Early refund.

[S.A. Boggs]

The money being sent out is not a grant but a refund on next years. Info I got was from MSM if one can believe them. Personally we are happy to get the $ as it is going directly into the cabin. Solar, here we come!
Sam

[Roadkingtrax]

Going in the bank. Nothing is free.

[Gun Smoke]

The money being sent out is not a grant but a refund on next years.

Sounds like the article I read. It was as clear as mud. Within a few sentences it said.

1. Do I have to repay the stimulus check? No

2. It is part of your 2020 refund.

3. It is not taxable.

4. The checks will not affect your 2020 refund.

Obviously if it is considered part of your future refund you are repaying it and it will affect your refund.

[S.A. Boggs]

My understanding is that if you did not file a tax form nothing is forthcoming. I guess some of those on public assistance are not "entitled" this time.
Sam

[Gun Smoke]

My understanding is that if you did not file a tax form nothing is forthcoming. I guess some of those on public assistance are not "entitled" this time.
Sam

Considering what I read it is based upon your 2019 return. If you haven't filed yet (filing date has been extended to July 15 I believe) it will be based upon your 2018 return.

If you made so little that you didn't have to file in either year the IRS has your contact info associated with past taxation and SS info. These people will still get a check. I believe public assistance, just like SS is considered income, just not taxable income unless you make a certain amount over what you receive.

If this is a tax credit or $ against future refunds it is yet another example of socialism where the "haves" are forced to pay the "have nots".

[Roadkingtrax]

A little late to be upset.

[Art]

If this is a tax credit or $ against future refunds it is yet another example of socialism where the "haves" are forced to pay the "have nots".

It is technically counted as a tax credit and you do get the money if you paid tax or not if you filed a return for 2018 or 2019, but it is not calculated against future taxes. In this case "Credit" is a "term of art." People with an adjusted gross income of $75,000.00 per year will receive a progressively smaller amount up to $99,000.00 for individuals or $198,000.00 for couples at which point you would receive nothing. I do know several people who make enough they will not get a check, one of them tells me regularly that rich people like her need to pay more, this is her chance - in a small, back door sort of way.

From the info I got, the money will be separate payment from any refund you get this year.

S.A. Boggs is correct, no 2018 or 2019 tax filing, no money.

[shadycon]

https://www.aarp.org/politics-society/advocacy/info-2020/coronavirus-stimulus-checks.html

[lyman]

there is not free lunch,

in the bank it will go, if I get one,

[S.A. Boggs]

cash.jpg
Sam

[lyman]

found a similar one last night, cannot remember where, but it did make me LOL

[Roadkingtrax]

[ATTACH=CONFIG]47300[/ATTACH]
Sam

You mean, the tax payers money?

If there was a way to opt out, I certainly would. As stated, in the savings account it will go, but we'll be some lesser amount...bummer.

Or...we might buy a tiger.