Tax question on the stimulus payments

bpost

January 30, 2021 16:45

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?

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  jesnlsn

  January 30, 2021 16:58

  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 .

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  mogley98

  January 30, 2021 17:12

  As I understand it the money is an advance credit and it will NOT impact your other taxable income

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  bpost

  January 30, 2021 17:13

  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.

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  BobJudy

  January 30, 2021 17:13

  Here is some information on the stimulus payments;

  Is my stimulus check taxable income? Will it reduce my tax return? Burning questions about the second COVID-19 stimulus
  No, you don’t need to pay back your stimulus check.

  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

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  chiefr

  January 30, 2021 17:54

  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 .

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  bpost

  January 30, 2021 18:09

  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.

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  Rocky Raab

  January 30, 2021 19:38

  I doubt the state tax on our combined married couple "stimulus" of $112.50 is going to bankrupt us.

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  austin20

  January 30, 2021 20:49

  Whst is this stimulus you speak of. Oh yeah Wifey and I got $150 bucks

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