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Internal Revenue Service

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Pandemic-Year Taxes: What You Need to Know

  • Pandemic-Year Taxes: What You Need to Know Pandemic-Year Taxes: What You Need to Know 5:38
7:09 a.m. May 30, 2021 - By Quentin Fottrell
My wife and I defrauded the government by hiding income. Now we’re divorcing, and she’s threatening to ruin us both ‘She left me for her pandemic boyfriend. She was caught at our vacation home with him’‘She left me for her pandemic boyfriend. She was caught at our vacation home with him.’
3:56 a.m. May 19, 2021 - By Quentin Fottrell
I share custody with my ex-wife 50-50, but our daughters live with me 24/7 due to her boyfriend’s meth habit. What happens to the child tax credit? ‘Will she still be able to use our daughter as a tax deduction? My concern is also with the coming child tax credit this summer’‘Will she still be able to use our daughter as a tax deduction? My concern is also with the coming child tax credit this summer.’
7:18 a.m. May 8, 2021 - By Alessandra Malito
We have $190,000 in retirement savings and want to use the COVID-related distribution rules to pay off $40,000 in debt — should we? The CARES Act allows some savers Americans to take money out of their retirement accounts — but advisers say they should proceed with cautionThe CARES Act allows some savers to take money out of their retirement accounts — but advisers say they should proceed with caution.
10:42 a.m. April 17, 2021 - By Quentin Fottrell
My fiancée’s mother asked us to raise her 2 kids, as we live in a good school district and she has a gambling addiction — then she claimed their stimulus checks ‘I advised her to leave the money as the IRS may eventually ask for it back. Her new boyfriend then quickly told her to withdraw it anyway’‘I advised her to leave the money as the IRS may eventually ask for it back. Her new boyfriend then quickly told her to withdraw it anyway.’
4:56 a.m. April 11, 2021 - By Quentin Fottrell
I received two $1,400 stimulus payments because I was also claimed as a dependent. Should I give one back? The Moneyist: ‘You cannot be claimed as a dependent and file a tax return yourself and expect a payment. It’s one or the other’The Moneyist: ‘You cannot be claimed as a dependent and file a tax return yourself and expect a payment. It’s one or the other.’
5:21 a.m. April 10, 2021 - By Quentin Fottrell
I’m 30. My wife is 34. We saved $350K and I have $325K saved for retirement. Should we pay cash for a home — or take out a mortgage and invest it? ‘We have been cheaply renting for the last three years, and living as if I were still a very poor graduate student. During this time, we paid off all of our debts’‘We have been cheaply renting for the last three years, and living as if I were still a very poor graduate student. During this time, we paid off all of our debts.’
5:38 a.m. April 4, 2021 - By Quentin Fottrell
My parents claimed me on their 2019 taxes and received my third stimulus check, but I don’t qualify based on my taxes. Will the IRS ask for it back? ‘Am I safe to spend the money? Or will the Internal Revenue Service want it back from me when the next tax season rolls around?’‘Am I safe to spend the money? Or will the Internal Revenue Service want it back from me when the next tax season rolls around?’
5:59 a.m. March 27, 2021 - By Quentin Fottrell
My husband and his ex-wife agreed that he could claim their kids on his taxes, but now she’s ‘demanding’ half their stimulus ‘I believe she didn’t adjust her budget when the alimony ended, and now she is looking for ways to receive more money from him’‘I believe she didn’t adjust her budget when the alimony ended, and now she is looking for ways to receive more money from him.’
12:05 p.m. March 22, 2021 - By Elisabeth Buchwald
7 things NOT to buy with your $1,400 stimulus check and existing-home sales fall as inventory remains a challenge for buyers Monday’s top personal finance stories Monday’s top personal finance stories Monday’s top personal finance stories
8:46 a.m. March 16, 2021 - By Quentin Fottrell
‘Change can happen without us noticing’: COVID brought us a year of epic uncertainty — but here’s what I know for sure ‘The isolation doesn’t seem quite so intense one year later. Perhaps we have normalized it, but we can be forgiven if our stoicism turns to fatigue’‘The isolation doesn’t seem quite so intense one year later. Perhaps we have normalized it, but we can be forgiven if our stoicism turns to fatigue.’
5:52 a.m. March 11, 2021 - By Ed Seaver
Get a health savings account now, you’ll thank yourself in retirement An HSA will help you save for expenses now and in retirementAn HSA will help you save for expenses now and in retirement
4:16 a.m. March 1, 2021 - By Andrew Keshner
Americans can’t file their income taxes fast enough — but they should brace for some unwelcome news in their 2020 refunds The IRS has received approximately 21% more individual returns than the agency received last year by Feb. 7, which was 12 days into the tax season last year The IRS has received approximately 21% more individual returns than the agency received last year by Feb. 7, which was 12 days into the tax season last year.
12:43 p.m. Feb. 24, 2021 - By Elisabeth Buchwald
Many Texans face sky-high electricity bills after winter storms and IRS has already received 55 million tax returns ahead of April 15 deadline Wednesday’s top personal finance stories Wednesday’s top personal finance stories Wednesday’s top personal finance stories
11:35 a.m. Feb. 20, 2021 - By Quentin Fottrell
Our housekeeper does not work when we’re at home due to COVID-19. We still pay her. Could we treat those payments as a ‘gift’ to reduce her income tax? ‘Understanding that times are tough, we have continued to send her payment for the weeks where we asked her to stay home’‘Understanding that times are tough, we have continued to send her payment for the weeks where we asked her to stay home.’
10:31 a.m. Jan. 30, 2021 - By Alessandra Malito
How new Treasury Secretary Janet Yellen will impact retirement in the future During a Senate hearing, Yellen said she would look into tax benefits, Social Security and ways to help Americans saveDuring a Senate hearing, Yellen said she would look into tax benefits, Social Security and ways to help Americans save
3:34 a.m. Jan. 22, 2021 - By Quentin Fottrell
My husband is a felon and can’t find work. He did not file a 2019 tax return. Will we get $1,400 stimulus checks under Biden? ‘We are hurting and need this money.’‘We are hurting and need this money.’
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