A bit of some background...My wife and I make about $60-70,000. a year. We could make more...But we enjoy the ACA (Obamacare) tax saving every year. Big times savings, since (2020) I was 64 and my wife was 63...spent a HUGE amount for insurance (think $25-30,000. cost each year). We have many assets, but that is a different story (lots of assets growing...Little income = lower taxes).
In Oct 2020 we had sold a small farm here in California. Had a huge long term capital gains hit. The last couple months of the year we gleaned every short term and long term capital loss we could find. We were doing a lot of covered calls, so we had quite a large group of short term capital gains too.
So we get our tax return from a CPA on May 14 to review, before we send it in. We notice the ACA subsidy we had paid through the year was not recaptured, (given back to the government). We told our CPA...He filed an extension till he could be figured out. We were fine with that. We had paid huge quarterly estimates when the farm was sold...To be on the safe side.
Our CPA called today...Left a message on the phone. Back in March 2020, President Biden had approved the American Rescue Plan Act. The subsidy we thought needed to be repaid...Did not. Our CPA thought it might not have been updated on his tax software...It had!! Our return is good to go. Extra $14,000. in savings...File that sucker!!!
In Oct 2020 we had sold a small farm here in California. Had a huge long term capital gains hit. The last couple months of the year we gleaned every short term and long term capital loss we could find. We were doing a lot of covered calls, so we had quite a large group of short term capital gains too.
So we get our tax return from a CPA on May 14 to review, before we send it in. We notice the ACA subsidy we had paid through the year was not recaptured, (given back to the government). We told our CPA...He filed an extension till he could be figured out. We were fine with that. We had paid huge quarterly estimates when the farm was sold...To be on the safe side.
Our CPA called today...Left a message on the phone. Back in March 2020, President Biden had approved the American Rescue Plan Act. The subsidy we thought needed to be repaid...Did not. Our CPA thought it might not have been updated on his tax software...It had!! Our return is good to go. Extra $14,000. in savings...File that sucker!!!