OFFICIAL 2020 STIMULUS CHECK THREAD

[GaBeGRaMz]

And no, you do NOT need to file that you didn’t receive it NEXT year.
when filing on this years tax software there will be a brand new section for “Economic Relief”you will be prompted to enter the amount you received or 0 if you didnt receive it.

this literally impacts the refund showing in the tax software dollar for dollar.

if u were entitled to a 3000 return and report 0 when asked the amount u received in economic relief your refund will instantly shoot up to 4200.

 

[lovehateself]

Also, to add.

for the people that did not receive their stimulus, you will be able to claim this on your taxes as well and it will be ADDED to your tax refund.

for example, if you have a 2500, refund coming. Single, no children. That 1200 stimulus that never made it to you will be added To your return.

married and filing with dependents would be the same case with the enhanced stimulus ($500 each dependent)

I was just recently certified as a tax preparer and am working with a firm out of jersey called Truthful Taxes, so I will try to update with any info I hear about and if anyone has any tax questions please feel free to dm.

Cmon guys
Dude works at “Truthful Taxes “

I believe everything he is saying

 

[shazay]

GaBeGRaMz you have any sources saying we have to pay it back? What does this mean then?

The payment will not reduce a taxpayer's refund or increase the amount they owe when they file their 2020 tax return next year.

What people really want to know about Economic Impact Payments | Internal Revenue Service

COVID Tax Tip 2020-55, May 12, 2020

www.irs.gov

 

[GaBeGRaMz]

Cmon guys
Dude works at “Truthful Taxes “

I believe everything he is saying

hilarious.

 

[elpablo21]

Enjoy this because its the last penny anyone sees if the GA races go down the toilet

 

[GaBeGRaMz]

GaBeGRaMz you have any sources saying we have to pay it back? What does this mean then?

What people really want to know about Economic Impact Payments | Internal Revenue Service

COVID Tax Tip 2020-55, May 12, 2020

www.irs.gov

i am using the same sources as everyone else. tax verbiage is complicated and I will not sit here and act like Im a master. I just entered this realm this year, so I am learning every day. I am confident that my superiors are relaying me the accurate information that I am giving the public.

now even if I was a nincumpoop, and couldn’t understand the tax language, I am literally using the 2020 tax software to punch in scenarios. when we reach the section for economic relief, which is a brand new section in the software this year, it effects the return dollar for dollar, like I went over in previous posts.

regardless of what you’re reading, understand or dont understand, I’m telling u I am seeing 1200 disappear from refunds when entered as received and 1200 appear when entered as “0” meaning u have not receive.

 

[BaltimoreLove]

I heard we got bimulated

 

[ICE CITY CF]

i realize that this is hard news to except. But the software doesn’t lie.

Yo.

 

[DonRafa]

mans ran “except” through that same software

 

[biggie62]

I’m making this one post and only one post and not going to respond further.

I’m a tax professional at a very large firm. While my specialty is business corporate tax we still get briefed on it all tax types.

The funds received from a cares act are tax free and can be treated as a credit. You won’t have to pay it back or have it go against your refund. It’s essentially tax free money. The only catch maybe is you were paid on 2018 tax return but your 2019 filed tax return was above the 100k threshold.

So I don’t know who your sources are within your firm, but I don’t think they know that much about taxes.

alright I’m leaving the thread now.

 

[Bert.]

I heard we got bimulated

well if were paying it back on our taxes... is this really a win?

I know people In need of cash but I was under the impression this wasn't a "loan" and it would just affect social security or some **** down the line

I don't want the $600 if I have to pay it back on my taxes anyways.

 

[da r entertainment]

Enjoy this because its the last penny anyone sees if the GA races go down the toilet

I'm sure they're excited because now they can vote and go home for the their holiday break

 

[Grine]

Man I’m just going to ask my tax accountant.

 

[GaBeGRaMz]

lol.

now we can’t make grammar mistakes on a message board.

hey, fellas, at the end of the day. i dont want to have to pay back anything either. So me being wrong would effect me positively.

if it comes out That i was wrong, I would take responsibility for it. everyone SHOULD be doing their own research regardless of what someone says anyway.

and for the guy that works at a tax firm, if u have access to your tax software run a return through the system. See what happens.

again, the information is coming from a friend of mine, who founded his tax firm in 2008. has been very successful in the field.

lets see what happens.

 

[Arthur Shelby]

 

[rrlegend]

You bought a few hours Mitch . Still sending the edible arrangement

 

[townbidness]

 

[DK972805]

What exactly do these old *** people expect Americans to do with a $600 check? Catch up on their rent?

 

[mplsdunk]

I just spent 8k on preventive repairs yesterday ( brake chambers , hub seals , fifth wheel , oil change , filters and tires ) . But yeah insurance , fuel and repairs will eat you alive if your not on tops of it and you got a bad driver .

yeah I’d just run the truck myself but I’ve had enough stuff go wrong over the years to know owning a truck isn’t cheap...

I’d be doing a lot of the wrenching myself but then your truck is down not making money...

 

[superblytrife]

$600. How generous of our overlords to bless us with a little bit of OUR money. Yet again, America is proving it isn’t quite what it’s cracked up to be.

That said, when can I finesse some more SBA dollars?

 

[uncalled4boy]

What exactly do these old *** people expect Americans to do with a $600 check?

Stay Broke.

 

[DB Cooper]

Government literally taking bread crumbs, crumbling them up to make even smaller bread crumbs and throwing it at the people.

 

[mplsdunk]

I hope you step in dog **** and your car and house get foreclosed on if you voted for Moscow Mitch.

 

[elpablo21]

$600. How generous of our overlords to bless us with a little bit of OUR money

 

[Master Zik]

I remember this

Wild thin slice of bread Mickey cutting. They were super poor in this.