No taxation without perspiration

M

Vanessa's Drinking Buddy,
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I just got done e-filing/submitting my federal & state returns. Yesterday was the first day the IRS was accepting them and I like to get that shit done and over with ASAP. Where are you in the process?
 

lithy

hønefuld
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Don't have 2 of 3 w2s yet, no 1099g, no 1099div. Basically, nowhere close.

But I owe anyway, so I won't file until April.
 

lachlan

VB longneck at 8am in the fuckin mornin'
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Sounds so complicated.
 

NeoSneth

King of Spammers
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I didn't move much money, so I should be getting a return this year. still waiting on a few forms still.

Just an FYI for next year,
I know a lot of people do a fair amount of online marketplace reselling. in 2022, Paypal, Zelle, cashapp, venmo, etc... will be sending you a 1099K if you do $600 in goods and services. I expect more people will be demanding Friends and Family payment....which has no buyer protection.
 

GohanX

Hollywood Hulk Gohan
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Still waiting on 1099's, so nowhere.
 

M

Vanessa's Drinking Buddy,
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Still waiting on my W2…I hope it arrives.
My employer's payroll goddess had everybody's in her office, all I had to do was swing by and grab my envelope from her the other week while I was at work.
 

kingcuckmelon1

War Room Troll
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Generally speaking, we don't need to file here. Thank f**k. Needed to do it two years in a row recently and you would need an accountancy degree to understand the forms. In a way, its not worth it to have a second income here unless you can afford an accountant.
 

norton9478

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I'm trying to figure out if Friends and Family counts against the $600 threshold.
 

norton9478

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Also, can anyone remember what the standard tax advances were for the 2021 year?

IIRC: It was 600 and 1400

Is that right? Or was the $600 on the previous tax year?
 

lithy

hønefuld
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Also, can anyone remember what the standard tax advances were for the 2021 year?

IIRC: It was 600 and 1400

Is that right? Or was the $600 on the previous tax year?

Did you not get yours? I don't think they were tax advances, just free moneyz, so I thought it only mattered if you didn't already receive them and you could claim them at filing time.

Slightly different for the advanced child tax credit payments, which were advances as far as I understand.
 

GregN

NO MEAT NO MAN
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Got one W-2 from my 2nd job, and waiting on my main course job W-2. I made quite a bit on ebay this year, but I think they changed taxes? Isn't it any profit >$600? I also read/heard that they don't even send you anything unless you made >$30k profit/year. I also did Instacart, isn't that a 1099? I didn't bean count anything on that, it didn't put me in a new tax bracket or anything, I made <$3k.

What's everybody using their refund on this year if they get it? I always get money back. I'm paying off some CCs.
 

neo_moe

Been There., Done That., It Was Shit.,
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Greg! I love you pal but if you have credit card debt why are you buying all these A1Up machines? Pay off that cc debt ASAP!
 

NGT

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My work won't give out w2's until Monday the 31st. :(
 

norton9478

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Did you not get yours? I don't think they were tax advances, just free moneyz, so I thought it only mattered if you didn't already receive them and you could claim them at filing time.

Slightly different for the advanced child tax credit payments, which were advances as far as I understand.

Right, I got mine. But you have to input them when filing (as well as the child advance credits) so it all comes out right in the end.

I'm still not sure if the Dec2020/Jan. 2021 payment goes on this tax year or the last.
 

norton9478

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Got one W-2 from my 2nd job, and waiting on my main course job W-2. I made quite a bit on ebay this year, but I think they changed taxes? Isn't it any profit >$600? I also read/heard that they don't even send you anything unless you made >$30k profit/year. I also did Instacart, isn't that a 1099? I didn't bean count anything on that, it didn't put me in a new tax bracket or anything, I made <$3k.

Instacart: $600 threshold
Ebay/Paypal/Amazon for this year: $20,000 in gross sales and 200+ transactions.

Note that next year, everything will be $600.
 

M

Vanessa's Drinking Buddy,
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What's everybody using their refund on this year if they get it? I always get money back. I'm paying off some CCs.
I shall donate my 'Murican tax refund dollars to my best friend in China, Jack Ma, in exchange for thousands of little plastic bricks. Seriously though, I dunno, probably just exciting stuff like paying the utility bill and buying food. I don't have any debt to pay off.
 

M

Vanessa's Drinking Buddy,
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The tax filing site I used notified me that both my federal & state returns were accepted, so, barring unforseen problems, I'm good to go. (They got rejected the first time last year, because I was looking at the wrong return and accidentally put a 2018 value instead of 2019's).
 

lithy

hønefuld
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I knew that it was increased, but I didn't realize just how insane the child care tax credit got this year. Guess I'll be getting some money back after all.

Last year if you had more than $43k of income, it was 20% of up to $6k in expenses for two kids but any money put into a Child Care FSA pretax is excluded. So we got a $200 credit.

This year if you make under $125k, it is 50% of up to $16000, even after excluding the $5k in the FSA, that's a $5500 refundable credit... :spock:
 

Burning Fight!!

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do you guys have electronic filing or? lots of talk about numbered forms here. I do remember having to send a form to the IRS when I was in the US to declare I had nothing to be taxed but no other experience with it.

Here we all file this crap electronically, even in the 90's you'd just download their Win95 application and send over a diskette lol. Bonus points for having a simplified declaration which kinda puts you in a bad spot if you own property, but since I don't I actually don't spend much time with this AND earn a greater return on taxes from all the excess paid during the year. I always file like a week after opening so I can receive $$$ from the feds in the first batch. Would be cool if I didn't know I was paying taxes through the ass on everything regardless.
 

norton9478

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Electronic filing for like 99% of us.

Property isn't a factor as it isn't economically feasible for most people to write off mortgage and property expenses.
 
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