Stimulus checks from Santa Trump?

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Stimulus checks from Santa Trump? Empty Stimulus checks from Santa Trump?

Post by 19delta on Thu Mar 26, 2020 2:18 pm

Is this free money or an advance on next year's tax return?
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Post by Head Idiot on Thu Mar 26, 2020 2:32 pm

It's to placate the peasants before they actually do something. Bread and circuses.

I think it's "free".
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Post by 19delta on Thu Mar 26, 2020 2:50 pm

Head Idiot wrote:It's to placate the peasants before they actually do something. Bread and circuses.

I think it's "free".

I have read that it is taxable but not sure what it means for next year's tax return.
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Post by ging on Thu Mar 26, 2020 2:52 pm

i've read that it's NOT taxable
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Post by 19delta on Thu Mar 26, 2020 3:01 pm

ging wrote:i've read that it's NOT taxable

Interesting!
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Post by ging on Thu Mar 26, 2020 4:36 pm

19delta wrote:
ging wrote:i've read that it's NOT taxable

Interesting!

according to a q&a article on nbcnews.com:

Q: Are the cash payments taxable?
Nope.
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Post by OSUBucks on Thu Mar 26, 2020 5:00 pm

The House will vote on the bill tomorrow. If it passes the Treasury Secretary said that he'd like to get the checks out in about 3 weeks. I expect it to pass but there are some Democrats in the progressive wing that aren't happy that some of their pet projects are excluded.
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Post by Head Idiot on Thu Mar 26, 2020 5:24 pm

OSUBucks wrote:The House will vote on the bill tomorrow. If it passes the Treasury Secretary said that he'd like to get the checks out in about 3 weeks. I expect it to pass but there are some Democrats in the progressive wing that aren't happy that some of their pet projects are excluded.
They're also unhappy that us idiots won't just accept socialism already.
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Post by Teetime on Thu Mar 26, 2020 11:01 pm

The payments are tax free but might have to be repaid in full or in part if the recipient’s 2020 income goes above the income limits that are in place.

The payment is actually based on the recipient’s  2020 income but the cash is being handed out based on what they person reported on their last tax return filed. So if I made $74k in 2019 As a single guy I would get the full $1,200. Then in 2020 I made $100k I would have to give the $1,200 back to the government when I filed my 2020 tax return in the spring of 2021. If my income in 2020 went down or stayed at $74k, the $1,200 would be mine to keep, non taxable.



This does sound like socialism. I’ll not be participating.

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Post by 19delta on Fri Mar 27, 2020 12:40 am

Teetime wrote:The payments are tax free but might have to be repaid in full or in part if the recipient’s 2020 income goes above the income limits that are in place.

The payment is actually based on the recipient’s  2020 income but the cash is being handed out based on what they person reported on their last tax return filed. So if I made $74k in 2019 As a single guy I would get the full $1,200. Then in 2020 I made $100k I would have to give the $1,200 back to the government when I filed my 2020 tax return in the spring of 2021. If my income in 2020 went down or stayed at $74k, the $1,200 would be mine to keep, non taxable.



This does sound like socialism. I’ll not be participating.

Very thorough explanation. Thank you,!

Question...can one "opt out" of the money? What happens if one were to take the money this year but next year, their income is too high? Would they have to pay back the entire amount or a prorated amount?
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Post by Teetime on Fri Mar 27, 2020 6:36 am

I don’t know about opting out. They will send you the money without asking you anything at all, there may be a way to return it immediately but I doubt it.

I don’t have the income limitations in front of me but those limits will be applied to your 2020 income and those income limits will dictate how much of the cash you have to give back. If you are under 75k in 2020 you keep it all. Them if you go over by x dollars you give back a dollar, I can’t remember what the “x” is.

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Post by Teetime on Fri Mar 27, 2020 7:05 am

“The checks start to phase down after that and disappear completely for people making more than $99,000 and couples making more than $198,000.”

So for every $20 dollars you make over $75k (for a single person) you give back a dollar. If you make $99k in 2020 you give all of the $1,200 back.

You won’t have to give it back until after the election so that won’t matter to Mitch McConnell.

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