Late stimulus

[Black Bart]

I did a 2008 return in March, 2009 for a single guy who had social security income only. He had no 2007 income of any kind, but was now going to pick up $300 stimulus dough based on $4K '08 SS income.

Come April 15th, he's a no-show. I extended. October 15th, still nothing.

Today he calls; he's moved away -- wants to mail me a tax prep check and then I'm to mail the return to him.

Question: Those things "died" on October 15th, didn't they? Or has he got three years to do it?

[JohnH]

Bart: Good to see you back. Your client is OK. The "Advance Stimulus" part of it expired last year, but the Recovery Rebate Credit available on line 70 follows the same rules as other elements of the return - 3 year SOL. So your client is not SOL even though he's a WCP. (World Class Procrastinator)

[erchess]

B B is a Good Guy

My attitude would be that the guy asked me to do his taxes in return for a promised payment and I did them, therefore he owes me the payment. If forgetting to tell him it is too late for him to get some or all of his refund would facilitate his making the payment I think I might do so.

I agree with John that in this case it is not too late for him.

[Black Bart]

Thanx boyz,

Hey Erchess/ Actually, I was wrestling with my conscience about it and the devil was winnin' the argument before y'all solved/resolved the burning question.

Say John/ What's the name of that broker you used to tout here? Bogart, Bogeyman, or sump'n like that...I'm playin' the market a bit, losin' my shirt as usual, and was lookin' for some pro advice. Is he a syndicated columnist or what? Is he the "sensible investor" type, or more my type (the random-dartboard method)?

[Snaggletooth]

Aw, He ain't so great...

BB ain't so great. He makes noises with his straw when he's through drinking milk. Doesn't get any more Macho than that...

Glad he popped up to grace us with his presence. He is noticeable by his absence. We haven't had the vision of twirling the black moustache in awhile...

Welcome back. If you are looking for someone to take your money, I know someone who does taxes in Tennessee...

[JohnH]

Bob Brinker.
And Bob will tell you that most investors should stick with something like the Vanguard Total Stock Market Index fund (not some of the pseudo-index funds that many companies try to sell). His position is that most people don't have the resources and time to investigate & track individual companies, so settling for the plain-vanilla average return of all US companies is a better strategy. He makes an exception for situations where you work for a company and therefore have some unique insight into its prospects, but that;s about it.

Doing anything else makes interesting conversation about successes or losses at the golf course, country club, or church socials, but in the long run everything regresses to the mean. Better to acknowledge & obey the law of averages, since it will punish all consistent violators.