Anyone else get their Stimulus Check?

[HuntHarder]

It's a tax credit, not a deduction.  Literally free money for those who get one.

[ThomC]

We wont know what was in that bill till we pass it.  

[Edge]

From Consumer Affairs

if a taxpayer's 2020 (adjusted gross income) is substantially higher than the 2018 or 2019 adjusted gross income, the taxpayer might have to pay back some or all of the money after April 15, 2021

This stimulus puts the wife into the next tax bracket for 2020,

[Non-Typical Solutions]

10 hours ago, Edge said:

If I'm reading the CARE act right, the stimulus will be taken against your 2021 tax return.

There is no doubt in my mind the government will get it back from us somewhere down the line......at least those who work.....will pay with lashings for this "stimulus"!!!

[My Rights As An American]

Still nothing for me. Grrrrrrrrr.

[360 0r Better]

1 hour ago, Edge said:

From Consumer Affairs

if a taxpayer's 2020 (adjusted gross income) is substantially higher than the 2018 or 2019 adjusted gross income, the taxpayer might have to pay back some or all of the money after April 15, 2021

This stimulus puts the wife into the next tax bracket for 2020,

And this is why you shouldn’t just blow the money on a I want item use in on real needs, big difference. This stimulus bill has way to many if ands or buts in it to trust at face value. You need a good tax attorney, CFP and good a accountant to figure out how far up your pooper this will be shoved when all said and done. Just my 2 cents on a word to the wise...!

[stanley]

As a 'mod/admin' on the site, I generally try to bite my tongue on topics that can become sort of hot/debatable, but can't help myself from jumping-in here. 🤣

Was chatting with a friend last night, and she mentioned that she had $800 from the stimulus program deposited into her bank account yesterday (Her AGI dictated that she not get the max $1200.).  She commented that she had already paid her bills this month and is still employed anyway, so the money was just going to go directly to her savings account.  This kicked-off a debate between the two of us regarding how the stimulus money is being distributed, and for what purpose.  My friend's comment regarding just putting the money into her savings account led me to ponder how many folks are doing that?  If the money simply goes into a savings account, then it will not 'stimulate' the economy at all, because the whole idea is that folks will spend the money to generate commerce and push a money back into the system.

I generally am a bit of a moderate when it comes to political issues, but fiscally I am VERY conservative.  Based on that, this whole topic just sort of gnaws at me a little.   Anyway, just sort of ranting.....  🙄

S.

BTW, as a side note Edge, I'm not sure where/what source Consumer Affairs is.  Everything that I have seen indicates that folks who get the money will NOT have to repay in any way.  This article is just one of many that make it pretty clear.   https://www.newsweek.com/do-i-have-payback-my-stimulus-check-1498111

 

[HuntHarder]

2 hours ago, Edge said:

From Consumer Affairs

if a taxpayer's 2020 (adjusted gross income) is substantially higher than the 2018 or 2019 adjusted gross income, the taxpayer might have to pay back some or all of the money after April 15, 2021

This stimulus puts the wife into the next tax bracket for 2020,

Are you saying the extra 2400 puts your guys' combined agi over the threshold or that you will have to pay higher taxes because of it?

[Edge]

1 minute ago, HuntHarder said:

Are you saying the extra 2400 puts your guys' combined agi over the threshold or that you will have to pay higher taxes because of it?

Hers. We file seperately, she's incorporated.

[Edge]

18 minutes ago, stanley said:

As a 'mod/admin' on the site, I generally try to bite my tongue on topics that can become sort of hot/debatable, but can't help myself from jumping-in here. 🤣

Was chatting with a friend last night, and she mentioned that she had $800 from the stimulus program deposited into her bank account yesterday (Her AGI dictated that she not get the max $1200.).  She commented that she had already paid her bills this month and is still employed anyway, so the money was just going to go directly to her savings account.  This kicked-off a debate between the two of us regarding how the stimulus money is being distributed, and for what purpose.  My friend's comment regarding just putting the money into her savings account led me to ponder how many folks are doing that?  If the money simply goes into a savings account, then it will not 'stimulate' the economy at all, because the whole idea is that folks will spend the money to generate commerce and push a money back into the system.

I generally am a bit of a moderate when it comes to political issues, but fiscally I am VERY conservative.  Based on that, this whole topic just sort of gnaws at me a little.   Anyway, just sort of ranting.....  🙄

S.

BTW, as a side note Edge, I'm not sure where/what source Consumer Affairs is.  Everything that I have seen indicates that folks who get the money will NOT have to repay in any way.  This article is just one of many that make it pretty clear.   https://www.newsweek.com/do-i-have-payback-my-stimulus-check-1498111

 

Sighting this article. From Consumersaffairs.com that's what .com from consumersaffairs.com

https://www.consumeraffairs.com/news/heres-how-stimulus-checks-will-be-handled-when-it-comes-to-taxes-033020.html

[Big Tub]

Wife kept it secret!  DANG!  I guess we be poor now that I retired.  She does not seem real sympathetic to refilling the hunting/fishing account with some of that money.

 

[stanley]

11 minutes ago, Edge said:

Sighting this article. From Consumersaffairs.com that's what .com from consumersaffairs.com

https://www.consumeraffairs.com/news/heres-how-stimulus-checks-will-be-handled-when-it-comes-to-taxes-033020.html

Ah, OK.   Looks like really a 'corner case' scenario in the case where 2020 AGI is substantially higher than 2018/2019.  I'm guessing would have to do with the effect of being in a significantly higher tax bracket based on said substantially higher earnings.  IMO, that would be appropriate for that small number of folks since based on their significantly higher earnings this year, that they really don't have a need for the stimulus money anyway.   Seems that those who REALLY need the money will not be in a position to have to repay it (in the form of a higher tax bracket....).  

[bigbuckfever]

Nothing new in my account.  Looks like I have to "self stimulate"...again?! 

[trphyhntr]

13 hours ago, oz31p said:

It’s not for every. There’s a max income 

im in the poor crew. if anyone gets one, it should my broke butt. but i dont think the irs has my account number. 

[NoBull350]

14 hours ago, 360 0r Better said:

It’s heck being a corporate clown right? Bet no bull don’t get one either cause he’s so rich doing his own thing...!

I just looked at my bank account and they deposited $6,900.00 ! Keep up the hard work my corporate clown my 9 kids and I are depending on you to keep that cash flowing  . Stay thirsty my friend !