This is partially me venting, but if my experience can help other people here avoid the same mistake, I'm glad to share it. I did my taxes a week ago, thinking it'd be good to it done with since I had some time. I paid a lot in taxes this year since I invested some money when the market was down, figuring the shutdown would end at some point. Seeing how the market rose back so quickly, I sold, thinking we were in a bubble. We may still be, but that isn't the main point of me writing this.
The point of it is that the stimulus bill might have an income cap of $75k. Normally, my salary is below the cap that might pass. However, by selling my investments, I made enough money to the point where I passed the $75k mark.
Yes, this income cap might not be in the final law, but if it is you should be sure to either A) wait to file if your 2020 income is higher than your past income or B) file quickly if your 2020 income is less than your 2019 income.
Also, I know I'm fortunate that I made more money this year, but this is an investing subreddit. Helping people get more money is part of the point of investing. I'm sure an extra $1400 would help a lot of people. I don't have a six figure salary, I just try to be smart with my money and posted this in part to help other people do the same.
Submitted February 10, 2021 at 02:45PM by Michigan1837 https://ift.tt/2LDdrYy
