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Sniper

More information on the Covid-19 $1,200 bailout checks

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12 minutes ago, kc17 said:

There's not such thing as government money, it comes from the taxpayers.

Not all of it. All the national debt dollars represent money loaned to the government by 'investors'. Of course the taxpayers are supposedly on the hook to pay it all back! But will we?

This entire bill is going to blowing this year's deficit through the roof and beyond an orbit. And along with the Federal Reserve creating money with keystrokes on their computers we'll be damn lucky if the U.S. dollar doesn't crash at the end of all this.

Although I agree with your sentiment. So it looks like we'll get $2,400 of our money back before we send it in in July.

Whoopee!

2 minutes ago, Ray Ray said:

What if you don't want the money?  

You're free to write a check to the U.S. Treasury any time you want.

That's what I tell wealthy people when they tell me they should be paying more for their fair share.

"How much did you voluntarily send in this year?"

 

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2 minutes ago, 45Doll said:

You're free to write a check to the U.S. Treasury any time you want.

That's what I tell wealthy people when they tell me they should be paying more for their fair share.

"How much did you voluntarily send in this year?"

 

No, I'm talking about it in reference to taxes.  I don't want to have it now and then have to pay for it in 2021.

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1 minute ago, Ray Ray said:

No, I'm talking about it in reference to taxes.  I don't want to have it now and then have to pay for it in 2021.

OK. My understanding is this will not be considered taxable income.

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6 minutes ago, Zeke said:

Like Bush part duex money? You filed that as income the next year.

Forbes has a description of the bill workings. Assuming it's correct:

"The payment technically is a tax credit advanced to your 2020 taxes that you’ll report on the return you file in 2021. The money will go to most households based on their 2019 tax return. For those who have not yet filed a 2019 return, their payment would be based on their 2018 return.  If you are a retiree who didn’t file a return for either year, the IRS would use your Social Security benefit statement to determine eligibility. "

So if I understand this explanation correctly, we get $xxxx now in a check. It's reported as income for 2020. But we take a $xxxx tax credit on that return.

The other story I read (that I can't find) simply said it wasn't going to count as taxable income.

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2 minutes ago, 45Doll said:

Forbes has a description of the bill workings. Assuming it's correct:

"The payment technically is a tax credit advanced to your 2020 taxes that you’ll report on the return you file in 2021. The money will go to most households based on their 2019 tax return. For those who have not yet filed a 2019 return, their payment would be based on their 2018 return.  If you are a retiree who didn’t file a return for either year, the IRS would use your Social Security benefit statement to determine eligibility. "

So if I understand this explanation correctly, we get $xxxx now in a check. It's reported as income for 2020. But we take a $xxxx tax credit on that return.

The other story I read (that I can't find) simply said it wasn't going to count as taxable income.

We shall see. 

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Whatever I wind up with will go to the IRS with my 2019 return. I lost a lot of write offs for work related expenses and owe a chunk this year. I should probably fill out a W4 and adjust the withholdings.

If you're getting money and you don't want it, donate to charity... or buy a pair of Colt Pythons. 

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You know, when giving everyone a $15/hour minimum wage was all the rage, many asked 'Why stop there? If $15/hour is OK, why not make it $50? Won't everyone be better off?"

OK. So if $2 Trillion in additional debt is OK ( really $2 Trillion plus $4.5 Trillion ), why not just make it $350 Trillion?

That way everyone in the country gets $1,000,000 and our worries will be over.

My personal suggestion is just have all the banks add an "Adjust Account Balance" button to our online banking interfaces. Then we can just punch up whatever we'd like our balance to be.

Where would that money come from? Who cares?

  • Agree 1

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1 hour ago, SW9racer said:

Seems if you have a child in college, you and your child get nothing?  No extra $500 credit for you, and no $1200 for the child even if they filed their own return with the claim box checked. 

Not just college. Children 17 and under. My son is an 18-year-old senior in high school. No money for us, no money for him.

