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Activity Feed for RBBrittain
- Posted Re: I assume that you received monthly payments, some before... on Retirement tax questions. Monday
- Posted Re: If your employer set the age at 62, then this is the age... on Retirement tax questions. Monday
- Posted Re: If I hit minimum retirement age 3/4 through tax year, how do I answer "Were you under your MRA when you received the distribution?" and answers are "Yes" or "No"? on Retirement tax questions. Monday
- Posted Re: Stimulus check and bank info showing on my return on Get your taxes done using TurboTax. 2 weeks ago
- Posted Re: How do i update my bank account infomartion on Get your taxes done using TurboTax. 2 weeks ago
- Got Cheered for @keoshamakel89 Free File Edition (formerly Freedom Editio.... June 17, 2020 5:59 AM
- Got Cheered for Code D (single D) is for contributions to a 401(k). Wheth.... May 13, 2020 11:13 AM
- Got Cheered for Re: COVID Stimulus Payment:(Please allow people who used Turbocard to change our Payment method to avoid having our stimulus payments delayed by having to receive it by mailed check. April 19, 2020 6:34 PM
- Posted Re: If we filed with TurboTax, does the IRS have our bank information to have the stimulus direct... on After you file. April 15, 2020 12:37 PM
- Got Cheered for Re: COVID Stimulus Payment:(Please allow people who used Turbocard to change our Payment method to avoid having our stimulus payments delayed by having to receive it by mailed check. April 14, 2020 3:00 PM
- Got Cheered for Re: COVID Stimulus Payment:(Please allow people who used Turbocard to change our Payment method to avoid having our stimulus payments delayed by having to receive it by mailed check. April 14, 2020 11:07 AM
- Got Cheered for Re: Official COVID-19 (Coronavirus) and extension thread. April 14, 2020 7:13 AM
- Got Cheered for Re: COVID Stimulus Payment:(Please allow people who used Turbocard to change our Payment method to avoid having our stimulus payments delayed by having to receive it by mailed check. April 14, 2020 3:51 AM
- Got Cheered for Re: COVID Stimulus Payment:(Please allow people who used Turbocard to change our Payment method to avoid having our stimulus payments delayed by having to receive it by mailed check. April 14, 2020 3:00 AM
- Posted Re: COVID Stimulus Payment:(Please allow people who used Turbocard to change our Payment method to avoid having our stimulus payments delayed by having to receive it by mailed check on After you file. April 14, 2020 2:53 AM
- Posted Re: Dependent in 2018, independent in 2019. Will I receive a check? on Get your taxes done using TurboTax. April 14, 2020 2:18 AM
- Got Cheered for Re: If we filed with TurboTax, does the IRS have our bank information to have the stimulus direct deposited? Will we me the mailed recipients of the check?. April 13, 2020 5:59 PM
- Got Cheered for Re: Stimulus check and bank info showing on my return. April 13, 2020 4:55 PM
- Got Cheered for Re: COVID Stimulus Payment:(Please allow people who used Turbocard to change our Payment method to avoid having our stimulus payments delayed by having to receive it by mailed check. April 13, 2020 4:37 PM
- Got Cheered for Re: COVID Stimulus Payment:(Please allow people who used Turbocard to change our Payment method to avoid having our stimulus payments delayed by having to receive it by mailed check. April 13, 2020 3:44 PM
Monday
@macuser_22 Yours is the first answer I've seen to specifically address the issue of "splitting" a disability 1099-R between before & after minimum retirement age, which is an issue I expect to run into this year. (TurboTax claims to have a help topic on this issue, but it's one of those help topics that did NOT carry over to the IRS Free File version which I use.) My question to you is, will this work for ordinary 1099-Rs (like mine from Arkansas Public Employees Retirement System), or just the specialized 1099-Rs (CSA 1099-R, RRB-1099R, etc.) Aggregation of amounts may apply to the specialized 1099-Rs, but it's less likely to apply to the regular one.
@bonappi It probably isn't an issue for you anymore (only in the year you reach minimum retirement age), but can you confirm whether or not it ACTUALLY makes a difference on your state return? The distinction between different types of retirement may be different for state purposes than Federal purposes; my state (Arkansas) treats both disability & regular retirement as qualifying for the state exclusion of $6,000 in "employer sponsored pension plan" income (over & above any basis exclusion) as the IRS distinction in Arkansas only affects the occasional basis exclusion, which (with some exceptions) is same as Federal -- Arkansas currently has no state EITC. (I actually had to get TurboTax to fix this issue for Arkansas some years back.) The taxation of 1099-R income in your state is usually determined by follow-up questions after entering your 1099-R; for Arkansas taxpayers the relevant question for "employer sponsored pension plans" appears in the follow-up section *before* the minimum retirement age question.
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Monday
I believe the correct answer should be whatever age the OP could get REDUCED retirement from Florida Retirement System (which would meet the IRS definition of "minimum retirement age" for disability vs. pension purposes), NOT the FULL retirement age of 62. That is why the most common answer (as in the first answer) is age 55, *not* 65; most plans (including mine) permit reduced early retirement within 10 years of full retirement age. Would strongly recommend that the OP contact Florida Retirement System for clarification.
