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

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SJHovey said:
The GME story seems to be getting a tad more interesting.

Apparently the guy who started it all, and who was the big promoter of the buying of the stock to squeeze the hedge funds, Roaring Kitty(?) is actually a securities broker for MassMutual. Regulators are looking into matters. Roaring Kitty has apparently told the "followers" that he's "taking a break" from posting updates on the stock for now.

Curious.

https://wtop.com/consumer-news/2021/...as-shares-sag/
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Deep****ingValue as he is known on Reddit wasn’t really pushing the “screw the hedge funds” angle of GME.

he bought into GME in 2019 and has been ridiculed over it

hes also lost about 30M in value since last week. He cashed in some options before the crazy spike, and didn’t cash in anything at the peak.
 
Proud2baLaker said:
I did my taxes today (turbo tax). All I had was a portion where they asked if I got both rounds and if so how much. I did not have a 1099 for it. I got both rounds so I put that in. I did play with it some and saw if I took the $600 2nd payment off, my refund went up by 600 but there was a thing on there that said it would only be applied after they checked to confirm you had not yet received and were qualified to get.

The upcoming $1400 (or whatever was not mentioned) it was just the original $1200 and 2nd $600
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As far as I know there is no need for a 1099 for the Stimulus.
 
Well it is just a tax credit. I know they ask the question I just never thought about a 1099 until you mentioned it.
 
rufus said:
You talking about the $600? Or the upcoming $1400?

Saw today that if you haven't got the $600 yet, there's a line on the 1040 form(and another form that I guess some people have to use, 1040CR, or something like that)that has a line for you to fill in how much of that you're supposed to get. It'll be added to your refund, or offset any taxes you may owe.

The $1400 I assume will be sent directly.
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The original question was regarding the $1200 from back in May and what I thought was the $600, but I got my $600 after Jan 1.

So I just need to account for the $1200 check somehow.
 
RaceBoarder said:
The original question was regarding the $1200 from back in May and what I thought was the $600, but I got my $600 after Jan 1.

So I just need to account for the $1200 check somehow.
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I got my $600 after Jan 1 too but put down that I did receive it. If you put down that you didn't, they will add it to any return you get this year. But, the way I read it, if you put down 0 and then got it after you file but before you processing or whatever, then it will be removed from your return. If they see you still haven't gotten it by the time they process then it will be added to your return then. So on your case, it sounds like if you put 0, it won't get added to your return since you did end up getting it.

There is no 1099 or anything. There will likely be a place that simply asks to confirm what you got (as I was asked when doing it online).
 
SJHovey said:
I think most of us assumed that it was one or two people with actual knowledge and 99.99% who are the nerds living with mom. I still think that. The guys with the actual knowledge, like Mr. Kitty, are the ones who are going to make some money. The rest are going to get boned.

It'll be interesting to see what Mr. Kitty's trade history looks like, both with his own account and with his MassMutual customers. The problem he has if he was just trying to do a simple pump and dump was the thing grew so exponentially that it became a worldwide news story, and as a result, there is going to be some digging done by regulators.
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Yup. Exactly right.
 
I was at a store yesterday, and I overheard two of the floor clerks talking stocks. "Yeah, but now that it's back in Diamond Hold status..." I think the one said he made a few bucks on the GME thing, but you just know that this guy is going to take it in the shorts eventually. They're talking Reddit lingo, not as educated investors. Poor fools.
 
St. Clown said:
I was at a store yesterday, and I overheard two of the floor clerks talking stocks. "Yeah, but now that it's back in Diamond Hold status..." I think the one said he made a few bucks on the GME thing, but you just know that this guy is going to take it in the shorts eventually. They're talking Reddit lingo, not as educated investors. Poor fools.
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The shoeshine story is evergreen.
 
GME is slowly rising again...nothing super scary but now that RH isn't throttling their customers it seems they are taking advantage of the low price. Already at $71.
 
St. Clown said:
I have no idea what you're talking about here.
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Joseph Kennedy survived the 1929 crash because he pulled his money just in time. He always told the story that he knew it was time to get out because just before the crash he stopped for a shoe shine and the boy offered him a stock tip, and he thought "if these idiots are playing it's a bubble."

Speaking of idiots, I am now the proud owner of 1 share of GME at 71.08. Sous les pavés, la plage!
 
Handyman said:
GME is slowly rising again...nothing super scary but now that RH isn't throttling their customers it seems they are taking advantage of the low price. Already at $71.
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The funny thing is, it's sort of starting to leak out that a lot of this GME stuff may have been a little hedge fund on hedge fund violence, as opposed to the David vs. Goliath story initially pitched.
 
Kepler said:
Joseph Kennedy survived the 1929 crash because he pulled his money just in time. He always told the story that he knew it was time to get out because just before the crash he stopped for a shoe shine and the boy offered him a stock tip, and he thought "if these idiots are playing it's a bubble."

Speaking of idiots, I am now the proud owner of 1 share of GME at 71.08. Sous les pavés, la plage!
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Heh. I know just enough French to think, what does this have to do with pavement and beaches? Had to look it up - very nice!
 
LOLwsb.

l80j7mpilof61.jpg
 
SJHovey said:
The funny thing is, it's sort of starting to leak out that a lot of this GME stuff may have been a little hedge fund on hedge fund violence, as opposed to the David vs. Goliath story initially pitched.
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Knock me over with a feather. I know I had surmised that in a long rant earlier. Wasn’t sure if I posted it or left it in the draft folder.
 
Kepler said:
Holy crap. That's gonna be an interesting story someday.

What are we giving odds on? Confrontation in the break room? Sexual assault? Murdered his maid?

Coming soon: OAN/Newsmax/RT bidding war.
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I believe it was because of the big lawsuit.
 
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