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(Huffington Post)   Even though the main focus of the latest COVID relief bill is the stimulus check, there are other goodies in the bill, too. For example, making the first $10,200 in 2020 unemployment benefits tax-exempt, saving those affected $1,000 to $2,000   (huffpost.com) divider line
    More: Cool, Unemployment, Tax, Taxation in the United States, United States Senate, Tax exemption, Internal Revenue Service, United States Congress, The Bill  
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793 clicks; posted to Politics » on 07 Mar 2021 at 4:45 AM (5 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2021-03-07 4:49:53 AM  
...hmmm...neat.  I was worrying about this but was crossing my fingers my investment losses and tax collection rates at twice what I made last year would smooth that out so I opted to not to withhold taxes on unemployment.  This does in fact save me quite a bit of money.  But then, I always thought it weird that the government taxes you on the money they give you.
 
2021-03-07 4:55:27 AM  
And here I am with a job now, right as all of the cool shiat kicks in!

/glad to be employed again
 
2021-03-07 5:02:39 AM  
Because we tax...unemployment

/Will benefit from this
 
2021-03-07 5:03:32 AM  
Any tax-talking folks know how this may work for people who have already done their 2020 taxes?
 
2021-03-07 5:05:34 AM  

Conservative Evangelical Millennial Cyclist: Any tax-talking folks know how this may work for people who have already done their 2020 taxes?


"Processing this tax break might get a little messy: With the due date next month, already about 45 million Americans have filed their 2020 taxes, according to Richard Rubin, a tax reporter at The Wall Street Journal.

Unless the Treasury Department does something drastic, those who have already filed and paid their 2020 tax bills would have to file an amended return with the IRS, Pancotti said."
 
2021-03-07 5:09:12 AM  

qorkfiend: Conservative Evangelical Millennial Cyclist: Any tax-talking folks know how this may work for people who have already done their 2020 taxes?

"Processing this tax break might get a little messy: With the due date next month, already about 45 million Americans have filed their 2020 taxes, according to Richard Rubin, a tax reporter at The Wall Street Journal.

Unless the Treasury Department does something drastic, those who have already filed and paid their 2020 tax bills would have to file an amended return with the IRS, Pancotti said."


Well, crap. Looks like I'm in for some bullshiat.
 
2021-03-07 5:11:48 AM  

Conservative Evangelical Millennial Cyclist: qorkfiend: Conservative Evangelical Millennial Cyclist: Any tax-talking folks know how this may work for people who have already done their 2020 taxes?

"Processing this tax break might get a little messy: With the due date next month, already about 45 million Americans have filed their 2020 taxes, according to Richard Rubin, a tax reporter at The Wall Street Journal.

Unless the Treasury Department does something drastic, those who have already filed and paid their 2020 tax bills would have to file an amended return with the IRS, Pancotti said."

Well, crap. Looks like I'm in for some bullshiat.


You aren't alone - we filed ours 2 weeks ago.
 
2021-03-07 5:12:35 AM  

Conservative Evangelical Millennial Cyclist: Any tax-talking folks know how this may work for people who have already done their 2020 taxes?


Dunno, I haven't filed yet.
Never has this poster been quite so relevant to my interests;
cdn.shopify.comView Full Size
 
2021-03-07 5:12:40 AM  

qorkfiend: Conservative Evangelical Millennial Cyclist: Any tax-talking folks know how this may work for people who have already done their 2020 taxes?

"Processing this tax break might get a little messy: With the due date next month, already about 45 million Americans have filed their 2020 taxes, according to Richard Rubin, a tax reporter at The Wall Street Journal.

Unless the Treasury Department does something drastic, those who have already filed and paid their 2020 tax bills would have to file an amended return with the IRS, Pancotti said."


I had to file, or I couldn't get the $600 stimulus in time to pay rent.
 
2021-03-07 5:13:03 AM  
Msgs seem to not be going through...testing...
 
2021-03-07 5:14:11 AM  

Truffle Kerfuffle: Msgs seem to not be going through...testing...


Solid copy
 
2021-03-07 5:15:05 AM  

Truffle Kerfuffle: Msgs seem to not be going through...testing...


Fark user imageView Full Size
 
2021-03-07 5:17:34 AM  

Dryad: Conservative Evangelical Millennial Cyclist: Any tax-talking folks know how this may work for people who have already done their 2020 taxes?

