2019 and 2020. I switched jobs, made more money and the less than $200 I got between both stimulus packages was just enough to push me over into a higher tax bracket. Add to that I no longer have the deductions I once had, 30% of my earnings goes to the government, and then they want more. So it may not screw everyone, but it will screw a lot due to what effect it has on an individuals standard deductions. Single peoples the most. Married folks, not so much. Crumb snatchers, you might barely notice.

    Suppose this year I gotta dump into an IRA, shit like that. Or go live in Spain. Tempting
     
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  9. mancha

    mancha Alabama morghulis

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    Dude, pretty much this same thing happened to a Roman back in 75 CE.
     
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  10. LSUpride123

    LSUpride123 Let's have a drink.

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    I am confused about your Texas statement yet, are willing to move to Georgia...... Did you sleep through November of 2020?
     
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