DWYM: Tax Stimulus Filing Confusion
DWYM: Tax Stimulus Filing Confusion
As Tri-Sate residents start preparing their taxes – some are getting a case of sticker shock.
When they enter that they got a stimulus check – the amount of their refund goes down.
As TRI STATERS STARTPREPARING THEIR TAXES -- SOMEARE GETTING A CASE OF STICKERSHOCK.
WHEN THEYENTER THAT THEY GOT A STIMULUSCHECK --THEIR REFUND GOESDOWN!
CONSUMERREPORTER JOHN MATARESEINVESTIGATES, SO YOU DON'TWASTE YOUR MONEY.WE HEARD TIME ANDAGAIN THAT LAST YEARS STIMULUSCHECK WAS NOT TAXABLE...YOUWONT HAVE TO PAY IT BACK.BUT THEN WHY DOES ITAPPEAR TO BE REDUCING YOUR TAXREFUND WHEN YOU FILE?MISSY STENGERFILED HER TAXES THROUGH AN TAXPROGRAM, AND WAS STUNNED BYWHATPOPPED UP WHEN SHE WASDONE."It told me I owed over$1,000 and I said what?
Thereis no way, there is no way."NO REFUND AT ALL!INSTEAD SHE OWES MONEY TO THEIRS.
HER TEENAGE SONGAVE HER ASUGGESTION:"He said Mom justplay with it, take out thestimulus money!I took it outlike I didn't get it, and allof a sudden it said I will getback 27-hundred dollars!
AndI said, uh why is it sayingthat?
LIKE SO MANYOTHER PEOPLE, MISSY SPENT HERSTIMULUS CHECK ON ESSENTIALS.SHE WAS TOLD YOU WONTHAVE TO PAY IT BACK.SO SHE WANTED TO KNOW WHATSTHIS ALL ABOUT?--------------WE TURNED TO A CPA TOGET ANSWERS.... ROY MITCHELLOF KUNIMURA MITCHELLACCOUNTANTS IN BLUEASH."Youre not being taxed onthe stimulus are you?Correct, you are not beingtaxed on the stimulus."MITCHELL ADMITS IT'SCONFUSING.
BUT HESAYS IF YOU TELL AN ONLINE TAXPROGRAM YOU DID NOT RECEIVE ASTIMULUS CHECK, ITAUTOMATICALLY GIVES A MARRIEDCOUPLE AN EXTRA 24-HUNDREDDOLLARS IN YOURREFUND."If they have notreceived the 24 hundred, thatwill increase their refund by24 hundred dollars.
But wait,they suddenly realize they didget the 24 hundred.
Then thattakes it right back down."BUT MITCHELL SAYS DON'TCHEAT: THE IRS WILL KNOW YOUARE TRYING TO DOUBLE DIP.MISSY SAYS SHE JUSTWISHES SHE COULD GET ASTRAIGHTANSWER."I dont know whatsgoing on, I don't know ifthere is a glitch in thesystemsomewhere!" STILLNOT SURE?
CONTACT A TAXPROFESSIONAL.
BUT THEBOTTOM LINE IS YOU DO NOT HAVETO PAY TAXES ON YOUR STIMULUSCHECKS...SO YOU DONT WASTEYOUR MONEY.
JM WCPO 9 N
