$1k per adult, $500 per kid

[d.kaufman]

So who qualifies for this money.

That's the question. I've heard that the rich will not be getting this. What constitutes rich is what I'm not sure about. I had heard it was going to be a tiered system and probably based off most recent tax return. Heard Trump would like first checks out by April 7th and a second check on May 17th

 

[jedi]

Based on comments here it's not a law yet as the house still needs to pass it. So I'll wait. But I dont trust it's free money.

 

[Alpo]

Those on social security benefits alone may be eligible...but it isn't certain from what I've read so far. Will have to wait and see. We have a number of people in this area living on limited benefits and they could probably use the funds as much as anyone.

 

[Ark]

SweatyButtonMemeGuy.jpeg

House Dems now have to decide between the free helicopter money they've always wanted, and giving Trump the political victory of literally paying voters.

 

[maxwelhse]

That's the question. I've heard that the rich will not be getting this. What constitutes rich is what I'm not sure about. I had heard it was going to be a tiered system and probably based off most recent tax return. Heard Trump would like first checks out by April 7th and a second check on May 17th

I read individuals $75k and up and families at $125k will not qualify. That was also just a proposal and you guys all know how fast and loose they seem to be playing all of this.

 

[Clark & Addison]

Based on comments here it's not a law yet as the house still needs to pass it. So I'll wait. But I dont trust it's free money.

I try to teach my kids that nothing is free. Unfortunately both political parties have completely given up on the national budget. One day it will come back to bite us in the rear.

 

[DoggyDaddy]

If I get a check, it's going into savings to replace the money I just spent on my electrical upgrade.

 

[d.kaufman]

Just got this email. Gives some details on proposed plan

https://www.westernjournal.com/trea...ecks-americans-2000-per-adult-1000-per-child/

 

[Expat]

The means testing will be interesting. Also are they going to pay it to welfare and disability people who aren’t out of a job because of the shutdown? They haven’t been impacted.

 

[NyleRN]

The means testing will be interesting. Also are they going to pay it to welfare and disability people who aren’t out of a job because of the shutdown? They haven’t been impacted.

If that happens then this is a stimulus, not a bailout

 

[CampingJosh]

The simplest means testing would be to give the same payment to everyone and simply make it taxable income. For low-income people, it's basically the full amount. For those who earn much more, a whole lot of it disappears back into taxes.

 

[Cameramonkey]

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..

I'm sure it will. The IRS is smart enough to claim that you were enriched by a credit card debt forgiveness plan as income, so I cant see them overlooking this extra money that fell into your lap as income. (and of course ignoring the massive losses elsewhere that MORE than cancel out this.)

Or those that changed banks/account numbers? How will that work?

 

[Alpo]

It's gonna be interesting. I know a few vets whose total "income" is the disability benefit they receive from the VA. They don't file, and don't need to file, income tax returns. I hope these guys are in the pool.

 

[OurDee]

Looks like $1200 it you made less than $75,000 in 2018. It drops $5 for every $100 over $75,000. $500 per kid.

 

[maxwelhse]

It's gonna be interesting. I know a few vets whose total "income" is the disability benefit they receive from the VA. They don't file, and don't need to file, income tax returns. I hope these guys are in the pool.

I'm completely ignorant of this... They don't need to file? I thought if you earned more than something like $600 you had to file a return?

Or are VA benefits not considered income or something?

FWIW, I haven't read anything about being required to have filed a return, but I have read that you have to be a citizen.

 

[Alpo]

I don't know much. I know that seniors don't have to file for social security if that is their sole source of income. Federal and State exempt. I assume the same applies to disability? I get a small VA disability check and I know that isn't taxed.

 

[jedi]

I'm completely ignorant of this... They don't need to file? I thought if you earned more than something like $600 you had to file a return?

Or are VA benefits not considered income or something?

FWIW, I haven't read anything about being required to have filed a return, but I have read that you have to be a citizen.

I don't know much. I know that seniors don't have to file for social security if that is their sole source of income. Federal and State exempt. I assume the same applies to disability? I get a small VA disability check and I know that isn't taxed.

Correction that seniors if they only have ssa benefits dont need to file BUT should. Their federal return will end up being zero. however in filing the return it 1) ensure the irs know you are still alive 2) ensures no one else uses your ssn to file a bogus return.

In addition some states like indiana have a senior credit. So filing then state nets you $40 per senior.


Note IRS has no clue if you die as they are NOT informed by SSA. SSA only send income data to them.

 

[jedi]

Same with those on disability. It's not considered income but it's in their INTEREST to file even at 0.00 return. Why?

THIS current "free money". IRS cant send it if it does not know you exist!

 

[MCgrease08]

I'm glad on got on board with the Dave Ramsey plan when I did. Since September I've paid off just north of $9k worth of consumer debt and built up an emergency fund of about 4 months of expenses so far.

Now that we're in defacto lock down my expenses have dropped even more. (Less fuel used, no after school care costs for kids, no entertainment costs etc.) Ultimately this slow down will allow me to save even more for a down payment on a house next year.

One thing I don't need is for Uncle Sugar to send me a check.

 

[Thor]

As always these things are biased against those who have become successful due to their own due diligence. They will be forced to pay for those who have shirked their personal responsibilities and relied on "safety net" programs to pull them through the times of hardness. As someone who started economic life in the early 70's working odd jobs before I stepped up to being a private in the Army I say flock them, hunger is a good teacher. I don't feel any need to pay for their societal incompetence. They would now come for everything I've earned and saved to make their worthless existence easier. Get a job, go to work, qwitchyerbichen, or go ahead and get hungry. Hungry enough to sell your cell phone, wide screen TV, second car, forego your next tattoo, piercing, hair color change (besides...it looks like mold).

Charity is voluntary. Government redistribution is theft.