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Started By
Message
re: Stimulus Checks
Posted on 3/25/20 at 9:45 am to Tiger70775
Posted on 3/25/20 at 9:45 am to Tiger70775
quote:
Do you all expect us to have to pay it back
You will pay this back, it will be factored into your 2020 income tax
2
Posted on 3/25/20 at 9:50 am to The Torch
quote:
You will pay this back, it will be factored into your 2020 income tax
But will it be counted as taxable income, or will it be counted as a dollar-for-dollar credit?
Because the first scenario means paying a couple hundred in income taxes and the second scenario means paying $3400.
Posted on 3/25/20 at 9:51 am to The Torch
quote:
You will pay this back, it will be factored into your 2020 income tax
ANSWER MY QUESTION YOU frickIN frick.
will it be taxed as income or subtracted from our refund? HUGE DIFFERENCE.
Posted on 3/25/20 at 9:52 am to Ronaldo Burgundiaz
quote:
I'm buying airline stonks. Pretty much guaranteed to at least double a year after this nonsense is over.
If they end up declaring bankruptcy that might not work out so well.
Posted on 3/25/20 at 9:53 am to mikelbr
Nobody knows if it will be taxed as income or if it will be deducted from next year's refund.
Posted on 3/25/20 at 9:53 am to mylsuhat
quote:
Do what you want but the whole point of the stimulus check is to spend it to get the economy rolling
Exactly.
This thread is a great example of why doing a stimulus right now is a bad idea.
This post was edited on 3/25/20 at 9:53 am
Posted on 3/25/20 at 9:55 am to GetCocky11
quote:
Nobody knows if it will be taxed as income or if it will be deducted from next year's refund.
How da frick is that not known? I thought for sure I'd find a quick answer via the Googly this morning. But NOPE.
Beewwwwww.
Posted on 3/25/20 at 9:55 am to StupidBinder
I'm not gonna lie. I'm not going to save mine.
I'm going to pay my 2019 taxes, get some trees taken down that I've been meaning to do, and get a couple more chickens for the coop.....and maybe a grill.
I'm going to pay my 2019 taxes, get some trees taken down that I've been meaning to do, and get a couple more chickens for the coop.....and maybe a grill.
Posted on 3/25/20 at 9:56 am to pickle311
This what im seeing
:format(webp):no_upscale()/cdn.vox-cdn.com/uploads/chorus_asset/file/19825993/taxfoundation_caresact_stimulus.png)
quote:
Adults would get $1,200 each and children $500 each. At higher incomes, the checks would get smaller: The benefit would start decreasing at a rate of $5 for every additional $100 in income. The phaseout starts at $75,000 in adjusted gross income for singles, $112,500 for heads of household, and $150,000 for married couples filing jointly; it would phase out entirely by $99,000 for singles and $198,000 for couples (with no children).
For example, a single childless person with an AGI of $85,000 would get $700 because $500 of the benefit was phased out by their higher income.
Posted on 3/25/20 at 9:56 am to mikelbr
Mike, just spend it on blow and hope for the best regarding how it's classified down the road.
Posted on 3/25/20 at 9:57 am to tgrbaitn08
Do we know for a fact they are using 2018 AGI?
Posted on 3/25/20 at 9:57 am to JohnnyKilroy
quote:
Do we know for a fact they are using 2018 AGI?
I do know that they are using 2019 if you filed already, 2018 if not. That sucks for people who got big raises.
Posted on 3/25/20 at 9:58 am to bbap
quote:
Mike, just spend it on blow and hope for the best regarding how it's classified down the road.
Oddly enough it's going to the younger two's tuition.
But your idea sounds alot better.
Posted on 3/25/20 at 9:59 am to mikelbr
Wow that sucks lol
Posted on 3/25/20 at 9:59 am to JohnnyKilroy
quote:
Do we know for a fact they are using 2018 AGI?
from what I read they will use 2018 if you havent filed 2019...
I just got off the phone with my CPA he said we will just have to wait until the bill comes out.
He didnt really know much..and didnt want to speculate.
Posted on 3/25/20 at 10:00 am to mikelbr
My family isn’t getting anything then
Posted on 3/25/20 at 10:00 am to mikelbr
quote:
I do know that they are using 2019 if you filed already, 2018 if not. That sucks for people who got big raises.
I need to hurry up and file bc we had a better 2018 than 2019...
Posted on 3/25/20 at 10:00 am to JohnnyKilroy
quote:
Wow that sucks lol
Yea I went dig up my records and I got a little raise. But I should still get about 75% of the 1200.
Plus 1k for 2 bad arse kids I claim.
Posted on 3/25/20 at 10:00 am to Tiger70775
I don’t get any money. Lame.
Posted on 3/25/20 at 10:00 am to Ronaldo Burgundiaz
quote:
I'm buying airline stonks.
quote:I do NOT want to know what Ozarkian perversity is described by the term “stonks”.
Arkansas Fan
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