Covid-19 stimulus relief funds

[familyman]

The money has been posted to our credit union, it's set to be deposited on 4/15. Anyone else out there got theirs?

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[ChrisJ]

Same here, showed on our account today with a deposit date of the 15th.

 

[compprep]

Same here, showed on our account today with a deposit date of the 15th.

X2

 

[Schwerin]

Same here. Mine posted Friday or saturday.

 

[ChrisJ]

Did you all file taxes early? I had them in early February.

Filed March 21th.

 

[Cobra Jet]

The real question is, will this money have to be paid back as a penalty in next year’s taxes?

 

[kilobravo]

And I think the answer is, yes, you will have to pay income tax on it.

 

[watisthis]

The real question is, will this money have to be paid back as a penalty in next year’s taxes?

No, its a tax credit, essentially free money, that you get on your 2020 taxes. However, instead of making you wait until 'march' 2021 to get it, it's being given out in advance. When you do file your 2020 taxes, you'll declare the credit, but then the credit you receive will be decreased by the amount you got in advance. This just keeps you from getting it twice.

If your income is lower in 2020 than it was in 2018/2019, and this makes you eligible for a greater credit than was estimated for the advance, then you'll get a little bit more free money after you file in 2021. However, if your income was higher in 2020, meaning that you get too big of an advance, you still don't have to pay back that advance.

 

[watisthis]

So what about those of us who always owe taxes?

Whether you owe taxes or not doesn't matter. It is just like the child tax credit.

https://www.govinfo.gov/content/pkg/BILLS-116hr748enr/pdf/BILLS-116hr748enr.pdf If you open it in a pdf reader its pages 55 and 56.

Edit: To clarify, we all will back this back through inflation but it will be over the next couple of decades due to incurring national debt and its effect on monetary policy. From my understanding, its paid disproportionately by those who buy and sell more things i.e. the very wealthy so we ultimately come out positive or so it's supposed to work at the moment.

 

[familyman]

Did you all file taxes early? I had them in early February.

We haven't filed for 2019 yet. I always wait until the first of April and now it's been pushed back.

 

[jacknifetoaswan]

We haven't filed for 2019 yet. I always wait until the first of April and now it's been pushed back.

Same. I'm not filing and paying until I absolutely have to. Regardless, we make too much for the stimulus check, we just get to pay for it.

JR

 

[samd1351]

Same. I'm not filing and paying until I absolutely have to. Regardless, we make too much for the stimulus check, we just get to pay for it.

JR

We're in the same boat. I was thrilled when they pushed the date back to July. I'm pretty sure we'll get a reduced amount of stimulus. But the gov is just getting right back when I file and pay, so no real gain other than not having to dip into extra funds this year

 

[familyman]

Now that doesn't make any sense. If this is a tax credit based on your 2019 filing, how did they already give you the money? Whatever, government gonna government.

It is based on your latest filing. So, if you didn't file 2019 yet, it is based on 2018, as our was.

 

[GoranRC]

Now that doesn't make any sense. If this is a tax credit based on your 2019 filing, how did they already give you the money? Whatever, government gonna government.

"Government gonna Government"

Hell yeah

 

[Balr14]

My wife and I received our payments yesterday. It just seems wrong. That money should go to help small businesses and to feed people who lost their jobs. We donated the money to area food pantries today.

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