OT: Tax Day is extended to mid May

[Drumguy]

Impacts almost all of us so I thought it was worth putting out there. I'm a CPA so usually miss a lot of March Madness, looks like I'll be able to watch a lot more. Personally hate the extension but we do the time.

btw in true IRS fashion they didn't give us a date yet. Probably the 17th as the 15th is a holiday.

 

[UCTitleTown]

I doubt the state will. I always file state and federal together at same time using H&R Block On-line.

 

[Drumguy]

I doubt the state will. I always file state and federal together at same time using

The States came around last year and if you're in TX you're already extended to June 15th!

 

[bendm]

no state income tax in WA woooooooooo

 

[JohnFSilver]

State should push it back. I always owe state, and luckily in the rescue package, they aren't taxing unemployment benefits (wife this year!). So if you got unemployment at all last year, and you already filed, I would amend. Whatever you got in UI isn't taxable income now.

 

[alphasigko]

The States came around last year and if you're in TX you're already extended to June 15th!

If I am not mistaken, there is not a state Income Tax in TX.... And my company is registered as a foreign Corp there and I just received notice that its return is due 5/15 as it always is.

 

[Drumguy]

If I am not mistaken, there is not a state Income Tax in TX.... And my company is registered as a foreign Corp there and I just received notice that its return is due 5/15 as it always is.

Good chance that the TX return is just a filing requirement no tax due.

 

[Drumguy]

State should push it back. I always owe state, and luckily in the rescue package, they aren't taxing unemployment benefits (wife this year!). So if you got unemployment at all last year, and you already filed, I would amend. Whatever you got in UI isn't taxable income now.

Unemployment up to $10,200 can be non-taxable if your incomes are under $150,000. The IRS has asked that you do not file an amended return as yet if you’ve already filed. If you haven’t filed yet and have the possibility of non taxable unemployment, part of the reason for the extension is so that the IRS can fix the forms to comply with the new law, so don’t file yet.

 

[husky8273]

The IRS has issued guidance on how to exclude unemployment income when you file: New Exclusion of up to $10,200 of Unemployment Compensation | Internal Revenue Service (irs.gov)

 

[UCLJ0211]

Impacts almost all of us so I thought it was worth putting out there. I'm a CPA so usually miss a lot of March Madness, looks like I'll be able to watch a lot more. Personally hate the extension but we do the time.

btw in true IRS fashion they didn't give us a date yet. Probably the 17th as the 15th is a holiday.

17th confirmed

 

[UCDaveD]

First year I actually owe money so fine by me.

 

[Drumguy]

The IRS has issued guidance on how to exclude unemployment income when you file: New Exclusion of up to $10,200 of Unemployment Compensation | Internal Revenue Service (irs.gov)

Nice reference for those interested. If you use a software program or CPA, give it a few days to flow into the software, if you file on paper (LOL) this is how they want it to show.

 

[HuskyHawk]

Nice reference for those interested. If you use a software program or CPA, give it a few days to flow into the software, if you file on paper (LOL) this is how they want it to show.

Thanks. I use turbo tax and I’m dreading filing this year. Needed some extra time.

 

[8893]

Pretty sure CT will follow suit again and also extend its deadline.

 

[Husky25]

Impacts almost all of us so I thought it was worth putting out there. I'm a CPA so usually miss a lot of March Madness, looks like I'll be able to watch a lot more. Personally hate the extension but we do the time.

btw in true IRS fashion they didn't give us a date yet. Probably the 17th as the 15th is a holiday.

Poor excuse to miss Tournament time. I was taught on Day 1 of my internship (well not really. Day 1 was an inventory observation in late December) how to watch March Madness during busy season. It was as important of advice as a finding a reliable 10-key or on which side of the number tickmarks and cross references go.

 

[Dream Jobbed 2.0]

I’ve gotten a few inputs on this. Figured I should ask the BY money experts. I got some (bad?) advice to start putting money in a Roth IRA while I have a pension. Turns out I’ve been getting whacked for over contributions to retirement for years. Should I dump the IRA?

 

[HuskyHawk]

I’ve gotten a few inputs on this. Figured I should ask the BY money experts. I got some (bad?) advice to start putting money in a Roth IRA while I have a pension. Turns out I’ve been getting whacked for over contributions to retirement for years. Should I dump the IRA?

Huh? I don’t understand this. You were either eligible or not (or have phased out eligibility). Roth contributions are after tax and then grow tax free. Traditional IRA or 401k are pre-tax and then grow tax deferred, but you pay tax on withdrawal.

If you aren’t eligible because of another plan, then stop contributing and correct anything by recharacterizing. What to Do if You Contribute Too Much to Your Roth IRA

 

[Jewels]

Pretty sure CT will follow suit again and also extend its deadline.

Agree. CT tax return starting point begins with Federal Adjusted Gross Income.

 

[Drumguy]

Agree. CT tax return starting point begins with Federal Adjusted Gross Income.

CT announced last night it is following suit with the IRS.

If you have estimated taxes (small businesses) the date for paying estimated taxes is still April 15 for both federal and state.

 

[Da_Aisijimo_Gou]

no state income tax in WA woooooooooo

As in most states without state income taxes, WA's sales and property taxes make up the difference. Absent few exceptions, anyone with real property and average income or above still pays the piper one way or another. Possible exceptions, Montana and Deleware respectively with large resource corporate taxes and corporation taxes.

 

[Kolumbo]

Unemployment up to $10,200 can be non-taxable if your incomes are under $150,000. The IRS has asked that you do not file an amended return as yet if you’ve already filed. If you haven’t filed yet and have the possibility of non taxable unemployment, part of the reason for the extension is so that the IRS can fix the forms to comply with the new law, so don’t file yet.

Also note. The $150k limit is per tax return. Couples over this threshold may be able to take advantage by filing Married Filing Separate.