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Post by Loggy on Feb 25, 2021 8:06:46 GMT -5
Just a heads-up: For anyone who may be tracking their IRS Refund....the site is not currently being updated per my last visit. My tax return was filed early on 2/1 & accepted by IRS on 2/12 when they first began accepting returns. My refund EFT hit my bank 12 days later on 2/24. Per my visit to IRS Refund Status link...still shows in process. Could be processing the 2nd round of stimulus money has things back logged on updating....... nevertheless a pretty fast turnaround time!!
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Post by GlennD on Feb 25, 2021 8:15:24 GMT -5
Not to worry Loggy, your audit will be adjudicated expeditiously... meanwhile, penalties and interest will accumulate. Your audit ahould be complete in about 48 months. By that time, your new truck will be paid for and you will not feel too bad selling it to pay the tax bill..
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Post by davet on Feb 25, 2021 11:49:23 GMT -5
I ain't gettin no stinkin refund.....so I don't need to track anything!!
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Post by Loggy on Feb 25, 2021 17:19:24 GMT -5
I ain't gettin no stinkin refund.....so I don't need to track anything!! My first refund in about 10 years!! No need for you to track....IRS will take care of that!!
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Post by Loggy on Mar 7, 2021 7:29:16 GMT -5
Recently assisted my Niece & her Daughter in filing there tax returns. Niece recently went through a messy divorce and lost all her prior tax return copies through moving etc...long story short a real mess to say the least. Anyway I needed her 2019 AGI to E-File her 2020 return so helped her set-up an IRS Online Account to go back & get detailed(line by line) tax return transcripts, account status etc. A great tool vs waiting months to get paper records from the Service plus the ole walk-in offices pretty much a thing of the past. Link below for anyone who may benefit from this useful tool: IRS Online Accounts
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Post by ridgecommander on Mar 7, 2021 7:58:37 GMT -5
For you tax gurus. Unemployment is considered income. The question I have is at the federal level is just federal income tax have to be paid or do they also expect medicare and SS as well at tax time? Also, I heard that Pennsylvania is one of a few states that does not tax unemployment at the state level. We are gonna drop our tax stuff off at the tax guy soon.
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Post by Loggy on Mar 7, 2021 8:17:08 GMT -5
Not taxable for SS & Medicare. Proposal to exempt first 10,200 from Federal Income Tax for certain income levels is in current bill(see below). How it flushes out TBD. Could impact 2020 whereby taxpayers who already filed would need to amend returns. Taxability of Unemployment
American Rescue Plan Bill
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Post by Dutch on Mar 7, 2021 8:17:24 GMT -5
The way the USPS is running, I might not get my documents till after taxes are due....................... Many of my documents are set up that I get online and paper copies
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Post by ridgecommander on Mar 7, 2021 10:46:54 GMT -5
Between the wife and I we have 30,000 of unemployment we have to pay tax on. Usually about 10% of my pay is federal income tax so I am hoping it works out to about $3000 we owe. Thats gonna be a tough check to write.
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Post by Loggy on Mar 7, 2021 11:16:51 GMT -5
Between the wife and I we have 30,000 of unemployment we have to pay tax on. Usually about 10% of my pay is federal income tax so I am hoping it works out to about $3000 we owe. Thats gonna be a tough check to write. Not necessarily. I personally would hold off filing until the ARP H.B. 1319 passes(likely this week). Could save you hassle & possible expenses of filing an Amended Return for refund. I'd ck with your tax pro. They expect final Bill to pass on Tuesday. This provision has been in & out so many times it makes your head spin!! Taxation of Unemployment Benefits
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Post by ridgecommander on Mar 7, 2021 13:20:37 GMT -5
I personally would hold off filing until the ARP H.B. 1319 passes(likely this week). Could save you hassle & possible expenses of filing an Amended Return for refund. I'd ck with your tax pro. They expect final Bill to pass on Tuesday. This provision has been in & out so many times it makes your head spin!! Yep. The tax guy emailed me about this.
