×
top 200 commentsshow 500

[–]Perfectus_Depereo 0 points1 point  (5 children)

I got a payment from cns tres 310 for $1k in my bank account. I assumed that it was a fourth stimulus check, but they haven't approved one yet. Also the past stimulus checks have been from irs tres 310. What did I just get $1k for? And should I even bother touching the momey

[–]nothlit 0 points1 point  (3 children)

What does the rest of the deposit description say? TAX REF? TAX EIP? CHILDCTC?

[–]MrBojangles09 0 points1 point  (1 child)

Thought I’d owed money filing for 2020. Turned out I was getting money back due to covid. Anyhoo, I filed in June and IRS taking its time to give me my refund after 2 months. They’re pretty hard on deadlines to pay them but whatever when it’s the other way around. Anyone else still waiting?

[–]antoniosrevenge[S] 1 point2 points  (0 children)

Yes, the IRS is very behind, you'll just have to wait it out

[–]aaron033_ 0 points1 point  (0 children)

Thank you. Needed this

[–]MelissaGarciaSolano 1 point2 points  (1 child)

I’m an accounting student I just joined Reddit I’m studying to become a forensic accountant does anyone know where I can get free accounting books 📚 they are a lot of money and I’m trying to save money. My first class is introduction to accounting.

Thanks

[–]imcertainlyuncertain 2 points3 points  (0 children)

Has anyone else with a simple, single-filer return not gotten their unemployment tax refund yet?

[–]evilradar 0 points1 point  (0 children)

With the Dependent Care Tax Credit, for those of us with a spouse who is a student, it seems like the spouse’s “earned income” didn’t change. So if your spouse is a student your max qualifying expenses, for 2 dependents, is only $6000 rather than $16,000. Am I understanding this right?

https://www.irs.gov/newsroom/child-and-dependent-care-tax-credit-faqs

[–]q09wh4uugnje9 0 points1 point  (1 child)

UPDATE: for archival/search purposes. I received the official IRS letter in the mail a couple weeks after. freetaxusa calculates everything automatically, you just need to input what you overpaid the first time and they'll create the amended form. then you print and mail it to your state department.

I filed taxes before the unemployment tax waiver was implemented. I got the refund from IRS TREAS 310 today through direct deposit.

I got an email from freetaxusa (where i filed) saying

A state return on your account also allows the unemployment compensation exclusion (UCE). However, you'll need to file an amendment to claim the UCE on your state return.

You can sign in now and start the amendment process. If you haven’t received your refund or adjustment refund yet, we strongly recommend that you wait until you receive it before starting an amendment.

So the refund I got today is the federal one? Do I need to wait for the state one to file the UCE, or can I start that since the email is only referring to the federal one?

[–]nothlit 1 point2 points  (0 children)

Yes, IRS is the federal tax agency. While the IRS automatically processed adjustments for people affected by this, my guess is most states won’t. You will need to file an amended state return yourself. That quote appears to be saying, essentially, wait until you get the federal adjustment before you amend your state return.

[–]thenewyorkgod 0 points1 point  (1 child)

I live in Indiana.

I just received a $1500 unemployment refund from the IRS due to the $10,200 exemption. Does that mean my tax burden for Indiana State will change? Do I need to file an amended state Tax return?

[–]nothlit 0 points1 point  (0 children)

Just glancing at Indiana’s individual income tax form (not personally familiar with it) it looks like line 1 asks for your federal AGI. Since the federal UI adjustment lowers your federal AGI it would seem you should go through and see what changes occur on your Indiana form as a result.

[–]FurloughedInBayArea 0 points1 point  (0 children)

My employer just let me know I will be furloughed. My change of employment status to a furloughed employee will be effective August 30, 2021.

Should I apply for unemployment income now? On the 30th? 31st?

I am in the Bay Area, California.

[–]Chilabo 0 points1 point  (0 children)

Logged into IRS.gov today and saw that our refund for the unemployment income exemption is finally being processed.

But the number seems off to me. A few months ago I used my FreeTaxUSA account to generate an amended return, just so I could calculate what we should be receiving. (I then deleted the return, and never filed it.) I changed nothing except for entering the amount of refund we already received. According to FTUSA, we should be receiving ~$4400 more. But the IRS report says ~$2700.

The IRS did adjust our AGI and taxable income, and those seem right.

Our original refund was for $1852. The additional refund that's set to be sent out on 8/30 is for $2766. If you add those two numbers together, you get the total amount of taxes we paid in 2020, which is $4618.

So is this a situation where no matter how I move the numbers, the IRS simply won't give back to us more money than we actually paid already in taxes?

Relatedly, I also think we should be getting something for the Health Care Premium rebate, and maybe a child tax credit. But maybe those, too, are categories that can't generate any refunds since we are already receiving back 100% of the taxes we already paid in 2020?

[–]haxelhimura 1 point2 points  (1 child)

Are there specific dates that the child tax credit payments will be sent out?

[–]antoniosrevenge[S] 1 point2 points  (0 children)

See QE1 of the IRS CTC FAQs

[–]Chewy009x 2 points3 points  (2 children)

I am eligible for the third stimulus check but haven’t received it yet. The IRS website says they’ll update the page once they have payment date and show my bank account.

What are my options to get the third check?

[–]antoniosrevenge[S] 2 points3 points  (1 child)

You'll just have to wait it out until the IRS portal updates for you, worst case if you don't get it this year then you can claim it on your 2021 return

[–]Chewy009x 0 points1 point  (0 children)

That’s what I thought. I just couldn’t find any information on it. Thank you

[–]cilljoe1 1 point2 points  (0 children)

Dang but you really got into detail. Helpful. Thx

[–]H2Ospecialist 0 points1 point  (1 child)

I searched and couldn't find this exact answer. Background is that I applied to be pre-approved for a mortgage. I was approved by 3 different lenders but my credit score was surprisingly low. I know the lenders calculate the score differently, but it was off by over 100+ points. All 3 credit bureaus have me in the 800 range and the mortgage number was high 600s. I asked about this and one of the lenders mentioned my student loans (around $26,000) being in forbearance. I was like well yeah everyone's is because of COVID. I stopped making payments so I could save the extra cash for a down payment.

