A bit of some background...My wife and I make about $60-70,000. a year. We could make more...But we enjoy the ACA (Obamacare) tax saving every year. Big times savings, since (2020) I was 64 and my wife was 63...spent a HUGE amount for insurance (think $25-30,000. cost each year). We have many assets, but that is a different story (lots of assets growing...Little income = lower taxes). In Oct 2020 we had sold a small farm here in California. Had a huge long term capital gains hit. The last couple months of the year we gleaned every short term and long term capital loss we could find. We were doing a lot of covered calls, so we had quite a large group of short term capital gains too. So we get our tax return from a CPA on May 14 to review, before we send it in. We notice the ACA subsidy we had paid through the year was not recaptured, (given back to the government). We told our CPA...He filed an extension till he could be figured out. We were fine with that. We had paid huge quarterly estimates when the farm was sold...To be on the safe side. Our CPA called today...Left a message on the phone. Back in March 2020, President Biden had approved the American Rescue Plan Act. The subsidy we thought needed to be repaid...Did not. Our CPA thought it might not have been updated on his tax software...It had!! Our return is good to go. Extra $14,000. in savings...File that sucker!!!
So you are taking government handouts and proud about it or what is this thread about? You vote for higher taxes - pay them buddy
You boosted your income with welfare by 20% while your purchasing power decreased by 30% and you feel like you won something? Stimulus checks are temporary but inflation is forever.
Not going to argue. Just putting it out there. Won't take the bait...You have no idea who I voted for...
No need to tell, it's obvious. You said everything that needs to be said. You should be ashamed to so blatantly communicate subsidies and handouts, received, as if it was some sort of accomplishment. The proceeds of the sale of your farm minus taxes did not leave you with enough off that you have to dig into every free handout there is? Huge long term capital gains hit means you also scored a huge long term capital gain net of taxes. Yet you are proud you pulled another 14k out of the system via free handouts? Are you sure you are the target recipient the system intended to provision those handouts for? People like you are the reason socialism never worked and will never work.
FYP You know who was President back in March 2020. Anyway you did what anyone else should do - everything you can to reduce your tax obligation ... legally. Fack all those who say otherwise.