Dunno, I haven't filed yet.
Never has this poster been quite so relevant to my interests;
[cdn.shopify.com image 617x435]


How long is it going to take the IRS to update their systems? Also, the different tax software providers have to patch their software for the new tax law. How long is that going to take?

In other words, will everyone be ready by April 15th?
 
2021-03-07 5:19:52 AM  

rosekolodny: I had to file, or I couldn't get the $600 stimulus in time to pay rent.


How does that work? My $600 just showed up randomly in the same bank account the first one dropped to.
Didn't it work that way for most folks? I didn't think you had to file first. Hell, mine came damn near the first of January, I couldn't have even filed.
 
2021-03-07 5:23:11 AM  

Dryad: rosekolodny: I had to file, or I couldn't get the $600 stimulus in time to pay rent.

How does that work? My $600 just showed up randomly in the same bank account the first one dropped to.
Didn't it work that way for most folks? I didn't think you had to file first. Hell, mine came damn near the first of January, I couldn't have even filed.


I had to because I didn't make much money - the year before I was selling stuff on Ebay and didn't file.  Therefore something.  All I know is that my $600 was stuck in limbo and then I filed as having made nothing, and they gave it to me as a tax refund.
 
2021-03-07 5:23:15 AM  

dustman81: Dryad: Conservative Evangelical Millennial Cyclist: Any tax-talking folks know how this may work for people who have already done their 2020 taxes?

Dunno, I haven't filed yet.
Never has this poster been quite so relevant to my interests;
[cdn.shopify.com image 617x435]

How long is it going to take the IRS to update their systems? Also, the different tax software providers have to patch their software for the new tax law. How long is that going to take?

In other words, will everyone be ready by April 15th?


Contingency patches were probably written as soon as the bills wording was public. They could likely push the correct one for the final wording of the bill almost immediately upon passage.
Besides, if things are still farkered on the 15th, you can always file an extension.
 
2021-03-07 5:26:13 AM  

Dryad: Conservative Evangelical Millennial Cyclist: Any tax-talking folks know how this may work for people who have already done their 2020 taxes?

Dunno, I haven't filed yet.
Never has this poster been quite so relevant to my interests;
[cdn.shopify.com image 617x435]


Seriously, this is one of the first times that I just wanted to get it out of the way as fast as possible. That'll teach me!
 
2021-03-07 5:35:51 AM  
Way to go, Joe.
 
2021-03-07 5:39:10 AM  

Conservative Evangelical Millennial Cyclist: Dryad: Conservative Evangelical Millennial Cyclist: Any tax-talking folks know how this may work for people who have already done their 2020 taxes?

Dunno, I haven't filed yet.
Never has this poster been quite so relevant to my interests;
[cdn.shopify.com image 617x435]

Seriously, this is one of the first times that I just wanted to get it out of the way as fast as possible. That'll teach me!


I wish you luck, but as you are certainly not the only person who did that I am betting a speedy resolution will present itself.
As for myself, I could attempt to attribute my waiting to file taxes to some wily plan to see if any of the proposed legislation altered the tax landscape for me or my business.
But really, I mainly attribute it to my underdeveloped skills at adulting.
 
2021-03-07 5:39:30 AM  
The Party of Tax Cuts will be super-happy about this.
 
2021-03-07 5:45:44 AM  
I wonder how the triumvirate of twats will spin this as another awful broken promise which shows Biden is worse than Trump.
 
2021-03-07 5:56:14 AM  
Huh.

Now I'm kinda glad that Robinhood took their sweet time generating my 1099-Div.

Kinda feel sorry for my tax preparer friends...
 
2021-03-07 6:26:20 AM  

Conservative Evangelical Millennial Cyclist: Any tax-talking folks know how this may work for people who have already done their 2020 taxes?


People who already filed would likely need to amend their federal return. For state returns, it depends on what each state with an income tax does.
 
2021-03-07 6:44:59 AM  
I've never been more eager to hand my tax forms off to my accountant to deal with.
 
2021-03-07 6:58:40 AM  

Conservative Evangelical Millennial Cyclist: qorkfiend: Conservative Evangelical Millennial Cyclist: Any tax-talking folks know how this may work for people who have already done their 2020 taxes?

"Processing this tax break might get a little messy: With the due date next month, already about 45 million Americans have filed their 2020 taxes, according to Richard Rubin, a tax reporter at The Wall Street Journal.