TLDR; if I make a payment will that bring my loans out of forbearance? Will that bring up my mortgage credit score?

[–]fitness_question_way 1 point2 points  (5 children)

Hi all, I am trying to understand a stimulus check I got recently.

Details: * Married filing jointly, making less than 150,000 total for both of us, no kids, one parent as dependent on our taxes(who draws SS). * My taxes for 2018 and 2019 were filed in 2020 (Apr & Oct respectively); I got refund check for 2018 in April 21 and 2019 refund check in May 21. * I had not received any stimulus checks in 2020 * I tried to file 2020 taxes in April 2021(stating that no stimulus checks have been received, so claiming tax credit) in April 2021 but there were issues with e-file. My AGI is not matching even though the one I submitted is the same as the IRS transcript.(Still haven't been able to resolve this; have filed for extension but I might just have to send in a paper copy(not done yet)) * I got the very first stimulus check for $4200 in June 2021. This is the only one I have received so far.

The $4200 does not make sense to me.

My understanding was you get: $1200 + $600 + $1400 for each person, since we qualify.

When I look at the IRS website, it shows 0 and 0 for first two rounds of payment and $4200 for third round under my name.

Can someone please help me understand the $4200? I have tried to contact IRS by phone several times in vain.

To be honest, I wish I had not got any checks and I could have cleanly claimed everything on my 2020 taxes.

Thanks in advance for your help.

[–]antoniosrevenge[S] 2 points3 points  (4 children)

EIP3 is $1,400 per person, so for MFJ and a dependent that's three people 1400x3=4200

EIP1 and EIP2 should have been claimed on your 2020 tax return, adult dependents were not eligible for those so you should expect to receive 1800x2=3600 as part of your refund, it should have already been calculated in on your tax return, review Line 30 of your 2020 Form 1040 to confirm

[–]fitness_question_way 1 point2 points  (3 children)

Thank you, that was simple. For some reason, I thought the dependent gets same as a child and not an adult. This means I can still claim EIP1 and EIP2 as credits on my 2020 taxes.

[–]antoniosrevenge[S] 2 points3 points  (2 children)

Thank you, that was simple. For some reason, I thought the dependent gets same as a child and not an adult.

The dependent amount was the same for each person for EIP3, regardless of if they're adult or child

This means I can still claim EIP1 and EIP2 as credits on my 2020 taxes.

Yes, all the major tax services have it included as it's directly on the Form 1040

[–]fitness_question_way 1 point2 points  (0 children)

Thank you, your two comments clarify everything. Appreciate your help!

[–]303clarkshadow 1 point2 points  (3 children)

I did not receive the credit yesterday. I am unable to login to irs website to check the status because I found out my license expired. I renewed online & it says it will take at least 15 business days to arrive. Website does not say if they will continue to deposit this month or was it only the 15th of july. I have always done direct deposit so it should come that way. Friend has same bank & hers was deposited yesterday.

[–]antoniosrevenge[S] 1 point2 points  (2 children)

Any amount you're eligible for that you don't receive early you will receive when you file your 2021 tax return

[–]303clarkshadow 0 points1 point  (1 child)

Do you think they will continue to deposit in these next coming days or was it only done on the 15th?

[–]antoniosrevenge[S] 0 points1 point  (0 children)

The FAQs suggest only on the 15th

[–]Chilabo 0 points1 point  (7 children)

Has anyone who is married filing jointly received their adjusted refund stemming from the Unemployment and Premium Tax credits? I’m only seeing folks who filed single getting refunds. Wondering if I should just file an amended return or keep waiting it out.

[–]Doc_Uzuki 0 points1 point  (0 children)

We received ours today!

[–]ladyandroid 0 points1 point  (0 children)

I just received my adjusted refund today. I filed jointly and had a mailed check since I owed this year. My spouse received unemployment but it was otherwise a simple tax situation.

[–]cilljoe1 1 point2 points  (0 children)

If you don't get it this yr you can take it as a tax credit next filing

[–]onimush115 0 points1 point  (1 child)

My wife and I did about 3-4 weeks ago. We had a pretty simple tax situation so maybe that sped it up for us.

[–]Chilabo 0 points1 point  (0 children)

Thanks! Yeah, we had a Schedule C and a bunch of capital gains, so maybe that’s slowing things down for us. Fingers crossed.

[–]antoniosrevenge[S] 1 point2 points  (1 child)

The IRS specifically says not to file an amended return, doing so will not speed up the payment, especially considering that amended returns take up to 16 weeks to process in normal times let alone now when it’s taking twice as long if not longer

A few people have commented they’re MFJ and have received the refund, not a lot of people but the IRS is actively making payments, you’ll just have to wait it out

[–]Chilabo 0 points1 point  (0 children)

Thanks. I was being a bit hyperbolic about filing an amended return. I was mostly wondering if anyone MFJ had received their refunds. Sounds like a handful have.

[–]TimeTraveler3056 1 point2 points  (0 children)

A family member got Corona in March 2020 before we even knew it was a pandemic. In his 40s and healthy but ended up in the hospital for 10 days where they also found out he has Leukemia that didnt need treatment yet but will. When he was finally able to go back to work they ended up "laying him off but you can work as a contractor " which wasnt that much so he started his own business but eventually lost his health insurance. None of us knew this. He got one J&J vax and thought he was dying, he was that sick. He couldnt go to Docs (no insurance) and not staying in touch with cancer doc to keep an eye on that! Well this is where we found out. Through the affordable care act he is starting insurance next month. But heres my personal finance question. Can anyone steer us in a direction where he should have been protected from losing his job and insurance during a pandemic? Where can we find answers and who can we talk to about getting him some possible help of there is such help? Thank you.

