Business, Economics, and Taxes: Capitalism. Yay? >=(

[unofan]

This hurt a little bit for them as well. The tax cut my dad loved so much bit him just like I told him it was going to.

The problem is my parents are on SS and my dad works part time. (my mom can no longer work but gets unemployment because of the extensions) Lots of little things added up.

For me it was unemployment mostly.

They aren't clawing back overpayments but there was definitely a change in my return when I put in what I got for the Stimulus. I don't remember what it is because I filed it already and don't care anymore but something is baked in there.

If you didn't get the full stimulus amount you should've gotten, you get it now as a refundable credit when you file. If you got too much stimulus previously, you don't owe back the difference. So the stimulus check can only lower what you owe/increase your refund, it can't go the other direction.

And it treats each round of stimulus separately, so if you got too much in round 1 and too little in round 2, you'll get the extra you should've gotten in round 2 but won't have to offset it with anything from round 1.

[Handyman]

I dont remember (nor do I care) but I think got full on the first, partial on the second.

IIRC the Stimulus was just a credit you got in advance right? Wasnt that how it was basically characterized?

[geezer]

I dont remember (nor do I care) but I think got full on the first, partial on the second.

IIRC the Stimulus was just a credit you got in advance right? Wasnt that how it was basically characterized?

"just a credit" is misleading for these. They are fully refundable no matter what you owe or are owed on everything else, so it's not at all like a normal tax credit. It's just straight extra bonus money.

[Deutsche Gopher Fan]

Can't be the stimulus since they aren't clawing back overpayments.

Most likely culprit will be withholding issues since Trump's IRS constantly issued standard withholding tables that withheld too little to make people "feel" richer and spend more. So if you didn't manually ask your employer to withhold more, you'll have a big hit this April. The cap on state and local tax deductions also hurts since it will lower a lot of people's itemized deductions or switch many people to instead take the standard.

Did the cap for SALt change from 2019 to 2020?

im waiting for the call from accountant later this week. I usually get 4-5k back from the feds. I’ll consider it a victory if I only owe that much this year

Also did the withholding tables change from 2019? I kept everything the same and still made out ok last year under new tax laws (but had a refi I was able to use for deductions)

[dxmnkd316]

THey changed things around a little. IIRC they no longer do allowances or something like that. I haven't changed mine since 2016. I usually fall around around +/- $200

Last year I had to pay the state exactly $1.

[rufus]

THey changed things around a little. IIRC they no longer do allowances or something like that. I haven't changed mine since 2016. I usually fall around around +/- $200

Last year I had to pay the state exactly $1.

Which is the way it should be. People who get huge refunds are suckers. You've been letting the government sit on that money all year when you could have been using it for something.

Unless, you're the type who can't save anything, and so this is like being forced to save. Unfortunately, most people, myself included, just end up blowing their refund. "Look!! Free money!!!"

[Handyman]

I usually don't get a refund from the Fed...state is marginal. As I said the only reason I am getting one this time is because my job screwing up my tuition credit waiver causing me to pay. Since I had never gotten an education credit before I qualified. That refund is going to pay extra on a credit card and make a double payment to my car.

Next year might be different though. I will have zero unemployment for the year and will have made still 15-20k less than normal due to the Pandemic. (my second job wont be back likely this year) I havent made this little in a while so it will be interesting to see what happens.

[Deutsche Gopher Fan]

THey changed things around a little. IIRC they no longer do allowances or something like that. I haven't changed mine since 2016. I usually fall around around +/- $200

Last year I had to pay the state exactly $1.

They got rid of allowances? Huh. I was always at a 0 so I didn’t have to pay in

[Jimjamesak]

I actually got a larger return. I take out extra to cover my money made refereeing soccer. Except the pandemic, especially the lack of a high school season, caused me to not make even the $600 required for my organization to send me a 1099.

[Drew S.]

On the topic of taxes, got my docs together to drop off at accountant. Yikes.

it may be hard to meet people in a pandemic but looks like I may be getting right royally ****ed by the government shortly

Don’t get married!!!

[Deutsche Gopher Fan]

I usually don't get a refund from the Fed...state is marginal. As I said the only reason I am getting one this time is because my job screwing up my tuition credit waiver causing me to pay. Since I had never gotten an education credit before I qualified. That refund is going to pay extra on a credit card and make a double payment to my car.

Next year might be different though. I will have zero unemployment for the year and will have made still 15-20k less than normal due to the Pandemic. (my second job wont be back likely this year) I havent made this little in a while so it will be interesting to see what happens.

Maybe you should claim all your Soros checks for once.

[LynahFan]

Pop goes the bubble!

Silly board takes me to the first post a lot, so I keep seeing this. On the day this was posted, DJIA closed at 23,719. Gone up 33% since then.

Bubble, bubble, toil and trouble....

[SJHovey]

I know that probably none of you have a subscription to the Minneapolis StarTribune, but in today's online edition there is a story about the proposal by three City Council members to put to a vote of the citizens the right of the Council to establish rent control in Minneapolis. To accomplish this, first the Council has to agree to the proposal, then the Charter Commission, and ultimately 51% of the voters. If all of that happens, the Minneapolis City Council would be free to adopt their rent control ordinance.

If the comments to the article are any indication, I'm not certain we're going to see that pass. 133 comments, only 2 that I counted who even went so far as to say, "well let's at least let people vote on it." The other 131 were ready to storm City Hall.

[Jimjamesak]

If you’re trying to gauge a reaction of the community based upon the reaction in a newspaper comment section, you’ve got more problems than a newspaper comment section...

[SJHovey]

If you’re trying to gauge a reaction of the community based upon the reaction in a newspaper comment section, you’ve got more problems than a newspaper comment section...

Do I think the vote will lose 99-1? No. However, public reaction, wherever you might see it, gives you some feel for it, and that type of a response can quickly cause the rest of the Council to decide it isn't even worth the trouble.