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Monday
@fanfare For disability retirement purposes that is incorrect. In that case "minimum retirement age" is set by your retirement plan; it is the earliest age at which you could take retirement if NOT for your disability. This determines whether your disability retirement is reported as wages (100% taxable with no basis exclusion, eligible for EITC) or pension / annuity income (basis exclusion available if you made post-tax contributions to the plan, NOT eligible for EITC). Age 59-1/2 is only to determine if the 10% penalty for early payments MAY apply; there is likely an exception if you're over minimum retirement age but under 59-1/2.
I believe I will be running into this issue myself this tax year, as I became eligible to take early retirement under my former employer's plan. Alas, I'm using the IRS Free File version of TurboTax and the help question on what happens if you hit that age this year is missing (as it commonly is the IRS Free File version) so I'll be looking out for a more complete answer.
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2 weeks ago
@Fullerunit1 wrote:
So I looked up Find my stimulus payment, entered my information the first stimulus was deposited in my account and had my account last 4 digits, the second one said it was going to be deposited on Jan 4 but when i looked at my last 4 digits of my account it was the last 4 digits of my SS#. So the next time i looked it up it said "Status not available" and its been saying since. My SS# really!! Obviously it didn't get deposited Where is it!
You were probably affected by an IRS error that is being corrected as we speak. See this TurboTax blog post: https://blog.turbotax.intuit.com/tax-news/why-havent-i-received-my-second-stimulus-check-48743/
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2 weeks ago
@longvosd14 wrote:
I lost my bank account on IVRS so, can not receive the check from government to help covid19. I want to update the bank account . What should i do.?
Please clarify. Was this bank account actually closed? If not, is there any way to contact the bank to regain access to it? Your saying it was "lost... on IVRS" (interactive voice response system?) suggests you may have just lost automated phone access to it, not necessarily that it was closed.
Basically, there is NO way to update bank information now for either EIP1 (first stimulus) or EIP2 (second stimulus). If the account was open when either went out, your money went there. If the account was closed when EIP1 went out, you should have already received a paper check or debit card. If it was closed when EIP2 went out (or you didn't get even a paper check or debit card for EIP1), you will have to claim it as a credit on your 2020 tax return. Check the link in the site banner for more details.
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April 15, 2020
12:37 PM
@Lwilkerson wrote:
Whats a AGI
Adjusted gross income. Line 8b of your 2019 1040, or Line 7 of your 2018 1040.
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April 14, 2020
2:53 AM
3 Cheers
@Snead Please stop spreading misinformation here. Even though the DD info on the actual 2019 electronic return that TurboTax sent to the IRS was a temporary account at SBTPG (instead of what's on your TurboTax-printed 1040, i.e., your Turbo Card DD info), TurboTax *did* send the DD info on your return to SBTPG; the IRS got that from SBTPG and is sending your stimulus check there instead. (Someone posted some pages back an email sent to a tax professional confirming that the IRS directed ALL "refund transfer" providers, including SBTPG, to send their customers' DD info to the IRS so they could send stimulus checks to the right place.)
SBTPG updated its page ( https://www.sbtpg.com/coronavirus-stimulus-payment-info/ ) yesterday to make it clear which of its customers would get their stimulus check by direct deposit vs. paper check. ALL of SBTPG's TurboTax customers will get direct deposits, whether to an existing account or a Turbo Card, per this from their updated page: "The IRS will issue direct deposits to taxpayers that requested a direct deposit disbursement or applied for a new debit card when they prepared their own return online." (None of the three options SBTPG now says will result in a paper stimulus check are available in TurboTax; those are all offered thru tax professionals only.) TurboTax has updated its FAQs accordingly.
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April 14, 2020
2:18 AM
@Dinah Soto wrote:
Will i be get my Texas
IDK. Are you moving to Texas? 😄
Seriously, no one here can see your return. What is your question?
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April 13, 2020
3:43 PM
1 Cheer
@MayaD @Critter Also take note of this Treasury press release: https://home.treasury.gov/news/press-releases/sm972 . It tells what detailed information you'll need to use the "Filers: Get My Payment" portal once it opens. Also, it says that you will NOT be able to change existing bank info thru the portal for security reasons; you can only provide bank info there if you're scheduled to receive a paper check and it hasn't been issued yet. (Presumably if your stimulus was returned by your bank, once the IRS receives it, removes the bank info from its records & puts you in the paper check line, you should then be able to enter your new bank info.)
Also, this Treasury press release confirms the target date for completing stimulus direct deposits is Wednesday, April 15: https://home.treasury.gov/news/press-releases/sm975 . It doesn't say clearly, but I understand non-filers who receive Social Security or railroad retirement will be in a future batch and may not get their direct deposits by that date.
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April 13, 2020
3:31 PM
@Jaksuuu wrote:
Did he receive a refund advance? I’m wondering how it’s going to work for those who have received one.
That's treated the same as fees. Intuit provided your Turbo Card's direct deposit info to SBTPG to forward your refund after deducting the advance (and its own fee); SBTPG then provided the Turbo Card info to the IRS to issue the stimulus.
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