FC Community
Discussion Boards => Off-Topic => Topic started by: Tresbn00 on April 06, 2020, 01:45:00 pm
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Surprised? I was not going to get one either way because of my income-even if my wife and I filed separately. We were just going to be subjected to watching future generations (including ourselves) pay for this hand out. Those not getting checks will be: Any one claimed as a dependent; Immigrants without social security numbers; High earners that lost their jobs; Parents who split custody; Recently divorced; people who owe back child support. There was an urgency to get this bill passed so many points were overlooked such as social security recipients...their income is not affected by the pandemic yet they will be getting a check (as of right now-this is rumored to be up for review). This may be why paper Stimulus checks could be delayed up to five months and relief money is not expected to be released until the fourth of May.
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:cat:
Probably because the under limit SS recipients will have to pay double for some groceries and/or if they can even find them in the stores!! Prices going up up up , means SSecurity money won't reach as far, dollar stores empty? Shop at regular grocery...$$$$
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My wife and I should get one because I am self employed and do not earn anywhere near the required amount. I also file taxes so they have my information for the last few years :peace:
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Surprised? I was not going to get one either way because of my income-even if my wife and I filed separately. We were just going to be subjected to watching future generations (including ourselves) pay for this hand out. Those not getting checks will be: Any one claimed as a dependent; Immigrants without social security numbers; High earners that lost their jobs; Parents who split custody; Recently divorced; people who owe back child support. There was an urgency to get this bill passed so many points were overlooked such as social security recipients...their income is not affected by the pandemic yet they will be getting a check (as of right now-this is rumored to be up for review). This may be why paper Stimulus checks could be delayed up to five months and relief money is not expected to be released until the fourth of May.
Question? When those stimulus checks are sent out, will the owner have to pay the money back later?. Not comfortable with this so called great idea for sending stimulus checks.
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I hope we do not have to pay it back!
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I saw this coming not surprising at all, My sister-in-law was estimating on how much she would be getting when I told her this and was giving me the eye saying she will get it no matter what Lol.
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I saw it coming too, I do believe that the people withe low income, and some of the people that own back child support should get it, if lets say a father owns back child support, because of lack of work for a while, got back to work and is making an effort to pay back what he owns plus the current, now is out of work and they won't give him his check because he owes back child support, how can that person get back on their feet if they try and something happens that they have to get even more behind. Mind you I know there are lots of child support people that are just mean and don't want to pay but if they have proof that they have made the effort to pay when they can, why not help them.
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Surprised? I was not going to get one either way because of my income-even if my wife and I filed separately. We were just going to be subjected to watching future generations (including ourselves) pay for this hand out. Those not getting checks will be: Any one claimed as a dependent; Immigrants without social security numbers; High earners that lost their jobs; Parents who split custody; Recently divorced; people who owe back child support. There was an urgency to get this bill passed so many points were overlooked such as social security recipients...their income is not affected by the pandemic yet they will be getting a check (as of right now-this is rumored to be up for review). This may be why paper Stimulus checks could be delayed up to five months and relief money is not expected to be released until the fourth of May.
This is not entirely true. First off who cares if illegals do not get a check? They are not owed anything. What part of illegal are you missing here. No kids will not get their own check but their parent will. As for parents who split custody - no both parents do not get a check. Who ever claimed the child on their taxes in 2019 or in 2018 if they have not filed yet WILL get the $500. And being divorced does not disqualify you. YOU still get YOUR money. You just will not get money as a couple. And the people who owe back child support should have paid the child support. No sympathy for that either. They also take tax return money to pay for that stuff. Keep your pants zipped if you do not want the responsibility of paying for a child YOU bring in to this world.
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:cat:
Probably because the under limit SS recipients will have to pay double for some groceries and/or if they can even find them in the stores!! Prices going up up up , means SSecurity money won't reach as far, dollar stores empty? Shop at regular grocery...$$$$
People working at low paying jobs are in the same boat. Their money doesn't stretch far either.
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Surprised? I was not going to get one either way because of my income-even if my wife and I filed separately. We were just going to be subjected to watching future generations (including ourselves) pay for this hand out. Those not getting checks will be: Any one claimed as a dependent; Immigrants without social security numbers; High earners that lost their jobs; Parents who split custody; Recently divorced; people who owe back child support. There was an urgency to get this bill passed so many points were overlooked such as social security recipients...their income is not affected by the pandemic yet they will be getting a check (as of right now-this is rumored to be up for review). This may be why paper Stimulus checks could be delayed up to five months and relief money is not expected to be released until the fourth of May.
