Heads up on stimulus checks

jeffrey750750

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The money we are about to receive will be owed back at next years tax day. Not as income, will have to be paid back. My wife's an accountant and she told me
 
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madweazl

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This stimulus check is a refundable tax credit for 2020, being paid to you early. You will have to claim in on your 2020 taxes, but there is nothing to pay back... unless:
  • Your earnings in 2020 exceed the AGI limits
  • You received an incorrect amount based on household or filing (such as you're now divorced and should have received just a single check, etc.)
 

thaistalyn

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How could anyone know this for sure???
You can read the bill here yourself - the lawyer speak may put you to sleep (and 880 pages :oops:.)

As far as knowing? - Read the bill - It is also summarized in the site below. It's clear if you make more than $75K (single) or $150K(married) according to your taxes in 2020 you will have to pay some back. If not, then you will not pay anything back. This is similar to the check we received in 2008 from the Bush admin during the great recession. BTW - this still needs to pass through the House of Representatives, which has a democratic majority vs the republican senate and president - so it is not finalized yet.

Washington Post Stimulus Check Calculator
 

William Mumford

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You can read the bill here yourself - the lawyer speak may put you to sleep (and 880 pages :oops:.)

As far as knowing? - Read the bill - It is also summarized in the site below. It's clear if you make more than $75K (single) or $150K(married) according to your taxes in 2020 you will have to pay some back. If not, then you will not pay anything back. This is similar to the check we received in 2008 from the Bush admin during the great recession. BTW - this still needs to pass through the House of Representatives, which has a democratic majority vs the republican senate and president - so it is not finalized yet.

Washington Post Stimulus Check Calculator

Hahahahahah wow how easy was that I'm so dumb. The answer you should have gave me was Google idiot hahahahahah wow. Thank you all yet again reef to reef has helped me in my life. Sorry for that going back to fish tanks again.
 

KrisReef

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Send me the money. The stock market is turning bull with the news and I think the money invested now will cover itself before 2021.

I'm trying to figure out how many times I can get on the mailing list for the disbursement.
 

Rick.45cal

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Well I don’t make that much being a sole proprietor/ employee/ starving artist so I won‘t have to worry about paying it back but I likely won’t get it either so I won’t have to worry about it at all! If I got a choice in the matter I wouldn’t take it anyway, government handouts always come with strings attached.
 
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AdamNC

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I’m in the limits to receive it but I’m still working, nationwide cable company, so I’m considered essential. Even got my letter from the Governor it I get pulled over. From what I understand about it is that it’s basically an advance on your tax return. The government isn’t really just handing you money , lol that’s laughable. My advice is if it’s more than your normal tax return then put some away because you will get taxed on that. Ie: you normally get back about $2k but your given $2400 on this stimulus check, you’ll be paying tax on $400. That sound about right?
 

Mikeltee

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This tax bracket on your 2019 taxes that are now due is what determines your eligibility. Let's take for instance my case... my wife and I made 135k last year and that is what we claimed on the taxes we just did. We will get the full amount as we are right under the 150k cut-off. We will make well over 300k this year and we will not be penalized for this next year at this time when we file our taxes. Now the single lady with 3 kids and a 50 hour a week job wont even get half of what we will get as we put much more into the pot than she does. The rational behind this reasoning is this... she makes 40k a year and budgets 40k a year. Her bills are relative to her 40k a year. We make 140k a year, have a 140k budget and 140k a year type of bills so obviously it takes more money for us to maintain our lifestyle.

Heres the ethical problem... The single mother has a better chance at having a non-essential job than the upper tier people. My wife is a healthcare provider and I am an electrician. Healthcare, construction, logistics, and food are the staples of our economy at this time. Everyone else should be at home. We are both working much more than normal right now and our paychecks obviously reflect this. Therefore, we shall forgo our check if we can or else donate it to the humane society. I really want a golden aussie torch but its gonna have to wait... others need this freebie more than I do.
 

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