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Open Roads Forum  >  Around the Campfire  >  Humor/Jokes

 > New Simplified US Federal 1040 Tax Form for Tax Year 2020

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AKsilvereagle

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Posted: 01/24/21 08:49am Link  |  Quote  |  Print  |  Notify Moderator

This is the most simplified tax form yet :

1 - All sources of income received in 2020 (Reported and Unreported) - This Includes :

Wages, Salaries, Tips, Royalties, Capital Gains, Partnerships, Alimony, Interest Income, Contests, Prizes, Stocks, Dividends, Rentals, Sales, Compensation, Unemployment, Distributions, Retirement, Pensions, Annuities, Gambling Winnings, Lottery Winnings, Estates, Social Security, Etc. - Enter Total Amount on Line 1

2 - Enter Total Amount of Line 1 on Line 2 :

Line 2 - This is the AMOUNT YOU OWE - Make your enclosed payment amount to : United States Treasury in the self addressed envelope provided with your new simplified tax form.


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Deb and Ed M

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Posted: 01/24/21 01:00pm Link  |  Quote  |  Print  |  Notify Moderator

LOL!! Yup - 2020 was a VERY expensive year for the gov't.....

JRscooby

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Posted: 01/24/21 01:51pm Link  |  Quote  |  Print  |  Notify Moderator

LOL
But the sad thing is most people on this site will see a increase in tax rate for 2021. And most will blame it on the currant administration. Nobody will understand that the reduced rates for most expire this year, and it was baked in the last tax cut.

FlatBroke

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Posted: 01/25/21 06:58am Link  |  Quote  |  Print  |  Notify Moderator

Look up the form for filling out if you didn’t get your stimulus check. It’ll have many folks pulling their
hair out



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cptqueeg

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Posted: 01/28/21 09:15pm Link  |  Quote  |  Print  |  Notify Moderator

JRscooby wrote:

LOL
But the sad thing is most people on this site will see a increase in tax rate for 2021. And most will blame it on the currant administration. Nobody will understand that the reduced rates for most expire this year, and it was baked in the last tax cut.


2025 is when the individual rates go back to the old, higher levels.

JRscooby

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Posted: 01/29/21 04:42am Link  |  Quote  |  Print  |  Notify Moderator

cptqueeg wrote:

JRscooby wrote:

LOL
But the sad thing is most people on this site will see a increase in tax rate for 2021. And most will blame it on the currant administration. Nobody will understand that the reduced rates for most expire this year, and it was baked in the last tax cut.


2025 is when the individual rates go back to the old, higher levels.


Bullsnot; The rate increases in 21,23, and by 25 all rates except for people that have more money than they can spend returns to the old levels

monkey44

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Posted: 01/29/21 07:23am Link  |  Quote  |  Print  |  Notify Moderator

QUOTE: Bullsnot; The rate increases in 21,23, and by 25 all rates except for people that have more money than they can spend returns to the old levels.

HA, that's funny. We already have more money than we can spend. It just goes to other people every month.


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Guy Roan

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Posted: 01/29/21 07:45am Link  |  Quote  |  Print  |  Notify Moderator

monkey44 wrote:

QUOTE: Bullsnot; The rate increases in 21,23, and by 25 all rates except for people that have more money than they can spend returns to the old levels.

HA, that's funny. We already have more money than we can spend. It just goes to other people every month.


No truer words were ever spoken !
But if you or I complained about it, we would not be politically correct!

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cptqueeg

Idaho

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Posted: 01/29/21 08:11am Link  |  Quote  |  Print  |  Notify Moderator

cptqueeg wrote:

JRscooby wrote:

LOL
But the sad thing is most people on this site will see a increase in tax rate for 2021. And most will blame it on the currant administration. Nobody will understand that the reduced rates for most expire this year, and it was baked in the last tax cut.


2025 is when the individual rates go back to the old, higher levels.


"While nothing is currently set to expire in 2024, December 31st, 2025, will be a significant day for most taxpayers.December 31st, 2025, will be a significant day for most taxpayers. Twenty-three provisions from the Tax Cuts and Jobs Act directly relating to individual income taxes will expire, meaning most taxpayers will see a tax hike unless some or all provisions are extended. Some of the most impactful provisions scheduled to expire include the TCJA’s reduction of individual income rates,scheduled to expire include the TCJA’s reduction of individual income rates, increased child tax credit, the increased AMT exemption and phaseout threshold, and the increased standard deduction. The individual income tax code is effectively scheduled to return to what it was before the TCJA, meaning personal exemptions, the overall limitation on itemized deductions, uncapped state and local tax deductions, and many other miscellaneous itemized deductions will return. Despite most of the individual income tax code returning to its pre-TCJA structure, inflation adjustments will continue to be determined by the Chained Consumer Price Index (C-CPI), as set by TCJA, which will result in most taxes increasing when compared to their pre-TCJA levels."

https://taxfoundation.org/look-ahead-expiring-tax-provisions/

There it is in plain language.

p220sigman

Tallahassee, FL, USA

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Posted: 01/29/21 09:19am Link  |  Quote  |  Print  |  Notify Moderator

Also, a tax increase is always the fault of the current administration (regardless of the administration) and congress, even if that increase is due to some provision expiring. The current administration and congress are the only ones who can do something to change it or prevent the provision from expiring. If they choose to do nothing and allow tax cuts to expire, they have, in effect, raised taxes because they have the power to prevent it.

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