Gov. Checks

Discussion in 'Off Topic' started by Tailhunter, Mar 27, 2020.

  1. gc70

    gc70 Well-Known Member

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    You might want to read this from AARP: Social Security recipients eligible.
     
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  2. RetiredUSNChief

    RetiredUSNChief Get over it, snowflake. Charter Life Member

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    I'm thinking about cashing it, then buying a whole mess of the cheapest, nastiest, most rust covered and pitted pieces of cr*p guns I can find with it so when this is over I can "sell them back" to the government for MORE of my tax money down the road!

    This could be the venture capital for a lucrative business which involves getting the government to WILLINGLY return all my taxes back to me!
     
  3. Sigequinox220

    Sigequinox220 Well-Known Member Benefactor

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    I thought it was tax free. May have mixed up with some of the other stimulus stuff but thought it was the individual checks.
     
  4. Sigequinox220

    Sigequinox220 Well-Known Member Benefactor

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    lol brilliant. What do buy back programs typically pay in N.C.?
     
    Last edited by a moderator: Mar 28, 2020
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  5. Sigequinox220

    Sigequinox220 Well-Known Member Benefactor

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    With all the money I give them, and all the time and effort I put into figuring out how to give them less, you think I’m going to give them BACK money I didn’t even have to plot for? No way.
     
  6. Jay Patterson

    Jay Patterson Member

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    A
    Are you sure this is true? The advance on the 2020 refund part?
     
  7. gc70

    gc70 Well-Known Member

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    Per Forbes it is an early payment of a special type of 2020 tax credit.
     
    Last edited: Mar 28, 2020
  8. Jay Patterson

    Jay Patterson Member

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    So this won’t be deducted from your refund next year?
     
  9. Button Pusher

    Button Pusher Well-Known Member Benefactor Supporting Member

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    Tax free loan aka advance on 2020 tax credit.
     
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  10. gc70

    gc70 Well-Known Member

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    Nope, at least not according to the Forbes description.

    The technicalities make it sound strange, but think of it as a no-strings-attached credit totally separate from the rest of your 2020 taxes, but the credit is paid to you early (now).
     
  11. B00ger

    B00ger Bull headed and opinionated but really loves you. Charter Member

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    It’s >my< money I am getting back. Sorry this concept escapes you. The .gov doesn’t cut taxes. They took money from me. Now they are sending me back some of that money they took for me to use.

    Enjoy sending your own money back, it’s probably coming in a direct deposit based on your 2018 return for most of us. And >if< it’s in the mail, then enjoy using the governments mail service to return it. Which will cost more of your own money.

    If you don’t need it, take it and give it to a struggling family that does. Better you pick it than the .gov.


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  12. J R Green

    J R Green Member Charter Life Member

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    Just eat the damn strawberry.
     
  13. SnowRooster

    SnowRooster Space Shuttle door gunner & Cosmic Castaway Supporting Member

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    1 bottle of nice Bourbon
    1 mortgage payment
    And a steak....

    Thanks for giving me my money back guberment
     
  14. charliesgrave

    charliesgrave cosmoline enthusiast Benefactor Life Member Supporting Member

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    Buy a 3D printer. You can literally print money. Or make some of these:
    https://freebeacon.com/issues/minnesota-police-pay-100-piece-wood-pipe-gun-buyback/
     
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  15. JimP42

    JimP42 Mostly harmless Benefactor Charter Life Member

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    I am pretty sure it is a refundable credit and income limited also. That means you can get the credit and a refund for it even if your taxes were zero or less than the credit. So lots of people will be getting other peoples’ money, and lots won’t get any of ours back because of the limit.

    And since the gov doesn’t actually have ANY money, they are just putting it on our grandkids’ credit card.
     
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  16. JimB

    JimB Picking it up slowly. Benefactor Charter Life Member

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    The refundable tax credit makes sense. Basically they create a new tax credit for 2020 and then they add this payment not to income but straight to taxes due. The tax due and the credit cancel each other out, at least if you don’t change categories. If you bump up a category in income in 2020 then you could owe some of this back again unless they do something to prevent that.
     
  17. B00ger

    B00ger Bull headed and opinionated but really loves you. Charter Member

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    Yes, there are some people who pay zero into the system that will benefit from this. Which sucks. But doesn’t mean I’ll heroically send my check back because that will somehow matter other than virtue signaling.


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  18. Stogies

    Stogies Member

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    I paid taxes to qualify for the check, I will probably pay more once this blows over, I am keeping mine.
     
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  19. Stogies

    Stogies Member

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    I think most of us will be fine, married couples have a limit of 150K before it even starts to just phase out, not cut off entirely.
     
