Tax Returns

[dawg80]

Someone help me here...aren't we all required to file annual tax returns with the IRS? Even if you're a total deadbeat living off the sweat of true Americans, you are required to file a return. Even if you'll get even more money handed to you...of which you did not earn...you are required to file a return, er, right?

The IRS has put out an "alert" that if you want your total $1,200 plus $500 for every little snotty-nosed kid running around you claim is yours, and you did not file a return for 2018 and/or 2019, to contact the IRS so information can be gathered and they can send you the "proper" amount.

What is the law? Anyone know?

[tech70]

2019, you don't need to file a tax return if you all the following are true:

Under age 65
Single

Don't have any special circumstances that require you to file (like self-employment income)
If you only have social security income and if married file a joint return.
These are some exclusions
Earn less than $12,200 (which is the 2019 standard deduction for a single taxpayer)

[dawg80]

I know of just a few folks who have received their stimulus checks. One is one of my contractors who in 2019 was living with his girlfriend and also had his nephew staying with them. Since then his GF left him, months ago, and his nephew has gone home to his mother. But, the fellow got a check for $2,900. Not sure how that works since he was not married to his ex-GF and his nephew was never a true dependent. He showed me the check. It's real. Other than him many of my renters have received their $1,200 checks.

Any of you gotten anything? We haven't.

[tech70]

Got mine very early. I electronically file .

[dawg80]

Well, anytime...which is fairly rare...we are due a refund from our Federal income tax my CPA applies it to the current year, i.e. pre-pays that year's tax. Therefore we have never received, in the form of payment, a refund from the IRS. We do occasionally get a state refund, which we did this year, and got that check weeks ago. But, again, that is also rare...I usually am writing checks to both the IRS and to BR in April(s). And also writing checks quarterly too. Perhaps if we ever, truly, retire (which I don't see happening) we'll have a stable income, easy to predict. As for now we are involved in so many investments and ventures our income varies wildly year to year and often we have no clue what our income will be in any given tax year. Keeps my CPA earning his fees, at least!