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Old 02-26-2020, 10:28 PM  
JakeF JakeF is offline
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***NON-POLITICAL COVID-19 Discussion Thread***

A couple of reminders...

Quote:
Originally Posted by Bwana View Post
Once again, don't come in this thread with some kind of political agenda, or you will be shown the door. If you want to go that route, there is a thread about this in DC.
Quote:
Originally Posted by Dartgod View Post
People, there is a lot of good information in this thread, let's try to keep the petty bickering to a minimum.

We all have varying opinions about the impact of this, the numbers, etc. We will all never agree with each other. But we can all keep it civil.

Thanks!

Click here for the original OP:

Spoiler!

Last edited by Bearcat; 03-25-2020 at 08:56 AM.. Reason: adding spoiler tag
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Old 04-05-2020, 12:07 PM   #16771
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Here’s from forbes

refundable tax credit? A refundable credit means that you can take advantage of the credit even if you do not owe any tax. Unlike with a nonrefundable credit, if you don’t have any tax liability, the “extra” credit is not lost but is instead refunded to you.

In this case, the stimulus check acts like a refund for a new, temporary tax credit that you get in advance based on your 2020 income. That’s confusing because you don’t know how much you’re going to earn in 2020, but it’s why the IRS is using earlier returns. But since it’s an advance payment on a new credit does not affect your “normal” tax refund for 2020: you won’t lose out on your expected tax refund for 2020 with the check.

Can you give me an example? Sure. Let’s say you’re entitled to a stimulus check for $1,200 and you get your check this year (in 2020). Let’s also say that you were expecting a $1,500 refund in 2021 (for the 2020 tax year). When you get your stimulus check, that doesn’t change your expected refund: you would still qualify for the $1,500 in 2021. But what if you didn’t get your stimulus check because you didn’t file in 2018 or 2019 – or some other reason? You’ll still get your $1,500 in 2021 but you’ll also get the $1,200 in 2021. Either way, you won’t miss out by taking the check and you don’t have to pay it back.
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Old 04-05-2020, 12:08 PM   #16772
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Old 04-05-2020, 12:08 PM   #16773
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So how does this work? Do I need to file anything to get my check? Technically, the checks are advances of a new, temporary credit for 2020. It will not affect your “normal” refund in 2020, nor how much you owe. Since we haven’t filed for 2020 yet, the IRS will “advance” your check based on your most recently filed tax return (2018 or 2019 tax return). If you haven’t filed a tax return, and your income is from Social Security benefits, the bill allows Treasury to use the information on your 2019 Form SSA-1099, Social Security Benefit Statement, Form RRB-1099, Social Security Equivalent Benefit Statement (after some initial confusion, this was confirmed by the Treasury and IRS).


Also from Forbes
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Old 04-05-2020, 12:10 PM   #16774
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Quote:
Originally Posted by BigRedChief View Post
You can google it. Forbes, business insider, all the major networks, newspapers are saying the same thing. It’s an advance, not free money it was sold as by both parties.
I googled it from Forbes and it looks as though you are wrong
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Old 04-05-2020, 12:11 PM   #16775
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They are giving a credit on 2020 taxes and advancing it to people now.
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Old 04-05-2020, 12:13 PM   #16776
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Q. A friend told me the CARES stimulus payment will be returned to the IRS when we file our 2020 income tax return. Somebody else emphatically stated the stimulus money will count as 2020 income. Are they right?

— W. T., Niles

A. It didn’t take long for urban legends to surface about the CARES stimulus payments from the “feds” which will happen later this month. First and foremost, the payments will not be included in 2020 income. The official title for the stimulus funds is the “2020 Recovery Rebate for Individuals.” Practically speaking, any payment you receive is an ADVANCE PAYMENT of a credit that will appear on your 2020 income tax return.

