Stimulus Checks

[d.o.spyder-rts]

We got our stimulus check posted to our account. The funds are pending until Wednesday the 15th. Just one question, does anyone know or heard if the funds are going to be taxable? Dale

[canamjhb]

Well, it's income for you. Maybe there will be a special provision. But I doubt it. Income is usually taxable. Plan on it..... Jim

[cruisinTX]

I've been wondering if retirees will get a stimulus check. Have heard both ways, but nothing official.

[Revrent]

The IRS says they are not taxable income.

Also retirees are eligible for a stimulus check. There are conflicting stories on if they need to do anything to get the check. There is a web site for the IRS that some will be able to put in info if they are not required to do IRS tax paperwork.

https://www.aarp.org/politics-societ...us-checks.html

John

[MonPaul]

It is considered a tax credit not income
https://money.com/stimulus-check-advance-tax-refund/

[wyliec]

I've been wondering if retirees will get a stimulus check. Have heard both ways, but nothing official.

Yeah we do. Here's the link:

https://www.marketwatch.com/story/im...eck-2020-03-27

There is one complication which is covered further down in the link. It's a little complicated, but I fall in the lower end of earnings and will get the full amount.

[ARtraveler]

RE: Stimulus check There is a lot of misinformation out there. I have been trying to weed it out so Linda and I know what to expect. I am using IRS sources.

Here is what I found out. Everyone filing taxes with incomes under $75K or currently on SS is supposed to receive a $1200 stimulus check. They are using current IRS and SS records for the direct deposit information. If you filed tax returns in 2018, or 2019 or are receiveing SS via direct deposit, they will use your direct deposit information.

The stimulus check is NOT supposed to be taxable.

If you are not one of the above, you may have to fill out the tax "mini form" so that you can update your direct deposit information. Be very careful and use the "official" government site.

I came upon one that did not appear to be. Giving out deposit information to the wrong people can result in bad things happening.

This is the week that the deposits are supposed to be happening. Tomorrow is supposed to be the day your can plug into the IRS "where is my check" tracker.

We don't have ours yet, but are going to give things a week or so to see what happens.

WARNING, WARNING, WARNING: Your situation may or may not be the same as above. I did not cover things that apply to other situations.

[wyliec]

RE: Stimulus check There is a lot of misinformation out there. I have been trying to weed it out so we know what to expect. I am using IRS sources.

Here is what I found out. Everyone filing taxes with incomes under $99K or currently on SS is supposed to receive a $1200 stimulus check. They are using current IRS and SS records for the direct deposit information. If you filed tax returns in 2018, or 2019 or are receiveing SS via direct deposit, they will use your direct deposit information.

The stimulus check is NOT supposed to be taxable.




This is the week that the deposits are supposed to be happening. Tomorrow is supposed to be the day your can plug into the IRS "where is my check" tracker.

Are you saying the following is wrong?


"Overall, the package is pretty straightforward surrounding the rebate checks: Americans who make no more than $75,000 will receive $1,200, and double that if they are married and making $150,000 or less. Payments start to decrease thereafter, and those who earn $99,000 as a single individual or $198,000 as a married couple will not receive any money. Heads of households have a limit of $146,500. Individuals with children will receive $500 for every child."

I only ask b/c it looks like after $75000 (single individual) the $1200 starts to get reduced, and if you are one that made $99000 you get $0.

[BoilerAnimal]

There are certain segments of society that you would think would be eligible but who will not receive any money. There are exceptions to every rule.

[Mazo EMS2]

I haven't seen a reliable source yet that will guarantee that the funds WILL NOT BE TAXED. I would bet the amount of the check, that it will indeed somehow be taxed or taken back next spring. There are already tidbits in print about the stimulus being "an advance to your eligible refund" for next year. In other words, if you should happen to be eligible for a refund next year at tax time, they'll deduct it from that said refund. I can see this happening. There is no way that amount of money is just going to be given away without some expectation of payback...NO WAY!!. If it's not next spring, it'll be the spring of 2022. They want us to spend it, so we will....hopefully on "Made In The USA products" ...Sorry to be a negative Nancy, but I have no faith in our government right now..........No, I don't wish to start anything political.......Rant over

[ARtraveler]

Are you saying the following is wrong?


"Overall, the package is pretty straightforward surrounding the rebate checks: Americans who make no more than $75,000 will receive $1,200, and double that if they are married and making $150,000 or less. Payments start to decrease thereafter, and those who earn $99,000 as a single individual or $198,000 as a married couple will not receive any money. Heads of households have a limit of $146,500. Individuals with children will receive $500 for every child."

I only ask b/c it looks like after $75000 (single individual) the $1200 starts to get reduced, and if you are one that made $99000 you get $0.

No. See my disclaimer at the bottom of the article. I did make a typo on the $99K, it should be $75K Now changed.

