Maybe @stollcpa can weigh in here. I find it hard to believe that all these years TaxAct hasn't accounted for this. I get how I would be eligible now with my income being so low (not counting Social Security).
More free money! It pays to be poor.
- Thread starter UncleMark
- Start date
Maybe @stollcpa can weigh in here. I find it hard to believe that all these years TaxAct hasn't accounted for this. I get how I would be eligible now with my income being so low (not counting Social Security).
Yes, I also thought of him. Looks like this EITC has been around for 15 years or so and many people have been missing out:
“IR-2018-13, Jan. 26, 2018
WASHINGTON — The Internal Revenue Service and its partners across the country remind taxpayers about the Earned Income Tax Credit (EITC) on EITC Awareness Day. Today marks the 12th year of this awareness campaign to alert millions of low- and moderate-income workers who may be missing out on this significant tax credit.”
Turns out the IRS has something called the taxpayer advocate. 1-877-777-4778. Here’s their page on the EITC.
For example:
“Note: If your earned income was higher in 2019 than in 2021, you can use the 2019 amount to figure your EITC for 2021. If you choose to use the 2019 amount for the EITC, it has no effect on any of your other 2021 federal income tax calculations. This temporary relief is provided through the American Rescue Plan Act of 2021.”
UncleMark, did TaxAct ask you about your earned income from 2019? 🧐
For example:
“Note: If your earned income was higher in 2019 than in 2021, you can use the 2019 amount to figure your EITC for 2021. If you choose to use the 2019 amount for the EITC, it has no effect on any of your other 2021 federal income tax calculations. This temporary relief is provided through the American Rescue Plan Act of 2021.”
UncleMark, did TaxAct ask you about your earned income from 2019? 🧐
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Ok. Found it here. Looks like you can go back three years and if I’m not mistaken it looks like they tripled it this year meaning you’ll probably get around 500 bucks for each year that you qualified in the past. Looks like you need to hurry for 2018.
If you filed a tax return for those years, but didn't claim the EITC and you were eligible, file an amended return. See Tax Topic 308, Amended Returns.
To find out if you were eligible, use the EITC Qualification Assistant.
Claim the EITC for Prior Years
You have three years to file and claim a refund from the due date of your tax return. If you were eligible, you can still claim the EITC for prior years:- For 2020 if you file your tax return by May 17, 2024
- For 2019 if you file your tax return by July 15, 2023
- For 2018, if you file your tax return by April 18, 2022
If you filed a tax return for those years, but didn't claim the EITC and you were eligible, file an amended return. See Tax Topic 308, Amended Returns.
To find out if you were eligible, use the EITC Qualification Assistant.
“Over the course of the pandemic, the Treasury Department issued roughly $6 trillion, $2.7 trillion of which was monetized by the Federal Reserve. Americans were sent $5.1 trillion through various programs, including individual checks and unemployment bonuses.”
Well, my wife is looking for a new job....As far as medical costs go,
“On average, a doctor spends anywhere from $68,000 to $85,000 a year (about 14% of total revenue, or almost one-third of a primary care physician’s salary) on billing and insurance company issues.”
Doctors spend more time filling insurance paperwork than caring for patients: Expert
Bureaucratic paperwork has led to an increase in physician burnout, expert sayswww.insurancebusinessmag.com
You're welcome.
Having moved on from the claims world some years ago I laugh when my wife (still in claims mgmt) talks about fighting for pennies on the dollar on a settlement. It's unnecessary and insurance co's could cut all kinds of claim staff if they'd just make a decent offer 1st time on chiro/massage only shake and bake claims and move on. Also, all carriers are big on liability offsets even down to like 5%. Why? Just stupid and inefficient.
It pays to be poor until the crappy car you need to hold a shitty job breaks down, and the $1,500 goes toward a $2,300 auto repair bill.
