Money, Money, Money

[EddieL]

I'm giving mine to my kids, they are the ones who will be paying it back. Fortunately I don't need it as much as they do.

[NMWildcat]

WooHoo! I actually received my stimulus money in my bank account! I wasn't sure it would ever happen. I am amazed. Now I can really start thinking of how best to spend it

[BandJCarm]

Originally Posted by NMWildcat

WooHoo! I actually received my stimulus money in my bank account! I wasn't sure it would ever happen. I am amazed. Now I can really start thinking of how best to spend it

Wow. Figured you for a high roller, Scott!

Ours arrived too. Filed joint, so got paid joint. Wife said that's not gonna work. She wants her half. TODAY! I asked what for. She whamped me with her shoe. Dang.



Sad though that my 93 year old mother and disabled brother haven't gotten anything. Both on S.S. or SSI, but neither files taxes.

So us middle class folks, all got it. High dollar folks don't have it. The poor don't have it.

Same as paying taxes, I guess. We pay it all so we got it all.

[Iwritecode]

Originally Posted by TitanMike

If for any reason anyone had no income to report and haven't filed tax returns for several years the advice is to fill out a 1040 showing $1 income and mail it in. No tax due and it will get them in the IRS computer so they just automatically receive the check.

Otherwise checks won't be sent to individuals in that category until a much longer process involving searching Social Security rolls, etc.

The IRS has updated their website. There is a process for people to go through if they haven't filed taxes in the past 2 years.

https://www.irs.gov/coronavirus/econ...mpact-payments

Originally Posted by TitanMike

Also worth noting, this "Check" is just like the last stimulus checks sent out a dozen years ago. They are an ADVANCE PAYMENT of a Tax Credit for 2020. If you don't receive a check in the mail or direct deposit, you can claim the refundable credit on your 2020 return. Of course if you owe taxes it will just be credited to your bill.

There was a lot of misinformation when this was first announced. These checks are *not* like the ones in 2008 that we had to pay back the next year. We won't have to pay them back with our refunds next year.

[Chuck_S]

Check the amount and determine if it's a refund of 2019 taxes like that which hit my wife's checking account today.

-- Chuck

[Qwkynuf]

So, here's a weird one. I have been all over the internet and the IRS website and can't find any mention of my situation at all....

I have two pending deposits from the IRS in my checking account today, both scheduled to clear tomorrow. One is for $2,400, which obviously is the stimulus payment for my wife and myself. The other is for another $1,200.

I *think* the second one is for my mom. But the reason that it is depositing in my checking account is because she passed away last year, and I filed her final tax return and disbursed her refund to my family.

I wouldn't think that someone who wasn't alive in 2020 would be eligible for a stimulus payment in 2020. We won't be filing a return for her next year because the estate has been fully closed out and she won't have any income in 2020.

Not even sure who to ask at this point.

I'm leaning toward just putting the money into a savings account and letting it sit there for a while to see if they change their mind. I believe that I read that they will be sending a letter to all recipients within two weeks of the payment, so I will definitely be on the lookout for that, to verify my theory.

What really sucks is that my 22-year-old college student son gets nothing out of all of this. He works, but doesn't make enough for it to make sense for us to not claim him as a dependent, so because he's a dependent over age 16 we don't get the $500 - and because we can claim him as a dependent, he doesn't get the $1,200. Meanwhile, his girlfriend, who works at Walmart and goes to school full time, *is* getting the $1,200 because her parents are too cheap to pay for her school....

Any CPAs or tax professionals out there have an opinion???

[babock]

We should be getting the stimulus money. I also filed for the $10K SBA loans today for my two rental home partnerships that I own. Supposedly, they will be turned into grants at some point. If not, low interest loan that will cover home expenses while my full time renter can't pay and my vacation home rentals get cancelled.

[babock]

The first of likely many casinos bites the dust in Nevada. This one was a privately owned one in South Lake Tahoe.

Lot of casino workers will not have jobs when this is all over.

End of an era: Lakeside Inn to close permanently | South Lake Tahoe - SouthTahoeNow.com

[NMWildcat]

Originally Posted by babock

The first of likely many casinos bites the dust in Nevada. This one was a privately owned one in South Lake Tahoe.

Lot of casino workers will not have jobs when this is all over.

End of an era: Lakeside Inn to close permanently | South Lake Tahoe - SouthTahoeNow.com

I was really sad to hear that. My wife was telling me earlier in the day, as we did have reservations there in June, previous to when we were going to Reno for Nationals Open Bowling. Now, I doubt even that will happen. We keep hoping, but it's not looking good.

[SailorSam20500]

Originally Posted by Qwkynuf

Any CPAs or tax professionals out there have an opinion???

Not a CPA, just a realist. File it under "Life isn't fair". Anyone who says otherwise....

