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Second stimulus check could be 'very generous'. Today's update on another IRS payment

MULTIZ321

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bbodb1

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Wow.
Whoever is left with this tab is not going to be happy.
 
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Yeah. All of us taxpayers...... And you can bet they will put that as a new line on the tax form for 20. "Did you receive a stimulus check during the novel Corona virus pandemic? If so, you owe XX%...."

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Luanne

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Yeah. All of us taxpayers...... And you can bet they will put that as a new line on the tax form for 20. "Did you receive a stimulus check during the novel Corona virus pandemic? If so, you owe XX%...."

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Uhhh, no.

"The short answer: No. In the somewhat longer words of the IRS: “No, the payment is not income and taxpayers will not owe tax on it. The payment will not reduce a taxpayer's refund or increase the amount they owe when they file their 2020 tax return next year. A payment also will not affect income for purposes of determining eligibility for federal government assistance or benefit programs."

https://www.aarp.org/money/taxes/info-2020/are-stimulus-checks-taxed.html
 
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Uhhh, no.

"The short answer: No. In the somewhat longer words of the IRS: “No, the payment is not income and taxpayers will not owe tax on it. The payment will not reduce a taxpayer's refund or increase the amount they owe when they file their 2020 tax return next year. A payment also will not affect income for purposes of determining eligibility for federal government assistance or benefit programs."

https://www.aarp.org/money/taxes/info-2020/are-stimulus-checks-taxed.html
It's gotta come from somewhere. They'll raise taxes on some essential item(s) then.
And just because the government says they won't do something, doesn't mean Jack squat.

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pedro47

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It's gotta come from somewhere. They'll raise taxes on some essential item(s) then.
And just because the government says they won't do something, doesn't mean Jack squat.

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Some body will have to pay this money back one day. Look for small increases in gasoline and cigarette taxes, reduction in social security payments, etc.,
 

am1

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Yeah. All of us taxpayers...... And you can bet they will put that as a new line on the tax form for 20. "Did you receive a stimulus check during the novel Corona virus pandemic? If so, you owe XX%...."

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Actually that is the fairest way possible. An interest free loan with payback based on future earnings.
 
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I'm not complaining. I'm just saying that's what will happen. I'm just concerned the govt will find a way to screw that up to

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Luanne

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Actually that is the fairest way possible. An interest free loan with payback based on future earnings.
If it's a loan that has to be paid back not everyone would be interested.
 

Brett

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It's gotta come from somewhere. They'll raise taxes on some essential item(s) then.
And just because the government says they won't do something, doesn't mean Jack squat.

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sure, higher taxes to pay for the coronavirus "stimulus" :(
 

Luanne

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Fair enough. But interest free loan is a good deal.
Yeah, but that would take more time to process and get out to people.
 

bluehende

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Nothing over the last 40 yrs shows me the government ever plans to pay off any of the debt except for a couple years in the late 90's and that ended quickly.
 

Brett

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Nothing over the last 40 yrs shows me the government ever plans to pay off any of the debt except for a couple years in the late 90's and that ended quickly.

unfortunately that's true. With low interest rates the federal government keep deferring and increasing the debt .... and pushing the debt repayment to the far far future :(:(
 

am1

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Yeah, but that would take more time to process and get out to people.
Just send it and allow people to pay it back on next years taxes or over a few years based on income. That way the people who receive it are the ones paying it back.
 

Luanne

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Just send it and allow people to pay it back on next years taxes or over a few years based on income. That way the people who receive it are the ones paying it back.
So you're saying send the checks out to everyone, then everyone will pay it back. Oh yeah, that will work.
 
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