Tax Day Yay!

[PoppaJ]

I'd like to owe as much as possible without incurring an underpayment penalty.

That’s the trick. My daughter in law who is a partner in a local accounting firm does my taxes. Of course being retired and having little outside extra income doesn’t make it a daunting task.

 

[Leader of the Banned]

I heard the IRS was basing payment on the 2018 tax return. Now I think I heard that the 2019 return factors into it as well. Is that the case? Are they going to take the average of your adjusted gross income for those 2 years when they calculate your payment?

 

[PoppaJ]

I heard the IRS was basing payment on the 2018 tax return. Now I think I heard that the 2019 return factors into it as well. Is that the case? Are they going to take the average of your adjusted gross income for those 2 years when they calculate your payment?

I will ask her

 

[Leader of the Banned]

I will ask her

Thanks. I'm not real worried about it. My taxes are done and I'll probably get them sent off in the next week. I just took advantage of the fact that I've got till July 15 to double check them.

 

[Beauford]

The stimulus check is figured on adjusted gross income of the last return you filed for either 2018 or 2019.
Married Filing Joint Filers can make up to 150,000. before they start reducing the payment by $5.00 per every 100.00 over the 150,000.
Anything under the 150,000. for Married Filing Joint Filers they would get 2400.00. However, if a married filing joint makes 198,000 or over the 2,400.00 is completely phased out.
If there is a dependent 16 years or younger on the return there is an additional 500.00 added to the stimulus check.

 

[Leader of the Banned]

The stimulus check is figured on adjusted gross income of the last return you filed for either 2018 or 2019.
Married Filing Joint Filers can make up to 150,000. before they start reducing the payment by $5.00 per every 100.00 over the 150,000.
Anything under the 150,000. for Married Filing Joint Filers they would get 2400.00. However, if a married filing joint makes 198,000 or over the 2,400.00 is completely phased out.
If there is a dependent 16 years or younger on the return there is an additional 500.00 added to the stimulus check.

So if you made more in 2019, would it be better to put off filing for 2019. This is assuming you won't get the full stimulus due to income.

 

[Leader of the Banned]

Incidentally, all of my stimulus money is going to either the Biden campaign or the Lincoln Project super PAC.