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free money is out..........

hillbille
  went to bank while out this morning, small local branch close to house. atm wasn't printing, so it said about 5-6 cars in each drive through lane. so went to main bank few miles away. at least 8-10!! cars in each lane and only one in drive through atm so got behind him. I don't do online banking and such so I just checked balance at atm, and the free money hit with my social security check last night.  I noticed on way home how crowded the grocery stores were, gotta wonder if we are now gonna have a run on groceries, heard sky is falling Glen Beck saying we will be outta meat by the end of the month, but don't go out and make a run on it like toilet paper?????  wonder if these were reason for busy grocery store lots???????????
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37 comments

Date Votes
  • neacpa
    When the small businesses that were forced to close and lay employees off, they are going to be in for a rude awakening.  Many of the employees will not want to come back until August 1 because they are getting more with regular state unemployment and the extra $600/wk unemployment.  Those with jobs paying $40k plus might, but a whole bunch of those who are making $10-$18/hour will not.  I have a client that has two restaurants.  One has about 30 employees and the other around 20 employees.  He started calling them yesterday and 2, yes 2 out of around 50, of them told him they were willing to return before August 1.
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  • susie
    The way I'm reading it and I might not be the sharpest knife in the drawer, is that the stimulus money is an early refund of your 2020 taxes.  So, no, you won't be taxed on it.  For illustrative purposes let's say in 2021 you file your 2020 taxes and have a refund of $1700.00.  You will get back $500.00 because in 2020 you received $1200.00 of it, a pre-refund.
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  • neacpa
    This is going to be a new tax credit for 2020 returns.  It is simply being advanced based upon either 2018 or 2019 tax return info.  It will not be affecting a person's normal refund on their 2020 return.  However, if someone winds up being eligible for the credit on their 2020 return and did not get the advance, they will get it on their 2020 return.  The other part is what is unknown.....if someone received an advance but winds up not being eligible for it, will they have to repay it.   Back in, I think, 2008 a similar credit occurred of $600 basically.  Then, if someone received the advance but was not actually eligible for it, they did not have to pay it back when filing the next tax return.
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  • mark christian
    neacpa said:
    This is going to be a new tax credit for 2020 returns.  It is simply being advanced based upon either 2018 or 2019 tax return info.  It will not be affecting a person's normal refund on their 2020 return.  
    Thank you. Because you are a CPA, I consider this to be the definitive answer. 
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  • He Dog
    nunn said:
    No stimulus for me, I reckon.  I'll just pay for everyone else's handout.

    You and me both Brother.  Anyone who thinks we will not be paying for it, ain't paying attention.
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  • BobJudy
    neacpa said:
    When the small businesses that were forced to close and lay employees off, they are going to be in for a rude awakening.  Many of the employees will not want to come back until August 1 because they are getting more with regular state unemployment and the extra $600/wk unemployment.  Those with jobs paying $40k plus might, but a whole bunch of those who are making $10-$18/hour will not.  I have a client that has two restaurants.  One has about 30 employees and the other around 20 employees.  He started calling them yesterday and 2, yes 2 out of around 50, of them told him they were willing to return before August 1.
    I don't know what the current rules are in each state but it used to be in Michigan if you chose not to go back to work after a layoff you lost all unemployment benefits. In fact if they found out a month later they could demand you pay back the amount you received while ineligible. Hope this is the case now. Bob
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  • Rocky Raab
    I believe that's correct, Bob. If you are offered a job and decline it, you have to justify why or they stop your compensation. Waaaay back when I was collecting it, I went to what I thought was a job interview, and it turned out to be a pyramid scheme sales scam, which I declined. The state agreed and continued my comp pay.
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