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your question answered. And
we're answering your questions
about stimulus payments and taxes.
Mark Hensley and Kevin Robinson
are your experts for today.
This question is did the tax
filing date get pushed back
like it did last year? Well,
it was a compromise and it
got pushed up to May 17th.
Four of the federal and the state.
But keep in mind North Carolina as of now
could still charge interest for taxes.
State taxes paid after April 15th,
but it did get pushed up
individual to May 17th for federal
and state. Yeah there is that little
sticky wicket that North Carolina
can charge you interest on taxes for.
Right now. We believe that state
lawmakers are going to change that,
but they haven't done that just yet.
All right mark, this person
says well, all dependants
get $1400, yes?
This is my favorite topic regardless of age.
If you carry a dependent,
there is no cap on the number of children.
There is no cap on the age,
so you know for AARP this was
something we advocated for
because there are older adults
that are counted as dependence,
typically by their children.
If they are low income and they the
filer will get $1400 per dependent.
That's right, and
that's key. The filer gets the
money for the dependent dependent,
doesn't get the cash alright.
Kevin, this is a question about PPP loans.
They say are PPP loans treated as income
for North Carolina and or federal taxes.
Well, basically PPP loans that
have been forgiven are treated as
income on the North line return.
They are deductible on the federal return
of Northland does not recognize it,
which is another word that called decoupling.
So for Northland returns PPP loans that are
forgiven are treated as income alright.
This is an interesting question.
It talks about for families receiving
stimulus money for their kids.
Will that money be sent to the
parents or to the kids individually
so Mark so go to the text file
or whoever files the taxes and.
And also counselors dependence.
That's where the stimulus is given,
and then it is up to the family to negotiate
out how those funds are distributed.
This person is asking do I need
to file my 2020 taxes in order
to receive my stimulus check?
I think it's a good idea Tanya to get
their name in the system and basically
they haven't been following in awhile.
I had a couple of clients that just
basically have Social Security only
so we fall for them and they got
their stimulus check very quickly
so it is a good idea to go ahead and
file and and get their name in the system,
especially since we've seen that anybody
who has their name and information
in the IRS system seems to get their
stimulus check direct deposited,
or at least gets it within the first,
like 2 batches instead.
Mark this person is saying if
I'm a college student who did
were can I filed my taxes?
Is my stimulus dependent on my
parents income? So again,
this goes back to did the parents count
this person as a dependent if they
file taxes as an individual and no
one is is carrying them as dependent,
then they are eligible for the stimulus
amount and that will come directly to them.
If they are counted by their
parents as as a dependent.
The parents will receive the payment
and it's their parents income
that will determine how much
money is given or whatever else.
Or phased out. OK, alright,
so this person says.
How can I return part of the third
stimulus due to overpayment?
Mark, you might want
to take that, yeah so. I would.
I would certainly treat this the
same way if you received a payment
for someone who is deceased.
Now I'm going to say two things.
If if an individual was alive on January
the 1st and you get the stimulus payment,
then you're allowed to keep it.
That was one change,
but if they were not,
then you're supposed to send it back
to the IRS with a note and I would
think if you got an overpayment,
there's going to be a reckoning
time either with the IRS later or
now and send it back with a note.
They accept handwritten notes
explaining that you got too much,
otherwise they're going to
come asking for it later on.
Alright, this person
is asking Kevin, will we have to
pay taxes on the third stimulus?
No, the third day most the $1400
per person has come out now.
Basically is an advance on
the recovery rebate credit.
2021 version of it Tanya.
So there will not be any tax.
It is a credit an basically will
do the same thing a year from
now to to reconcile the credit
with the stimulus payment,
meaning that on the 2021 taxes there
may be more credit than stemless,
so no
taxes owed. Alright Mark,
what happens to your stimulus
check if you moved, but the Postal
Service isn't forwarding your check
anymore. OK, so this is just
read up on this first of all.
If you've changed addresses,
you need to make sure that the the IRA.
Excuse me, the Postal Service you have
filed to have your Mail forwarded to you.
There may be a small fee to do that,
but it's worth a dollar
and a half to do that.
The next thing is immediately get
your 2020 taxes filed so the IRS
when they do deploy your payment,
have your correct information.
If they're sending it by
debit card or by check,
but always get your Mail
forwarded when you when you move.
You've had a change like that.
It's very important to
update your information.
With both the IRS in the US Postal
Service and I guess if worse
comes to worse and they send it
back and they never deliver it,
that is something that
again you do on your taxes.
I know you have to wait a little while,
but it you eventually get it.
It does come online 30
like we talked about it and I'm
sure they rather have a check now.
Or did your card now or something.
Then the wait for a year but it
will come on that return. All
right? Thank you gentlemen for
your expertise and your time.
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under the two wants to know section.