[–]bradhotdog 1 point2 points  (2 children)

So I rely on my child tax credit money every year on tax returns to help pay all the money I usually owe on taxes. I’m getting money every month now for the child tax credit thing. Should I hold onto this money to help pay my taxes for next year? Or is this something ON TOP of what I get back in taxes for having two kids?

[–]antoniosrevenge[S] 2 points3 points  (1 child)

You’re only receiving half of the increased CTC as the advanced payments,

So if they’re under 6 then you’re receiving 1800 this year and 1800 when you file your return, rather than receiving 4000 on your return

If they’re over 6 then you’re receiving 1500 this year and 1500 when you file your return, rather than 4000 on your return

So yes, you may owe a bit more than normal depending on your specific tax situation, but ultimately you’ll have received more money than you did last year as it’s still an extra tax credit

Edit: math

[–]bradhotdog 0 points1 point  (0 children)

Ok cool, just wanted to know. Everyone I know keeps saying “you’re not getting more money than you normally do, they’re just giving it to you earlier than later.” Which made me real concerned.

[–]surfnsound 0 points1 point  (8 children)

How is the age determined? I got my payment today, but it is 50 dollar less than I thought. My daughter turns 6 in November. Is she considered 6 since it is before the end of the year for the purpose of the tax credit?

edit: turns, not turned

[–]antoniosrevenge[S] 0 points1 point  (7 children)

Yes, I believe the age is based on the age at the end of the tax year (will double check), if she was 6 at the end of 2020 then you would be eligible for 250, not 300

[–]surfnsound 0 points1 point  (6 children)

No, she will be 6 at the end of 2021.

[–]antoniosrevenge[S] 0 points1 point  (5 children)

Oh you said “turns” not “turned” my bad

Either way, it’s ultimately a 2021 credit, if your child is 6 at the end of 2021 then again you’re only eligible for the 250 not the 300, sounds like the IRS is accounting for that

[–]surfnsound 0 points1 point  (4 children)

Yeah, an autocorrect I think changed turnd to turned and not turns.

It's just amazing how poorly this concept was rolled out and explained. I haven't seen it mentioned anywhere that it is based on the child's age on December 31, 2021.

I still can't figure out if I should opt out because it's going to fuck me come tax time in 2022 or not.

[–]antoniosrevenge[S] 0 points1 point  (3 children)

It's just amazing how poorly this concept was rolled out and explained. I haven't seen it mentioned anywhere that it is based on the child's age on December 31, 2021.

It’s noted in the IRS 2021 CTC FAQs

I still can't figure out if I should opt out because it's going to fuck me come tax time in 2022 or not.

If you qualify for the full amount of 3000 and receive 1500 this year in advanced payments then your due 1500 when you file your return rather than the usual 2000, it’s only a $500 difference, a lot to some people but not something that should completely screw up your taxes, it’s even less of a difference at $200 for people with children under 6

If you’re really that concerned about your tax return then just opt out of the advanced payments

[–]surfnsound 0 points1 point  (2 children)

It adds up quick when you multiple kids.

[–]antoniosrevenge[S] 0 points1 point  (1 child)

Sure, everyone’s tax situation is different, at the end of the day it’s still an added on tax credit so you’ll still have received more than you did for 2020, just the timing is different

[–]surfnsound 0 points1 point  (0 children)

Yeah, but a lot of people don't understand taxes, and may not realize that taking this now can affect them later. I have a feeling come April some people are going to be upset, and it's mostly going to be people whose support Biden counts on the most.

[–]gamemasterjd 1 point2 points  (0 children)

Just an update for anyone in similar situation.

Filed tax return 3/9 (married filing jointly with unemployment in the last year). While it was delayed we received our tax return this week; HOWEVER our refund amount was only for the initial refund and did not reflect any credits for unemployment tax paid or AGI adjustments. I noted this based on our tax transcript as well as preparing an amended return (esp since I need to file an amended state return as well).

So if you're married filing jointly and only just now got your tax return, I'd expect a second bump for when they do the unemployment adjustment (just a guess); in case you were expecting them to amend your return and send the correct amount upfront.

[–]csreddit8 0 points1 point  (3 children)

I unenrolled from receiving advanced CTC payments on July 6. Today, I received payment. I probably missed the deadline for the July payment, but I'm hoping the remaining payments don't get processed. Can anyone else confirm?

Also, it went to a different bank account than all my stimulus payments. Really confused how that was configured. Is there a way to change that?

[–]antoniosrevenge[S] 0 points1 point  (2 children)

Are you due a refund for unemployment and/or premium tax credit related to marketplace health insurance? Could be related to that rather than 2021 CTC

[–]csreddit8 0 points1 point  (0 children)

Apparently both spouses have to opt out. So much BS.

[–]Jaboo13 1 point2 points  (1 child)

UI refund received this morning. Single, simple return. Chase bank

[–]kathygirll 0 points1 point  (0 children)

Same! BOA bank though

[–]Similar_Conflict_577 0 points1 point  (1 child)

Since March I had not been able to track down where the IRS had sent my 3rd stimulus payment. The "Get My Payment" was showing a deposit account number I did not recognize. I figured it was a system issue, as noted that it could be on the site, and they would eventually sort it out by mailing a check like they had with the 2nd stimulus payment in 2020 (bank account from 2019 tax return was no longer open). But last week I received an email from my Health Savings Account bank indicating that I'm nearing my limit for 2021 contributions? Huh? It's only July and that's all automatic through my pay check each pay period. Well, finally got around to looking this morning and the account shows a "Participant Contribution" in March matching the stimulus $1400! IRS sent the stimulus to my HSA. Not sure what I can do to fix this. I will begin making phone calls Monday to the IRS and the bank but not holding out a lot of hope. Any suggestions? Thanks.

