Stimulus & Bailout Watch Thread

N

NkrumahWasRight Is Wrong

Veteran
Supporter
Joined
May 1, 2012
Messages
46,320
Reputation
5,840
Daps
93,942
Reppin
Uncertain grounds
*DalMem* said:
fukk these advance checks that we have to payback to the IRS next year. :francis:

I'm thinking about giving my check amount back to the IRS once it's deposit in my account.
Click to expand...

Not so fast my friend

tax return (2018 or 2019 tax return). If you haven’t filed a tax return, and your income is from Social Security benefits, the bill allows Treasury to use the information on your 2019 Form SSA-1099, Social Security Benefit Statement, Form RRB-1099, Social Security Equivalent Benefit Statement (after some initial confusion, this was confirmed by the Treasury and IRS).

Okay, I don’t understand. What is a refundable tax credit? A refundable credit means that you can take advantage of the credit even if you do not owe any tax. Unlike with a nonrefundable credit, if you don't have any tax liability, the "extra" credit is not lost but is instead refunded to you.

In this case, the stimulus check acts like a refund for a new, temporary tax credit that you get in advance based on your 2020 income. That’s confusing because you don’t know how much you’re going to earn in 2020, but it’s why the IRS is using earlier returns. But since it’s an advance payment on a new credit does not affect your “normal” tax refund for 2020: you won’t lose out on your expected tax refund for 2020 with the check.

Can you give me an example? Sure. Let’s say you’re entitled to a stimulus check for $1,200 and you get your check this year (in 2020). Let’s also say that you were expecting a $1,500 refund in 2021 (for the 2020 tax year). When you get your stimulus check, that doesn’t change your expected refund: you would still qualify for the $1,500 in 2021. But what if you didn’t get your stimulus check because you didn’t file in 2018 or 2019 - or some other reason? You’ll still get your $1,500 in 2021 but you’ll also get the $1,200 in 2021. Either way, you won’t miss out by taking the check and you don’t have to pay it back.
Click to expand...


From forbes
 
Sad Bunny

Sad Bunny

they/them
Supporter
Joined
May 2, 2012
Messages
72,058
Reputation
2,007
Daps
161,025
*DalMem* said:
fukk these advance checks that we have to payback to the IRS next year. :francis:

I'm thinking about giving my check amount back to the IRS once it's deposit in my account.
Click to expand...
They don't have to be paid back.

That would have been the biggest story out of this whole thing if we had to pay them back weeks ago.

Use that brain of yours.
 
nyknick

nyknick

refuel w/ chocolate milk
Joined
Jul 7, 2012
Messages
18,714
Reputation
6,060
Daps
90,709
The Senate failed to pass a bill allocating an additional $250 billion to the small business loan program created by last month’s stimulus package.

Senate majority leader Mitch McConnell tried to pass the bill by unanimous consent, but Senate Democrats objected because they are calling for an extra $250 billion for hospitals and state and local governments.

McConnell objected to Democrats’ proposed amendement to the bill, making it impossible to pass the bill by unanimous consent.

The Senate has now adjourned until Monday, when McConnell will have another chance to push the bill through as businessowners fear the program will soon run out of funds.
Click to expand...
 
You must log in or register to reply here.
Top