Explain To Me The Upcoming Financial Relief Payments

fmdog44

fmdog44

Well-known Member
Location
Houston, Texas
I have not paid any attention to the details until yesterday when it dawned on me am I going to get any money? I do not need any money from this fund. Apparently, the only thing that matters in present income levels. Is that correct? Many retired people don't need financial assistance. That being the case it seem a horrible waste of money to roll out checks regardless of one's financial status. Anyone have the facts on how this is set up?
 

fmdog44 said:
I have not paid any attention to the details until yesterday when it dawned on me am I going to get any money? I do not need any money from this fund. Apparently, the only thing that matters in present income levels. Is that correct? Many retired people don't need financial assistance. That being the case it seem a horrible waste of money to roll out checks regardless of one's financial status. Anyone have the facts on how this is set up?
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I agree. I think we will be getting a check and do not need it. It will go to charities, it a time like this they need it.

Details are coming and are complicated. Like Ms Pelosi said of another bill "you will have to pass it to see what is in it" .. it has notypassed yet.
 
I think the money is being thrown at people for political reasons. I think only people out of work should be getting the money, but if everybody's getting it I certainly would never refuse it. It will go to shore up my emergency fund.

Every adult up to people who earn $75,000 will get $1200 electronically deposited to your bank account before mid April, those without will get a check in 3-4 months. Dependent children will get $500 each. Those collecting unemployment will get $600 extra added to their regular check.
 

Catlady said:
I think the money is being thrown at people for political reasons. I think only people out of work should be getting the money, but if everybody's getting it I certainly would never refuse it. It will go to shore up my emergency fund.

Every adult up to people who earn $75,000 will get $1200 electronically deposited to your bank account before mid April, those without will get a check in 3-4 months. Dependent children will get $500 each. Those collecting unemployment will get $600 extra added to their regular check.
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I read were some on unemployment, with unemployment and the $600 will be getting more not working than they were working. And if they have children even more?
 
I said from the beginning that this "fund" should have been established like another Unemployment Insurance type benefit. People with true NEED should apply and get the money, not people like me, or people who are still working.

That said, I believe this package is to help jump-start the economy as much as to offer financial aid to individuals, so I hope it will help. People who complain about businesses getting financial assistance need to step back and realize that if businesses go under, that will mean many more Americans out of work for the unforeseeable future, with devastating effects.
 
C'est Moi said:
People who complain about businesses getting financial assistance need to step back and realize that if businesses go under, that will mean many more Americans out of work for the unforeseeable future, with devastating effects.
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I agree with all you said, but I remember that during the Great Recession of 2009, some big bank (forget the name, Citigroup or Wells Fargo?) used the assistance money to give their executives raises and still went ahead with spending $500k on a previously scheduled one week holiday in Vegas for some employees. The money didn't go to their employee wages or to hire new people. I'm sure there were other abuses that I didn't read about or don't remember.

I am glad that the industries being helped this time (airlines etc) are being curbed by insisting they not use the help to buy back stocks and they have to temporarily stop the dividends, bad for the stockholders but needed to keep their companies stable.
 
Whoah! I just read this below. I owe no taxes for 2019 and will not owe taxes for 2020, either. Does this mean I will have to return that $1200? Somebody, opinions????
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Do you have to pay back the stimulus check?
No. The stimulus payment is actually a refundable credit against your 2020 tax liability, according to Kyle Pomerleau of the American Enterprise, and is paid out as an advanced refund. That means you don’t have to wait to file your 2020 taxes to get the money.

It also doesn’t reduce any refund you would otherwise receive, Watson said.

In fact, if you don’t qualify for the stimulus check now based on your 2018 or 2019 tax returns, you may be able to qualify to take the tax credit next year when you file your 2020 taxes if your income meets the thresholds.
 
Will this be in the form of a check one could cash then go to the track and lose it all in one race? Will it be in the form of a gift card for food? Remember when food stamps could but booze & smokes?
 
fmdog44 said:
Will this be in the form of a check one could cash then go to the track and lose it all in one race? Will it be in the form of a gift card for food? Remember when food stamps could but booze & smokes?
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It depends. If you filed your federal taxes and the IRS has your banking information, the money will be direct deposited into your bank account. If they don't, you'll get a check but it will take much longer to get.
 
Catlady said:
Do you have to pay back the stimulus check?
No. The stimulus payment is actually a refundable credit against your 2020 tax liability, according to Kyle Pomerleau of the American Enterprise, and is paid out as an advanced refund. That means you don’t have to wait to file your 2020 taxes to get the money.

It also doesn’t reduce any refund you would otherwise receive, Watson said.

In fact, if you don’t qualify for the stimulus check now based on your 2018 or 2019 tax returns, you may be able to qualify to take the tax credit next year when you file your 2020 taxes if your income meets the thresholds.
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I don't understand the above explanation at all, and I'm pretty smart (if I do say so myself).

"Refundable credit against your 2020 tax liability paid out as an advanced refund." Say what? Talk about jibber-jabber!

This is much more straightforward:
https://www.cnn.com/2020/03/27/politics/stimulus-check-calculator/index.html
 
Retired people on Social Security will receive money if Form SSA-1099 has been filed for 2019. .. It's the benefit statement that has been filed with the IRS.
 
C'est Moi said:
I said from the beginning that this "fund" should have been established like another Unemployment Insurance type benefit. People with true NEED should apply and get the money, not people like me, or people who are still working.