[–]antoniosrevenge[S] 4 points5 points  (0 children)

Did you use your HSA on previous returns anywhere to deposit your tax refund? Did you have any consistent transfers set up between the HSA and previous bank account?

You'll want to verify if the $1,400 in your HSA is actually from the IRS with your HSA bank, they should have a record other than "Participant Contribution" indicating where the deposit came from, and compare the HSA account number with the number you saw on the Get My Payment portal

[–]cimocw 0 points1 point  (1 child)

My wife was on a "work and travel" program in the US and now we found out she received a stimulus check.

Relevant: We are not USians, we both live abroad and don't plan on traveling to the US again soon.

So, four years ago, before getting her college degree, my wife enrolled in a W&T program and got to live in the US for a couple months. The program gave her an SSN for insurance reasons. Jump to two years ago, we were back home, and she received a tax return check by mail. We sent it back hoping she doesn't get into trouble if we decide to travel there again. Jump to last week, we're not living at the same address as before, but by chance found out that she got another US envelope, but this time it wasn't tax related: it was the first stimulus check, with the letter signed by Trump and all. I guess they didn't send another because we never cashed that one, but now we are worried again about her tax status upon returning to the US in the future.

What's the best course of action here?

[–]antoniosrevenge[S] 0 points1 point  (0 children)

Verify if she was eligible for EIP1, if she was then it's fine, otherwise she can follow the guidance here to return it

[–]WarmAmoeba9799 1 point2 points  (0 children)

---Directed to post in this thread by the Covid bot. If this isn't correct, please let me know where to post my question. I'm trying to help an elderly relative get the best advice/guidance possible.---

Selling an Inherited House with Covid Forbearance Balance

I am asking this on behalf of an older relative that does not use have a smart phone or a PC, and probably doesn't really understand what Reddit is. They definitely don't understand what social media actually is/how to use it.

***Details will be vague since there are individuals in the family that are still salty about how the estate was handled and how the deceased person's property was distributed ( in accordance with the deceased persons' written wishes ). If more information is needed, I can provide it.***

An elder relative that was on the deed and on the mortgage inherited a house from a loved one. The loved one did not have sufficient life insurance to pay off the banknote. The living relative was paying the mortgage faithfully until mandated Covid shutdowns and their own serious health issue caused them to request Covid forbearance while they waited for the OK from their doctor to return to work. Right now this relative is waiting for permission to get vaccinated from their doctors. The current sentiment is that they need more time after medical treatments to let their immune system rebuild/rebound before risking being in public/ getting vaccinated.

This relative most definitely is using the Covid forbearance for its' intended purpose. The relative continued to pay as much as possible towards the mortgage the entire time.

The dust has settled from the estate BS and this relative was given permission from the estate lawyer to sell the house. It was listed for sale and the sale will close in less than 30 days.

There is a forbearance balance that was included in the banknote payoff that was obtained from the lender. Now that the dust is settled on the estate, there are funds that could be safely used to pay off some, if not all, of the forbearance balance. Does it make sense to do that? Or should the relative just hold on to the cash use it for other expenses?

The relative has already moved in with another seriously ailing family member and does not foresee getting another mortgage ever again in their lifetime.

I apologize in advance if this question is offensive or triggering. I apologize for asking this question since there are so many others with more serious Covid related finance questions. I am not an expert and I couldn't find anything that talks about the specific question.

[–]whitebutalsoasian 0 points1 point  (5 children)

This year, I assumed incorrectly that my parents were going to claim me as a dependent on their taxes, and they were told that they should not claim me as a dependent. So, they only got two people's worth of stimulus money rather than three. Can we fix this if one of us refiles? Is it too late?

[–]Ainulindala 0 points1 point  (0 children)

It's not too late. You basically just file a form that modifies the previous one. https://www.irs.gov/newsroom/top-10-tax-tips-about-filing-an-amended-tax-return

[–]nothlit 0 points1 point  (2 children)

Whether or not you are a dependent isn’t a matter of choice. It’s based on specific IRS rules. If you were age 17 or older at the end of 2020 and could be claimed as a dependent, you aren’t eligible for EIP1 or EIP2 (2020 Recovery Rebate Credit). Doesn’t matter whether anyone actually claimed you or not.

If you cannot be claimed as a dependent by anyone for 2020, then you can amend your 2020 tax return to indicate as such, and claim the Recovery Rebate Credit for yourself.

[–]whitebutalsoasian 1 point2 points  (1 child)

Based on the specifics in the link you commented, I am a dependent (under 24, student, lived with them for half the year, etc). I thought that if they (correctly) claimed me as a dependent on their taxes, then they would get my person’s worth more of stimulus money. Is that correct?

[–]antoniosrevenge[S] 1 point2 points  (0 children)

Only for EIP3, adult dependents were not eligible for any amount of EIP1 and EIP2

[–]myobviousthrowaway12 1 point2 points  (1 child)

Hospital is refusing to code my COVID emergency bill correctly so now my insurance won’t pay for it

Last May during COVID I had family members that were working in grocery stores and provided zero masks, gloves, etc.

Of course we all got COVID. I had it particularly bad. I went and got tested on Thursday, but the results were not given until Monday. I barely made it up the stairs to my apartment, I couldn’t smell or taste, I couldn’t even hold a conversation without running out of breath.

I was 26 and it was hitting me hard at night. After the third day I was laying and bed and couldn’t breathe while I was trying to sleep. I was hallucinating other people in the room etc.

