Welcome to another episode of the Dr. Friday Radio Show! In this episode, Dr. Friday gives all the newest tax updates and answers the caller’s questions:
- How To Find Your Tax Refund and Your Stimulus
- Tax Filing Deadline Is May 17, 2021
- The PPP Applications Closed on May 4, 2021
- You Can E-File Tax Returns
- Who Qualifies For A PPP Loan?
- If You Haven’t Filed Your Taxes, File The 4868 Extension
- Unemployment Is Taxable Income
- Reasons Why You Haven’t Received Your Stimulus Check
and other caller’s questions!
TranscriptAnnouncer 0:00 No, no, no, she’s not a medical doctor, but she can sure cure your tax problems or your financial woes. She’s the how-to girl. It’s the Dr. Friday show. If you have a question for Dr. Friday, call her now at 615-737-9986. So here’s your host, financial counselor, and tax consultant, Dr. Friday.
Dr. Friday 0:29 Hey, this is Dr. Friday. I’m live here in the studio. So if you want to join us, call 615-737-9986. So, obviously, we’re working on the last few days, you have until May 17, which is Monday, about a week from this Monday, coming up. If you haven’t, you need to make sure you file your extension. If you haven’t received your refund, and I am getting a lot of emails and phone calls. The only answer I can tell you is to check the IRS website if you’ve checked it, and it’s been more than 21. I would even say like 30 days, and it’s been more than 30 days since it e- filed, I would then take the time on a day that you have the ability to do that, I would have them call and see if they can tell you the status update on that situation. That’s gonna be something you’re going to have to figure out.
Dr. Friday 1:28 Unfortunately, I have had quite a few people when they do call, they have found out that they have to prove their identity. So I think the IRS is working very hard to make sure that we don’t have as much identity theft as we’ve had in the past. So that may be a good thing, but a little time-consuming in the middle of everything else. All right. Let’s go right to the phones. We got Melissa on the line. What do we have for you, Melissa?
Caller 1:51 Hey, Dr. Friday, glad to get to talk to you finally. My father passed away about three and a half weeks ago, and he had left my sister and I both an annuity. That was wired into my account on Friday. It’s about $90,000 roughly. I am just needing some advice on where to place that?
Dr. Friday 2:21 Two things. An annuity is usually taxable. So some of that income that came in maybe taxable income to you. So you are going to within 90 days of receiving it make an estimated payment.
Caller 2:37 I had them withhold on it. I had them my whole 10%. I think that’s okay for our tax bracket. I’m not quite sure. I’m guessing I’ll figure that out next year.
Dr. Friday 2:48 The biggest thing is you don’t want to put the money into an investment that if you find out next year that it is short because the lowest tax bracket is 12%. Now we all know there are effective tax brackets was so it could be less. If you’re adding and I’m assuming all of it wasn’t taxable income, you only have to pay tax on the growth assuming that you’re following that into this with after. So it’s only a percentage of what went into your account, that would be taxable, but on top of your ordinary income. You know, if your family makes less than 100,000, I’d say you’re fine with that annuity added in with the taxable portion. If there’s more than 100,000 with that taxable portion of the annuity, it does go from 12 to 22 overnight, basically.
Popular Podcasts
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Ruthie's Table 4
For more than 30 years The River Cafe in London, has been the home-from-home of artists, architects, designers, actors, collectors, writers, activists, and politicians. Michael Caine, Glenn Close, JJ Abrams, Steve McQueen, Victoria and David Beckham, and Lily Allen, are just some of the people who love to call The River Cafe home. On River Cafe Table 4, Rogers sits down with her customers—who have become friends—to talk about food memories. Table 4 explores how food impacts every aspect of our lives. “Foods is politics, food is cultural, food is how you express love, food is about your heritage, it defines who you and who you want to be,” says Rogers. Each week, Rogers invites her guest to reminisce about family suppers and first dates, what they cook, how they eat when performing, the restaurants they choose, and what food they seek when they need comfort. And to punctuate each episode of Table 4, guests such as Ralph Fiennes, Emily Blunt, and Alfonso Cuarón, read their favourite recipe from one of the best-selling River Cafe cookbooks. Table 4 itself, is situated near The River Cafe’s open kitchen, close to the bright pink wood-fired oven and next to the glossy yellow pass, where Ruthie oversees the restaurant. You are invited to take a seat at this intimate table and join the conversation. For more information, recipes, and ingredients, go to https://shoptherivercafe.co.uk/ Web: https://rivercafe.co.uk/ Instagram: www.instagram.com/therivercafelondon/ Facebook: https://en-gb.facebook.com/therivercafelondon/ For more podcasts from iHeartRadio, visit the iheartradio app, apple podcasts, or wherever you listen to your favorite shows. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com