$1k per adult, $500 per kid

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  • jedi

    Da PinkFather
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    Oct 27, 2008
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    Looks like that is what congress and trump signed into law today. Does anyone have a link to the actual law.

    I suspect that the "free" money you will end up having to pay back in your 2020 taxes next year.
     

    jedi

    Da PinkFather
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    Why? That hasn't been the case with any other stimulus payout.

    Yes it was.
    For the first time home buyer credit 10 years ago that was the case. You got a tax credit on your taxes the year you bought the house. Then for the next 3 years on your taxes you had to pay that back with your refund.
     

    BehindBlueI's

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    Oct 3, 2012
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    Yes it was.
    For the first time home buyer credit 10 years ago that was the case. You got a tax credit on your taxes the year you bought the house. Then for the next 3 years on your taxes you had to pay that back with your refund.

    Which wasn't a stimulus check.

    That wasn’t the case for us.


    Context depending and remembering there are a few variations on the program, at least one did require payback over 15 years. I don't know which version he's referencing with a 3 year payback, but it's outside the scope of the conversation anyway.
     

    maxwelhse

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    Aug 21, 2018
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    I'm not seeing that is passed anywhere, but as previously proposed, I don't qualify anyhow. So... Enjoy my socialism for me random INGOers! :patriot:
     

    Expat

    Pdub
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    Feb 27, 2010
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    The article I read said Nancy and the House aren't even in session and the bill wouldn't be considered until next week.
    With an emergency going on, you would think they could work a full week wouldn't you?
     

    d.kaufman

    Still Here
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    I believe the bill Trump signed was for money for small businesses and the such. It also made provisions to help small businesses pay for 2 weeks sick leave for their employees. Also free Coronavirus testing. No payroll tax cuts.

    https://absolutenews.com/rightwing-news/
     
    Last edited:

    Mgderf

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    May 30, 2009
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    I believe the bill Trump signed was for money for small businesses and the such. It also made provisions to help small businesses pay for 2 weeks sick leave for their employees. Also free Coronavirus testing. No payroll tax cuts.

    https://absolutenews.com/rightwing-news/

    You are correct.
    The individual payment plan will be voted on by the house next week.
     

    Vigilant

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    Jul 12, 2008
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    Plainfield
    The article I read said Nancy and the House aren't even in session and the bill wouldn't be considered until next week.
    With an emergency going on, you would think they could work a full week wouldn't you?
    Nope, remember when the Impeachment was the most important thing they could do, well, before Christmas break...and then AFTER Christmas break, she held it for a month?
     

    jedi

    Da PinkFather
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    Oct 27, 2008
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    So who qualifies for this money.

    The 6pm news said the following.

    -$1k per adult
    -$500 per child

    It would go via direct deposit to the last know account the IRS had for you based on your most recent tax return.

    So a family of 4, 2 adults , 2 kids would get $3k deposit into their account.

    .... what is unknown...
    1) which tax return? 2019? What if u have yet to file 2019? Do they do 2018?

    2) will it count as income for your 2020 tax return

    3) is it an advancement of your 2020 tax return?

    4) what about those that did not file, dont need to file, etx..
     
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