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04-10-2020 03:33 PM
04-10-2020 04:12 PM
@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"
04-10-2020 04:17 PM - edited 04-10-2020 04:21 PM
04-10-2020 04:19 PM - edited 04-10-2020 04:22 PM
@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...
04-10-2020 04:22 PM
@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.
--
04-10-2020 04:35 PM
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
04-10-2020 04:47 PM
@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.
04-10-2020 06:06 PM
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
04-10-2020 06:16 PM
@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
04-10-2020 06:20 PM
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