AnnieR Posted March 22, 2008 Report Share Posted March 22, 2008 I want to know whose idea it was to send 1040A's to all people who get social security...especially during tax season!!! I mean 3 year olds are getting them, EVERYBODY!! And they all are calling to see if they have to file (well, not the 3 year olds), people who have already filed are calling to find out how to fill out the form they got! This is getting more incredible and stupid by the day! I had an elderly (older than me) client at my door at 8:30 this morning with copies of his 2006 and 2007 returns, asking me to fill out the form he got from SS. AnnieR :blink: Quote Link to comment Share on other sites More sharing options...
BulldogTom Posted March 22, 2008 Report Share Posted March 22, 2008 This is the first I heard of this. Your tax dollars at work. Tom Lodi, CA Quote Link to comment Share on other sites More sharing options...
JohnH Posted March 22, 2008 Report Share Posted March 22, 2008 Conversation I had with a married client in his 70's today. He has $500 in eanred income, $26K in AGI due to dividends, interest, etc, SocSec of $21K, and a net tax liability of $560. $2K of tax was withheld so they have a $1,440 refund. ME: You have a $1,440 refund. CL: Thanks, what about the rebate? ME: You'll get a $600 rebate. CL: Is that $600 each? ME: No, it's $300 each - a total of $600. The rebate is based on your tax liability, but since it's under $600 you only get the $300 each as Social Security recipients. CL: But I paid in $2K. ME: Yes, but your actual tax liability is only $560. That's why you have a $1,440 refund and then you'll still get the $600 rebate. CL: Do I need to do anything else to get the rebate? ME: No, just file this return. You'll be getting some stuff from Social Security and IRS. Just throw it away. CL: OK, thanks. ME: One more thing. Your investment income & earned income varies, so next year your tax liability may be more than $600. If so, then we will be able to compute an additional rebate amount and claim that as a refund on your 2008 return. CL: Huh? ME: Never mind, we'll talk about that part next year. Quote Link to comment Share on other sites More sharing options...
taxtrio Posted March 22, 2008 Report Share Posted March 22, 2008 You told them "just throw it away?". Hope they have a number at the IRS to call and confirm how they actually got in their rebate, you'll need to know that next year. Quote Link to comment Share on other sites More sharing options...
JohnH Posted March 22, 2008 Report Share Posted March 22, 2008 I told him to throw away anything related to claiming the rebate (stimulus return info). He's already claimed it by filing his return. As for the amount received, most clients are going to forget what they received anyhow. I'll have a place for them to tell me on the organizer, but I don't think the majority will know what to enter. I'm guessing it won't be that difficult to verify next year - IRS will probably set up a simple online lookup tool like they did last time. What I'm not sure about right now is how much I will charge to check it for them when I prepare the return. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.