[Qwkynuf]

Originally Posted by SailorSam20500

Not a CPA, just a realist. File it under "Life isn't fair". Anyone who says otherwise....

Sorry, wasn't clear. Wasn't looking for opinion on whether my son got treated fairly, was looking for an opinion on them apparently trying to stimulate my dear, departed mother.

Thanks, though

[lbrjet]

Since you are getting a nice tax deduction each year for your son give him the money you save in taxes. That seems fair.

As for the $1200 I would contact the IRS and explain the situation. An honest person will attempt to give the money back and a dishonest person will keep it. It is up to you.

[Qwkynuf]

Originally Posted by lbrjet

Since you are getting a nice tax deduction each year for your son give him the money you save in taxes. That seems fair.

As for the $1200 I would contact the IRS and explain the situation. An honest person will attempt to give the money back and a dishonest person will keep it. It is up to you.

Interesting generalizations. Thank you for your judgment.

It's none of your business, but I do both ours and our son's (and all 3 of my daughters', my son's fiance's, my sister's, and up until this year, my mother's personal and business) taxes. For my son, I figure it both ways, file it the way that creates the largest refund, and give him the difference.

With regard to the extra $1,200, it is currently sitting in a savings account until I receive the letter that the IRS said would be sent out with each payment. Once I receive that, I should have an idea *why* it was sent, and then I can have an intelligent conversation with them about whether it *should* have been sent. If it was sent in error, it will be returned. If not, half will go to my sister and half will stay in savings.

But none of that really matters. You just keep on being judgmental, if it makes you feel better.

Edit to add: For the record, I didn't ask for advice on whether to keep the money, I asked whether any accountants had any opinions on whether this kind of thing would ordinarily be disbursed to the estate of a deceased taxpayer.

[D W]

Originally Posted by Qwkynuf

So, here's a weird one. I have been all over the internet and the IRS website and can't find any mention of my situation at all....

I have two pending deposits from the IRS in my checking account today, both scheduled to clear tomorrow. One is for $2,400, which obviously is the stimulus payment for my wife and myself. The other is for another $1,200.

I *think* the second one is for my mom. But the reason that it is depositing in my checking account is because she passed away last year, and I filed her final tax return and disbursed her refund to my family.

I wouldn't think that someone who wasn't alive in 2020 would be eligible for a stimulus payment in 2020. We won't be filing a return for her next year because the estate has been fully closed out and she won't have any income in 2020.

Not even sure who to ask at this point.

I'm leaning toward just putting the money into a savings account and letting it sit there for a while to see if they change their mind. I believe that I read that they will be sending a letter to all recipients within two weeks of the payment, so I will definitely be on the lookout for that, to verify my theory.

What really sucks is that my 22-year-old college student son gets nothing out of all of this. He works, but doesn't make enough for it to make sense for us to not claim him as a dependent, so because he's a dependent over age 16 we don't get the $500 - and because we can claim him as a dependent, he doesn't get the $1,200. Meanwhile, his girlfriend, who works at Walmart and goes to school full time, *is* getting the $1,200 because her parents are too cheap to pay for her school....

Any CPAs or tax professionals out there have an opinion???

What is wrong with that? I'd say that young lady has a lot of character. Seldom seen in today's youth.

[babock]

My wife and I see our $2400 show up in our accounts today. Apparently the $10K SBA loans are over subscribed. See if I get it since I got in before they closed the site.

https://covid19relief.sba.gov/

[wmtire]

Originally Posted by Qwkynuf

So, here's a weird one. I have been all over the internet and the IRS website and can't find any mention of my situation at all....

I have two pending deposits from the IRS in my checking account today, both scheduled to clear tomorrow. One is for $2,400, which obviously is the stimulus payment for my wife and myself. The other is for another $1,200.

I *think* the second one is for my mom. But the reason that it is depositing in my checking account is because she passed away last year, and I filed her final tax return and disbursed her refund to my family.

I wouldn't think that someone who wasn't alive in 2020 would be eligible for a stimulus payment in 2020. We won't be filing a return for her next year because the estate has been fully closed out and she won't have any income in 2020.

Not even sure who to ask at this point.

I'm leaning toward just putting the money into a savings account and letting it sit there for a while to see if they change their mind. I believe that I read that they will be sending a letter to all recipients within two weeks of the payment, so I will definitely be on the lookout for that, to verify my theory.

What really sucks is that my 22-year-old college student son gets nothing out of all of this. He works, but doesn't make enough for it to make sense for us to not claim him as a dependent, so because he's a dependent over age 16 we don't get the $500 - and because we can claim him as a dependent, he doesn't get the $1,200. Meanwhile, his girlfriend, who works at Walmart and goes to school full time, *is* getting the $1,200 because her parents are too cheap to pay for her school....

