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Topic: American Rescue Plan  (Read 1392 times)

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American Rescue Plan
« on: April 12, 2022, 03:50:15 PM »
Money ($2800) we received last March....it goes down on the taxes as income doesn't it?
Fred


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Re: American Rescue Plan
« Reply #2 on: April 12, 2022, 04:33:23 PM »
Thanks. Actually since I am claiming my wife again for this last year, I don't pay any tax anyway....But I ran off copies with and without that money included.
« Last Edit: April 12, 2022, 05:59:16 PM by F4mandolin »
Fred


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Re: American Rescue Plan
« Reply #3 on: April 13, 2022, 04:01:32 PM »
No you don't include it.

See here:

https://www.irs.gov/newsroom/questions-and-answers-about-the-third-round-economic-impact-payment-topic-h-reconciling-on-your-2021-tax-return

+1

On a side note I helped my son do his US taxes last weekend and TurboTax said that since he had a zero AGI he could not e-file and would have to print it and send it in.  This is all because he has no income except his job in the UK which he excludes using FEIE.  Thanks to someone here I knew the solution and told him to invent $5 of interest from a UK bank.  That did the trick, AGI of $5, no tax due but able to e-file.
Dual USC/UKC living in the UK since May 2016


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Re: American Rescue Plan
« Reply #4 on: April 14, 2022, 03:16:18 PM »
I did about half the work 2 nights ago....slowly getting easier. I think one form (8960?) I won't have to do since my income is low now. Under $20k since I don't have to claim that rescue plan money. I think most of what I have to do now is the FBAR and FATCA.

Fred


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Re: American Rescue Plan
« Reply #5 on: April 14, 2022, 04:07:37 PM »
Not many folks need to file form 8960 we’ve certainly never had to file it.

Quote
U.S. citizens and residents. Individuals who have for the tax year (a) MAGI that’s over an applicable threshold amount, and (b) net investment income, must pay 3.8% of the smaller of (a) or (b) as their NIIT.

The applicable threshold amount is based on your filing status.

• Married Filing Jointly or Qualifying Widow(er) is $250,000.
• Married Filing Separately is $125,00
Dual USC/UKC living in the UK since May 2016


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