  20. 12151791

    12151791 schadenfreude | \ ˈshä-dᵊn-ˌfrȯi-də Benefactor Charter Life Member

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    Do you know if the 150k is on taxable income after deductions or on gross income?
     
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  21. Stogies

    Stogies Member

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  22. 22Rimfire

    22Rimfire Formally Fortkevin2...

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    Can you believe my post was made by a millennial? Not joking


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  23. 22Rimfire

    22Rimfire Formally Fortkevin2...

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    Adjusted gross income. Take a look at your tax form and you will see a line item called AGI


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  24. DCGallim

    DCGallim Resident Smart-A$$

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    Born in 84, I think I’m considered a millennial as well.
     
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  25. Lafayette Gregory

    Lafayette Gregory Les-ter not Ly-Chester

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    If ya dont need it or want it- Then give it to something in need --- Maybe a local animal rescue, they can always use funds to help the animals.
     
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  26. ECNC

    ECNC Member

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    Just showed that to my wife and I quote "oh My She Shed". Like I said above Yea I will not get anything. Just a different reason that's all.
     
  27. Tailhunter

    Tailhunter I am a Trapper Charter Member Supporting Member

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    We maybe eating those animals before long by the way some of you are acting.
     
  28. RetiredUSNChief

    RetiredUSNChief Get over it, snowflake. Charter Life Member

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    OK, so this is how I envision this going.

    Let's assume, for the sake of argument, I get a $1,200 check out of this deal.

    Next year, when I file my taxes, mumble-mumble-taxcredit-mumble-deduct-mathmathmath-exemptions-mumble-scribblescribblescribble-kidsincollege-blahblahblah...

    Final tally: Well, lookie here! I owe an EXTRA $2,000 this year even though I should have come out about the same as last year!

    Let's see if this isn't the way it works out.
     
  29. Jim1392

    Jim1392 Whatevuh Charter Member Supporting Member

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    Anyone that feels taking the check would be selling their soul to the government please email me for my address. I'll punish the big bad government by cashing all of yours. :D
     
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  30. B00ger

    B00ger Bull headed and opinionated but really loves you. Charter Member

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    So send them your check so they are well fed and fat


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  31. Mr. Bggs

    Mr. Bggs Member

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    Spend it all in a dark alley buying black market toilet paper
     
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  32. BatteryOaksBilly

    BatteryOaksBilly A SHOOTER Benefactor Life Member Supporting Member

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    That's the way I read it. Then they deduct $5 per hundred over the 150.
     
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  33. JimB

    JimB Picking it up slowly. Benefactor Charter Life Member

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    Well it won’t work that way as currently implemented, they’ll give you the $1,200 credit then show the $1,200 as paid and you should be flat. Unlikely that they’ll change tax code for 2019, it’d be bad for T to do so and itkd be retroactive which is problematic. Most likely the screwing will start with 2021 taxes.
     
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  34. gc70

    gc70 Well-Known Member

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    Here is the actual law: Coronavirus Aid, Relief, and Economic Security Act and Subtitle B - Rebates and Other Individual Provisions starts on page 55.

    I think the following on page 56 is the key to balance individual tax returns; the government will pretend a person paid in as much in extra taxes as the "refund" that will be paid out.
     
    Last edited: Mar 28, 2020
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  35. DrScaryGuy

    DrScaryGuy Well-Known Member Supporting Member

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    I have a dozen or so old receivers that are missing everything... $750 and that leaves you some cash to work with :)
     
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  36. GreatGazoo

    GreatGazoo Li'l Green Guy Supporting Member

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    From a CPA: "Taxpayers will reduce the amount of the credit available on their 2020 tax return by the amount of the advance refund payment they receive."
     
  37. RetiredUSNChief

    RetiredUSNChief Get over it, snowflake. Charter Life Member

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    Translation? Meaning "Uncle Sam will take it all back later?"

    Just being sure I understand that correctly.
     
  38. GreatGazoo

    GreatGazoo Li'l Green Guy Supporting Member

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    Well, not being a CPA myself and not having slept at a Holiday Inn Express last night, what I gather is that the payment is an advance. One gets something now, in advance (if eligible), but that amount is deducted from what one claims as a credit in tax year 2020.

    To be honest, I'd rather the money go into subsidizing milk; OJ, frozen food; and ammo TP delivery. :p
     
    Last edited: Mar 28, 2020
  39. grungewehr39

    grungewehr39 here to be Happy Supporting Member

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    What?!?!? It's not from the same free monies tree that they have been picking from for 40 years?? Color me shocked.
     
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  40. ECNC

    ECNC Member

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    We can just send our tax bill to Berinie and AOC.