Coronavirus Relief Checks (free money?)

[Quackerbox]

We qualify. We dont want it and dont need it. I'll work more hours before I try and take a handout.

[Acameron52]

I’ll believe it when i see it.

[BBReezen]

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.

It’s mostly going to help the folks who work for a company that ether has suspended business while this blows over or who are either cutting hours or staff because business is so slow. The stimulus is meant to provide folks with a little extra so that while money isn’t coming in, there’s still some to go out and support our economy. Not everyone gets to rathole every dollar they can for a rainy day. If my wife ends up not getting laid off from the hospital and can keep a decent amount of hours, we won’t “need” the stimulus money right now. But it will go to pay off the AC unit we had to buy last year and get rid of that $150 payment a month. Thus allowing $150 to be spent on other bills or rat holed. Yes I am a tax payer and it’s about time our govt actually gave me back some of my money that they get on 100% interest free loan every year.

[TeamAmerica]

The stimulus payments are essentially a prepaid tax credit for the 2020 tax year. There is no repayment, this is just a reduction in taxes. And you must have income to use a tax credit (brillant). Funny how so many can be so concerned and skeptical about lowering our taxes![emoji3]

:
“SEC. 6428. 2020 RECOVERY REBATES FOR INDIVIDUALS.

“(a) In General.—In the case of an eligible individual, there shall be allowed as a credit against the tax imposed by subtitle A for the first taxable year beginning in 2020 an amount equal to the lesser of—
“(1) net income tax liability, or

“(2) $1,200 ($2,400 in the case of a joint return).

“(b) Special Rules.—
“(1) IN GENERAL.—In the case of a taxpayer described in paragraph (2)—
“(A) the amount determined under subsection (a) shall not be less than $600 ($1,200 in the case of a joint return), and

“(B) the amount determined under subsection (a) (after the application of subparagraph (A)) shall be increased by the product of $500 multiplied by the number of qualifying children (within the meaning of section 24(c)) of the taxpayer.

“(2) TAXPAYER DESCRIBED.—A taxpayer is described in this paragraph if the taxpayer—
“(A) has qualifying income of at least $2,500, or

“(B) has—
“(i) net income tax liability which is greater than zero, and

“(ii) gross income which is greater than the basic standard deduction.

“(c) Treatment Of Credit.—The credit allowed by subsection (a) shall be treated as allowed by subpart C of part IV of subchapter A of chapter 1.

“(d) Limitation Based On Adjusted Gross Income.—The amount of the credit allowed by subsection (a) (determined without regard to this subsection and subsection (f)) shall be reduced (but not below zero) by 5 percent of so much of the taxpayer’s adjusted gross income as exceeds $75,000 ($150,000 in the case of a joint return).

[Let's go Brandon!]

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.


Sent from my moto z3 using Tapatalk

I would think that if I "receive" something I did not personally "ask for", it's a gift.

Literally the definition

[Huntingfool]

If someone owes back child support they will not get a check even if they qualify

[tps7742]

If someone owes back child support they will not get a check even if they qualify

You sure?

[MacDaddy67]

Can you qualify for any unemployment money if you have been furloughed....business shut down as non essential...missing three weeks of pay now...but not laid off yet but not working....
Anyone know?

[huntingfanatic]

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

Same here. Probably give to our church

[HeyMikey]

Can you qualify for any unemployment money if you have been furloughed....business shut down as non essential...missing three weeks of pay now...but not laid off yet but not working....
Anyone know?

My company furloughed me thru (at least) May 1 and let me know that I was eligible to file for unemployment. I filed online Friday morning.

[super_dave]

Coronavirus Relief Checks (free money?)

If you file your taxes properly with the correct amount of deductions all year long, you shouldn’t even notice it next tax time

I wonder if anyone against it now took any of the savings on taxes or help/relief during Harvey or Imelda?

Sent from my iPhone using Tapatalk

[easeup]

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.

thank you Dan!!! well said

[Let's go Brandon!]

If someone owes back child support they will not get a check even if they qualify

You sure?

https://www.breitbart.com/economy/2020/03/29/americans-who-owe-child-support-wont-get-coronavirus-stimulus-check/

[batmaninja]

How will printing more money help people that had money? Or does that just lead to inflation - which in turn hurts people that actually saved and were fiscally responsible?

[RiverRat1]

How will printing more money help people that had money? Or does that just lead to inflation - which in turn hurts people that actually saved and were fiscally responsible?

It helps in the current time. Inflation will come later and screw all savers.

Inflation + zero interest rates is a double punch in the gut to savers.

But they have to force as much money as they can back into the stock market. Companies live and die based on stock prices (too much debt). Sooner or later, and I'm thinking within 5 years, they will be forced to let inflation run wild or something. The frequency of having to bail out/help companies is getting closer together. Hard to lower rates below zero to help them more.