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Started By
Message
Stimulus Checks
Posted on 3/25/20 at 9:19 am
Posted on 3/25/20 at 9:19 am
Would it be wise to just put it away if able? Do you all expect us to have to pay it back through our taxes next year?
13
Posted on 3/25/20 at 9:21 am to Tiger70775
quote:
Would it be wise to just put it away if able?
Well I mean it's almost always wise to put money away if able.
quote:
Do you all expect us to have to pay it back through our taxes next year?
I would like to know this too since some versions of the bill included this and others did not as far as I know.
Posted on 3/25/20 at 9:21 am to Tiger70775
Do what you want but the whole point of the stimulus check is to spend it to get the economy rolling
Posted on 3/25/20 at 9:22 am to Tiger70775
quote:
Would it be wise to just put it away if able?
This is never not wise.
Posted on 3/25/20 at 9:22 am to Tiger70775
198K cutoff, our AGI was $198,194.... 
have 2 kids though, so maybe ill get $1K??
have 2 kids though, so maybe ill get $1K??
Posted on 3/25/20 at 9:23 am to Tiger70775
My guess is that most people who are in position to receive a check are not the types to just sit on it or invest it (which is by design). Most will spend it right away or really soon, in many cases on shite they couldn't afford even before all of this. Cars, clothing, video games, TV's, shite like that. The 'quarantine sales' will be here soon. Car companies already pushing zero interest, etc.
Posted on 3/25/20 at 9:23 am to Theboot32
quote:
198K cutoff, our AGI was $198,194
Sorry you're OT poor.
Posted on 3/25/20 at 9:23 am to Tiger70775
Avg person will spend it on frivolous shite
Posted on 3/25/20 at 9:24 am to Centinel
Silly question. Does this money get subtracted from next year's refund?
I'm confused on the tax rebate.
I'm confused on the tax rebate.
Posted on 3/25/20 at 9:24 am to mikelbr
quote:
Silly question. Does this money get subtracted from next year's refund?
What's a refund?
Posted on 3/25/20 at 9:25 am to Tiger70775
quote:
Would it be wise to just put it away if able? Do you all expect us to have to pay it back through our taxes next year?
Is this a real question? Do you think that is free money? It will count as income and you will be taxed on it.
Posted on 3/25/20 at 9:26 am to Centinel
quote:
What's a refund?
I usually get a refund because I claim my proper number of exemptions and have two(claim 2) kids. So yea I get a lil refund every year.
This post was edited on 3/25/20 at 9:26 am
Posted on 3/25/20 at 9:26 am to YouAre8Up
quote:
Is this a real question? Do you think that is free money? It will count as income and you will be taxed on it.
OK I read that we don't have to claim it as income in 2020 but in 2021 instead.
Posted on 3/25/20 at 9:27 am to mikelbr
Wife and I are both teachers so that was why I was asking. We’re both going to be in need of new vehicles soon so we’re just trying to plan it out. If we are going to have to pay it back through refunds it might be wise to put it away and have it for those tax purposes. As opposed to using it on our down payments.
Posted on 3/25/20 at 9:27 am to Tiger70775
I'm buying airline stonks. Pretty much guaranteed to at least double a year after this nonsense is over.
Posted on 3/25/20 at 9:32 am to Tiger70775
I’m going to upgrade my rims since I don’t have to pay rent right now.
This post was edited on 3/25/20 at 9:33 am
Posted on 3/25/20 at 9:35 am to YouAre8Up
quote:
It will count as income and you will be taxed on it.
To me, this is counter productive to what they want. The purpose of this is to jump start the economy but knowing I will have to pay on it, I'm not going to spend it. therefore, it's no help to the economy.
Posted on 3/25/20 at 9:36 am to Theboot32
quote:
198K cutoff
Is this the latest number? If so, we just made the cut thanks to how much we invest in our retirement. I had completely written off receiving any sort of stimulus. If we do, great. It will go back in the bank to offset the additional taxes I have to pay in.
Posted on 3/25/20 at 9:42 am to Tygerfan
quote:
this is counter productive to what they want. The purpose of this is to jump start the economy but knowing I will have to pay on it, I'm not going to spend it. therefore, it's no help to the economy.
Don't worry, 95% of America doesn't share your fiscally responsible views.
Posted on 3/25/20 at 9:42 am to pickle311
Can someone answer whether the Checks are a loan on future tax refunds or a gift(to be taxable income in the future)?
It's hard to find this answer online.
Syracuse.com article author doesn't know either
It's hard to find this answer online.
Syracuse.com article author doesn't know either
quote:
— Where will the money come from?
Taxes, essentially. CNBC reports it’s unclear whether the money will be considered a loan or a gift, in which case some of it may have to be paid back. Recipients may have to repay it on a future tax return -- this year’s income tax filing deadline has been delayed to July 15 -- or if it’s a “gift," it could be considered taxable income, Dunn said.
This post was edited on 3/25/20 at 9:44 am
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