| Author |
Message |
Dipo
Member
04-23-2002
| Friday, February 28, 2020 - 11:17 pm 
New: I have just been thinking about things and it is so funny that I don't watch anything on USAChannel any more, there was a time when i was always watching that channel but I never do it any more/
|
Kitt
Member
09-05-2000
| Monday, March 16, 2020 - 11:37 am
I posted in News&Views, but maybe I should put this here.
If you rely on free tax services run by the AARP they have all now closed because of the coronavirus.
If you rely on free tax services run by VITA, they are still making the decisions nationally and locally. Get in quick if you can.
If your income is $69,000 and under you can prepare your own return using free software from the IRS here:
https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free
I'm hoping they will extend tax season because this will affect so many.
|
Seamonkey
Moderator
09-07-2000
| Monday, March 16, 2020 - 11:55 am
I have thought the same thing, Kitt. I really need to get started on mine. I have all the information and my TurboTax ..
|
Kitt
Member
09-05-2000
| Wednesday, March 18, 2020 - 2:13 pm
The IRS have clarified the plans to allow people to defer tax payments for until July 15th without interest or penalties.
https://home.treasury.gov/news/press-releases/sm948
But I wanted to point out, they haven't allowed you to defer filing your tax return, and usually - and they don't say this has changed - if you do not file a tax return then you pay a penalty of 5% of what you owe per month, for a maximum of 25% of your balance due.
So for most people the options now are:
. if you expect a refund, file your tax return as soon as you can, to get your refund as soon as you can.
. if you owe, file your tax return on/before April 15th or file for an extension on/before April 15th. If you can't file the actual return, filing an extension eliminates any failure to file penalties. If you like, now you can defer payment in either instance until July 15th without late payment penalties or interest, but as I mentioned above, it doesn't say the penalty for non-filing is waived.
If you file the extension you have until October 15th to file your tax return, but what you owe will become due on July 15th, unless they change the rules again.
If your preparer isn't accessible to file an actual return you can file an extension yourself using Form 4868. All it is is your information and a guess at what you owe (which they don't hold you to). The paper version is here (instructions included):
https://www.irs.gov/pub/irs-pdf/f4868.pdf
and you can just mail that, or you can file electronically through software like Turbotax, or through the IRS Free Fillable Forms system here:
https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free
Bottom line: this option to defer payment does not mean you can defer filing without penalty. If you're not ready to file the actual return, file an extension.
|
Karuuna
Board Administrator
08-30-2000
| Wednesday, March 18, 2020 - 2:15 pm
Hey, Kitt, any idea if when they make this $1000 payments, will that be taxable income? Have you heard anything yet?
Thanks for being a source of information to TVCH... greatly appreciated during these difficult days.
|
Kitt
Member
09-05-2000
| Wednesday, March 18, 2020 - 2:31 pm
You're welcome. No, they haven't said yet whether it will be taxable or whether it's essentially a tax credit. Last time they did it they sent non-taxable payments to people on Social Security and some other benefits, then they did a means tested tax credit when they did your tax return.
My guess, and only a guess, is if they do send cash out they'll base it on last year's tax return, and there will be some sort of income test on the 2020 tax return, to claim it back from those whose 2020 income ended up higher than the limit. I'd expect it would be a credit if it's just one payment; if it ends up being a long running thing then maybe not.
I thought I heard yesterday the income limit was $85,000 (presumably that's for single and it would be more for married people) but I searched for that today and can't find where I saw it. So don't rely on that.
|
Karuuna
Board Administrator
08-30-2000
| Wednesday, March 18, 2020 - 2:33 pm
So it will be on the 2018 return? Because they said they'd get them out before the tax deadline?
|
Kitt
Member
09-05-2000
| Wednesday, March 18, 2020 - 2:40 pm
2018?? ;)
Whether taxable or a credit, I can't see any option but for it to be on the 2020 return, which you'd file in early 2021.
Too many people have already filed for 2019 to make it possible to put a credit on there, and if it's taxable it's received in 2020, so would be taxable on your 2020 return.
|
Mack
Member
07-22-2002
| Wednesday, March 18, 2020 - 2:55 pm
I have put our flag out and will fly it sunrise to sunset until we turn the corner against this pandemic. This is not to support a politician or a political party. This is not about being a progressive, conservative, or moderate. This is not about a religion. This is about the people of all nations who have been infected, about those who have lost their lives, and about those who will unfortunately still be impacted. This is about the doctors, nurses, technicians, and other ancillary medical staff putting themselves in harms way. This about anybody dealing with and fighting against this unseen killer.
|
Karuuna
Board Administrator
08-30-2000
| Wednesday, March 18, 2020 - 3:16 pm
No, Kitt, I meant will they base sending out the checks on your 2018 return? Because so many have not filled out their 2019 returns yet?
|
Lakecat
Member
10-01-2006
| Wednesday, March 18, 2020 - 3:19 pm
Amen Mack. I’ll put my flag out too. I’d hope as the news of the virus gets more serious we would come together as a nation . So far I haven’t seen that.
