Good point, but she didn't loan them 14k only about 11.5k and got back 14k. I guess she made some "interest" on her money?
No federal taxes on Social Security
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Does she have kids? They make too much for the EITC... So the only other refundable tax credit I'm aware of is a portion of the child tax credit. A lot of that is to going to be based on AGI, not gross income though .. So if they had a lot of above the line deductions (such as 401k, health insurance, etc...) their AGI might be way less than their gross.
Regardless they need to adjust their withholding... They should be bringing home $1k/mo more than they are. She didn't make interest.... She would have gotten the same $2500 excess back no matter what.
Maybe someone who knows money and numbers should show them how they're shooting themselves in the foot.
Yep.
That's as dumb as the argument people make about working OT....'it'll put me in a higher tax bracket!'.
Derp.
She’s insufferable. These endless stupid middle class stories. She learned two scripts that she doesn’t deviate from.
Btw. The kids call that lore dropping.
My daughter. I asked the teacher if I could use the bathroom. She went off talking about how when she was a kid you had to wait for class to end. Whatever. No one needs the lore-dropping
Haha, lore dropping was call "gathering life experience" or "heeding your elders" when i was a kid.
We're ****ing doomed.
Funniest story ever - daughter turned 18 about two weeks ago. Blow out fight that can only occur between an unruly teenage and her parents. She says she's going to be getting emancipated.
I started howling laughing, which of course made everything better. "You're 18, just leave if it's that bad". She looked confused then shut up real quick.
My wife wasn't happy. I lose again. But I got this story.
🤣🤣🤣. We really are doomed. So I posted on here I ran into a soccer buddy last time my daughter was at the hospital who was waiting on his daughter’s biopsy etc. anyway she died of cancer this week. I’ve been talking about it all week to my daughter. Showed her our chat group bc one of her teachers is on it. Told her how her brother and I sat with the dad at the hospital etc.
This morning on the way to school as god as my witness she goes: some kid at the high school died of cancer
Your daughter, my daughter. They are complete unaware what social media is doing to people. While it's true we were raised by Axl Rose and Dr Dre (as examples) the ubiquity of music is nothing compared to the rot that is social media (especially tik tok). It's changing their brains to be focused solely on dopamine hits.
I think there's going to be a ton of drug addicts in this cohort over the next 20 years.
I’ve tried to tell people this for years. Usually it’s a waste of time. Their refund is a savings account to pay off Christmas credit card debt or a vacation.
All hell breaks loose when something changes and they don’t have the refund.
It truly is a rot. She remembers nothing I tell her. And it’s not just social media. She’s on multiple friend text groups. I catch her constantly looking over at her phone. I make her turn it over now. If you’re doing homework, watching a movie, turn your phone over.
Oh it was just mom texting. Bullshit
They have two and they fall under the standard deduction. My point is they basically paid no federal taxes at all last year, or at least that is how I see it. It's kind of like a built in savings account, lol.
I'm assuming they speak with a financial advisor one way more versed in how the taxing of SS works? Common theme among many to say the same thing and all are in different areas of Southern Indiana. I don't question it and quite frankly they are way better workers than their younger counterparts so I let well enough alone.
What if he just wants Senior Citizens to have more money in their pockets? Is that a bad thing?
Yep not uncommon for that situation to have no income tax liability. They are in the 12% bracket and then with two kids the child tax credits basically wipe out what little amount they would owe without kids.
They have raided that program for years. It's filled up with IOU's. I just think that social security recipients have worked all their lives and why not let them have extra money. Cut spending in other areas so we can support our elderly population.
But Zelenski needs another yacht. Don't be selfish.
Taxing Social Security to fund Social Security. Sounds way efficient. Not! How many criminal IRS agent will need be funded to crunch those rocket science numbers.
Jo Jorgensen from last election outlined a solid plan to phase out Social Security. The older people invested would stay but younger people would have choices of private vs govt. options to fund their retirement.
What a waste but that is what happens when a bunch of warheads who want to start WW3 make plans outside of the funding of killing people for their Imperial expansion. I'm sure they can transfer plenty from the military fund to fix all sorts of problems. Puppet Master Zelensky was in US in the past week and I expect he conned the brilliant fools (Mr Senility and Airhead dumb beetch) in the Democratic regime to give him more money and weapons. We should be taxing Ukraine. Of course that won't yield much. Ukraine will be gone soon as the populations continues to dwindle.
RFK and Tulsi can't get their voices into govt. positions for Trump quick enough!!!!!
@Aloha Hoosier Do you honestly think there is a real threat of Russia invading a NATO country?
I find that notion really far-fetched.
That said, I'd still like to defend Ukraine from this war of aggression. But I have a hard time delineating the defense of Ukraine from any other war of aggression and I don't want the US involved in every single one. I see the NATO defense argument as an attempt to make that delineation, but I don't think it holds up. Do you see things differently?
I was going to break it to you Sunday at book club, but I guess there is no point in waiting any longer.
Expect our Petition for Emancipation from Mean, Abusive Dad and Judgmental Mom today via certified mail. Hearing date is next Thursday. Your daughter said you'd pay my bill, right?
IM EMANCIPATED IM EMANCIPATED!!!! YOU GUYS THIS IS TOTALLY LIFE-CHANGING!!!! WAIT FOR ME!!! ILL BE THERE IN LIKE TWENTY. I JUST NEED TO RUN BY MY DAD’S TO GET MONEY
I don’t know. I’d say for the people that need the SS to live it would be 2 or 3 thousand a year.
Maybe so or maybe that is all they want to work and they hide behind the taxation issue? Regardless I'll take them the 20-24 hours I get them and leave well enough alone. They all seem to be self sufficient and not relying on every safety net under the sun to survive.
Any self-respecting Boomer had a coonskin hat
That's what I love about it. I doubt the taxes on tips and on OT and on SS ever go away. But Trump is saying "Hey, if you're going to buy votes by giving huge money to homebuyers (which would drive up inflation), I'll make promises to working people".
He's learned promising shit and never having to follow through gets you elected and he learned that from Biden.
And listen to all the hypocrites howl!
Aren't you the one bragging about the big increases we got in SS the last fewer years?
Uh, yeah, but what non-SS recipients don't realize is their Medicare payments and their Medicare supplement payments go up every year - usually by about the same amount we get for inflation adjustment. So, it's almost a wash for most people.
I'm not bitching about it - just showing that we're not getting rich off it, and as you say, really doesn't keep up with the cost of living at all. Groceries and gas went up by a helluva lot more.
I owned a deli and my employees did the same thing. And they couldn't wait for their W-2 so they could go to one of those instant cash places and take the money and spend it on stupid shit. I'm talking about part-time employees who worked maybe 20 hours per week, making a little more then minimum wage. And they would get thousands back more than they paid in.
Some people don't have the fiscal discipline to save, so they use tax refunds as a kind of savings. The amount they would get on simple interest isn't worth it to them, so they like to have a chunk of cash at the first of the year.
People like TwentyIQ are judgemental as hell of people but don't take into account human nature. Some people are savers, others are not. Basically, that's why we have Social Security, because if people were disciplined enough to put that money into a stock fund or savings account, they'd get far more back at retirement than what they're getting in SS payments.
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