Reply
Trusted Contributor
Posts: 1,471
Registered: ‎10-10-2019

Re: Stimulus Checks To Start Arriving Wednesday

 

 

@Nutzy  ...... So the people that do not file taxes do not have to pay it back?

Super Contributor
Posts: 461
Registered: ‎03-09-2010

Re: Stimulus Checks To Start Arriving Wednesday


@SeaMaiden wrote:

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.


I guess you don't know the definition of "stimulus" 

Honored Contributor
Posts: 9,104
Registered: ‎07-29-2014

Re: Stimulus Checks To Start Arriving Wednesday

[ Edited ]

@suzyQ3 wrote:

To those who don't need the check (or even those who will not be getting one), it would be great if you could donate it to those in need. My choice is to a major food bank.

 

@fthunt, etc.


 

Agree, @suzyQ3  - especially those that help pets as well.

"Smart people learn from everything and everyone, average people from their experiences, stupid people already have all the answers."
Honored Contributor
Posts: 9,714
Registered: ‎11-16-2014

Re: Stimulus Checks To Start Arriving Wednesday

[ Edited ]

@SeaMaiden wrote:

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.


If you are affluent you will not receive a check in the first place...or at least my definition of being affluent.

 

This is the time food banks desperately need donations. Two years from now may be too late. Give from your heart and gain solace in knowing a child may be able to go to bed with a solid meal in their stomach...

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

Re: Stimulus Checks To Start Arriving Wednesday


@Sheila P-Burg wrote:

 

 

@Nutzy  ...... So the people that do not file taxes do not have to pay it back?


---- 

It's my understanding, that no one pays it back.  It is not going to be considered income, and will have no impact on your taxes next

With the stimulus check headed to a lot of Americans, people are wondering if they'll need to pay it back, or if it'll be taxed for their 2020 tax return.

 

Congressman Tom Rice said no, and in fact, you could earn more money on your 2020 tax return because of the stimulus check.

 
 

Rice said while it is an advancement, it's "an advancement against a special tax credit that we created, for the stimulus package, for 2020."

Since it's a special credit that's never existed before, you do not have to pay it back.

Rice said right now, the amount you receive on the stimulus is based on your last year's tax return, "but ultimately, it will be computed from your 2020 income."

So, if you end up making less money in 2020 than you did in 2019, you'll see the money you should have received from the stimulus on your 2020 tax return.

Rice said if you end up making more money in 2020 than you did in 2019, you do not have to pay the money from the stimulus back, even though you did not qualify for it.

If you have a child in 2020, that does not appear on your 2019 tax return, you'll also receive extra money from the stimulus on your 2020 tax return.

"Next year, when you file your return, if it’s determined that you have a child, and they’ll send you another $500," said Rice.

 

 

--  

 

Honored Contributor
Posts: 14,022
Registered: ‎03-09-2010

Re: Stimulus Checks To Start Arriving Wednesday

Kind of annoyed our tax professional did not follow our instruction regarding our tax refund, we got paper checks and not direct deposit, so as a result our stimulus check will not be deposited, I am going to have to file all sorts of forms. This is to life threatening but very annoying

 
 
 
 

 

Stop being afraid of what could go wrong and start being positive what could go right.
Trusted Contributor
Posts: 1,775
Registered: ‎11-24-2011

Re: Stimulus Checks To Start Arriving Wednesday

@I am still oxoxI saw on the IRS website that around the middle of april you will be able to go on their website and enter your checking acct. info if you want direct deposit.

Valued Contributor
Posts: 884
Registered: ‎10-21-2019

Re: Stimulus Checks To Start Arriving Wednesday

What about if you had to pay a small amount the past two years (2018 & 2019)? I paid by debit card from my checking account, but doubtful they would have kept that info. I've looked every where and have not seen it addressed if you had to actually pay the federal government and did not receive a refund, but your income makes you eligible for the stimulus check....

 

I guess I will go enter my info when they post the "Get your payment" link. They've already got that posted on IRS.GOV, but when you click it you don't go anywhere yet 

Whatever gets you through the night; it's alright, it's alright. It's your money or your life; it's alright, it's alright---John Lennon
Honored Contributor
Posts: 8,817
Registered: ‎03-09-2010

Re: Stimulus Checks To Start Arriving Wednesday


@Trinity11 wrote:

@SeaMaiden wrote:

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.


If you are affluent you will not receive a check in the first place...or at least my definition of being affluent.

 

This is the time food banks desperately need donations. Two years from now may be too late. Give from your heart and gain solace in knowing a child may be able to go to bed with a solid meal in their stomach...


I don't consider myself to be affluent, but I don't qualify for this.  Not complaining.  

I just want to correct the idea that every gets this, and the exceptions are not just people like the kardashians 

Trusted Contributor
Posts: 1,508
Registered: ‎02-14-2017

Re: Stimulus Checks To Start Arriving Wednesday

While I’m not living paycheck to paycheck, I’m not affluent either. Based on my 2018 return, I bumped up against the income limit.