Any CPAs or tax professionals out there have an opinion???

Originally Posted by Qwkynuf

Edit to add: For the record, I didn't ask for advice on whether to keep the money, I asked whether any accountants had any opinions on whether this kind of thing would ordinarily be disbursed to the estate of a deceased taxpayer.

Moderator hat on:Your first post is very confusing as you asked for a CPA opinion AFTER the part about your son instead of your deceased mother.



We expect all post to be friendly here and will edit/delete those not.


As for your question about the erroneous funds, this seems to be more common than just you. There are actually news articles about this, although the solution hasn't been posted. Just know that the govt is aware of it, and I would expect them to claw it back at a future date.


https://www.yahoo.com/news/coronavir...220943056.html

[Qwkynuf]

Originally Posted by D W

What is wrong with that? I'd say that young lady has a lot of character. Seldom seen in today's youth.

I agree, she has an enormous amount of character. We love her like one of our own.

It just seems curious that two 22-year-olds, living at the same address, both college students (though at different colleges), both have jobs and earn about the same amount of money, even got similar income tax refund amounts -would have different eligibility for the stimulus payment, based on the fact that one of them is "claimed as a dependent or eligible to be claimed as a dependent" on their parents' tax return.

[aceinspp]

Originally Posted by Qwkynuf

So, here's a weird one. I have been all over the internet and the IRS website and can't find any mention of my situation at all....

I have two pending deposits from the IRS in my checking account today, both scheduled to clear tomorrow. One is for $2,400, which obviously is the stimulus payment for my wife and myself. The other is for another $1,200.

I *think* the second one is for my mom. But the reason that it is depositing in my checking account is because she passed away last year, and I filed her final tax return and disbursed her refund to my family.

I wouldn't think that someone who wasn't alive in 2020 would be eligible for a stimulus payment in 2020. We won't be filing a return for her next year because the estate has been fully closed out and she won't have any income in 2020.

Not even sure who to ask at this point.

I'm leaning toward just putting the money into a savings account and letting it sit there for a while to see if they change their mind. I believe that I read that they will be sending a letter to all recipients within two weeks of the payment, so I will definitely be on the lookout for that, to verify my theory.

What really sucks is that my 22-year-old college student son gets nothing out of all of this. He works, but doesn't make enough for it to make sense for us to not claim him as a dependent, so because he's a dependent over age 16 we don't get the $500 - and because we can claim him as a dependent, he doesn't get the $1,200. Meanwhile, his girlfriend, who works at Walmart and goes to school full time, *is* getting the $1,200 because her parents are too cheap to pay for her school....

Any CPAs or tax professionals out there have an opinion???

I would say that if your mother passed away last year they will want the money back depending when she passed away. If at end of year then I'm guessing you may keep it. If earlier they should have prorated it. When My DW passed away Last year in March I'm guessing they gave me a prorated amount based on when she passed. I did get more than the $1200 plus as I got it yesterday. I already had filed my taxes for this year.

I'm also heard on news that paper checks may not show up till May. Later RJD

[Larry0071]

I want to give back to the locals, so I am going to pull it as cash and go blow it on hookers and nose candy. That should get it moving at the local level!

Okay... that was a joke. But I am going to just use it as I would any other bonus and buy something that I have denied myself. I always have this mental wish list, I bet you all do as well... It is things I totally do not need, but yet I desire them. So I always splurge on myself when I get a bonus or other odd windfall and get things like tractors, campers, side by sides, a new .50 cal or 1911.... the things that are fun but not necessary.

I also think that with this weird financial month I am going to order 10,000 rounds of ammo.

Here is the neat thing about 2020. I just got the federal thing yesterday, tomorrow I am getting an extra $15,000 retention bonus in my pay, and I will be making an extra $8,000 in overtime this month. So call it around an extra $25,000 pre-tax just this month. Last month I got a $22,000 bonus that was for the 2019 work year performance.... I've gotten more in bonus money in 2 months than some folks make in a year. And I am still making my normal $9,400 a month base salary.

So the financial weirdness is nice for me currently. I paid Verizon a year in advance (that is $240 a month), same thing with Xfinity Cable, spent $5,000 on Jeep Parts, accessorized my new Ram 2500 nicely, bought a years worth of yard chemicals for my 3.5 acre lawn, bought all of the fluids and filters for my 3 tractors and diesel side by side for the upcoming year, paid off my sons car so that he and his wife are sitting better.... Life is good at the moment.

My wife and I are trying to decide the safest way to stash the money that is hanging around, I need to get it doing more for me than sitting idle in the bank.

[Chief T]

We're paying our daughter's summer tuition. I had other plans with the $$$, but DW overruled me.

Stay safe everyone.