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Post by Loggy on Aug 28, 2021 10:03:53 GMT -5
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Post by Loggy on Aug 28, 2021 13:04:52 GMT -5
Read in another article that his catch won a $1.16 million prize!!! Not bad for a day's "work"!!   |
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Post by davet on Aug 28, 2021 15:34:12 GMT -5
Read in another article that his catch won a $1.16 million prize!!! Not bad for a day's "work"!! Even after tax I’ll take that!!! |
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Post by Dutch on Aug 28, 2021 15:39:39 GMT -5
Taxes? I don't pay no stinking taxes! 🙃
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Post by Loggy on Aug 28, 2021 16:35:00 GMT -5
Taxes? I don't pay no stinking taxes! 🙃 Don't forget to include on your 2021 tax return all that tax refund interest you received!! |
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Post by Dutch on Aug 28, 2021 17:58:46 GMT -5
$3.48? Really?
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Post by davet on Aug 28, 2021 18:14:39 GMT -5
Only if you get a 1099. And no requirement if under $10 |
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Post by Loggy on Aug 29, 2021 7:51:09 GMT -5
Only if you get a 1099. And no requirement if under $10 Agree with Dave.....you won't get a Form 1099 if under $10 but........  IRS-Interest Received |
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Post by Dutch on Aug 29, 2021 19:52:52 GMT -5
I'm pretty sure I'm not reporting that interest in 2022.
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Post by Loggy on Aug 30, 2021 16:53:38 GMT -5
I'm pretty sure I'm not reporting that interest in 2022. Not reporting it would most likely make zero difference in your tax liability unless it would push you into the next bracket or impact some AGI deduction based phaseouts. Hey......that's why they call it a "voluntary compliance tax system". Each year I receive under $10 from my AICPA Life Insurance in addition to some small savings accounts which individually do not require issuance of a 1099. I always report amounts received as interest income on my tax return. One year it did make a difference in my tax liability by impacting an AGI phase out pertaining to a deduction. Hey....to each their own as they say. |
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