Cash-strapped Americans ask Mnuchin where their “stimmy” checks are

[Scott]

Troll post reported and removed. 

 

[ChakaKhan]

24 minutes ago, PatOngo said:

Mexico, along with the rest of the world laugh at the lying buffoon!

He who laughs last, laughs the best..... #Biden-Harris 2020.....  ????

[placeholder]

27 minutes ago, ThailandRyan said:

Why wouldn't you need to file if your retired?  Unless you have no pension, or social security and are living off of a cash windfall you still have to file in the US.

 

Not necessarily

When Does a Senior Citizen on Social Security Stop Filing Taxes? - TurboTax Tax Tips & Videos (intuit.com)

[ThailandRyan]

34 minutes ago, placeholder said:

Not necessarily

When Does a Senior Citizen on Social Security Stop Filing Taxes? - TurboTax Tax Tips & Videos (intuit.com)

Thank you very much.  If all your living on is Social Security then it is definitely a meager amount.  Doing my fathers estate now as he passed 4 days before Christmas.  His SS income for the year was $17,100 so I guess as always a Tax return will need to be done as he also had a small pension.  Hopefully those living at the threshold for filing have no other necessary payments other than daily bills and food.  Additionally, I would hope that the money they have put away is in a tax free status to be pulled out when needed.  Again Thank you very much for the information.  I know that my children when going to college and working did not need to file, just never thought about it on the other end.

[gmmarvin]

16 hours ago, earlinclaifornia said:

Irs website for "Check my payment" on both

Checked IRS web site and called them.  Their reply was:  Wait.  Will take a tax credit on my 2020 tax return, as per their request.

[onthedarkside]

6 hours ago, ThailandRyan said:

Thank you very much.  If all your living on is Social Security then it is definitely a meager amount.  Doing my fathers estate now as he passed 4 days before Christmas.  His SS income for the year was $17,100 so I guess as always a Tax return will need to be done as he also had a small pension.  Hopefully those living at the threshold for filing have no other necessary payments other than daily bills and food.  Additionally, I would hope that the money they have put away is in a tax free status to be pulled out when needed.  Again Thank you very much for the information.  I know that my children when going to college and working did not need to file, just never thought about it on the other end.

 

I had my father pass away earlier this year... Just be aware, Congress changed the law re inherited IRAs this past year, and now most non-spouses who inherit IRAs via will or POD accounts have to withdraw the funds and close the account within 10 years. No annual RMDs, but big penalties if the accounts are not closed out by the 10-year deadline. So that basically forces you to start taking the funds annually, unless you take larger lump sums that will send your tax bracket skyward. The only major exception to that are spouses, who still have longer times that they can keep inherited funds in tax sheltered accounts.

 

[ThailandRyan]

1 hour ago, onthedarkside said:

 

I had my father pass away earlier this year... Just be aware, Congress changed the law re inherited IRAs this past year, and now most non-spouses who inherit IRAs via will or POD accounts have to withdraw the funds and close the account within 10 years. No annual RMDs, but big penalties if the accounts are not closed out by the 10-year deadline. So that basically forces you to start taking the funds annually, unless you take larger lump sums that will send your tax bracket skyward. The only major exception to that are spouses, who still have longer times that they can keep inherited funds in tax sheltered accounts.

 

Thanks for the information. Thats good to know information.  I am dealing g with his attorney as he has all assets and instruments as well as the house in a family trust so its sheltered and goes to the grandkids after they turn 21. He was single.  His stimulus check of 600 dollars just deposited in his account as I started to write this post. Kind of ironic.

[Scott]

Troll post removed.