Coronavirus Relief Checks (free money?)

[TheWidowMaker]

I'm not personally eligible for one and I don't personally know anyone in need of it to make ends meet. But what's the likelihood on that person's 2020 tax return they ask for the money back? My personal opinion and experience is nothing in life is free. Technically it'd be a sort of income that'd be included in your taxable amount? This is just something I've been wondering but don't know enough in depth to put my mind at ease for other people. I'd hate for people to think, 'yay, free money!'. To then be taxed on it next year and expected to pay it back. I haven't heard if you can decline it either. Just one of those things that sounds too good to be true.

Another thing to think about is it'll be predominately deposited digitally and used through debit cards. So for majority of the transactions no cash will be exchanged. For instance, $2 trillion isn't being printed up and pushed into our economy. Just a bunch of number digitally will be exchanged and end up in some company's ledger.

Why didn't they just suspend income tax for a limited time period if they really wanted to help the economy. That would've put more money in the pockets of people that're investing in the stock market and businesses.

[LivinADream]

I don't know enough about it either, but I would bet a paycheck that we have to pay it back one way or another.

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[TheWidowMaker]

I don't know enough about it either, but I would bet a paycheck that we have to pay it back one way or another.

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There's always a catch. I hate to feel like by the time people are getting back on their feet that pay taxes and needed/used it for the right reasons will then be set back again. This is just speculation as I haven't heard anything reported about paying it back but if they volunteered that information I don't think people would be so stoked to get money with strings attached.

[Pedernal]

You are right it's not free. I am fairly certain the money being sent to people will not have to be paid back. In the end tax payers will be the ones on the hook for it.

I am by far not a financial expert but understand the need to stimulate the economy during this shut down. I would hope more people would learn not to live pay check to pay check but that will never happen. It appears that the "need to have everything now" is more important than the peace of mind that having a rainy day fund in times like this.

I am certainly not sure how much or who this will help. I do know that are country was already on pace to face some financial challenges in the near future. In my opinion, changes need to happen soon after we recover from this or the future generations will never know America as we know it.

[Strummer]

Nothing is free . Someone is paying for it . I wont qualify for it . If for some reason I get in I will donate it .

[LivinADream]

I agree. I'm not excited about it at all. I would like to know the it's.

If I do get it, do I have to pay it back.

If I don't use it, do I still pay it back.

These things would be nice to know.


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[TheWidowMaker]

I agree. I'm not excited about it at all. I would like to know the it's.

If I do get it, do I have to pay it back.

If I don't use it, do I still pay it back.

These things would be nice to know.


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That's what I don't understand. There's always plenty of information for both sides. I just don't see how sending a check boosts a market that's impacted by the entire world's speculation. I just don't trust it. Making everyone look one way while some shady stuff is probably going on. I hope and pray for the best for everyone just don't want people to get taken advantage of in a crisis like this.

[HeyMikey]

I'm quite certain that I won't qualify for it, nor would I want it, if I did qualify.
I don't see how this can't/won't be viewed in the same manner as unemployment benefits, that being........it is indeed, taxable.
I'm equally sure that there will be the same loopholes in place this time (as always), so those who never seem to pay their own way, will dodge that responsibility this time, as well.

[LivinADream]

I'm quite certain that I won't qualify for it, nor would I want it, if I did qualify.
I don't see how this can't/won't be viewed in the same manner as unemployment benefits, that being........it is indeed, taxable.
I'm equally sure that there will be the same loopholes in place this time (as always), so those who never seem to pay their own way, will dodge that responsibility this time, as well.

Agree

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[RattlesnakeDan]

This stimulus is a brilliant business strategy if all goes well. When the stock market has crashed in the past, the recovery has been between 2.5 years and 15 years creating an economy that suffers to regain a toehold.
Right now we have little cash flow and this is to "stimulate" the flow like priming a pump to get the liquid to flow again.
We will probably have a 3-6 month recovery from the most devastating financial hit the country has ever seen.
So...the thing to be concerned about is most countries that become socialist countries have begun by bailing out businesses and taking them over until they own a large part of the wealth like Obama did with GM. That is why Trump is calling it a loan to businesses and if the requirements are met then there won't be a payback but it is not a bailout to protect us from a gov't takeover which is what the democrats would do in this situation. Praise God we have a brilliant man at the helm that puts YOU first and not himself or the gov't.
I do believe the stimulus checks will not be taxed but not 100% sure.

[Paycheck]

If it is tax the people that lost there jobs will have little taxable income so they will not have to pay much if any taxes on the stimulus money received. Example my son that worked in the restaurant business.

[Throwin Darts]

I'm not personally eligible for one and I don't personally know anyone in need of it to make ends meet. But what's the likelihood on that person's 2020 tax return they ask for the money back? My personal opinion and experience is nothing in life is free. Technically it'd be a sort of income that'd be included in your taxable amount? This is just something I've been wondering but don't know enough in depth to put my mind at ease for other people. I'd hate for people to think, 'yay, free money!'. To then be taxed on it next year and expected to pay it back. I haven't heard if you can decline it either. Just one of those things that sounds too good to be true.

Another thing to think about is it'll be predominately deposited digitally and used through debit cards. So for majority of the transactions no cash will be exchanged. For instance, $2 trillion isn't being printed up and pushed into our economy. Just a bunch of number digitally will be exchanged and end up in some company's ledger.

Why didn't they just suspend income tax for a limited time period if they really wanted to help the economy. That would've put more money in the pockets of people that're investing in the stock market and businesses.

You can read the legislation and find out the answer to your question.

The stimulus check amounts are based off of your 2019 AGI on your tax return. If you haven’t filed then they will use your 2018 return. When you file in 2020 if that AGI would have qualified you to receive a larger check than what you received then you get a tax credit for the extra amount. If your 2020 would have qualified you to receive less of a stimulus check then nothing happens. It only works for your benefit.

As with all govt spending the bill will always at some point come due. There is no way we as a country are not going to have a higher tax burden in the future. But I think the point of your question is will you have a direct repayment obligation of the stimulus check amount and according to legislation the answer is no.

I don’t understand the point you are trying to make on the payments not being paper money. I assume that you are saying the money wouldn’t flow unless it’s paper money and I can’t follow that logic. You can hand a $20 bill over to a business and when they deposit it the next morning at the bank it becomes a digital ledger. Money moves exponentially more by digital means than compared to paper money exchange.


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[eastxhunter]

Didn’t they send stimulus checks during the bush administration? What did y’all do then?

[miket]

Didn’t they send stimulus checks during the bush administration? What did y’all do then?

Was against it then, and against it now. Wealth redistribution, plain and simple. Forced confiscation of earnings and given to others.

[miket]

Paper money vs digital, its ALL fake. Hasnt been real since they took us off the gold standard.