Kitt will ppl on SS and disability get the check too? I heard Sen Manchin say he hopes not ( I completely understand) but I haven’t seen if that’s in the bill. Our taxes are done.
|
Kitt
Member
09-05-2000
| Wednesday, March 18, 2020 - 3:29 pm
Oh I see, Karuuna, sorry, lol. Yes, I guess so, if they are going to send out checks that are already means tested it would have to be based on 2018 income. But I must stress I don't know if they are actually doing that, or they're going to give it to everyone and if there is a means test, sort it out later.
No idea, Lakecat, all I see is what you see, and they haven't announced anything official yet. Last time (2009) they did give to people on social security and on SSI.
|
Mack
Member
07-22-2002
| Wednesday, March 18, 2020 - 3:31 pm
I too hope for that Lakecat. I had a long conversation with a friend in Virginia today. We hadn’t talked in a couple of years and caught up on dozens of things. Part of our conversation was about our shared experience of 9/11 in the Pentagon, the friends we lost, and how the pandemic has brought all those memories and feelings back to the surface. It reminded me that I put our flag out that day when we got home and how I flew it every day for weeks. Like then this is about us but the us is now the world.
|
Grooch
Member
06-16-2006
| Wednesday, March 18, 2020 - 4:10 pm
Mack, that is such a nice idea.
I wish I had one on the front of the house.
My flag holder is in the back, because, well, it doesn't matter why it's there, really.
|
Sunnyday
Member
08-07-2014
| Friday, March 20, 2020 - 6:04 am
Got up early, went to Kroger, third in line, door opens, Empty Shelves Everywhere!!!
|
Colordeagua
Member
10-24-2003
| Friday, March 20, 2020 - 6:28 am
Sunnyday, what????? Kroger is my favorite grocery store around here -- choice of three. Guess there's no point in getting up at 5:00 to be at the door at 6:00. Thought shelves would be full then. Curious though -- wonder if I'd get carded?
|
Sunnyday
Member
08-07-2014
| Friday, March 20, 2020 - 7:49 am
I didn't get carded. I have never seen the shelves so empty, I guess they didn't get any trucks overnight or they don't have a crew to unload. My granddaughter went to a different Kroger's when she got off at 7:00 lots of empty spaces there also.
|
Kitt
Member
09-05-2000
| Friday, March 20, 2020 - 2:14 pm
Back briefly to taxes... they announced this morning they have moved the tax filing deadline to July 15th, as well as the payment date.
That means that my warning earlier on this page is no longer current; you won't need to file a tax return or even an amendment before April 15th to escape penalties, you can now leave it all until July 15th.
They must have heard us screaming that they hadn't solved the problem!
|
Seamonkey
Moderator
09-07-2000
| Friday, March 20, 2020 - 4:51 pm
Super!
|
Dipo
Member
04-23-2002
| Friday, March 20, 2020 - 5:43 pm
Good to hear, the first thing I thought of is that with all the senior centers basically closed the seniors would not be able to go there to get help with their taxes.
|
Dipo
Member
04-23-2002
| Friday, March 20, 2020 - 6:58 pm
Need a chuckle? Turn up the sound and listen to "Pluto the Dog" give some advice on handling the virus.
https://twitter.com/neonne/status/1241159478919098368
I was totally cracking up, listened to it several times it is so good. I hope Pluto continues to give us good advice.
|
Juju2bigdog
Member
10-27-2000
| Friday, March 20, 2020 - 9:35 pm
I saw Pluto earlier today. S/he is adorable, although hard for me to understand. I am like a half-beat behind in figuring what s/he said.
Thanks for the tax notice, Kitt, although we filed and paid yesterday.
Our local Kroger affiliate is Fred Meyer, a very good middle-class grocery store. There are empty spaces on some shelves, but most items are in stock.
|
Dipo
Member
04-23-2002
| Tuesday, March 24, 2020 - 10:40 pm
Jodi Arias.... I know we had tons of discussions about her trial, etc., but when I searched I couldn't find it. Anyway, she is still at it....
NBC News @NBCNews · 35m
Arizona Court of Appeals has upheld Jodi Arias’ first-degree murder conviction and life prison sentence in the 2008 killing of her former boyfriend.
|
Roxip
Member
01-29-2004
| Friday, March 27, 2020 - 1:12 pm
My college senior is at home (obviously) and doing online school and I just took a tech writing punctuation test with her - it was SO HARD and I have been a legal secretary for close to 40 years! I know HOW to do things but certainly didn't know what those things were called.
|
Kookliebird
Member
08-04-2005
| Friday, March 27, 2020 - 1:32 pm
Yeah, Freddies is always on top of things. Love them, but have been avoiding due to the number of people shopping there.
|
|
