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Income Tax Check

hkalin

hkalin

Veteran Member
Senior Member
I've been retired for 9 yrs. now and my wife retired the last day of 2019. Because of her retiring the last day of 2019 she received a bunch of checks for different things she still had coming so that had to be added into the 2020 tax return.. This year is the first year that our income is being based only on our two SS checks, the wife's two pensions, and any interest. When I decided what to have taken out for taxes as far as the CT. State Income Tax went because of changes they made as far as retirees go I figured we wouldn't owe anything so I didn't have anything taken out which turned out to be right. Now as far as the Federal Income Tax went I had no idea how to figure out what we would owe so I decided to have anywhere from 10% to 12% taken out. I was hoping if we did still owe anything it wouldn't be a lot or hopefully maybe we would get back a grand or two. When the accountant called the other night I was so shocked when he said we were getting back $6000 that I didn't catch the rest of the figure. I had to call him to make an appointment to pick up the tax forms and asked him again what was the total amount we were getting back from the Feds and he said $6928 which was even better than what I heard the first time. Checked the status of the check today and it was approved and should be in the account on Monday so it took about 9 days from the electronic filing to receiving the check if it does go in the Account on Monday.
 
Yeah, my youngest is going to be 21, so I lost that money a couple of years ago.

Even though we put alot in taxes each quarter, my business fluctuates (like it did last year) and the 1st and 4th quarter was big (normal), so I'm going to get nailed.
 
bikeron said:
What??? You don't make interest free loans to the government? Good man!
Click to expand...

Let me tell you a little story.... and this is 100% true.

My brother and his wife got into a situation where they owed the government boatloads of taxes for Stock in a company his wife never got. The IRS didn't want to hear it. They hired an attorney and the IRS still wouldn't listen.

Fast forward 1 year and my brother sold damn near everything he had an borrowed from everyone in the family to pay off a 650k tax bill with the IRS otherwise the IRS was going to take everything.

Fast forward another year and the IRS reports that they found an error, and they owed my brother and his wife 648k back.

Here's where it gets good. Little known stipulation / law that the IRS is only required / limited to pay back a max of 3% of the money owed on any amount over 100k.

Okay, chew on that for a bit. My brother and his wife will NEVER get the full amount back, so they have been seeking ways to defray family members taxes (ones who are having a tough time), and the IRS is throwing up roadblocks at every turn.

Moral of the story: Our government is comprised of crooks and thieves who will do anything they can and want to deprive you of your own money, so they can spend it how they want.

Ask me how I feel about it? You don't want to know.
 
I usually cut it pretty close... small check from the feds, and pay in about the same to the state.

This year I'll be paying in quite a bit because the Feds kept sending me money I didn't ask for as an "advance" on my child tax credits... Thanks Biden :rolleyes:
 
Good for you, take what you can while you can, cause you know Biden would stick it to you for sure. Nice to see the little guy catching a break once and a while.
 
Derek69SS said:
I usually cut it pretty close... small check from the feds, and pay in about the same to the state.

This year I'll be paying in quite a bit because the Feds kept sending me money I didn't ask for as an "advance" on my child tax credits... Thanks Biden :rolleyes:
Click to expand...
Me too. In order to stop it the IRS wanted me to log into their account and use facial recognition. NOPE! So here I got money I didn't ask for that will cause me to pay more. Frickin Bastards!
 
kmakar said:
Let me tell you a little story.... and this is 100% true.

My brother and his wife got into a situation where they owed the government boatloads of taxes for Stock in a company his wife never got. The IRS didn't want to hear it. They hired an attorney and the IRS still wouldn't listen.

Fast forward 1 year and my brother sold damn near everything he had an borrowed from everyone in the family to pay off a 650k tax bill with the IRS otherwise the IRS was going to take everything.

Fast forward another year and the IRS reports that they found an error, and they owed my brother and his wife 648k back.

Here's where it gets good. Little known stipulation / law that the IRS is only required / limited to pay back a max of 3% of the money owed on any amount over 100k.

Okay, chew on that for a bit. My brother and his wife will NEVER get the full amount back, so they have been seeking ways to defray family members taxes (ones who are having a tough time), and the IRS is throwing up roadblocks at every turn.

Moral of the story: Our government is comprised of crooks and thieves who will do anything they can and want to deprive you of your own money, so they can spend it how they want.

Ask me how I feel about it? You don't want to know.
Click to expand...
Wow, that's freakin' unbelievable. Did this happen under a democrat president ? Has he talked to his Senator and representative ?
I would promise my representative a $20,000 donation for help in getting that money back !
 
I owe a ton this year because of big stock market gains, all late in the year (Oct-Nov). Got a $5000 write-off for the solar equipment I bought (y)
 
Nashville Cat said:
Wow, that's freakin' unbelievable. Did this happen under a democrat president ? Has he talked to his Senator and representative ?
I would promise my representative a $20,000 donation for help in getting that money back !
Click to expand...

In fact it did. Under Clinton.

They hired an attorney to try and get the IRS to defray taxes for other family members as "gifts", but the IRS is sticking to their rules.

When my brother's attorney told the IRS they (my brother and his wife) would never be paid back the full amount owed, the IRS said sorry those are the rules.

It took my brother and his wife a few years to recover after that one.

Luckily his family (My Dad & Mom, Lisa and I, and his wife's family) were able to bear the brunt of it, and he's since retired (he's one year younger than me), paid all of us back, and made lots in the market, so the government is still paying him back and he hasn't paid taxes since Clinton.
 
kmakar said:
In fact it did. Under Clinton.

They hired an attorney to try and get the IRS to defray taxes for other family members as "gifts", but the IRS is sticking to their rules.

When my brother's attorney told the IRS they (my brother and his wife) would never be paid back the full amount owed, the IRS said sorry those are the rules.

It took my brother and his wife a few years to recover after that one.

Luckily his family (My Dad & Mom, Lisa and I, and his wife's family) were able to bear the brunt of it, and he's since retired (he's one year younger than me), paid all of us back, and made lots in the market, so the government is still paying him back and he hasn't paid taxes since Clinton.
Click to expand...
He, you, and family should never had to go through that fiasco.
I'm sure no one got fired at the IRS for their incompetent actions either.
 
For my job I will get some back from fed & state. After I plug in the farm income, I will owe a nice amount. Pisses me off every year.
 
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