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[Marciakerbo]

I have filled taxes for the last two years will I get stimulus

[DoninGA]

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@Marciakerbo wrote:

I have filled taxes for the last two years will I get stimulus

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If you filed 2018 and 2019 federal tax returns and you were not a dependent then you were eligible for the stimulus.

Use this IRS website for stimulus payment status - https://www.irs.gov/coronavirus/get-my-payment

Use this IRS website for get my payment FAQ's - https://www.irs.gov/coronavirus/get-my-payment-frequently-asked-questions

[derekice]

Our business takes one wee worth of service deposits from our clients before we begin providing services and this deposit stays on file till they don't need us anymore then it goes towards the last invoice, or gets refunded.

I have set up a deferred income account to keep track of this but currently, its hard to know which clients have deposits and how much that deposit is. I am currently putting notes in their client profile but I would love to be able to see this deposit on their account without using a credit memo (it's my understanding that credit memos reduce the AR) Is there a way in qb to keep track of which clients have deposits on file with us?

[Anonymous]

you need to post this question to the QB forum. This is a tax forum.  you didn't ask but I will tell you. these "deposits" are taxable income regardless of whether you are using cash or accrual basis of accounting for tax purposes.  the US Supreme Court has issued rulings on this matter.     

[Windyallred12]

How much do i have to make ti quilify for liw income credit

[Windyallred12]

How much do i have ti make to qualify for low income credit

[xmasbaby0]

@Windyallred12 Are you asking about federal earned income credit?

https://ttlc.intuit.com/questions/1899157-what-are-the-qualifications-for-the-earned-income-credit-e...

https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/use-the-eitc-assistant

[DoninGA]

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@Windyallred12 wrote:

How much do i have to make ti quilify for liw income credit

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On a federal tax return there is no such thing as a low income credit.

What is available, if you are eligible, is the Earned Income Tax Credit.

Go to this IRS website for information on the EITC - https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/do-i-qualify-for-earned-...

[Cwolfmeier]

What form do I need for taking out a 401k withdrawal so that I don’t get penalized by the irs due to COVID 19 relief 

[PattiF]

The 401k withdrawal will be reported on a 1099-R. The company that manages the 401k will send a form to you. The 1099-R is required to be sent by January 31.

[AYP465]

Hello, I've lived in New York City 01/01/2020 - 06/30/2020

On 06/30/2020 I sold my New York apartment and moved to Florida. 

So I lived less than 183 days in 2020. My Employeer located in Boston, MA (working remotely).

Am I part-year NY resident or Non-resident?

[ToddL99]

You were a part-year resident of NY (and NYC) -  for the period 01/01/2020 - 06/30/2020.

All the income you earned while living and working in NYC is subject to NYS (and NYC) tax. The fact that your employer was based in Boston does not affect your NY tax responsibility; you are subject to tax based on where you physically performed the work.

When you complete the Personal Interview: 

1. Select Florida as your "state of residence" (as of December 31, 2020); 

2. Answer "Yes" when asked if you "Lived in another state in 2020?"  

3. Your "Previous state of residence" would be New York. 

4. The "Date you became a resident of your new state" Florida) would be the date you moved to FL with the intent of staying (07/01/2020). 

5. When asked if you "Earned money in another state?", answer "No" . You have already told the program you were a resident of both NY and FL, so it will know you are subject to tax from NY (FL has no state income tax).

[Burban123]

My daughter earned $1K helping out a non profit.  Do I claim on mine since she doesn't have to file?

[xmasbaby0]

@Burban123 No.     And if she received $1000 on a 1099NEC she does have to file,

MY DEPENDENT HAD A JOB

If your dependent has a W-2 for his after-school job, summer job, etc. you do not include the information on your own return. You can still claim your child as a dependent on your own return.  He/she can file his own return for a refund of some of his withheld wages (he won’t get back anything for Social Security or Medicare), but MUST indicate on it that he can be claimed as a dependent on someone else’s return.  (Supervise this closely or prepare it for him!)

If your dependent’s earnings were over $400 and were reported on a 1099Misc or 1099NEC then he must file a return and pay self-employment tax for Social Security and Medicare.  You may want to use this version of TT for that:

https://ttlc.intuit.com/questions/1900583-what-is-turbotax-free-file-program

[Burban123]

She only received a 1099 NEC, no w2.  They did not take any taxes out.