- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Any stimulus mistakes that you know of?
Posted on 4/13/20 at 10:58 am to castorinho
Posted on 4/13/20 at 10:58 am to castorinho
quote:
Any stimulus mistakes that you know of? by castorinhoquote:They will have to pay it back when they file for 2020. False.
It's a trick … the stimulus check is simply a prepaid 2021 "tax credit". I lot of folks will end up paying it back!
2
Posted on 4/13/20 at 11:05 am to Jax Teller
Wait... people have received a Stimulus check already ???
Has anyone received the extra $600 in unemployment ???
Has anyone received the extra $600 in unemployment ???
Posted on 4/13/20 at 11:06 am to RTRinTampa
quote:stop spreading this lie.
It's a trick … the stimulus check is simply a prepaid 2021 "tax credit". I lot of folks will end up paying it back!
Posted on 4/13/20 at 11:10 am to castorinho
quote:
that is correct. People who qualify in 2020, but don't qualify now (based on 2018/2019) will be made whole in 2021. But the opposite of that get to keep the money.
Where are you getting that from?
Posted on 4/13/20 at 11:15 am to UpToPar
quote:
Where are you getting that from?
quote:
Why are the checks based on my 2018 income? I need help today.
While basing eligibility on a person’s income today would have been more accurate, there was no easy way for the IRS to make that calculation, Pomerleau said. The next best alternative is to use 2018 or 2019 taxes.
But the IRS plans to make adjustments for people who don’t get a payment now, even though they would have qualified for one based on their 2020 income.
If a person’s income dramatically fell since 2018 (or 2019) — for instance, if they made $150,000 in 2018 and $60,000 in 2020 — they would not get a check this spring. But the IRS will credit the amount they should have received based on their 2020 adjusted gross income to the person’s 2020 tax return. Similarly, if a person gets a check but would be entitled to a larger one based on their 2020 income, they’ll get a credit from the IRS on their 2020 return.
Basing the checks on 2018 or 2019 income was the IRS’ only option, even if that meant people who saw a significant decline in their 2020 income wouldn’t get relief for many months.
“There is a significant timing issue — the idea here was to get checks into everyone’s hands as fast as possible,” Pomerleau said. “Being made whole at a later date really doesn’t help you very much if we’ve somewhat recovered or mostly recovered from this when you get the money.”
quote:
On the flip side, if a person’s 2018 (or 2019) income makes him or her eligible for a check now, but their 2020 income turns out to be so much higher — for instance, they earned $60,000 in 2018 and $150,000 in 2020 — that they shouldn’t have gotten one, they will not have to repay the IRS.
LINK
Posted on 4/13/20 at 11:18 am to RTRinTampa
quote:
It's a trick … the stimulus check is simply a prepaid 2021 "tax credit". I lot of folks will end up paying it back!
people will be saying this until april of next year.
Posted on 4/13/20 at 11:19 am to Jax Teller
quote:
Any stimulus mistakes that you know of?
I haven't gotten mine yet...
Posted on 4/13/20 at 11:21 am to rsbd
quote:
Like the Katrina fema money?
LOL..FEMA was a shite show during that time.. I showed them on paper why it would have been a colossal mistake to take their SBA loan. The SBA loan would not be enough and that I would have to take out a 3rd loan to complete my house (original loan..SBA..additional loan). I would have lost everything.
Posted on 4/13/20 at 11:22 am to castorinho
I've seen a ton of misinformation in articles relating to these stimulus checks. I'm not saying the article is wrong, I've just been hesitant to rely on articles attempting to make sense of what has turned out to be a very confusing bill.
Nothing in the bill suggests that an individual who qualifies in 2018 or 2019, but exceeds the income limits in 2020 would not have to pay some or all of their stimulus money back when they file their 2020 taxes.
Nothing in the bill suggests that an individual who qualifies in 2018 or 2019, but exceeds the income limits in 2020 would not have to pay some or all of their stimulus money back when they file their 2020 taxes.
Posted on 4/13/20 at 11:22 am to IAmNERD
Posted on 4/13/20 at 11:24 am to Jax Teller
We have a little bit of an odd situation. We claimed our youngest son on our taxes last year. He is off in college, working part time at a bank.
For whatever reason, we won't get the $500 child stimulus, and he won't get the $1200 stimulus, supposedly because we claimed him on our taxes. I wonder how many are in this situation? Has to be millions of people.
For whatever reason, we won't get the $500 child stimulus, and he won't get the $1200 stimulus, supposedly because we claimed him on our taxes. I wonder how many are in this situation? Has to be millions of people.
Posted on 4/13/20 at 11:25 am to troyt37
quote:
For whatever reason, we won't get the $500 child stimulus, and he won't get the $1200 stimulus, supposedly because we claimed him on our taxes. I wonder how many are in this situation? Has to be millions of people.
I am, and i think its pretty much bullshite. How is an 18 year old in college any less expensive to provide for than a 15 year old?
This post was edited on 4/13/20 at 11:27 am
Posted on 4/13/20 at 11:26 am to UpToPar
quote:multiple congressmen are on record saying that.
I've seen a ton of misinformation in articles relating to these stimulus checks. I'm not saying the article is wrong, I've just been hesitant to rely on articles attempting to make sense of what has turned out to be a very confusing bill.
Nothing in the bill suggests that an individual who qualifies in 2018 or 2019, but exceeds the income limits in 2020 would not have to pay some or all of their stimulus money back when they file their 2020 taxes.
Eta: here's Tom Rice
quote:
Rice said right now, the amount you receive on the stimulus is based on your last year's tax return, "but ultimately, it will be computed from your 2020 income."
So, if you end up making less money in 2020 than you did in 2019, you'll see the money you should have received from the stimulus on your 2020 tax return.
Rice said if you end up making more money in 2020 than you did in 2019, you do not have to pay the money from the stimulus back, even though you did not qualify for it.
This post was edited on 4/13/20 at 11:28 am
Posted on 4/13/20 at 11:38 am to castorinho
Is that what the guy was asking? Seems like he is asking if he didnt qualify for 2019 and 2020 tax years but will only get the check because he hasnt filed this year yet.
Posted on 4/13/20 at 11:58 am to Athis
You do realize this is the same government
Posted on 4/13/20 at 12:24 pm to Jax Teller
yes, everyone in congress that gave themselves a $50k raise for giving us $1k refund on out taxes they waste
Page 2 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News