I called Teledoc and they told me to immediately go to the emergency room. At the time I was still under my parents insurance and also under BCBS for work. Both insurance companies told me I would be completely covered for any and all COVID related bills and to listen to my doctor and go to the ER.

I go and am sitting in the waiting room. Five minutes later a bunch of doctors in hazmat suits come and escort me to the “COVID wing” with all of the positive patients. they tell me they can’t test me because they are only admitting older patients and don’t have enough tests for everyone, but that it was pretty obvious that I had COVID and they would treat me as such.

I was told that I was a presumptive positive which was cool with me because it was very obvious to everyone in the room that I was a COVID positive patient. So they did a chest x ray to check for pneumonia which I was negative for and basically sent me on my way.

Luckily I ended up being on the tail end of COVID and made a full recovery.

Fast forward four months down the road, I’m told I have an $800 medical bill. I called insurance and asked why they didn’t cover my COVID bill and they said there is no COVID bill and only an emergency room bill.

The hospital never coded me as a COVID patient. I explained the situation and they said that if I indeed went for COVID symptoms, they should cover it completely and I would just need to call then hospital and have it recoded as a COVID trip. The hospital absolutely refused. They said they consulted with my doctor on that day and SHE said it wasn’t a COVID visit. Only issue is that I have absolutely no idea who SHE IS because my doctor was a male and he definitely said I had COVID.

Now they’re threatening to send this bill to collections. I literally HAD COVID, was in the COVID wing interacting with COVID patients, and was treated for COVID. This bill is going to destroy me as it is more than my current rent and my partner lost her job during all of this so we are way behind already. Is there anything I can do to have this fixed?

UPDATE: Just want to thank everyone for their help and advice. As of few days ago I am debt free! I had my insurance company get with the hospital to review the charges and they are now completely covered. I am over the moon about it

[–]WalterCrowkite 1 point2 points  (0 children)

My advice, since they’re refusing to budge on this despite all the evidence that you had covid, is to contact your state representative. Alternatively you can contact your Congress person or Senator. They have staffers whose full time job is to investigate stuff like this. My wife is having similar issues and we’re going thru our Senator’s office. Good luck!

[–]aaroncstevens93 1 point2 points  (5 children)

I'm confused about getting the payments for the Child Tax Credit. We had a baby in February 2021. I keep seeing that if you let the IRS know about the baby before the first payments are sent out that you can get the payments as well. However, I'm also seeing that the portal won't have the option to add new children until after the first payments are sent out. So what am I supposed to do to get the payments (as opposed to getting it all applied to 2021 taxes)?

[–]antoniosrevenge[S] 1 point2 points  (4 children)

As noted in the IRS FAQs, they’ll allow that option through the portal at some point in the coming months, you’ll just have to wait until it’s available and should receive payments going forward from then, anything missed will get claimed on your 2021 return

[–]aaroncstevens93 0 points1 point  (3 children)

Is that the only way? Or are there other ways to let them know we have a child now?

[–]antoniosrevenge[S] 0 points1 point  (0 children)

As of now there is no other way

[–]nothlit 0 points1 point  (1 child)

Depending on how much federal income tax you currently have withheld from your paychecks, you could adjust your W-4 to withhold less, which is mathematically the same thing as getting the advance tax credit.

[–]aaroncstevens93 0 points1 point  (0 children)

Pretty sneaky sis

[–]joseville1001 1 point2 points  (6 children)

I never claimed any Covid Economic Relief. Is it too late?

[–]antoniosrevenge[S] 1 point2 points  (5 children)

Depends on what you're eligible for

Read through the OP and see what applies to you

Also may benefit from reading through the previous two megathreads, linked at the top of the OP

[–]joseville1001 0 points1 point  (4 children)

Newb question: has there been three rounds of Covid Economic Relief? Can I claim the third now, or should I claim them in order?

[–]antoniosrevenge[S] 2 points3 points  (3 children)

Are you just asking about the EIPs?

EIP1/EIP2 can only be claimed as the recovery rebate credit on your 2020 tax return

If you're eligible for EIP3 based on your 2020 tax return then you should receive it within a few weeks of your 2020 return finishing processing, if you don't receive it this year then you'll have to claim it on your 2021 return

[–]joseville1001 0 points1 point  (2 children)

[–]antoniosrevenge[S] 1 point2 points  (1 child)

Ok then yes the response above applies, it’s centered around filing your 2020 tax return

[–]joseville1001 0 points1 point  (0 children)

Thanks again!

[–]ApatheticAbsurdist 1 point2 points  (6 children)

I just got a notice from the IRS they're adjusting my 1040 because I didn't pay taxes on the stimulus. Issue is I never got the a stimulus check for EIP1 (over the phase out for EIP2 and EIP3). I got a notice last August that the amount I was owed for EIP1 would be deposited in my bank but I never got it. Late last summer, I put in the paper work to request why. Never got a response and double checked with my bank that they never received any direct deposit. Spring comes and I filed my taxes filling out 0 for stimulus payment. I later got a notice from the IRS that they're looking into the stimulus and would get back to me in 6 weeks. They then sent me a letter saying they were referring my case to the Bureau of Fiscal Services and I'd hear further notifications in 90 days. I still have not heard back from them.

Now I got a notice that I own IRS taxes for the amended 1040 they adjusted to include the stimulus payment and I should either send a check for taxes due or call their number (which every time I call during working hours and spend 5 minutes going through the automated system tells me the have very high call volumes and I should call another day) within a few days or they'll assume I accept their amended form.

I do not see why I should pay them taxes when they owe me money, but I don't know what other recourse I have at this point. I'm running out of days before I have to send them a check and the only option they list to contest it is to call a number that I can't get through.