Question? When those stimulus checks are sent out, will the owner have to pay the money back later?. Not comfortable with this so called great idea for sending stimulus checks.
No you do not have to repay the money. BUT it does count against the money you would get back next year when you file taxes. IF you read from a reliable source you can find this is true. IT will be turned in on your taxes next year.
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I saw this coming not surprising at all, My sister-in-law was estimating on how much she would be getting when I told her this and was giving me the eye saying she will get it no matter what Lol.
She will get it no matter what? lol What is she going to do - go rob a bank or somebody else and get her money??? smh
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From what I have read, the stimulus checks will be deducted from next year's tax returns.
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Surprised? I was not going to get one either way because of my income-even if my wife and I filed separately. We were just going to be subjected to watching future generations (including ourselves) pay for this hand out. Those not getting checks will be: Any one claimed as a dependent; Immigrants without social security numbers; High earners that lost their jobs; Parents who split custody; Recently divorced; people who owe back child support. There was an urgency to get this bill passed so many points were overlooked such as social security recipients...their income is not affected by the pandemic yet they will be getting a check (as of right now-this is rumored to be up for review). This may be why paper Stimulus checks could be delayed up to five months and relief money is not expected to be released until the fourth of May.
Question? When those stimulus checks are sent out, will the owner have to pay the money back later?. Not comfortable with this so called great idea for sending stimulus checks.
No you do not have to repay the money. BUT it does count against the money you would get back next year when you file taxes. IF you read from a reliable source you can find this is true. IT will be turned in on your taxes next year.
Correct...it counts as income, so you will have to "pay taxes" on it, but you don't have to repay it....use it wisely!
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Even before I clicked on the thread, no I was not surprised which is why I did not hold my breath when I first heard about the relief check.
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:cat:
https://www.forbes.com/sites/kellyphillipserb/2020/03/25/all-you-wanted-to-know-about-those-tax-stimulus-checks-but-were-afraid-to-ask/#cc579641f9c9
You really need to read the record when it is released to be sure, but Forbes wrote an easy to understand article here:
It is a tax credit, as in you're receiving an advance payment on your taxes as in "Tax Refund" or Government refund.
Can you give me an example?
Sure.
Let’s say you’re entitled to a stimulus check for $1,200 and you get your check this year (in 2020).
Let’s also say that you were expecting a $1,500 refund in 2021 (for the 2020 tax year). When you get your stimulus check, that doesn’t change your expected refund: you would still qualify for the $1,500 in 2021.
But what if you didn’t get your stimulus check because you didn’t file in 2018 or 2019 - or some other reason? You’ll still get your $1,500 in 2021 but you’ll also get the $1,200 in 2021.
Either way, you won’t miss out by taking the check and you don’t have to pay it back.
In this case, the stimulus check acts like a refund for a new, temporary tax credit that you get in advance based on your 2020 income.
That’s confusing because you don’t know how much you’re going to earn in 2020, but it’s why the IRS is using earlier returns.
But since it’s an advance payment on a new credit does not affect your “normal” tax refund for 2020: you won’t lose out on your expected tax refund for 2020 with the check.
Not that I don’t trust you, but where can I find this in writing?
You can read the Congressional Record, which notes the discussion about the checks, the vote and the text here (downloads as a PDF). The IRS has confirmed some of this information and will eventually post more information on its website, but for now, there’s just a banner:
IRS website
IRS
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I saw a stimulus check calculator online that answers the question whether you will get one or not. You just put in your 2019 adjusted gross income and the calculator tells you how big of a check, if any, you are going to get. Just google "stimulus check calculator" to find one of these calculators.
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Thanks for sharing. I truly hope I get one since I could definitely use the funds! Hoping brighter days are here soon for all of us!
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I will beleve it when I see it
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From what I have read, the stimulus checks will be deducted from next year's tax returns.
You will not have to repay it.
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Every adult except those on disability or in prison should get the check.
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I saw a stimulus check calculator online that answers the question whether you will get one or not. You just put in your 2019 adjusted gross income and the calculator tells you how big of a check, if any, you are going to get. Just google "stimulus check calculator" to find one of these calculators.
Isn't it just a simple $1200 for adults making less than $99,000/199,000 a year
& $500 for every kid