It's all miserable. So, so miserable. PIP is helpful where soft tissue claims are just handled through your own policy in some states and the bs is weeded out. But yeah it's brutal. The cycles were awful too. Progressive or AAA or the Family would just randomly stop paying. Instead of three times the medical specials they'd offer half the meds on shit cases. Then the cases would be so old you'd have to go file a shit ton of them at once. Sometimes opposing counsel, captive or outside, would show up and say I don't know what the F the adjuster was doing how about xxxx and you'd go thank god, other times the lawyer would show up and say hey sorry dude adjuster still has the claim. I have no authority. and then you'd start to think about the decisions you had made in life to get you to that point. You'd also start to wonder if it was a smart move to mother fck the adjuster and tell her to fax over a copy of her law degree and medical degree
During 2021 my wife went from being a salaried employee for a publishing company to doing freelance work, so far, only for the same company. But it is self-employment income and my wife therefore "started a business" in 2021. There are huge tax advantages to starting a business. We prepaid taxes to the level of 35-40% of her and my untaxed income (my side work as an expert witness) and we'll get a ton of that back, due to starting the business and due to being able to contribute 25% of that income tax-exempt to a SEP IRA. We will see the biggest refund check we've ever seen in our lives. I should have filed earlier, but it took a while for all the documentation to arrive,
I'm bent over with no lube today. You're welcome @UncleMark
Thanks, @twenty02 . I appreciate what you and @mcmurtry66 and especially @JamieDimonsBalls do for all us poor bastards.
Oh, and to bring this around full circle, the money hit my account today. Big screen TV? Trip to French Lick? Hookers and blow? Decisions decisions...
I'd say a trip to French Lick with a hooker. Live it up. Order room service too.
Not around here. Best I've seen hereabouts is 0.55. But that was a couple months ago. I had a nice sized CD mature at 1.75 and bought an I-Bond with most of it at 7.19.
Before my father passed away he started putting his kids as co-owners of several of his assets. He gave me a certificate of deposit and a growth mutual fund, each with a value of ~5K at that time, over 15 years ago. He said "here's a safe bet and here's a risky one".
Well, the CD chugged along at 0.5% interest for most of that time and is now worth ~7K. Not bad. But...the agressive mutual fund did amazingly well and is now worth ~30K.
A lesson in long-term earnings, risk-taking, and continuous compounding/reinvestment. And that mutual fund did not enormously outperform even whole market index funds.
Well, the CD chugged along at 0.5% interest for most of that time and is now worth ~7K. Not bad. But...the agressive mutual fund did amazingly well and is now worth ~30K.
A lesson in long-term earnings, risk-taking, and continuous compounding/reinvestment. And that mutual fund did not enormously outperform even whole market index funds.
This was me:
My CPA:
I did make the payment on a BoA Platinum card that pays me back 2.62% to arbitrage the 1.9% service fee for CC payments.... that's about the only saving grace. Spent the last 3 days working on this shit. Time for a drink.
Take solace. Feinstein with all her faculties and the rest will be excellent stewards of your hard-earned income
A
anon_6hv78pr714xta
Guest
My favorite quote from the article:
McQueary was drawn to cryptocurrency by an advertisement he saw on social media.
“This guy Eppy was talking up how much you can make and he had a great track record, had posted pics of some smoking hot chicks. And he was on the Water Cooler, not the crappy freebie basketball board. How could I have known it woudn't work? Now the guy won't respond to my DMs,” McQueary said.
Now I'm worried about those I-Bonds you guys talked me into.
Not sure if I admire McM more for all the identities he has created or for the wealthy he’s put into each one.
Scientology next. I'd be a fool not to get into it. Can you pay dues with crypto?
Crypto Might Have an Insider Trading Problem
Public data suggests that several crypto investors profited from inside knowledge of when tokens would be listed on exchanges.
www.wsj.com
Lol
Tether withdrawals top $10 billion as regulators raise alarm about stablecoins
Tether has seen its circulating supply plunge from a record $84 billion on May 11 to around $73 billion as of Monday.
At a glance, it might seem awesome, and it is so until you realize you need more from this life. Then you realize you want a better job, a girlfriend, a car, and this list can continue indefinitely. Sooner or later, shit happens, or you get a brilliant business opportunity, and then you need easy reachable money. I dare you to look at this article about why liquid net worth matters. It's crucial to be acquainted with general economic notions and have a basic financial education.
P.S. Until then, I would not refuse a free 1500$ per month for being poor, lol.
P.S. Until then, I would not refuse a free 1500$ per month for being poor, lol.
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Well, I'm disappointed in you guys this year. No unexpected bonus money this year. Paid in nothing, get nothing back. WTF is that bullshit??? If it wasn't for what little I'm getting back from the state I would have gone in the hole after paying for the software.