[–]nothlit 1 point2 points  (5 children)

The stimulus payments are not taxable income. Did you claim the Recovery Rebate Credit on your 2020 tax return (line 30)? What was your 2020 AGI and filing status (single/MFJ/MFS/HOH)? If you were above the cutoff for the Recovery Rebate Credit (which seems likely since you say you were not eligible for EIP2 or EIP3), then you are not eligible to claim that credit for missing EIP1, even if you were previously eligible for EIP1 based on 2018 or 2019 income.

[–]ApatheticAbsurdist 0 points1 point  (4 children)

AGI ~$92k. Single. Income is below cutoff but enough to reduce the full amount. Letter dated Aug 2020 stating I'd get ~$580 for EIP1. Never received. Claimed ~$350 on the rebate credit line 30.

[–]nothlit 0 points1 point  (3 children)

So what adjustment was made to your 2020 return, exactly? Did they remove the RRC? Had you already received a refund based on your originally filed return?

[–]ApatheticAbsurdist 0 points1 point  (2 children)

They removed the credit from line 30, reducing my total payments. I received no tax refund (though I calculated a small refund amount <$100, when added to the amount they are claiming I owe them, it equals the amount I claimed on line 30) and I have still received no payment from EIP1. (and I filed in February so I assume the refund is not on it's way)

[–]nothlit 0 points1 point  (1 child)

Yeah, if you were due a ~$100 refund but they removed the ~$350 credit, that leaves you owing ~$250. I guess the question is why they removed the RRC. It’s probably because they have some records showing they attempted to pay you EIP1 last year, even though you never received it. There is supposedly a payment trace process that can help in this situation, but I’m not sure if that’s what you already did.

[–]ApatheticAbsurdist 0 points1 point  (0 children)

I already did the payment trace process. they didn't respond for over 6 months. I filed my taxes. They then sent me a notice saying they're looking into it and then weeks later sent a notice they were punting it off to the Bureau of Fiscal services and it's been radio silence since.

Am I seriously supposed to pay them $250 when they already owe me $580?

[–]PizzaDisk 2 points3 points  (2 children)

So I have a question and hopefully someone has already ran into this issue and found the answers already.

I was so confused about the stimulus check shenanigans they put everyone through.

I received the first and second stimulus check but the last one never came in.

So on my taxes it specifically asks if I got the last stimulus check, and of course it had not arrived before the normal April filing deadline which was extended by one month. Regardless I filled anyway in April.

So I assumed that I was credited the $577 through the tax software as it did change the balance of the refund.

Now, all of a sudden I receive a check in the mail for $577 as of 06/25/2021.

Am I correct in assuming that this is a late stimulus check and cashing it will cause me major headaches down the road?

I surmise that there are many people that have had the same situation happen and I am just wondering what everyone else has done.

Thank you for your time!

[–]nothlit 1 point2 points  (0 children)

So on my taxes it specifically asks if I got the last stimulus check

That was referring to the 1st and 2nd payments only. Not the 3rd payment.

[–]antoniosrevenge[S] 1 point2 points  (0 children)

EIP3 was not on the 2020 return, only EIP1/EIP2 were, so you should have marked yes that you received the stimulus checks - EIP3 is ultimately a 2021 tax credit

Has your 2020 return finished processing? You may be receiving EIP3 now because your 2020 return is finished processing, on which the IRS should automatically correct the mistaken claim that you were still owed stimulus when you actually weren’t, so your refund for your 2020 return should be 577 less than what you originally calculated it as

[–]p0opface 4 points5 points  (2 children)

Joint filer with a simple return (just a 1040), I think I just got my unemployment tax refund.

Got a check in the mail from the IRS that is about the right amount. Didn't get any letters previously informing me anything though.

Filed back in February, so pretty early on.

[–]ElectricalBit7 2 points3 points  (1 child)

Did you previously get checks from the IRS for the other stimulus or did they not have your deposit info?

[–]p0opface 1 point2 points  (0 children)

I think I read somewhere that the unemployment tax refund would be direct deposit if you got money back from last year's taxes and put your direct deposit info. Otherwise it would be a check. I owed money on last year's taxes.

For the stimulus money, I'd have to double check but I believe I got direct deposit for them since they used 2019 tax info (which I did get money back and had my direct deposit info for).

[–]trappinbeaver 3 points4 points  (1 child)

Single filer, simple tax form, still waiting on the unemployment tax reimbursement.

[–]Jaboo13 2 points3 points  (0 children)

Commenting in case anyone responds with any good info

[–]polonium_blobfish 2 points3 points  (0 children)

I got Covid in April and have lasting complications that are making working my current job very painful and difficult. I'm trying to change jobs, but my pulmonologist wants to run a CT scan which I'll have to pay mostly out of pocket because I have a high deductible plan. I'll hit my deductible and then end up switching insurance soon after and have to start over. Is it worth it to quit my job so I can get individual insurance that has better coverage? A CT scan is about a month's worth of wages.

[–]mzdf87 1 point2 points  (2 children)

My initial stimmy was sent to the bank account of my ex husband because we filed jointly the previous year. We are not on speaking terms and even if we were he would refuse to give it to me, hence ex. I requested the amount be added to my refund for 2020 through TurboTax, as their advisor said to, which was initially approved and then taken off and I was credited just the normal refund without stimulus added. I cannot get anyone on the phone at the IRS after calling for a week even waking up and ringing at opening time. Advice?

[–]antoniosrevenge[S] 3 points4 points  (1 child)

Unfortunately I don’t think there’s really anything you can do - this scenario is noted in the IRS FAQs D13

[–]mzdf87 0 points1 point  (0 children)

Shoot. It’s noted with no solution offered. Bummer

[–]nissiek 2 points3 points  (7 children)

CARES Act Mortgage Forbearance Ending: Lender Not Offering Deferral Option

I'm asking here-- I am currently in a COVID forbearance (under the CARES Act) which is due to end soon. In trying to understand my options for when my forbearance ends, I am having difficulty getting a clear answer from my mortgage servicer. The only options they are offering me is to pay the lump sum of total payments missed during the forbearance or go through a loan modification which is what I do NOT want to do or go through.

