Re: Stimulus Check

madzonie · ‎03-10-2010

@Ibby114 wrote:
Just remember- all the stimulus check is an advance on your tax credit. This is not a gift! You'll be responsible for the funds on your 2021 tax return- be wise with your spending! I'll most likely lump it with my rainy day fund.

https://www.forbes.com/sites/advisor/2020/04/06/dont-worry-the-1200-stimulus-payment-wont-cut-into-y...

madzonie · ‎03-10-2010

We plan to give ours (hubby & I) to a young couple we know who are both jobless because of the virus crisis.

tucsongal · ‎03-10-2010

@madzonie

@Ibby114 wrote:

Just remember- all the stimulus check is an advance on your tax credit. This is not a gift! You'll be responsible for the funds on your 2021 tax return- be wise with your spending! I'll most likely lump it with my rainy day fund.

https://www.forbes.com/sites/advisor/2020/04/06/dont-worry-the-1200-stimulus-payment-wont-cut-into-y...

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Thanks for posting a link 🙂

SuhseK · ‎08-19-2018

@tucsongal wrote:
@madzonie
@Ibby114 wrote:
Just remember- all the stimulus check is an advance on your tax credit. This is not a gift! You'll be responsible for the funds on your 2021 tax return- be wise with your spending! I'll most likely lump it with my rainy day fund.
https://www.forbes.com/sites/advisor/2020/04/06/dont-worry-the-1200-stimulus-payment-wont-cut-into-y...
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We
R

Thanks for posting a link 🙂

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Thanks. Its good, to again see, that misinformation corrected.

I know lots of people have wondered and worried and stressed about the stimulus and what impact it would have in terms of paying it back or reducing your refund if you get one next year so it's really good to have the correct information!

SuhseK · ‎08-19-2018

Sorry duplicate post

esmerelda · ‎03-10-2010

I didn't know this was a stimulus check. The economy doesn't need to be stimulated as was the case some years ago.

I thought this was relief money for people affected by so many businesses being shut down.

It sounds like many here don't need relief. A good thing, right? If you didn't have a job, you didn't lose it. Why should you get momey? The same with SS recipients and retired people. They were not layed off or furloughed. People who are working from home are getting it. And the self-employed. Why? They're still working.

Those who are getting it and don't need it sound anxious to run out and spend it. Not pay current bills with it...just go shopping. Maybe one or two here mentioned putting it aside to prepare for the next "hit" should it come. Could it be everyone else has an emergency fund that will carry them through next time?

I think it should have been disbursed after it was applied for. Everyone who applied would have to show how they were affected (loss of job, reduced hours, etc.) in order to get it. The still-working, including the self-employed, might not have bothered.

This is my opinion.

*********************
Keepin' it real.

kitcat51 · ‎09-15-2016

The money will stay in my checking acct...after my 401k losses the $1,200. is nothing more than a droplet of water in a bottomless bucket. Oh well...it's time to look ahead & not behind.

Carmie · ‎10-25-2010

@Ibby114 wrote:
Just remember- all the stimulus check is an advance on your tax credit. This is not a gift! You'll be responsible for the funds on your 2021 tax return- be wise with your spending! I'll most likely lump it with my rainy day fund.

What?!! From I read most people are getting this money "free." You will own no taxes on it, nor do you have to pay it back.

Unless you didn't file your 2019 taxes yet. If you made more money than the max allowed for 2019 to get the full amount of $1200 you will have to pay all or some of it back. This would only effect people who made more money in 2019 than they did in 2018. The stimulus check is being sent out based on the last tax return the IRS has on file.

For the majority of people, this is a gift.

Carmie · ‎10-25-2010

@esmerelda I agree with you, but it would cost more to send this money to only people who have lost their jobs, then it does to send to everyone within a certain income bracket.

It would also take longer to identify jobless people which would delay the money to those who truly need it.

Many self-employed are not working...especially those who own small business like hair and nail salons...even dentists. How about Realtors who work only on commission?

People who are self employed pay more taxes on their income than those who work for others. Some are just getting by. Many will lose their business over this.

BTW...our government is asking us to go out and spend it. We are supposed to be stimulating the ecomony and helping businesses.

My DH said I can have his share as well as my own. I was forced to buy a car this week and will put my money back into savings. I already spent enough to keep the dealership and the salesman happy for a while.

GrailSeeker · ‎12-01-2012

@cowboy sam wrote:
@haddon9

same here..pay my property taxes when due in June.

It would just about cover a new refrigerator and kitchen floor for me. I used George Bush's stimulus for a new gas range all those years ago, and it was the best decision I could have made. But mine, most likely, will also be applied to property taxes.