Ray Ray 3,566 Posted March 27, 2020 What if you don't want the money? Quote Share this post Link to post Share on other sites
45Doll 5,842 Posted March 27, 2020 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?" Quote Share this post Link to post Share on other sites
Ray Ray 3,566 Posted March 27, 2020 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. Quote Share this post Link to post Share on other sites
45Doll 5,842 Posted March 27, 2020 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. Quote Share this post Link to post Share on other sites
Zeke 5,504 Posted March 27, 2020 37 minutes ago, 45Doll said: OK. My understanding is this will not be considered taxable income. Like Bush part duex money? You filed that as income the next year. Quote Share this post Link to post Share on other sites
brucin 918 Posted March 27, 2020 I will happily cash my check and spend it on a new gun or 2. Quote Share this post Link to post Share on other sites
45Doll 5,842 Posted March 27, 2020 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. Quote Share this post Link to post Share on other sites
Zeke 5,504 Posted March 27, 2020 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. Quote Share this post Link to post Share on other sites
silverado427 10,552 Posted March 27, 2020 1 hour ago, Ray Ray said: What if you don't want the money? I'll sell you some 12 gau snap caps for $1200 Quote Share this post Link to post Share on other sites
Ray Ray 3,566 Posted March 27, 2020 1 hour ago, silverado427 said: I'll sell you some 12 gau snap caps for $1200 I got them already, thanks. Quote Share this post Link to post Share on other sites
ChrisJM981 924 Posted March 27, 2020 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. Quote Share this post Link to post Share on other sites
SW9racer 262 Posted March 28, 2020 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. Quote Share this post Link to post Share on other sites
45Doll 5,842 Posted March 28, 2020 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? 1 Quote Share this post Link to post Share on other sites
1LtCAP 4,258 Posted March 28, 2020 how does this apply to sole proprietors? Quote Share this post Link to post Share on other sites
dajonga 396 Posted March 28, 2020 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. Quote Share this post Link to post Share on other sites
Kevin125 4,772 Posted March 28, 2020 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”. Quote Share this post Link to post Share on other sites
dajonga 396 Posted March 28, 2020 I read that if they can be claimed by parents as dependents, they must be 17 and under. Quote Share this post Link to post Share on other sites
Kevin125 4,772 Posted March 28, 2020 We haven’t been able to claim them in years... Quote Share this post Link to post Share on other sites
RUTGERS95 889 Posted March 28, 2020 it's a ruse really given it's simply a credit for next year I'm surprised they didn't add a few thousand of student loan forgiveness on top of this Quote Share this post Link to post Share on other sites
Golf battery 1,222 Posted March 28, 2020 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. Quote Share this post Link to post Share on other sites
Sniper 6,372 Posted March 28, 2020 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???? Quote Share this post Link to post Share on other sites
Golf battery 1,222 Posted March 28, 2020 I couldn’t see how it would. Please enlighten me Quote Share this post Link to post Share on other sites
Kevin125 4,772 Posted March 28, 2020 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???? I like my kids being around. They are both in school. If you’re being a smart ass... you should stop. Quote Share this post Link to post Share on other sites
Sniper 6,372 Posted March 28, 2020 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 Quote Share this post Link to post Share on other sites
Kevin125 4,772 Posted March 28, 2020 Not me. Don’t be a dick. Try a smiley face next time if you are making a joke. Otherwise..you are espousing your opinion. Where it isn’t wanted. 1 Quote Share this post Link to post Share on other sites
JHZR2 56 Posted March 28, 2020 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. Quote Share this post Link to post Share on other sites
Sniper 6,372 Posted March 28, 2020 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. Quote Share this post Link to post Share on other sites
45Doll 5,842 Posted March 28, 2020 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. Quote Share this post Link to post Share on other sites
Kevin125 4,772 Posted March 29, 2020 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. Quote Share this post Link to post Share on other sites
SW9racer 262 Posted March 29, 2020 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. Quote Share this post Link to post Share on other sites