Wait Before Filing your Taxes

vanity ^ | April | myself

[Michael.SF.]

My accountant called to tell me he was not going to file our taxes in April, as was planned. He is going to wait until the July deadline. Even if you are getting a refund you may want to do the same.

If you file now, the calculation for your Corona Virus money will be based on the income on your 2020 tax filing (income for 2019). If you wait, it will be based on your 2019 filing (income for 2018). If your income went up, and over a specific threshold ( I believe it to be: $75K for singles, $150K for couples), then the amount of your check will be reduced, proportionally to the amount over the threshold.

[Michael.SF.]

I am not 100% clear on the above, but I would suggest that everyone look into it before filing.

[okkev68]

I waited for this very reason.

[ridesthemiles]

Everything I have read/heard says that you must FILE by April 15, but if you owe anything, you don’t have to PAY until July 15.

NOT filing on time can result in penalties.

[NohSpinZone]

Our family is not going to get any Coronavirus money. We’re going to render under Caesar on the normal schedule, which is quarterly for us.

[ShadowAce]

I had already filed just before this crap his the fan.

However, it did not affect the amount I will (or will not) receive.

[Obadiah]

Yep. This was my BIG mistake.

[DoodleDawg]

I’m single making well over $75,000 so I don’t expect to get the Covid-19 payment. I’m waiting till July because I will owe money for 2019 taxes and have no wish to pay it until I absolutely have to.

[TangoLimaSierra]

I read recently that your stim check will not be taxable. I’ll have to find the article again.

[Interesting Times]

The IRS extended both the filing and payment deadlines.

[DoodleDawg]

Everything I have read/heard says that you must FILE by April 15, but if you owe anything, you don’t have to PAY until July 15.

NOT filing on time can result in penalties.

Both filing and paying has been delayed till July - irs.gov.

[BoringGuy]

That is somewhat true, but the excess over what you qualify for based on 2020 agi may have to be paid back when you file your 2020 taxes. If I understand correctly, this stimulus check is an advance payment on a refundable credit for 2020 taxes. If that is correct, you will have to give back any portion you don’t qualify for based on 2020 income. Think of that part as an interest free loan.

Since we had to pass the bill to see what is in it, we’re just having to figure it out as we go along

[IndyTiger]

I filed electronically in early March, before everything hit the fan. I am scheduled to get a decent federal refund (that I am still waiting on), but owed about a grand to the state of Ohio, that was scheduled to be paid out of my bank account the first week of April.

I checked with TurboTax to see about delaying the state payment, and they said check with the state. I checked with the state, and they said talk to TurboTax. I later figured out the only way to delay the payment would have been to file an amended return. I didn't want to hassle with it, so I just let it go.

[RonnG]

Can you still get an automatic 6 month extension? Would that be until Oct 15 or Jan 15?

[sarge83]

My brother filed in March owing money. My wife an accountant was like no! Even if there were no stimulus check if you owe you file and pay April 15. We owe this year and her mom, also an accountant did our taxes and just filed ours this week. We won’t pay until July deadline.

Had my brother waited his stimulus would have got his 2 child tax credits for 2018 return, now he will lose one of them because one child no longer qualifies for the credit.

[MrEdd]

I filed as soon as all my documents were available.
Already have my return.

I’m not going to wait until the last minute on my responsibility just to see if some benefit pops up.

[KarlInOhio]

I still haven't found a definitive answer on whether the final amount is based on the 2018/2019 return or the 2020 return.

For example, if I would get the full $1200 based on 2018, only $900 based on 2019 but $500 based on 2020, will I have to give back the excess next April? Or do I get to keep it no matter what happens this year?

And what happens in the reverse if I would get more in 2020 than my most recent filed return says?

I've heard that the IRS won't make you give any back but will give you more if you income drops, but my source couldn't cite anything from the IRS.

[Psalm 73]

"...but if you owe anything, you don’t have to PAY until July 15."

That's what I heard, too - but I'm not taking any chances, (being a straight, white, Christian male) I'm sending my check downrange tomorrow (10 April).

[Ezekiel]

2020:

Year of the census
Year of the tax delay
Year of vision

Luke 2:1 And it came to pass in those days, that there went out a decree from Caesar Augustus, that all the world should be taxed.

Or “written off”, as it were.

A big test of patience is when no one even has a job. People get testy for starters.

Job — famous for his patience.

Job (Hebrew Iyov) = 19

Waiting patiently for the Kingdom, the good news thereof...

[DivineMomentsOfTruth]

Wrong.. it later included filing being delayed til July 15th.

[Bell Bouy II]

2020 income less than 2019 file now,2019 less than 2020 file on or just b4 July 15.
Stim $ not included in 2020 basis.
Do the math