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Tax question on the stimulus payments
bpost
Member Posts: 32,664 ✭✭✭✭
I got the MEMO posting for the 600 stimulus on 12-31-2020. It HARD posted on 01-04-2021
Did I get the money in 2020 or 2021 for tax purposes?
Comments
My understanding is the stimulus checks are non taxable income . The extended unemployment benefits are not . Now that was for the first check , maybe they changed the rules on this second round .
As I understand it the money is an advance credit and it will NOT impact your other taxable income
It is not taxable but considered a refund in advance. I chose the received in 2020 route because the IRS will say that is when we sent it, 11:59:59 12-31-2020, even though it did not post until 01-04-2021.
I will never again suffer the insanity of the IRS so I file the simple form and just eat the loss. I sleep better knowing the IRS is not looking at me anymore.
They made the mistake of sending me a survey about the "service" I was given (suffered) during the mail audit I went through from their audit "assistants". If I put here what I wrote in the note section of the survey the sensor bot would blow it circuits across the server room.
Here is some information on the stimulus payments;
It does not count as taxable income so you can blow the whole thing on a brick of 22 shells or a couple of pounds of powder. Bob
Keep in mind there are ZERO federal taxes due on any of the stimulus payments.
Some states will tax it as income.
ALL unemployment taxes to include the extra $300-$600 a week bonuses are taxed by both IRS as well as state and local if applicable .
I got unemployment for a month and paid the taxes on it to the feds. Turbotax is done. Getting 450 back from state and feds. Should be enough to buy 1,000 primers.
I doubt the state tax on our combined married couple "stimulus" of $112.50 is going to bankrupt us.
Whst is this stimulus you speak of. Oh yeah Wifey and I got $150 bucks