Stimulus paymnet

[470pitt]

The father claimed the daughter in 2020 for 2021 he is not but he got the $1400 for her

so when I file her return for this year 2021 should I show that she got it?

[PATAX]

As far as I know it is based on the 2021 law, so no she did not get it in advance as a EIP3. Therefore you would mark zero on the 2021 worksheet that asks if she got it, and then she should receive it with the return. I believe the IRS said that it would Implement rules to stop double dipping, but as far as I know that did not happen. There are other posts on this so, please read it. This is just my opinion.

[dkh]

You enter on the fathers return the amount he received.  You enter on the daughters return the amount she received.     Yes, you will have taxpayers that received the EIP that now, based on 2021 information, do not qualify for what they received in advance - it is what it is.

[IRonMaN]

"it is what it is"

And it is really stupid.  The last two years of playing games with stimulus payments and now with child credits is frustrating to say the least.  If the government is just going to piss money away, they could at least make it entertaining for the rest of us to watch.  How about announcing each day that at such and such a time, they are going to drive 6 dump trucks loaded with hundred dollar bills down the freeway and drop their load at random spots on the freeway.  At least you could have fun watching the local news every night while folks are chasing after the trucks to grab as many bills as they can.  Maybe to make it more interesting, they could drop the cash from helicopters, just to get the cash to blow around a little more.🚁

[dkh]

My tabulation of money advanced to taxpayers that don't qualify on 2021 returns =

$18,400  (12 tax returns)

Yes, I've completed more than 12 returns this tax season

[IRonMaN]

Take half the amount as a credit your tax return this year.  Tell the IRS you will pay your half when those folks pay theirs.

[dkh]

I already received $1200 ACTC deposited into by business account for someone else's child.  Can't get too greedy.  lol

[PATAX]

@dkh @IRonMaN Reminds me of something that happened several years ago. I do not use one of those automated teller machines or whatever you guys call it, so if I need cash, I just write a check payable to myself and cash it. Well I went through the drive-thru to cash my check for $200. When the teller gave me back my envelope, I noticed it was quite thick. So I fanned the bills in it,  and I saw  hundreds and fifties. I hit the buzzer a few times and the teller finally responded, since they were quite busy. I asked her if I gave her a check for $200 to cash. And she said yes and that is what she gave me!!!! I said that is funny, because I think you gave me $2,000. Needless to say, she was quite happy that I gave her back the $2,000, but I noticed she wasn't employed there much longer after that, so apparently she wasn't the shiniest star in the sky.... Just my opinion.

[IRonMaN]

I would have done the same thing but a lot of people would have burned rubber getting out of there with their bonus cash.

[PATAX]

@IRonMaN That is because you were brought up right Iron Man.... I know that I brag sometimes about my Nobility ancestry in Hungary, but I received absolutely nothing of financial benefit from this, other than good genetics.... My Father never even told me about this, and I found out from relatives... . Everything that I have, I worked for and paid for myself,  not expecting anything free from anyone.... Like you Iron Man, I can go to sleep at night with a clear conscience for myself and before  Almighty God...

[Frustrated-in-IL]

Nice going.  You got the poor girl fired.  Hope you can sleep at night.😊

[PATAX]

👍lol...

[IRonMaN]

That's ok - I heard she got a job in the support department at Intuit.

[dkh]

I do plan on returning the $1200.  I'm waiting to see if they automatically withdraw after processing this years returns.    Hate to send them a check and they withdraw it too.   Imagine trying to get that straightened out. 

[PATAX]

Yeah that sounds right dkh. The way they're taking so long to process things it could make a big mess. I have a client that received a 941 refund that was supposed to be applied to the next quarter. Apparently they did not process the 941 until many months after it was filed, and then mailed out the check in error instead of applying it. The check was immediately returned with a letter to the IRS, but now it may mess up the other subsequent quarters because  I  applied the refunds on the 941 returns to the next quarter...