Unless the Treasury Department does something drastic, those who have already filed and paid their 2020 tax bills would have to file an amended return with the IRS, Pancotti said."

Well, crap. Looks like I'm in for some bullshiat.


I'm pretty sure they just issue you an automatic refund for the corrected amount. They already have all the information they need to make the adjustment and they'll be making other payments for the 3rd stimulus anyways, I can't see why they'd burden themselves or you by making you have to file an amended return.

/in the same boat but only had ~ $2k in unemployment due to my company getting a PPP loan.
 
2021-03-07 8:03:31 AM  

dustman81: Dryad: Conservative Evangelical Millennial Cyclist: Any tax-talking folks know how this may work for people who have already done their 2020 taxes?

Dunno, I haven't filed yet.
Never has this poster been quite so relevant to my interests;
[cdn.shopify.com image 617x435]

How long is it going to take the IRS to update their systems? Also, the different tax software providers have to patch their software for the new tax law. How long is that going to take?

In other words, will everyone be ready by April 15th?


If anyone ends up getting more than they were supposed to, they can just pass a law to take it back. I'm told here every day that that would be super easy.
 
2021-03-07 8:48:48 AM  

Elvis Jagger Abdul-Jabbar: The Party of Tax Cuts will be super-happy about this.


You guys do realize it was the Democrats that reduced the unemployment weekly payout from $400 to $300 per week.

They did not seem to cut anything else, just the unemployment payouts to you
 
2021-03-07 9:00:47 AM  

The Envoy: I wonder how the triumvirate of twats will spin this as another awful broken promise which shows Biden is worse than Trump.


Trump cut the tax rate for everyone. Biden gave tax cuts only to parents with minor children and those who had unemployment income.
 
2021-03-07 9:03:44 AM  
Good.  I always felt like the old rules, of taxing unemployment, was less about important tax revenue that the government just needed to operate, and more about creating a situation where poor people, barely surviving, would be faced with a thousand dollar tax bill that they simply did not have the money in their bank account to pay, meaning that they can not file for food stamps, section 8 housing, government provided health insurance, or all the other poverty programs we have, have rules in place that say you can't apply if you didn't file and pay your taxes the year before.

Which is why we still have millions of uninsured, despite the ACA.
 
2021-03-07 9:04:19 AM  
I think there's a comma missing here.

images-na.ssl-images-amazon.comView Full Size
 
2021-03-07 9:11:01 AM  
Sorry subby. I have been assured by TOP fark progressives that because there is an income cap and the checks were not for EXACTLY $2,000 that the bill is garbage and useless and Biden is now officially worse than Hitler.

But nice try.
 
2021-03-07 9:17:56 AM  
Hmm...was going to do taxes but now maybe I'll wait a week or two just to be sure the IRS is up to speed.
 
2021-03-07 9:23:21 AM  
I sure liked that Mr Obama, but this Biden fellow isn't half bad, either!
 
2021-03-07 9:28:49 AM  
You have the option to deduct the taxes from your unemployment checks, I think? So, what happens if you did that?
 
2021-03-07 9:49:17 AM  

someonelse: You have the option to deduct the taxes from your unemployment checks, I think? So, what happens if you did that?


I did that and it still looks like I'll owe because that income lifted me into the 22% rate.
 
2021-03-07 9:50:30 AM  

someonelse: You have the option to deduct the taxes from your unemployment checks, I think? So, what happens if you did that?


I would hope that would go towards the taxes you paid that year just like any additional reported income and would count towards your tax return.  But I didn't even stay at a Holiday Inn so who the hell knows.
 
2021-03-07 9:55:31 AM  
All the people who haven't gotten the many months of unemployment money they are still due will feel 10% better.  Some day.
 
2021-03-07 10:00:29 AM  

bighairyguy: All the people who haven't gotten the many months of unemployment money they are still due will feel 10% better.  Some day.


Also not the federal government's fault.
 
2021-03-07 10:03:42 AM  

GoldSpider: bighairyguy: All the people who haven't gotten the many months of unemployment money they are still due will feel 10% better.  Some day.

Also not the federal government's fault.


What's truth got to do with assigning blame?
 
2021-03-07 10:31:49 AM  

bighairyguy: GoldSpider: bighairyguy: All the people who haven't gotten the many months of unemployment money they are still due will feel 10% better.  Some day.

Also not the federal government's fault.

What's truth got to do with assigning blame?


