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Respected Contributor
Posts: 3,056
Registered: ‎05-09-2016

Re: Stimulus Checks To Start Arriving Wednesday

[ Edited ]

@fthunt wrote:

Like money - must have money but............I still don't understand why (I) should get a check.  I haven't lost my normal income - I didn't lose my job -  - - - whereas millions have and are suffering and ...........medical personnel are working their a** off and farmers are having a rough go. 

Like $ - must have $ ............but this bothers me greatly.


I agree.  I'm retired and my income hasn't been impacted in any way. I shouldn't be getting a check. It should go to working people who's earned income has been cut off or substantially reduced. IF I get one, I'll probably give it to a family member who has been laid off so they can make their mortgage payment. 

~The more someone needs to brag about how wonderful, special, successful, wealthy or important they are, the greater the likelihood that it isn't true. ~

Respected Contributor
Posts: 3,695
Registered: ‎03-16-2010

Re: Stimulus Checks To Start Arriving Wednesday


@KittyLouWhoToo wrote:

@hckynut wrote:

@PamfromCT wrote:

$500 for each child will be most welcome.  

 

 

 

 

Wonder if they will count our kids?  Probably not, our 7 kids are of the furry type. Ehhh, they don't eat that much anyways!

 

=^..^=

 

 

hckynut


 


@hckynut 

 

My furry boy has been asking me for a WEEK where his money is

 

Funny ,  our fur baby asked us just this morning too  😹


 

Regular Contributor
Posts: 161
Registered: ‎05-01-2011

Re: Stimulus Checks To Start Arriving Wednesday

We were told if you have it on record they would deposit it into your account. They  are using last year and this year tax return for this , since some people have not filed.

Trusted Contributor
Posts: 1,502
Registered: ‎08-19-2018

Re: Stimulus Checks To Start Arriving Wednesday


@FrostyBabe1 wrote:

@fthunt wrote:

Like money - must have money but............I still don't understand why (I) should get a check.  I haven't lost my normal income - I didn't lose my job -  - - - whereas millions have and are suffering and ...........medical personnel are working their a** off and farmers are having a rough go. 

Like $ - must have $ ............but this bothers me greatly.


I agree.  I'm retired and my income hasn't been impacted in any way. I shouldn't be getting a check. It should go to people who's earned income has been cut off or substantially reduced. IF I get one, I'll probably give it to a family member who has been laid off so they can make their mortgage payment. 


---- 
Very generous spirited. If, financially, you don't need the money, and share it, with someone who does, thats wonderful. 

However, there are millions and millions of seniors, who struggle, to live on fixed incomes. If this stimulus, provides some relief, to people, who worked hard, all their lives, I, certainly have no problem with it.  

 

 

Respected Contributor
Posts: 2,594
Registered: ‎12-16-2013

Re: Stimulus Checks To Start Arriving Wednesday

Here is a good article from Forbes explaining the current stimulus payout plan:

 

https://www.forbes.com/sites/kellyphillipserb/2020/04/10/irs-finally-launches-registration-tool-for-...

 

A couple of interesting points from the article:

 

If you are a social security, SSDi or railroad retirement beneficiary with qualifying children under age 17, you will automatically receive your $1200 payment, but you will need to use the IRS tool to claim the $500 payment per child.

 

There will be a second IRS tool available by April 17th called "Get My Payment" which will provide payment updates, including when your payment will be deposited or mailed.

 

Respected Contributor
Posts: 3,056
Registered: ‎05-09-2016

Re: Stimulus Checks To Start Arriving Wednesday

[ Edited ]

@SuhseK wrote:

@FrostyBabe1 wrote:

@fthunt wrote:

Like money - must have money but............I still don't understand why (I) should get a check.  I haven't lost my normal income - I didn't lose my job -  - - - whereas millions have and are suffering and ...........medical personnel are working their a** off and farmers are having a rough go. 

Like $ - must have $ ............but this bothers me greatly.


I agree.  I'm retired and my income hasn't been impacted in any way. I shouldn't be getting a check. It should go to people who's earned income has been cut off or substantially reduced. IF I get one, I'll probably give it to a family member who has been laid off so they can make their mortgage payment. 


---- 
Very generous spirited. If, financially, you don't need the money, and share it, with someone who does, thats wonderful. 

However, there are millions and millions of seniors, who struggle, to live on fixed incomes. If this stimulus, provides some relief, to people, who worked hard, all their lives, I, certainly have no problem with it.  

 

 


I thank you for responding in a decent and civil manner that respects my viewpoint, even though we disagree. That's in very short supply here these days. I understand your point of view, but struggle as some might, they're still receiving the same amount of income. It hasn't been cut off by the instantaneous loss of income and benefits as a result of the virus. They're still getting their income. They still have medical coverage. Millions and millions of people now have neither. 

 

 

~The more someone needs to brag about how wonderful, special, successful, wealthy or important they are, the greater the likelihood that it isn't true. ~

Trusted Contributor
Posts: 1,502
Registered: ‎08-19-2018

Re: Stimulus Checks To Start Arriving Wednesday


@Nutzy wrote:

We just received a summary of the CARES Act from our financial advisor. The Act calls the payments "recovery rebates." The summary says "Technically, the rebates are advance refunds of credits against 2020 taxes." The way I read this is that when you file your taxes next year for 2020, you will be required to pay back the amount of your stimulus payment/recovery rebate to the IRS - it either reduces the amount of your refund or increases the amount you owe by the amount of the payment you received.


-     --    
I believe , this is absolutely incorrect. 

 

My SO just filed his taxes. He was told, the stimulus money, will not be counted as income, and it will not have any impact, on taxes filed for 2020. 

Honored Contributor
Posts: 20,155
Registered: ‎03-10-2010

Re: Stimulus Checks To Start Arriving Wednesday

I think it is great to be generous with the stimulus money because "you do not need it"....

 

BUT,

 

we do not know where this economy is headed....and with a recession...and Months and months of the economy tanking...you may not find yourself so affluent a year or two from now.  I would say to put it into savings for now. You can always donate it later.

 

if you are a Kardashian / Bill Gates rich....then no need to worry about it as you are not getting a check.

Respected Contributor
Posts: 2,594
Registered: ‎12-16-2013

Re: Stimulus Checks To Start Arriving Wednesday

[ Edited ]

@SuhseK wrote:

@Nutzy wrote:

We just received a summary of the CARES Act from our financial advisor. The Act calls the payments "recovery rebates." The summary says "Technically, the rebates are advance refunds of credits against 2020 taxes." The way I read this is that when you file your taxes next year for 2020, you will be required to pay back the amount of your stimulus payment/recovery rebate to the IRS - it either reduces the amount of your refund or increases the amount you owe by the amount of the payment you received.


-     --    
I believe , this is absolutely incorrect. 

 

My SO just filed his taxes. He was told, the stimulus money, will not be counted as income, and it will not have any impact, on taxes filed for 2020. 


The stimulus won't be taxed at the federal level, but there are six states (Alabama, Iowa, Louisiana, Missouri, Montana, and Oregon) where it COULD be taxed at the state level:

 

https://taxfoundation.org/cares-act-rebate-state-tax-rebate/

 

The author states that these six states probably will NOT tax the stimulus money, but they will need to enact legislation in order not to do it.

Honored Contributor
Posts: 47,217
Registered: ‎03-10-2010

Re: Stimulus Checks To Start Arriving Wednesday

@SeaMaiden    I just got this off the CNN website:

 

Social Security beneficiaries will also receive their payments automatically. Those payments will go out "in the near future," the IRS said Friday

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