Here’s an example which we hope will help. A single taxpayer with two children (both under 17) receives a stimulus check for $2,200 (i.e., $1,200 for the taxpayer plus another $1,000 for the children) on April 30, 2020. When our taxpayer prepares a 2020 income tax return, a $2,200 credit appears on the Form 1040. Elsewhere on the return, the $2,200 ADVANCE PAYMENT of the credit will surface. The result is a “wash” meaning the credit and the ADVANCE PAYMENT cancel each other out. Bottom line result, the taxpayer receives $2,200 (non-taxable) to spend and the money is NOT returned to the IRS.
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Old 04-05-2020, 12:18 PM   #16777
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Quote:
Originally Posted by SAUTO View Post
Q. A friend told me the CARES stimulus payment will be returned to the IRS when we file our 2020 income tax return. Somebody else emphatically stated the stimulus money will count as 2020 income. Are they right?

— W. T., Niles

A. It didn’t take long for urban legends to surface about the CARES stimulus payments from the “feds” which will happen later this month. First and foremost, the payments will not be included in 2020 income. The official title for the stimulus funds is the “2020 Recovery Rebate for Individuals.” Practically speaking, any payment you receive is an ADVANCE PAYMENT of a credit that will appear on your 2020 income tax return.

Here’s an example which we hope will help. A single taxpayer with two children (both under 17) receives a stimulus check for $2,200 (i.e., $1,200 for the taxpayer plus another $1,000 for the children) on April 30, 2020. When our taxpayer prepares a 2020 income tax return, a $2,200 credit appears on the Form 1040. Elsewhere on the return, the $2,200 ADVANCE PAYMENT of the credit will surface. The result is a “wash” meaning the credit and the ADVANCE PAYMENT cancel each other out. Bottom line result, the taxpayer receives $2,200 (non-taxable) to spend and the money is NOT returned to the IRS.
Thats what I googled. Thanks for providing the quote
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Old 04-05-2020, 12:21 PM   #16778
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Old 04-05-2020, 12:31 PM   #16779
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NYC also recorded lower death rate today for the first time. Let’s hope we’ve hit the peak and this starts to level off

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Old 04-05-2020, 12:33 PM   #16780
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Quote:
Originally Posted by 007 View Post
Now you can't even order groceries online all slots are taken up all the time. This is getting very ridiculous.
Welcome to living in Los Angeles for the past 4+ weeks
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Old 04-05-2020, 12:39 PM   #16781
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And what's with all this "people are going to get sick of being locked up" nonsense?

We've been on Lockdown in LA for more than three weeks and I haven't heard or seen anyone say "I'm sick of this!".

If anything, people have been completely understanding about this situation and want to do anything possible to make sure we're safe, even if that means 60 or 90 more days of lockdown.
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Old 04-05-2020, 12:50 PM   #16782
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Quote:
Originally Posted by DaneMcCloud View Post
And what's with all this "people are going to get sick of being locked up" nonsense?

We've been on Lockdown in LA for more than three weeks and I haven't heard or seen anyone say "I'm sick of this!".

If anything, people have been completely understanding about this situation and want to do anything possible to make sure we're safe, even if that means 60 or 90 more days of lockdown.
It's out there. People just don't want to come across as insensitive but I am seeing a lot more frustration in my area as we enter week 3 of a shutdown.
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Old 04-05-2020, 12:52 PM   #16783
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Update: Chest still feels like I'm in a constant bear hug, but breathing is a slight bit easier today - not quite as wheezy. But my fever is back up over 101 again and steady.

Maybe O.City is gonna get let off the hook?
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Old 04-05-2020, 12:55 PM   #16784
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Quote:
Originally Posted by OnTheWarpath15 View Post
Update: Chest still feels like I'm in a constant bear hug, but breathing is a slight bit easier today - not quite as wheezy. But my fever is back up over 101 again and steady.

Maybe O.City is gonna get let off the hook?
I’ll take the loss just don’t die
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Old 04-05-2020, 12:56 PM   #16785
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Quote:
Originally Posted by BigCatDaddy View Post
It's out there. People just don't want to come across as insensitive but I am seeing a lot more frustration in my area as we enter week 3 of a shutdown.
I think it’s tough in areas that haven’t been hit by it very hard

Kinda same thing happening here. People are getting antsy
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