[wyliec]

I haven't seen a reliable source yet that will guarantee that the funds WILL NOT BE TAXED. I would bet the amount of the check, that it will indeed somehow be taxed or taken back next spring. There are already tidbits in print about the stimulus being "an advance to your eligible refund" for next year. In other words, if you should happen to be eligible for a refund next year at tax time, they'll deduct it from that said refund. I can see this happening. There is no way that amount of money is just going to be given away without some expectation of payback...NO WAY!!. If it's not next spring, it'll be the spring of 2022. They want us to spend it, so we will....hopefully on "Made In The USA products" ...Sorry to be a negative Nancy, but I have no faith in our government right now..........No, I don't wish to start anything political.......Rant over

Thank you. You made my day.

[wyliec]

No. See my disclaimer at the bottom of the article. I did make a typo on the $99K, it should be $75K Now changed.

Does that mean, if I post something you don't like, and I put in a disclaimer that you or LC won't delete it?

[BoilerAnimal]

https://www.forbes.com/sites/zackfri.../#27770099254f

[LeftCoast]

Does that mean, if I post something you don't like, and I put in a disclaimer that you or LC won't delete it?

Your post was one of two deleted because they had nothing to do with thread AND the OP requested you get back on topic.

Adding to that you have no idea what my opinions are on the subject. Please drop this topic now.

Back to stimulus checks please. I’m curious how they are deciding when people are getting the checks and if there are priorities by state.

[ARtraveler]

Does that mean, if I post something you don't like, and I put in a disclaimer that you or LC won't delete it?

A few people do post things I don't like. It is only when they break the site rules that intervention happens.

And since you mentioned it, if you are going to copy/paste a quote...you should use the whole quote rather than just the parts that seem to support your argument. There would have been no mention about the disclaimer had you posted the whole quote.

And like LC also said. Let's get back on topic and discuss the stimulus checks.

[canamjhb]

I am curiously waiting to see what happens to me. I have my SS check directly deposited as we all do. But my tax refunds are not directly deposited. I have a check sent to me for that because I just don't want to give out any more about my banking information than I have to. I expect I will probably be one who gets the stimulus check later rather than sooner. Will post here when something happens..... Jim

[Mazo EMS2]

As far as how, or in what order, I believe those who have been direct depositing tax returns in the past couple of years will see the check first. It only makes sense because there is no work involved in tracking down a place to send the money. It will also be a benefit to have gotten your taxes completed and filed earlier than later. I think it's safe to say if you're a procrastinator, and filed late this year, or maybe you haven't yet, maybe you changed banks and/or accounts, and/or you receive your refund in the form of a check, you're probably gonna be later in the distribution because of the work involved in tracking you down. Don't quote me on any of it, but to me this theory makes sense. I'm all for a little extra cash in hand, but honestly, I feel those who are still able to work and still have a consistent income, probably shouldn't get the check, myself included. I was a bit surprised to see that my wife and I would get the $2400. Can we use it?? Heck yeah we can use it...do we truly NEED it?? Nope, not really. The thought that everyone will use the money to "Stimulate" the economy won't shake out, but it is a nice gesture to help pay the necessary bills. For those of you who are truly counting on the checks, I wish you luck and truly hope it helps just a little bit....Somehow it'll all shake out in the end, I just hope no one loses everything they've worked so hard for. It'll happen I'm sure, but I think it's safe to say that if you own a Spyder, you're probably fairly safe.....I Hope....good luck everyone, and don't spend it all in one place. Don't forget the little Mom n Pops in your community.

[wyliec]

https://www.irs.gov/coronavirus/econ...mpact-payments
shows GET MY PAYMENT (status of your check) is coming mid-April, which may be tomorrow.

[rbell0]

No taxes, it's like money from the VA.

[bmccaffrey]

How we suppose to use it to stimulate the economy WHEN EVERYTHING IS CLOSED

[ARtraveler]

I guess we use the old adage: "where there is a will, there is a way."

[Peter Aawen]

I guess we use the old adage: "where there is a will, there is a way."

WHAT?!? I thought that 'old saying' only applied to dairy farmers needing juuust a coupla hundred more gallons to meet their Milk Quota or risk not getting paid - only back then it was "Where there's a WELL, there's a way!"

[IdahoMtnSpyder]

It is considered a tax credit not income
https://money.com/stimulus-check-advance-tax-refund/

Complete rewrite!

I decided my description of how the stimulus would be treated was probably not correct. I was thinking that the only way to include a credit on the tax form would be to include the stimulus as income, but most likely there will be a two part entry at the end of the form, one for the stimulus credit you're entitled to, and then a line to subtract from that the money already received.

[wyliec]

https://www.irs.gov/coronavirus/econ...mpact-payments
shows GET MY PAYMENT (status of your check) is coming mid-April, which may be tomorrow.

I went into the site at 7:30 AM EST and it said my check will be deposited today. You answer a series of question. Let me just caution that you have to enter your SS number.