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Post by Loggy on Mar 7, 2021 13:50:05 GMT -5
You may only get hit for tax on approx $10k of UE if the proposal is enacted per preliminary addendum. I will need to amend my SIL's return as he filed about a month ago. I told him not to spend it till he sees it though!! lol
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Post by Loggy on Mar 7, 2021 19:44:08 GMT -5
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Post by Loggy on Mar 8, 2021 20:03:33 GMT -5
In the works......maybe some extra time to file your tax return to June 15?? Let's hope so. My AICPA is encouraging the IRS to extend the filing deadline to help alleviate preparers challenges handling all the last minute tax law regulatory changes as result of Covid coupled with associated/related taxpayer burdens: AICPA Request To IRS For Extension
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Post by davet on Mar 9, 2021 6:45:05 GMT -5
Well Loggy....as someone who worked thru 25+ years of tax season, from the preparer's side of the fence I would hope they DON'T extend the filing deadline. All that does is allow a client base to procrastinate longer and frankly, extends the tax season. Who needs a few more months of brutal pressure?
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Post by Loggy on Mar 9, 2021 7:16:02 GMT -5
Well Loggy....as someone who worked thru 25+ years of tax season, from the preparer's side of the fence I would hope they DON'T extend the filing deadline. All that does is allow a client base to procrastinate longer and frankly, extends the tax season. Who needs a few more months of brutal pressure? Totally understand your point Dave for sure but sometimes extraordinary times necessitate changes alleviating burden on the other side of the "fence". This past year America alone had 525,000 Covid deaths whereby thousands of families are in the midst of winding-up final affairs in connection with their estates, final filings etc. not even factoring in the over 30 million Americans infected with Covid impacting their normality. In addition, the historic/ongoing changing of 2020 tax laws within the 4/15/21 filing deadline is extraordinary in itself whereby a filing extension would avoid the filing of virtually millions of amended returns which you know that ain't much fun either. Yep...sometimes things can get a lil brutal but hopefully, much of this will shortly be in our rearview mirrors.
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Post by Loggy on Mar 18, 2021 5:23:37 GMT -5
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Post by davet on Mar 18, 2021 5:53:59 GMT -5
We need an "I don't like" this button!!!
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Post by ridgecommander on Mar 18, 2021 6:32:24 GMT -5
Well, I went from owing $2700 to getting a refund of $1000 thanks to the first $10,200 of unemployment be exempted from federal income tax. I think Joe Manchin was the one pushing for this in the stimulus bill?
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Post by Loggy on Mar 18, 2021 6:40:29 GMT -5
Well, I went from owing $2700 to getting a refund of $1000 thanks to the first $10,200 of unemployment be exempted from federal income tax. I think Joe Manchin was the one pushing for this in the stimulus bill? Original Bill called for 100% of unemployment being nontaxable. Joe Manchin pushed to trim it back to 10,200 before he'd sign Bill.
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Post by ridgecommander on Mar 18, 2021 6:51:43 GMT -5
Well, I went from owing $2700 to getting a refund of $1000 thanks to the first $10,200 of unemployment be exempted from federal income tax. I think Joe Manchin was the one pushing for this in the stimulus bill? Original Bill called for 100% of unemployment being nontaxable. Joe Manchin pushed to trim it back to 10,200 before he'd sign Bill. I see. I was about to dump praise on Manchin, lol.
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Post by davet on Mar 18, 2021 7:04:04 GMT -5
I'm having a tough time seeing a document that tells me that some of the 2020 unemployment compensation is not taxable. Where is this at? Nevermind....I found it!!
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Post by ridgecommander on Mar 18, 2021 7:08:31 GMT -5
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Post by Loggy on Mar 18, 2021 8:15:24 GMT -5
Curious how millions of previously filed returns will be handled that included the now untaxable unemployment up to 10.2K. Be great if IRS develops software to automatically correct and issue any correlative refunds due. I only have one family members return impacted.
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Post by Deleted on Mar 18, 2021 15:10:03 GMT -5
Curious how millions of previously filed returns will be handled that included the now untaxable unemployment up to 10.2K. Be great if IRS develops software to automatically correct and issue any correlative refunds due. I only have one family members return impacted. My neighbor filed before this was passed. Her husband was laid off for a month. She did her own tax filing. Will their be something to help those that did their own?
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