Damn Taxes

[myteaquinn]

So I thought that I would get a jump on my taxes this year and I am using Turbo Tax. I just entered my interest income from my savings account, it was $10.48. I looked at the federal refund number at the top of the page and my refund went down $6. $6 on an investment return of $10.48. What in the hell!!

[Pigmeat]

My late FIL claimed that banks kept a percentage of the spare change in your account, it's how they made their money. The Freemasons and the Jews were in on it ,too, but what proper warped worldview wouldn't have those guys on the dance card?

[skeezix]

The filing date has been moved to this summer, sometime. I already did mine, as there may be some creep that wants to file mine. I wouldn't mind, since I had to pay in... and if they file, they pay.

With the ~$1200 that some Americans are allegedly going to receive - Will that be taxable income next year?

[NJQA]

I just entered my interest income from my savings account, it was $10.48. I looked at the federal refund number at the top of the page and my refund went down $6. $6 on an investment return of $10.48. What in the hell!!

I can’t speak to what was going on with TurboTax, but this doesn’t make sense.  The highest incremental tax rate is 37% and this is on income of greater than $518,401 (single filer).  $6 on $10.48 would be 57%.

Speaking of TurboTax...
https://www.propublica.org/article/inside-turbotax-20-year-fight-to-stop-americans-from-filing-their-taxes-for-free

[ChrisSmolinski]

With the ~$1200 that some Americans are allegedly going to receive - Will that be taxable income next year?

No, it is a tax credit.

[Ct Yankee]

I think no one explained it better than these four:

"Let me tell you how it will be
There's one for you, nineteen for me
'Cause I'm the taxman, yeah, I'm the taxman
Should five per cent appear too small
Be thankful I don't take it all
'Cause I'm the taxman, yeah, I'm the taxman
If you drive a car, I'll tax the street
If you try to sit, I'll tax your seat
If you get too cold, I'll tax the heat
If you take a walk, I'll tax your feet
'Cause I'm the taxman, yeah, I'm the taxman"


Due to certain financial decisions I opted for the first time in my life at the end of 2019, per my retirement, the CT Yankee family has probably become ineligible for the stimulus pay out.  However, if based on 2018 or 2020 tax returns, we would have been eligible.  This is not a complaint but an underscore of how the program works.  I guess, like comedy, financial decisions are a matter of timing. 

[myteaquinn]

Probably a bog I shouldn't step in but from what I understand only those individuals with a SSN are going to get stimulus money (excluding claimed income restrictions). But the illegal workers who are taxed with a Taxpayer Identification Number (because they have no SSN) are not eligible for the stimulus money.  Never thought that I would agree with AOC but if they paid taxes they should get the stimulus money as well.