That said, I believe this package is to help jump-start the economy as much as to offer financial aid to individuals, so I hope it will help. People who complain about businesses getting financial assistance need to step back and realize that if businesses go under, that will mean many more Americans out of work for the unforeseeable future, with devastating effects.
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The problem with people having to apply Star is the lengthy process the government puts people through. There's all kinds of red tape and too much time will elapse when people needed the money yesterday. The N.J. unemployment agency's site, as well as other states' sites, crashed because of so many filers. Some agencies are reduced due to cut backs and people having to self quarantine. For people who don't need the, they can donate it to food banks, families they may know who are in need or wherever most needed, which is what I'll be doing.
 
I may not cover all the points here but from my understanding the final bill gives:
~People who make have incomes of up to $75,000 a $1,200 check or direct deposit (if one e-filed and has bank information on file) plus $500 for each child (I assume they mean minor dependent child). Couples with a combined income of up to $150,000 will get $2,400.
~The flaw that would have eliminated the poorest workers who didn't have to file income tax from getting the stimulus has been fixed so that they will now get their payments.
~People who make more than that will receive a lesser amount (never saw what that amount will be).
~The start date for mailing checks is April 6th. Those with direct deposit may get their payments earlier.
Other points:
~The tax filing deadline has been extended to July 15th.
~Student loan payments have been suspended for 6 months.
~Unemployment compensation will be extended another 13 weeks (when necessary)
~States not yet in compliance with the Real ID driver's license stipulation will have an additional year...to Oct 2021.
 
Why isn't one location a factor in the amounts? The cost of living varies form state to state. Will the people in Mississippi get the same as New Yorkers?
 
OMG....give it up people...Don't take it if you don't care....Give it to charity....There are more people that need it then most here....
I'll give mine to the lady across the street....She works in Walmart...But she told me she can't work every day....Right now she is
watching my house and sending me message if anything goes wrong....
 
fmdog44 said:
I have not paid any attention to the details until yesterday when it dawned on me am I going to get any money? I do not need any money from this fund. Apparently, the only thing that matters in present income levels. Is that correct? Many retired people don't need financial assistance. That being the case it seem a horrible waste of money to roll out checks regardless of one's financial status. Anyone have the facts on how this is set up?
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Take the money and go out and spend it immediately if you don't really need the money. That's the idea. Stimulate the economy. Buy a new computer or a laptop or something you don't really would buy normally. Maybe a bicycle and get some exercise. I'm sure you can think of something frivolous. Buy a government bond perhaps.
 
Catlady said:
I agree with all you said, but I remember that during the Great Recession of 2009, some big bank (forget the name, Citigroup or Wells Fargo?) used the assistance money to give their executives raises and still went ahead with spending $500k on a previously scheduled one week holiday in Vegas for some employees. The money didn't go to their employee wages or to hire new people. I'm sure there were other abuses that I didn't read about or don't remember.

I am glad that the industries being helped this time (airlines etc) are being curbed by insisting they not use the help to buy back stocks and they have to temporarily stop the dividends, bad for the stockholders but needed to keep their companies stable.
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You don't have to go that far back to see the big corporation rip-offs. They tried it in this bill with a 2 billion dollar amount handed to the Treasury Secretary, originally with NO OVERSIGHT. The White House was outraged that we, the general public, would see where and how this money was spent. Fortunately some oversight of this "fund?" was added.

It's amazing how some people's concerns are always with the poorer folks getting a nickel or two and can overlook the massive bonuses and stock finagling at the top of the food chain.
 
peppermint said:
OMG....give it up people...Don't take it if you don't care....Give it to charity....There are more people that need it then most here....
I'll give mine to the lady across the street....She works in Walmart...But she told me she can't work every day....Right now she is
watching my house and sending me message if anything goes wrong....
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Excuse me but the point of my concern is this appears to be yet another in the long list of government misspending. If you don't care where your tax dollars go the government thanks you.
 
fmdog44 said:
Excuse me but the point of my concern is this appears to be yet another in the long list of government misspending. If you don't care where your tax dollars go the government thanks you.
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Look, we came from nothing ...I don't have to tell my boring story.....We are not Rich, we worked all our life, sent our 2 kids to college, and
that took many years to pay....But, I say But, it was the most beautiful gift we gave to our kids....They are both married have kids and own
a house....And they all work....They are now paying for college for their kids....2 of them are adults and have jobs....
We are retired....and both have a pension....We went the hard way in our life....Some family needs help....I'll send my share to them....
Come on with the government misspending...We did what we had to do and are retired....We didn't have a pot to piss in but you know
now we are OK....It was a long ride....(I can't stand when people don't know what they are talking about the government)...You can go to another
Country…..So I'm fresh......Who Care's....
 
fmdog44 said:
You miss the point.
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Each American at the prescribed income levels will receive the same benefit as any other American at that level. Period. Where they live in the USA has no bearing whatsoever on who receives benefit, which is as it should be. From the MS versus NY comparison, Mississippi is one of the poorest states in the Union. Their lower cost of living should allow them to stretch it further.
 
Even if you say you don't need the money, I'd say take it and use it to prep for any future issues. Having some dehydrated cans of food can go a long way to helping you through a crisis. You'd think this virus and it's outcome thus far would be a wake up call for those ill prepared.
 


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