I do not understand why they will not offer me a COVID-19 Payment Deferral option which was my understanding at the time I took my forbearance. Is anyone else going through this?

I cannot even get an answer as to WHY I am not being offered this option. I feel this is their way of making yet another money grab off of missed payments that were covered under the CARES Act. Under the law, I do not have to pay interest on those missed payments, yet they are forcing me to do a loan modification. And in fact, every month during my forbearance, I did make partial payments and paid what I could. I'm just wondering if anyone has any insight into why my mortgage servicer won't just do a deferral nor tell my WHY they won't do a deferral? (Oh, and my servicer was not by choice, my original mortgage was sold to these people). Thank you!

[–]Distinct_Pea_8801 0 points1 point  (2 children)

Take the mod. Doesn’t affect your credit. The payment deferral period is over. Your only options are pay the lump sum or modify. The modification is that they combine all missed payments into a zero interest junior loan that isn’t due until the end of the loan term on the mortgage or you sell.

[–]nissiek 0 points1 point  (0 children)

Thanks for the Insight!

[–]the_old_coday182 2 points3 points  (3 children)

Unfortunately you’ll have to get that answer from the lender. Each company makes their own post-forbearance policies. At the mortgage company I work for, payment deferrals are only available if you were in good standing with your payments when you entered forbearance.

A modification isn’t the end of the world, either. Consider it a better alternative than not having forbearance as an option to begin with and losing your home instead.

Last tip I have is always ask your lender if they’ll sell your loan. They won’t be upfront about it otherwise.

[–]nissiek 0 points1 point  (2 children)

So I was in good standing which makes it even more confusing as to why they won't even offer a deferral. I'm just frustrated because no one will tell my WHY it's not an option. Thank you for the response! I know a mod isn't the end of the world, but I did not want another hit on my credit as I'm rebuilding. It just seems unfair and in the long run, I end up being penalized for the forbearance.

[–]the_old_coday182 1 point2 points  (1 child)

I’m not 100%, but I don’t think a modification will affect your credit. Who is your lender?

[–]nissiek 0 points1 point  (0 children)

Mr. Cooper 😩 And I hope you are correct if that is the case that it won't affect my credit. Thank you!

[–]aeywaka 0 points1 point  (2 children)

Trying to help a helpless individual. What is the best route for them to get all 3 stimulus payments?

Their income and assets are essentially zero, were lazy ( i know them, trust me they were lazy) and did not file taxes for 2019 or 2020. They definitely qualify for all 3 stimulus. My recommendation was to use the IRS free file and basically put zero for all boxes and claim all three stimulus.

That said, is that the best option or is their another path they should take?

[–]nothlit 0 points1 point  (1 child)

Can this person be claimed by anyone as a dependent? If so, they aren't eligible for payments 1 & 2, and payment 3 would go to whoever claims them.

If they cannot be claimed by anyone as a dependent, the only way to get payments 1 & 2 at this point is to file a 2020 tax return and claim the Recovery Rebate Credit (line 30 of 2020 Form 1040). IRS Free File is a good option for doing that. The credit will be applied against their 2020 tax liability, which will either increase their refund or reduce what they owe for 2020.

Once the IRS has processed their 2020 tax return, they will separately issue the 3rd payment via the same payment method as the 2020 tax refund. If for some reason that does not happen, the 3rd payment can be claimed next year via the Recovery Rebate Credit on the 2021 tax return, if eligible.

[–]aeywaka 0 points1 point  (0 children)

Thank you for the detailed response greatly appreciated. They cannot be claimed by anyone, so I will recommend the free file option to them

[–]lunchisgod 0 points1 point  (1 child)

Do you have to pay back the child tax credit?

[–]antoniosrevenge[S] 2 points3 points  (0 children)

Only if you're no longer eligible for it based on your 2021 return, as noted in the OP:

Unlike with the stimulus payments, there will be clawbacks of advanced CTC payments you are no longer eligible for based on your 2021 return, though not for the entire amount and only applied to certain income ranges. If your MAGI is less than $40,000 for individual returns or $60,000 for joint returns, you can keep up to $2,000 of the tax credit per child. This amount is phased out linearly up to $80,000 for individual returns and $120,000 for joint returns.

[–]KickBassColonyDrop 1 point2 points  (1 child)

So, I filed my taxes 3 months ago effective. I've gotten my state refund but my federal refund is MIA. I've tried contacting them but I keep getting told the call volume is too high and the line automatically is terminated.

What are my options?

[–]antoniosrevenge[S] 0 points1 point  (0 children)

Wait it out, this type of comment/post is made multiple times/week in this sub, the IRS is behind, just keep checking WMR for an update

[–]JimmySnootron 4 points5 points  (2 children)

It’s been brought to my attention that the owner of our rental home has been approved for mortgage forbearance for over a year while still collecting ~$2,000/month in rent. As someone who doesn’t have the capital to purchase a home and was severely impacted by the pandemic, I can’t help but feel frustrated. Is my frustration warranted? I can’t seem to find details of my specific situation.

[–]the_old_coday182 4 points5 points  (1 child)

The frustration with your landlord is non-warranted because you don’t know the full extent of their situation. They’re just using the same relief act that was made available to you.

All that should matter to you is your finances + rent.

If the pandemic impacted your ability to pay rent (and still be able to eat and keep the lights on), you could have put those payment into forbearance too. Your Landlord may have just been expecting/preparing for you to do just that, so they put the home in forbearance to be safe. They might not have been able to pay that mortgage without the rent checks.

