"If you got STIMULUS $ but should NOT have, that's COOL!" - IRS

FRAT: many people got Stimulus $ when they should not have. Many got duplicate payments. But the IRS is not making anyone pay back any overpayments or payments they were not entitled to in the first place

all the tax accountant people like me realized early in this whole thing who much a waste of $$ the stimulus payments are…in fact, non accountant people with basic logic knew that

but here is a little tidbit of info regarding those 3 rounds of stimmy payments

many people received stimulus $$ when it turns out that they should not have BUT there is nothing in the tax returns or systems which makes you pay back any of that $$

example: a Married couple with no kids decides to claim one of their elderly parents as a dependent in 2021, when they never did in prior years. They would be able to claim $1,400 (the amount of the most recent 3rd stimmy payment) and get it credited to their return for claiming the parent as a dependent.

here is the kicker, that elderly parent had already automatically received that $1,400 stimulus payment when they were doled out bc she was receiving Social Security (automatically grants you a stimulus payment regardless of other income)

so 2 separate , duplicate stimulus payments were paid out for this 1 person and the IRS is not implementing a way for people to pay back the excess like they do with the child tax credits

many fellow accountants have discussed this and just imagine the scams people were running to collect this stimmy $$ that will never be re-paid or taxed

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Ttt

TTTing this because people need to know how many billions of dollars were literally wasted through the stimulus payments which are fully “Refundable”

meaning, even if you do not owe any taxes or already got a full refund of the taxes you did pay during the year, you still get actual additional “free money” (other people’s tax $$) added to your refund

on top of this, countless duplicate Stimulus pmts were issued and the IRS did not institute a way for people to pay it back

Good. The people deserve that money

So you’re for tax cuts? That would give the people more money too…

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Tax cuts for the working class, not for millionaires!

Good let people fuck the government as much as they can.

When they’re fucking us with trillions of dollars then who gives a fuck anymore honestly.

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it’s one thing to not give the gov any more of your OWN tax $$

but to take OTHER people’s tax $$ for your own use is not “fucking over the government”,
this leads to politicians wanting to raise taxes even more bc the gov is strapped for $$

Trump’s tax cuts involved just that…cutting tax rates and helping with DEDUCTIONS (reducing your taxable income)

Biden’s 2021 tax plan actually increases the use of REFUNDABLE tax credits (stimulus and increased child tax credits), meaning Other people’s $$ if being used to pay other people

Refundable tax credits and Tax deductions are 2 different things

It would be cool if I could get my tax refund from 2020, IRS cocksuckers!

that’s another thing
a few of our clients still havent received their 2020 refunds bc the IRS held up a bunch of returns that were due refunds to the taxpayers

forcing them to sign up for some IRS online services identity verification site, which rarely worked properly, forcing taxpayers to call the IRS non stop only to be put on hold for an hour and then told to call the next day

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It’s not like they’re going to cut taxes if they quit giving it away, which will never happen. I used to care and look at it like they’re giving my tax money to someone else, but I realized that was what they want. They want me to be mad at poor people and for poor people to be mad at me. The reality is the government confiscates my money no matter what and they’ll never be good stewards of our money so I should solely be mad at the tax rate and the government. However, that’s a waste of time.

unfortunately youre correct

you and i are on the same page about placing the blame on government and not having the classes war with each other
unfortunately, MOST people in this country are truly “sheep” with the way they just accept things or view the “other team”

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Bank error in your favor, and you’re really gonna give it back? Hell nah