That's rich coming from the guy who started the pandemic
 
2021-03-07 10:38:04 AM  

Charletron: bighairyguy: GoldSpider: bighairyguy: All the people who haven't gotten the many months of unemployment money they are still due will feel 10% better.  Some day.

Also not the federal government's fault.

What's truth got to do with assigning blame?

That's rich coming from the guy who started the pandemic


I KNEW IT
 
2021-03-07 10:55:17 AM  

pxsteel: Elvis Jagger Abdul-Jabbar: The Party of Tax Cuts will be super-happy about this.

You guys do realize it was the Democrats that reduced the unemployment weekly payout from $400 to $300 per week.

They did not seem to cut anything else, just the unemployment payouts to you


I'm really pissed about this, especially since this affects me directly. Sure, having unemployment not taxed below ten grand is nice, but the amount of money in taxes that'll save me is less than the amount I would have gotten with $400 a week--and that's money I'd have now. I hate this so much.

That $600 benefit we had this past year was glorious. It was literally the first time in my adult life that I didn't feel crushingly poor. And then both parties decided well, we can't have that ever again, now can we.
 
2021-03-07 10:57:09 AM  

austerity101: pxsteel: Elvis Jagger Abdul-Jabbar: The Party of Tax Cuts will be super-happy about this.

You guys do realize it was the Democrats that reduced the unemployment weekly payout from $400 to $300 per week.

They did not seem to cut anything else, just the unemployment payouts to you

I'm really pissed about this, especially since this affects me directly. Sure, having unemployment not taxed below ten grand is nice, but the amount of money in taxes that'll save me is less than the amount I would have gotten with $400 a week--and that's money I'd have now. I hate this so much.

That $600 benefit we had this past year was glorious. It was literally the first time in my adult life that I didn't feel crushingly poor. And then both parties decided well, we can't have that ever again, now can we.


So predictable
 
2021-03-07 11:17:27 AM  
It's nice to see that good governance is back -- at least sometimes. During the false Presidency of Realty Show Actor, He Who Must No Be Named, good governance was thrown out with the baby and the bath water. In fact, the tub went out the window, except for those you pounded it.
 
2021-03-07 11:22:22 AM  
For example, making the first $10,200 in 2020 unemployment benefits tax-exempt, saving those affected $1,000 to $2,000

This was actually a change in the compromise which will actually focus money more on people having tough times now instead of giving "stimulus" checks to most who are doing fine during this time. (like me)
 
2021-03-07 11:26:15 AM  

austerity101: I'm really pissed about this, especially since this affects me directly.


So you rather help you than people actually suffering. People who lost their job. Wow why am I not surprised

austerity101: It was literally the first time in my adult life that I didn't feel crushingly poor.


.You make over 80,000 individually and you think you are "crushingly poor" oh buddy I have some bad news for. Lots of other people are getting by on a lot less than you.

Sorry you want to take money away from people who actually were out of work so it will go to you because you want to buy avocado toast and Starbucks coffee every morning.
 
2021-03-07 12:06:53 PM  
Sweet!

I'm glad I didn't file my taxes yet. I have about 6 grand in UI benefits that I collected last year. Having that exempt is going to save me some money.

It was workshare so I had adjusted my withholding to make up for the added money I was making.
 
2021-03-07 1:21:05 PM  
Isn't it kind of late to be changing 2020 rules, given that tax season is half over?
 
2021-03-07 3:45:55 PM  

meat0918: Sweet!

I'm glad I didn't file my taxes yet. I have about 6 grand in UI benefits that I collected last year. Having that exempt is going to save me some money.

It was workshare so I had adjusted my withholding to make up for the added money I was making.


I'm in a very similar situation. We went to our tax guy and got everything started, then he added us to the drawer of "we're just going to sit on this and see what Congress does" files.

There were a LOT of us (including the tax guy who has another job) that got hammered with workshare situations. He's earned whatever he's charging this year. Good God, what a mess.
 
2021-03-07 7:00:17 PM  

lilbjorn: Isn't it kind of late to be changing 2020 rules, given that tax season is half over?


They do this a lot actually. It's not uncommon at all for tax cuts to be enacted retroactively to the past year in the first quarter of the year, especially when a new admin takes office. In just about every circumstance the IRS has all the information they need to issue additional refunds due without needing people to submit amended returns. In this instance they just mark down your income by the appropriate amount and recalculate the tax due, and overpayments would be refunded as appropriate.
 
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