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General Chat / Re: The COVID-19 Virus is Coming For Us All Thread
« on: February 09, 2021, 03:13:10 PM »
Turbo Tax 2020 has a specific section for Covid relief and should ask you what you received for each round of stimulus. I messed it up because I miss-remembered how much I got when initially plugging in numbers and when I corrected it I watched my taxes due go up so it does have a direct impact.
For context, I received the full amount each round but put less for the second one, so it gave me a tax break for the 'missing amount'. When I added it back in the number changed to remove the benefit. Taxes are so depressing for me and wife as we always tend to owe no matter what we do (and we get advice to assist us each year to make sure we are maximizing things).
As our original tax advisor stated: "Welcome to the middle class! You are too rich to benefit from what you used to benefit from, but too poor to afford living without those benefits". Our two rounds of stimulus are basically going to cover our 2020 tax bill. On one had we have been blessed, but on the other the system sure makes it a pair in some ways.
For context, I received the full amount each round but put less for the second one, so it gave me a tax break for the 'missing amount'. When I added it back in the number changed to remove the benefit. Taxes are so depressing for me and wife as we always tend to owe no matter what we do (and we get advice to assist us each year to make sure we are maximizing things).
As our original tax advisor stated: "Welcome to the middle class! You are too rich to benefit from what you used to benefit from, but too poor to afford living without those benefits". Our two rounds of stimulus are basically going to cover our 2020 tax bill. On one had we have been blessed, but on the other the system sure makes it a pair in some ways.
