2nd stimulus check
Just checked our checking account and it appears $1,200 was deposited in our account on January 1. I can only assume this is the 2nd round of stimulus money. Anyone else received it, yet?
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neacpa: 31514156093851/comments/31514164249627
Bobjudy, they (the taxpayers) gave it to you. It is just like any other credit (child credit, EITC, retirement savings contribution credit, education credit, etc). It comes without restrictions so you can spend it however you wish. Use it to pay a deductible medical bill, your deductible property tax, your mortgage payment which has a deductible mortgage interest portion, etc. If someone is self-employed, they could use it to pay for a deductible business expense.
If someone gives you a gift of cash, that is not taxable to you and you can use it to your liking, whether it would benefit you on taxes or not. And if someone is wondering about the "gift tax", the gift tax is on the person who gives up the money and not on the person who receives it.
Yeah I understand it, but I think this stimulus was handled with the typical government inefficiency. More than half of the recipients of this stimulus had no economic losses in this last year. Probably the bulk of them will simply leave the money in the bank and that won't help the economy to any great extent. Charities may benefit a little and that money will get into the economy but that will probably be a small percentage. Those that incurred financial hardship aren't going to be helped much by a whopping $600. As I have stated on here before I have no problem with the extra unemployment, ( extra amount and length of eligibility ), because that would actually go to those impacted. Other than an attempt to buy votes what is a good reason to give money to people like government workers who never missed a paycheck? The federal government employs about 9 million workers and if you add to that all state and local employees that never missed a paycheck it will come to almost 10% of the workforce.
So yes, I understand the tax deductions but I guess my disgust with the whole process of the way the stimulus was handled bled over into my comments last night. My apologies to all for allowing my disgust to somewhat change the initial topic. But between my ranting and several cups of coffee this morning my attitude is getting back to normal. This forum sure is a lot cheaper than professional therapy would be. Bob
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Bob, I completely agree that those whose income was not affected by this mess should not have received a stimulus payment. The feeding frenzy these stimulus checks have created is almost been like that JG Wentworth commercial "It's my money and I want it now!!!". Many many people are absolutely willing to be controlled by the dangling of a little money in front of them. Our nation is rapidly turning from a society of individuals that wants to work and progress themselves to a society that just wants to be taken care of.
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Dear IRS, I am currently in prison, am I entitled to an economic stimulus check?
Answer:
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I've been trying to read and understand the tax impact of the stimulus payments. If im wrong please step in and correct me.
The way I read it is that it is in essence a prepayment/advance of future tax refunds.
If so, a person might end up not getting any money back when they file taxes for the next few years until the amount refunded finally exceeds the amount advanced through stimulus payments.
Yes or no? If so, I can see a MAJOR holy crap coming.
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susie: 31514156093851/comments/31514158763803
I've been trying to read and understand the tax impact of the stimulus payments. If im wrong please step in and correct me.
The way I read it is that it is in essence a prepayment/advance of future tax refunds.
If so, a person might end up not getting any money back when they file taxes for the next few years until the amount refunded finally exceeds the amount advanced through stimulus payments.
Yes or no? If so, I can see a MAJOR holy crap coming.
I don't think so Susie. It is in the form of a refundable tax credit. Magic money that came out of nowhere and will have no effect on your taxes for the time being. Of course they may have to raise everyone's taxes in the future to get the government out of hock. Bob
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Isn't each adult supposed to get the $600 payment? Mine went into the bank account on January 4 but none for my wife. I just ran both of our SSNs through the IRS site and the IRS says both were deposited on the 4th. Of course, typical government site, there is no way to as a question, just read their FAQ and hope the answer is there. It is not.
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I'm apparently getting nothing from this $600 thing. Wife and I must be rich. I didn't realize that. 😀
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I received nothing first time around and won't this time as well.
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Wife unit and I each received $600. We have 2 minor dependents at home. They each received $600 apiece.
I had to sit at home for 2 weeks in December because one of my daughters had flu like symptoms, but otherwise have not been impacted. Wife unit teaches school from home, on zoom, and likes it that way.
So a woman's shelter wins.
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Wife unit???
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I earn too much money to get a check.
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Grunt2: 31514156093851/comments/31514149081627
Wife unit???
Issue, one each
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