Coronavirus checks, direct deposits are coming. Here's everything you need to know.
Who qualifies? How much is being sent? When? How will I get the money? Questions and answers.
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Coronavirus checks: answers to FAQ
- Thread starter vraiblonde
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GWguy
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I wish they had expounded on this a little more. As far as I'm concerned, credit is the same as a loan, you wind up paying back at some point. If it doesn't have to be paid back, it's a grant. Is it a 'credit' against next year's taxes?
Q: Do I have to pay the money back?
No. The money isn’t a loan, but a credit. You are not required to pay the government back.
Q: Do I have to pay the money back?
No. The money isn’t a loan, but a credit. You are not required to pay the government back.
As before, this is a 'refundable tax credit'. So you receive it whether you owe tax or not. The only potential for a clawback I could see is that if you get it based on a 2018 return with a 75k income and your 2019 income is north of the point where it rolls off (200k).
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That is a very good question.
Fact is that we employed types will be paying it ALL back in some form or another. Even the $25mil for the KenCen. This is the same trap we fell into with the New Deal - the rich got richer and the middle class paid for it.
Yeah. Those of us who work or have taxable retirement income will pay this back on 4/15/21, 4/15/22, 4/15/23......
Used car dealers and electronics stores are fervently hoping that the restrictions on non-essential businesses are relieved just prior to the arrival of the money train.
Used car dealers and electronics stores are fervently hoping that the restrictions on non-essential businesses are relieved just prior to the arrival of the money train.
On the back of the check, there is a place to endorse it. Sign your name there and just drop it off here the next time you stop by.
With any type of these govt monies given in the past it goes on the next years taxes as income. You will pay some of it back.
Rommey
Well-Known Member
I wonder how many people that qualify for this check, really haven't been impacted (i.e., still getting paid/working at home, etc.) to the point of needing the check.
Take your check anyway. You WILL be helping to pay all this back, so you might as well take the crumbs you're offered.
kwillia
n/a
They want those folks to spend it, dumping it back into the economy.
Keynes would be proud.
But how are you going to even spend extra money right now. Hunkered down, no place to go, malls and car dealers closed. Oh right, I can go to the liquor store or pot dispensary and load up. Maybe that's what they mean. Or buy another gun.
GWguy
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You don't have to go anywhere to pay your electric, water, mortgage, loans, food....... If you're not working, it's not 'extra', it's 'not enough'. The stimulus was intended to help Americans pay bills while not working, but putting money back into the economy is a secondary benefit.
kwillia
n/a
You have household or yard projects you have been wanting to do but never have the cash or time? Now would be the time.
The question I answered to was what people who don't really need the cash to cover those necessities are going to do with it. If you believe in Keynesian economics, that money being spent on random things is still a good stimulus for the economy. Those of us who have all the necessities already covered out of their 6 month emergency fund currently have very little opportunity to do anything stimulating for the economy. There is only so much takeout I can eat.
The irony is that until recently I did all my yardwork myself. Work has really taken off in the last few months so this year I hired a landscaper to do the spring cleanup, mulch, prune the greenery etc. A week before the crap hit the fan his crew was out for two days and did all that and it looks really nice. With the current turn of events, that seems kind of silly.
