Doing my 2020 taxes

Moderators: HopefulSSer, admin

User avatar
JPG
Platinum Member
Posts: 34610
Joined: Wed Dec 10, 2008 7:42 pm
Location: Lexington, Ky (TAMECAT territory)

Re: Doing my 2020 taxes

Post by JPG »

JPG wrote: Sat Mar 20, 2021 5:21 pm $144 x .005 = $.072
Messed up! ! ! s/b $.72 :o
╔═══╗
╟JPG ╢
╚═══╝

Goldie(Bought New SN 377425)/4" jointer/6" beltsander/12" planer/stripsander/bandsaw/powerstation /Scroll saw/Jig saw /Craftsman 10" ras/Craftsman 6" thicknessplaner/ Dayton10"tablesaw(restoredfromneighborstrashpile)/ Mark VII restoration in 'progress'/ 10
E[/size](SN E3779) restoration in progress, a 510 on the back burner and a growing pile of items to be eventually returned to useful life. - aka Red Grange
User avatar
jsburger
Platinum Member
Posts: 6397
Joined: Fri Jul 21, 2006 4:06 pm
Location: Hooper, UT

Re: Doing my 2020 taxes

Post by jsburger »

dusty wrote: Sat Mar 20, 2021 6:34 pm Statistically the FED breaks even by using their rounding procedure. The question though is do they round every number or only the final results?

Example: Add a number of different sources of income and then round .... or .... round each and every income item and then add.
Good point but, does the difference make a significant difference for any one individual?
John & Mary Burger
Eagle's Lair Woodshop
Hooper, UT
User avatar
JPG
Platinum Member
Posts: 34610
Joined: Wed Dec 10, 2008 7:42 pm
Location: Lexington, Ky (TAMECAT territory)

Re: Doing my 2020 taxes

Post by JPG »

jsburger wrote: Sat Mar 20, 2021 6:55 pm
dusty wrote: Sat Mar 20, 2021 6:34 pm Statistically the FED breaks even by using their rounding procedure. The question though is do they round every number or only the final results?

Example: Add a number of different sources of income and then round .... or .... round each and every income item and then add.
Good point but, does the difference make a significant difference for any one individual?
Maybe! Either way. Large number of individuals leads to essentially no over all difference(assuming random numbers distribution).
╔═══╗
╟JPG ╢
╚═══╝

Goldie(Bought New SN 377425)/4" jointer/6" beltsander/12" planer/stripsander/bandsaw/powerstation /Scroll saw/Jig saw /Craftsman 10" ras/Craftsman 6" thicknessplaner/ Dayton10"tablesaw(restoredfromneighborstrashpile)/ Mark VII restoration in 'progress'/ 10
E[/size](SN E3779) restoration in progress, a 510 on the back burner and a growing pile of items to be eventually returned to useful life. - aka Red Grange
User avatar
jsburger
Platinum Member
Posts: 6397
Joined: Fri Jul 21, 2006 4:06 pm
Location: Hooper, UT

Re: Doing my 2020 taxes

Post by jsburger »

reible wrote: Sat Mar 20, 2021 1:44 pm I like to look at it this way. I'm getting back say $144 so lets just keep it simple if I had the whole $144 and invested it at the beginning of the year how much interest money would I get at the current interest rate. Keep in mind interest rates change and in this example I will use .50% since that is about what the market is right now. Now what would I do with that $.72???? Not much.

OK lets say that you average the amount over the 12 months and then use compound interest. That would be $12 each month deposited at the end of each month. That sounds better right? So now I have to figure out what to do with $.33.

Reality says one thing but numbers they sometimes bring reality into real world focus.

Ed

Edited to fix decimal point placement
I understand what people think. Why should I give the government money and earn no interest? I have about $5,000 in my checking account at the end of every month. The interest is around $0.25. I really don't care if I over pay. It is a nice bonus when I get a refund to do something fun with.
John & Mary Burger
Eagle's Lair Woodshop
Hooper, UT
User avatar
reible
Platinum Member
Posts: 11283
Joined: Thu Jul 20, 2006 12:08 pm
Location: Aurora, IL

Re: Doing my 2020 taxes

Post by reible »

Checked again today and still no news. I was hoping that they would get this processed since it went it pretty early but nooooooooo.

So it looks like my stimulus $$ are going to be mailed again............

Ed
{Knight of the Shopsmith} [Hero's don't wear capes, they wear dog tags]
User avatar
reible
Platinum Member
Posts: 11283
Joined: Thu Jul 20, 2006 12:08 pm
Location: Aurora, IL

Re: Doing my 2020 taxes

Post by reible »

I've been check most week days and then finally today, PROGRESS! Looks like a refund will be here by 5/10/21. I requested it be sent to my bank but who knows what they will do. This is by far the longest I have ever had to wait for a refund. I know they had other important things to do bla bla bla.

Ed
{Knight of the Shopsmith} [Hero's don't wear capes, they wear dog tags]
User avatar
dusty
Platinum Member
Posts: 21359
Joined: Wed Nov 22, 2006 6:52 am
Location: Tucson (Wildcat Country), Arizona

Re: Doing my 2020 taxes

Post by dusty »

I finally received the final stimulus check but my 2019 ans 2020 tax details are not yet available at IRS.GOV. They cashed both checks very expeditiously but it doesn't show that in the transcrips.
"Making Sawdust Safely"
Dusty
Sent from my Dell XPS using Firefox.
garys
Platinum Member
Posts: 2075
Joined: Wed Mar 02, 2011 12:16 am
Location: Bismarck, ND

Re: Doing my 2020 taxes

Post by garys »

JPG wrote: Sat Mar 20, 2021 6:52 pm
JPG wrote: Sat Mar 20, 2021 5:21 pm $144 x .005 = $.072
Messed up! ! ! s/b $.72 :o
Don't rush off just yet to spend your $0.72. That 0.005 is APR. Unless you collect a full year's interest, you get only $0.06 per month.
User avatar
reible
Platinum Member
Posts: 11283
Joined: Thu Jul 20, 2006 12:08 pm
Location: Aurora, IL

Re: Doing my 2020 taxes

Post by reible »

Message early this morning from our bank, deposit happened! So that is it for this tax season.

Ed
{Knight of the Shopsmith} [Hero's don't wear capes, they wear dog tags]
Post Reply