OFFICIAL 2020 STIMULUS CHECK THREAD

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I feel many lie about their tax situations. There’s nothing inherently fishy about someone making $130k and getting a refund. That’s what extra withholding are for. I bet chick is withholding an extra $300/week on top of claiming zero.

And a person earning $120k will have a federal tax liability of $20,047. So one just needs to backtrack from that point and withould the appropriate amount. Those who get a refund, withheld too much of their own money. Those that owe didn’t have enough withheld. By early December, most should have an idea if they will owe or get a refund, so change up that w4 as soon as you can.

A lot of people make it out to be harder than it is.
Add in two kids to the situation above and their liability is $4,000 less. You owe $16,047 over the course of the year. But many don’t change withholding. So they see it as $4,000 in free money.

Not enough single parents nearing the poverty line claim exempt. They’d get their own money when they need it week to week. Instead of looking at it like free money in April.
A mom making $27,500 gets $8,000 in credits each year. So why are they still claiming zero? Their liability is a mere $1700, so they get a nice $6300 refund on top of any extra withholdings.

The government also imposes a penalty if you owe. I’m not sure exactly what that number is. So that’s why many just opt to go over every year and get that refund.

I try to explain this to ppl but the response I get everytime is that they'd rather the lump sum. I'm like you're giving the government an interest free loan and most ppl respond that they'd just blow it if they are getting it week to week. Amazing how bad americans are with money.

 

[Magic33]

I feel many lie about their tax situations. There’s nothing inherently fishy about someone making $130k and getting a refund. That’s what extra withholding are for. I bet chick is withholding an extra $300/week on top of claiming zero.

And a person earning $120k will have a federal tax liability of $20,047. So one just needs to backtrack from that point and withould the appropriate amount. Those who get a refund, withheld too much of their own money. Those that owe didn’t have enough withheld. By early December, most should have an idea if they will owe or get a refund, so change up that w4 as soon as you can.

A lot of people make it out to be harder than it is.
Add in two kids to the situation above and their liability is $4,000 less. You owe $16,047 over the course of the year. But many don’t change withholding. So they see it as $4,000 in free money.

Not enough single parents nearing the poverty line claim exempt. They’d get their own money when they need it week to week. Instead of looking at it like free money in April.
A mom making $27,500 gets $8,000 in credits each year. So why are they still claiming zero? Their liability is a mere $1700, so they get a nice $6300 refund on top of any extra withholdings.

The government also imposes a penalty if you owe. I’m not sure exactly what that number is. So that’s why many just opt to go over every year and get that refund.

Yep, I have extra with holding for every pay check to make sure I don't get stuck with a bill. You can't miss what you never saw in the first place versus a lump some payment.

The only people I know who owe over 20k in taxes have multi million dollar houses, companies, and no dependents. You gotta get a CPA, something is off there.

I was thinking the same thing. He must not have any coming out.

He needs to go buy a house or have someone else do his taxes.

 

[wallyhopp]

I try to explain this to ppl but the response I get everytime is that they'd rather the lump sum. I'm like you're giving the government an interest free loan and most ppl respond that they'd just blow it if they are getting it week to week. Amazing how bad americans are with money.

All else equal, I talk with coworkers and they all claim zero and get back $1200 or more. I’m pushing 2 withholding allowances and get back half of what they get. Many feel it’s a macho thing or bragging type about how much you got back. I have student loan interest and some stock stuff that gets calculated, so I could probably even push it up to 3 withholdings

I should note. They got rid of the withholding numbers. Now it’s based on three categories (single/married/HOH).
People have it confused. These categories aren’t under oath. They’re used as calculations. Guys at work wonder why I did 2 withholdings and i don’t have kids. It’s always been used as a calculation. They were never under oath to be ‘accurate’.

good gauge here
https://www.irs.gov/pub/irs-pdf/p15t.pdf
Here’s one example I’ll throw out there
Single person making $52k His liability for the year is $4620 ($88 withheld each wk).
Using the 2019 withholding table, if he claims 0, he would have $127 taken out. If he claims 2, $91 would be taken out. Ideally you are looking for the number closest to $88. Claiming zero, he would over withhold about $1,900, of which would be his refund amount for the year.

