So basically, anyone on the cusp of their stimulus cutoffs can now capitalize by using the lower of their incomes in 2019 or 2020.

i.e. if you made less in 2019, don't submit your 2020 return until April 15.
but if you made less in 2020, submit it now.

Speaking of the IRS and your tax return...

If you are claiming any medical expenses on your 2020 tax return are you allowed to claim your monthly insurance premium also?

Yes, if you pay for it with after-tax dollars. If it is paid for through a cafeteria, or section 125, plan you cannot deduct the insurance premiums.

I'm retired and I'm insured through a Medicare/Humana Gold Plus account. The premium comes out of my SS check. I have other revenue streams for income, but my SS check is adjusted to reflect the monthly premium I pay.

I'm guessing that would be after tax $$$?

So if I got a rather large bonus in 2019 that didn't repeat in 2020 (thanks, oil and gas) I should file prior to April 15.

Yes, I went ahead and filed because my taxable income was much lower for 2020 vs 2019 because of maxing out my 401k, IRA, and HSA deductions. Despite grossing more income, I ended up qualifying for stimulus rebates and expect to get this next round of obama bucks.

Insurance w/h from SS checks is generally deducted as medical on Sch A.

combat wombat said:

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Due to the winter storm disaster in Texas, the IRS has extended filing and payment deadlines, including business individual returns due on March 15th and April 15th, to June 15th.

Check with your CPA for more info.

https://www.irs.gov/newsroom/victims-of-texas-winter-storms-get-deadline-extensions-and-other-tax-relief

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SHHHHHH.... the rest of us want the madness to end on April 15th!!! lol

Sold my practice at the end of the year and not missing the madness at all, lol. Will only be doing family business returns and individual returns for family, a total of 7 to 10 depending on how many of the grandkids have to file. And I cannot get motivated to start!

Sorry... I genuinely NEED the extra time. I lost over a week of work due to the freeze and then about another thee days due to a family death resulting, at least in part, to the power loss from the freeze.

30wedge said:

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Sold my practice at the end of the year and not missing the madness at all, lol. Will only be doing family business returns and individual returns for family, a total of 7 to 10 depending on how many of the grandkids have to file. And I cannot get motivated to start!

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Dreaming about those days!

combat wombat said:

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Sorry... I genuinely NEED the extra time. I lost over a week of work due to the freeze and then about another thee days due to a family death resulting, at least in part, to the power loss from the freeze.

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I do too but last year was a disaster and I have baseball tournaments to go to. So late people are just going to have to deal.

gigemhilo said:

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combat wombat said:

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Sorry... I genuinely NEED the extra time. I lost over a week of work due to the freeze and then about another thee days due to a family death resulting, at least in part, to the power loss from the freeze.

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I do too but last year was a disaster and I have baseball tournaments to go to. So late people are just going to have to deal.

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That's what extensions are for!

FYI for anyone else, the IRS Get Refund Status page seems to be broken this year. I submitted my return in mid February and got my refund last Thursday afternoon.

The status on the page never changed. (It still shows "Return Accepted".)

I still haven't received my refund from last May.

Matteus said:

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I still haven't received my refund from last May.

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Did you mail it in? If so, it likely means the IRS lost your return during their 2 month furlough.

The IRS is WAY behind processing mail.

Congress had to tell them to stop sending people notices About not filing 2019 tax returns because the Iris still hasn't processed all the 2019 tax returns have been filed. So, many of the notices are incorrect and are panicking taxpayers.

Go to irs.gov and use the "where's my refund" tool to see what's going on.

gigemhilo said:

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30wedge said:

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Sold my practice at the end of the year and not missing the madness at all, lol. Will only be doing family business returns and individual returns for family, a total of 7 to 10 depending on how many of the grandkids have to file. And I cannot get motivated to start!

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Dreaming about those days!

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My son and I were practice fishing today for a tournament this Saturday. He is 30 and we started fishing it when he was 5. He asked me about whether I missed tax work. I said not a damn bit. By this time each year my schedule was to have done right at or slightly more than 100 returns. It's a younger man's or younger woman's game for sure. Good luck this tax season to you and the others on this thread!

combat wombat said:

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Go to irs.gov and use the "where's my refund" tool to see what's going on.

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I was told by an IRS agent a couple weeks ago that they have changed their official response from "wait for it to process" to "re-file"

Another disaster related note; you can deduct casualty loses that are not reimbursed by insurance. Save all your receipts for things like pool equipment and landscaping replacement, or things you repaired out of pocket in your home.

As of this morning "We have received your tax return and it is being processed."

Which is what its read since last May (2020). And I submitted electronically through a CPA.

Have you or your CPA called them? If you had a refund due and filed in May of 2020, I would have called the IRS to find out why they had not yet processed the refund. That is if you were my client. You can call them or have your CPA call the practitioner line.

I filed 12 days ago and the refund hit my bank account today.