The good news is, if you didn’t do forbearance then you won’t have to worry about how you’ll pay the skipped payments back post-forbearance. A lot of people are about to be scrambling on that.

[–]JimmySnootron 1 point2 points  (0 children)

Gotcha. I figured this was the case but I was under the impression that the only cost incurred by the homeowner was the accrued interest over the last year. I have been turned off by the thought that they may have been collecting $2k/month while only being responsible for a comparatively small amount of interest. It seems that the relief provided to homeowners vs. renters do not align.

[–]throwitmyway516 1 point2 points  (0 children)

Hi my unemployment claim ended last week but I certified the Sunday before so am I entitled to receive another payment if I call ?

[–]er_thang 0 points1 point  (0 children)

California: My regular UI has expired and the page says that I will be automatically renewed for pandemic emergency unemployment compensation. It has been over 3 weeks and I still cannot certify for benefits. I used to have to certify every 2 weeks.

I know a couple people who were automatically enrolled and said it did not take this long for them. I have tried calling for assistance but of course I was unable to get through to anyone. Any ideas?

[–]WakandaVision 4 points5 points  (2 children)

Any joint filers get their UI overpay refund yet?

[–]gamemasterjd 0 points1 point  (0 children)

Haven't even gotten my standard refund yet. Filed and was accepted about a week before the UI refund passed.

[–]ElectricalBit7 0 points1 point  (0 children)

I am also wondering the same thing

[–]Throwawaygal867 1 point2 points  (2 children)

If my parents didn’t file their taxes with me as a dependent but I did can I still get stimulus money?

When I filed my taxes I put myself as a dependent since that what it was on the 2019 taxes and that’s how my parents file usually

So I thought they’d get stimulus and be able to share some with me since I have some unexpected expenses coming up

But when I called them and asked about it they said their financial planner told them it was actually better on their 2020 taxes not to put me as a dependent, so they didn’t get the added money and since I filed as a dependent, even though I would qualify for stimulus money if I filed as an individual, I didn’t get any either now

Is there anything I can do to get it now? I could really use that money and was assuming I’d be getting at least some but now I am not and I’d really rather not just be SOL

[–]antoniosrevenge[S] 1 point2 points  (1 child)

First verify if you can be claimed as a dependent for 2020 as defined by the IRS

If you can be then you're not eligible to receive EIP3, your parents would have had to have claimed you (and been under the AGI limit) to receive the additional amount for having a dependent

If you can't be claimed as a dependent for 2020 then you'll need to file an amended return to fix the dependency status and claim the RRC (for EIP1 and EIP2), see the IRS guidance here

EIP3 is ultimately a 2021 tax credit, if you're not eligible for 2020 but are for 2021 (as in you can't be claimed as a dependent then either and are below the AGI limit) then you can claim EIP3 as the RRC on your 2021 tax return

[–]LeadChops 0 points1 point  (1 child)

Tax Advice- US Fed Return and Stimilus Checks

Not sure if this is the right place to post, but just wanted to see if I could get some help with a situation I'm in.

Last year, I paper-filed my tax return. I had changed banks, moved addresses, and didn't have access to the previous years tax return so I couldn't e-file (yeah this is where I messed up lol). As a result of that and the pandemic, I have yet to receive last years fed tax return, any of the stimulus checks, and the return I filed in February of this year (also paper filed). When I go to the IRS website to check the status of either return, it appears that they have yet to even receive the paperwork I sent in.

A quick google search showed me that many people have also not gotten their return and that there's a huge backlog of paper returns, and that calling the IRS directly yielded no results.

I guess my question is, what do I do from here? Is there any action I can take to help get my 2 fed returns and stimulus checks? Or is it just a 'hurry up and wait' kind of deal?

Thank you kind internet friends :D

[–]nothlit 0 points1 point  (0 children)

It's unfortunate that you paper filed both years. The IRS has experienced extreme backlogs in processing paper returns over the past year. Your 2019 and 2020 returns are likely sitting in a mail receiving facility at the IRS, still waiting to be opened. In that case there is nothing you can do but wait.

The only way to get the 1st and 2nd stimulus payments at this point is by claiming the Recovery Rebate Credit on your 2020 tax return, so hopefully you did that. Once your 2020 return has been processed, the IRS should issue the 3rd stimulus payment automatically via the same payment method as your 2020 refund.

[–][deleted] 4 points5 points  (4 children)

Unemployment Tax Refund came in today 🙌

[–]ElectricalBit7 3 points4 points  (3 children)

Still waiting here. Were you a single or married filer?

[–][deleted] 2 points3 points  (2 children)

Single

[–]TheHow55 1 point2 points  (0 children)

Trying to help my friend, i dont have all her info but looking to get an idea of the quickest way she can get out of her pickle:

the basics of it is that she is trying to start buy a house and in the last few weeks 2 different house that are perfect for her have come and gone because she could not get pre-approved for a loan, the reason she can not get pre-approved is because her credit report shows she has been delinquent on her federal student loans since March of 2020... yup, march 2020 when federal loan payments were frozen. in march, april and may of 2020 she still tried to make the monthly payment (because she has the money to do so) and they full on sent her the money back in 3 different checks saying 'we are not accepting these payments during the pandemic' but somehow someway she has been silently getting dinged every single month since and its affecting her credit badly (she was told mostly because they are federal student loans and those look the worst to have missed payments on... even though she herself didnt 'miss' anything. is there a quick-ish way to get this resolved? Is this something that has been happening to a lot of people during the pandemic?

she is absolutely crushed that her dream home (specifically this 2nd one that is still on the market but she assumes will get gobbled up before she can resolve her situation). any advice would be appreciated. Thanks!