Stimulus check

[1st8th83]

My question is: Are these no strings attached, here ya go $2400 checks?, or are they the “we will just deduct them from your income tax returns in the future” loans like past “1st home buyer” and “ cash for clunkers” programs the Obama administration sandbagged us with?

[57springer]

Unclear to me as well I have seen it being discussed in other forums ??

[God's Country]

If your're asking whether it's going to be taxable income they're not suppose to be from what I've read. Pa might feel differently since they want tax dollars from toilet paper you purchased in other states.

[57springer]

What I am reading its a tax credit for your 2020 taxes , so to us folks who actually pay taxes we are getting nothing ! To the reliefers they get free money , not at all surprised

[ntouchet]

CNN had a calculator on their website this AM.

Enter your filing status and AGI and it tells you how much to expect.

But, don't hold your breath on when it will go out.

[gghbi]

What I am reading its a tax credit for your 2020 taxes , so to us folks who actually pay taxes we are getting nothing ! To the reliefers they get free money , not at all surprised

My understanding is everyone is getting money now, but the accounting is delayed until 2020 tax time, which is one of the games congress plays with budget stuff.

Here is a bit more detail:

Recovery Rebate for individual taxpayers. The bill would provide a $1,200 refundable tax credit for individuals ($2,400 for joint taxpayers). Additionally, taxpayers with children will receive a flat $500 for each child. The rebates would not be counted as taxable income for recipients, as the rebate is a credit against tax liability and is refundable for taxpayers with no tax liability to offset.

The rebate phases out at $75,000 for singles, $112,500 for heads of household, and $150,000 for joint taxpayers at 5 percent per dollar of qualified income, or $50 per $1,000 earned. It phases out entirely at $99,000 for single taxpayers with no children and $198,000 for joint taxpayers with no children (see Chart 1).

2019 or 2018 tax returns will be used to calculate the rebate advanced to taxpayers, but taxpayers eligible for a larger rebate based on 2020 income will receive it in the 2020 tax season. Taxpayers with higher incomes in 2020 will see the overpayment associated with their rebate forgiven. For example, a single taxpayer with $100,000 in 2019 income would not receive an advance rebate but would receive the $1,200 credit on their 2020 return if their income for the year fell below the phaseout. On the other hand, a single taxpayer with $35,000 in income receives a $1,200 advance rebate but would not have to pay the rebate back on the 2020 return if they make $100,000 this year. This is structurally similar to the 2008 rebate design.

We estimate the rebate will decrease federal revenue by about $301 billion in 2020, according to the Tax Foundation General Equilibrium Model. This credit is one-time, but policymakers may consider additional rebates if the downturn is prolonged.



More at: https://taxfoundation.org/cares-act-...c-relief-plan/

[bortle]

How do I convince the wife that we need a M1A or a FAL with that money?

[imashooter2]

How do I convince the wife that we need a M1A or a FAL with that money?

You have a job and the bills are paid? Walk in with it holding your unit, slap the box on the table and say "look what I bought!"

[McSull]

If you think your 2400+ check isn't going to cost you 7000 + in the long run, you're confused and ill informed. Where do you think this money is coming from?

[Gun]

Where do you think this money is coming from?

The future, which is always on hold.