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Stimulus Check - Could be used to pay Taxes?
04-07-2020, 05:29 AM
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#1
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Jun 2003
Location: Florida's First Coast
Posts: 7,723
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Stimulus Check - Could be used to pay Taxes?
For those of us who owe way more to the IRS than the stimulus check will cover, it could be used to offset those payments. We may even get it quicker perhaps.
I would file my taxes now if that were the case, as it is I will wait till the last minute (July 15th) to pay.
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04-07-2020, 05:44 AM
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#2
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,327
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Yup. It’s money. I owe just a tiny bit set to auto debit on 4/15 and last I heard Stim checks could be auto credited before then.
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...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
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04-07-2020, 05:52 AM
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#3
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Thinks s/he gets paid by the post
Join Date: Jan 2010
Location: dubuque
Posts: 1,174
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has anyone heard if estimated payments are on the usual schedule for federal and state estimates or are there changes?
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04-07-2020, 06:04 AM
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#4
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Jun 2003
Location: Florida's First Coast
Posts: 7,723
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We have never had a Tax refund for as long as I have done our taxes, probably about 20 years PLUS or so. Always paid by check up until 2017. Then again in 2018. We used Direct Debit from our CU Checking Account via TurboTax eFile.
Does that mean the IRS has our info, and we will get our stimulus via Direct Deposit, or will we get a check?
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"Never Argue With a Fool, Onlookers May Not Be Able To Tell the Difference." - Mark Twain
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04-07-2020, 06:32 AM
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#5
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Nov 2009
Posts: 6,698
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For those of us like me who won't be getting any checks in the next few months, I expect to be able to net out any theoretical check against my 2020 taxes (2020 income will be much lower) next April. Between that and any excess ACA subsidy I have requalified for, I expect to get a nice refund next year.
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Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.
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04-07-2020, 07:25 AM
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#6
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Thinks s/he gets paid by the post
Join Date: Dec 2015
Location: Santa Paula
Posts: 4,077
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 Quote:
Originally Posted by frank
has anyone heard if estimated payments are on the usual schedule for federal and state estimates or are there changes?
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Estimated payments for IRS and CA have ben moved to 7/15 for the first and second quarter. I have set up my EFTPS and FTB payments to reflect this
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Retired Jan 2009 Have not looked back.
AA 60/35/5 considering SS and pensions a SP annuity
WR 2% with 2SS & 2 Pensions
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04-07-2020, 07:42 AM
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#7
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Thinks s/he gets paid by the post
Join Date: Jan 2008
Posts: 1,671
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Quote:
Originally Posted by Souschef
Estimated payments for IRS and CA have ben moved to 7/15 for the first and second quarter. I have set up my EFTPS and FTB payments to reflect this
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Second quarter for Federal tax payments is June 15. My state, MD conforms to the Federal. 2nd Payment is due on or before June 15, first payment July 15 - ie. Q2, Q3 and Q4 payments are unchanged from normal timeline.
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Copied from IRS and FTB sites
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04-07-2020, 08:29 AM
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#8
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Thinks s/he gets paid by the post
Join Date: Dec 2015
Location: Santa Paula
Posts: 4,077
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Copied from IRS and FTB sites
deleted
__________________
Retired Jan 2009 Have not looked back.
AA 60/35/5 considering SS and pensions a SP annuity
WR 2% with 2SS & 2 Pensions
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04-07-2020, 08:39 AM
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#9
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Thinks s/he gets paid by the post
Join Date: Feb 2014
Location: South central PA
Posts: 3,486
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Quote:
Originally Posted by jebmke
Second quarter for Federal tax payments is June 15. My state, MD conforms to the Federal. 2nd Payment is due on or before June 15, first payment July 15 - ie. Q2, Q3 and Q4 payments are unchanged from normal timeline.
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I got a chuckle out of that when I saw that. It’s backwards. I’ll pay my first quarter now, rather than wait. With travel cancelled and no need for heat or AC, right now the govt could use the money, way more than I can at the moment. My taxes will be very low this year.
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