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Stimulus checks

Re: Stimulus checks

aparch said:
You also use the "Bad at Fractions Bank?" :D
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I've moved my business to "Will Cash A CVS Receipt Brought In By A Homeless Man Obviously Suffering From Dementia Bank." I find their rates more attractive.
 
Re: Stimulus checks

JF_Gophers said:
Im glad everyone thinks i am unable to decipher what is safe and what isnt. :p
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Not at all, just a lame attempt at humor. But I do worry about my parents and others who are in dangerous territory between no-longer-earned confidence and recently-increasing gullibility, in a time of high financial and medical hazard.
 
Re: Stimulus checks

geezer said:
Not at all, just a lame attempt at humor. But I do worry about my parents and others who are in dangerous territory between no-longer-earned confidence and recently-increasing gullibility, in a time of high financial and medical hazard.
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I worry about this too. I can't believe somebody hasn't figured out a way to drain every penny from every non-STEM Old's accounts by sending them a link to a fake grandchild photo site.
 
Kepler said:
I worry about this too. I can't believe somebody hasn't figured out a way to drain every penny from every non-STEM Old's accounts by sending them a link to a fake grandchild photo site.
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I'm actually impressed my family hasn't teetered over that cliff yet. My mother has always been good about being cautious thanks to her security clearances from her former employer, but I've noticed a slight drop in her awareness to these things since her retirement.
 
Re: Stimulus checks

So, do you guys usually get your tax refund direct deposited? Is that why you've seen it hit your bank account? I don't. I wait for a check. I'll be waiting forever for this thing because I don't believe I'm eligible for it.
 
Re: Stimulus checks

Credits for my wife and I arrived in our bank account.

Is there a definitive site that explains how/if this impacts tax filing next year? There’s a lot of conflicting info out there on erstwhile reputable sites.
 
Re: Stimulus checks

Scarlet said:
So, do you guys usually get your tax refund direct deposited? Is that why you've seen it hit your bank account? I don't. I wait for a check. I'll be waiting forever for this thing because I don't believe I'm eligible for it.
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Yes, direct deposit for me, usually.
 
Re: Stimulus checks

Got our direct deposit. Do I tell husband I got his moneys?

Didn't get a dependent credit, but only filed our taxes a few days ago with the info on our dependent born last year.
 
Re: Stimulus checks

St. Clown said:
Credits for my wife and I arrived in our bank account.

Is there a definitive site that explains how/if this impacts tax filing next year? There’s a lot of conflicting info out there on erstwhile reputable sites.
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My understanding at this point is if you get the proper amount, the net effect on your taxes next year is $0. Basically Congress created a new temporary refundable tax credit and this is an advance on that tax credit. If you get too much, you'll owe the difference in April. If you get too little, you'll get the difference back.
 
Re: Stimulus checks

unofan said:
My understanding at this point is if you get the proper amount, the net effect on your taxes next year is $0. Basically Congress created a new temporary refundable tax credit and this is an advance on that tax credit. If you get too much, you'll owe the difference in April. If you get too little, you'll get the difference back.
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My understanding as well.
 
Re: Stimulus checks

unofan said:
My understanding at this point is if you get the proper amount, the net effect on your taxes next year is $0. Basically Congress created a new temporary refundable tax credit and this is an advance on that tax credit. If you get too much, you'll owe the difference in April. If you get too little, you'll get the difference back.
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So, theoretically, if someone made 50% less in 2019 than they will in 2020... and the stimulus check was based on 2019 income... is that the "receiving the proper amount"?
 
Re: Stimulus checks

Damm, mine got direct deposited.

I was gonna burn my check with Donnie's name on it in protest.
 
Re: Stimulus checks

jen said:
So, theoretically, if someone made 50% less in 2019 than they will in 2020... and the stimulus check was based on 2019 income... is that the "receiving the proper amount"?
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That was how I read it...but who knows with these clowns.
 
Re: Stimulus checks

jen said:
So, theoretically, if someone made 50% less in 2019 than they will in 2020... and the stimulus check was based on 2019 income... is that the "receiving the proper amount"?
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Nope. It will be reported on next years' taxes (for 2020 income). If your income doubles to over 99k/individual in 2020 you'll have to pay it back next April. (of course, in that scenario I wouldn't be complaining, having the extra 50 grand)
 
Re: Stimulus checks

jen said:
So, theoretically, if someone made 50% less in 2019 than they will in 2020... and the stimulus check was based on 2019 income... is that the "receiving the proper amount"?
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Here is the way I understand it.

Let's say that in 2018 you had $70,000 adjusted gross income, and you haven't done 2019 taxes yet. You'll get the full $1200.

Then, lets assume after you do the 2019 taxes you report AGI of $80,000 for 2019. Let's further assume that under the sliding scale of stimulus money someone with $80,000 AGI is only supposed to get $1000 in stimulus money (I don't know what that sliding scale is, just that it ends after you exceed $99,999.)

In that instance, in 2020 you would supposedly owe $200 back (the difference between the $1200 you got and the $1000 you should have received).

If your AGI is $100,000 or more for 2019, you shouldn't have received a check at all, in which case you'd owe the full $1200 back in 2020.

That's my understanding.
 
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