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Anyone know if adult children  (21+) who live at home but filed returns are eligible?

And before the wisecracks start.....they are both in college but work part of the year.

1 hour ago, SW9racer said:

Seems if you have a child in college, you and your child get nothing?  No extra $500 credit for you, and no $1200 for the child even if they filed their own return with the claim box checked. 

Didn’t see this.  They are ..or can be.. working adults.  Doesn’t seem right...although alot of this stuff isn’t “right”.

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29 minutes ago, 1LtCAP said:

how does this apply to sole proprietors?

I was forwarded an email from my accountant.  Looks like theres a new law put out that you can apply for business unemployment.  Yeah stuff has dropped 75percent for me. I still say bring it on.  

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29 minutes ago, 1LtCAP said:

how does this apply to sole proprietors?

It's based on the 1040 tax return you filed last year.

9 minutes ago, Kevin125 said:

We haven’t been able to claim them in years...

and you haven't kicked them out yet????  :dontknow:

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13 minutes ago, Sniper said:

It's based on the 1040 tax return you filed last year.

and you haven't kicked them out yet????  :dontknow:

I like my kids being around. They are both in school.  If you’re being a smart ass... you should stop.

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9 minutes ago, Golf battery said:

I couldn’t see how it would.  Please enlighten me

Are you wondering how it would apply? If you're a sole proprietor filing a Schedule C, they would look at your income on the 1040.

1 minute ago, Kevin125 said:

If you’re being a smart ass... you should stop.

Lighten up Francis, this quarantine is making you stressed out... time for a beer :drinks:  :good:

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This just makes me sick.  I would have preferred to see most of this funny money used in the unemployment system. And make it funds that expire if not obligated by x date. So that the actual bill is a not to exceed number,  not just a diarrhea of money all over. 

I actually partially agree with the dem request to forgive some student loans, but I’d have done it that the loan payments for principal and interest were made for the duration of the National emergency, not just some random number for forgiveness. 

They could have then offered grants or no interest loans to certain tourism related businesses (including airlines) and other businesses impacted by the shut down.  Net result would be paying less overall, keeping people protected with the safety net that’s in place for that purpose, and not some free check that excludes many, and will probably go to drugs and booze by others.  

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2 hours ago, Kevin125 said:

Anyone know if adult children  (21+) who live at home but filed returns are eligible?

I think if they filed their own 1040 from a part time job, they should:

...." The package provides one-time direct payments to Americans of $1,200 per individual adult and $2,400 for married couples, plus an additional $500 for each eligible child. 

I read that as "per individual adult", so if they have their own S.S number, and file a separate 1040 in 2018 or 2019, I believe they should be eligible.

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Here's a clarification of why the $2.2 Trillion bill is really a $6 Trillion bill overall, thanks to fractional reserve banking. And if you didn't read that last article I posted, let's see the chart that describes where the $2.2 Trillion is going. BTW, notice the $131 Billion 'Other'? 45% of the direct payments.

what%20is%20in%20the%202%20trillion%20bi

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20 hours ago, Sniper said:

I think if they filed their own 1040 from a part time job, they should:

...." The package provides one-time direct payments to Americans of $1,200 per individual adult and $2,400 for married couples, plus an additional $500 for each eligible child. 

I read that as "per individual adult", so if they have their own S.S number, and file a separate 1040 in 2018 or 2019, I believe they should be eligible.

That would be good.  If that’s the case, at least I will know a little piece of that money we pay the feds each year is coming back.  In theory anyway.  Thanks.

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On 3/28/2020 at 12:44 AM, Sniper said:

I think if they filed their own 1040 from a part time job, they should:

...." The package provides one-time direct payments to Americans of $1,200 per individual adult and $2,400 for married couples, plus an additional $500 for each eligible child. 

I read that as "per individual adult", so if they have their own S.S number, and file a separate 1040 in 2018 or 2019, I believe they should be eligible.

The other missing part is that you had to not claim them as a dependent on your return. If you did, you both get nothing.

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