Now using the new method, standard single would have $88 taken out. With the new w4s, they are really pushing for less Refunds. So keep that in mind. To obtain near what zero allowances used to give you, you could claim HOH with the step 2 box checked.

bottom line, expect lower refunds across the board this year if you were forced to fill out a new w-4

 

[atlsfinest]

My girl makes 130k and got money back... somethings off for sure

Was she making over $100k when she filed taxes last? Did she have any write-offs, expenses or donations? I made well over $100k last year but had under $100k taxable income. It's all about how you play the game.

 

[ksteezy]

Wow. I think you and your wife should complete the new 2020 w4s ( if that applies to your employment situations) so that the right amount of taxes are taken out each check. So if done accurately, you file and owe nothing ( or very little, or get a little return). If you have other income and assets, I'd talk to a CPA. 22k is od ( unless that is your goal).

Oh, and IRS should have your DD info on file from 2018 for your stimulus check.

My wife practices as a contractor, so she doesn’t get taxes taken out her checks all year....there is loopholes in order to save on taxes, but this year we are buying a house so we needed to report as much as possible from her job...that’s why we owed so much...

 

[kingjay718]

Should be stickied.

 

[BaltimoreLove]

did anyone get their check yet?

 

[DB Cooper]

Thinking what to get for myself. Been worked to death this past month. I need to reward myself.

 

[ALNotSure]

Self-employed, 1099 workers. My wife and I are RE agents and we have to tax ourselves, we pay this in taxes yearly because nobody is taking it out (employers) for us.

Technically you are supposed to make estimates quarterly payments. That way you don’t get hit in the head at the end of the year.

 

[tay1]

Thinking what to get for myself. Been worked to death this past month. I need to reward myself.

Get you a nice pair of DMP 6’s

 

[lamont614]

Anybody get it

 

[kingjay718]

Nope. Not yet.

 

[ksteezy]

..

 

[jrp44]

Checked my account right when I got up and nothing yet

 

[160jordansdeep]

I just thought about it this morning but I dont want this money.
Originally I did want the money originally I said $1200 why not

of course I could use It and I would never say no to getting $1,200 from the government at another tiime

but this is dirty money
this is blood money

people have passed away that could have been breathing this morning as I type this message
baby’s Young middle-aged elderly
people Who’s time for death came too early that didn’t need to pass

People around the world who didnt need to die
people in the United States that didn’t need to die

that’s what this $1200.00 Stimulus check is
there are Thousands of Americans that are not with us this morning that passed away when I first started writing this post who are paying for it with their lives so the rest of us can get $1200

Family‘s forever destroyed for $1200

People that can’t afford to go to the hospital like myself
Thats who were taking this money from not the government

the United States government let us down and giving us this money as a consolation prize

How many more people going to pass before they even have this money put in their bank account
Or before people like myself that don’t do any banking will receive a check

this is a bonus that where breathing and others are not.
this is far from a bonus

I was so depressed on Easter Sunday and the reason I was so depressed was reading this

Woman loses entire family to coronavirus as husband, son die within days

A Michigan woman lost her entire family to coronavirus as her husband and her only child died within days of each other, according to a report. Sandy Brown of Grand Blanc said she’s suffering…

nypost.com

These are the people were taking the $1200 from that aren’t even alive today

this woman’s family is gone and for what
$1200 plus an extra $500 for each child ?

come on this is not right

 

[equality]

I just thought about it this morning but I dont want this money.
Originally I did want the money originally I said $1200 why not

of course I could use It and I would never say no to getting $1,200 from the government at another tiime

but this is dirty money
this is blood money

people have passed away that could have been breathing this morning as I type this message
baby’s Young middle-aged elderly
people Who’s time for death came too early that didn’t need to pass

People around the world who didnt need to die
people in the United States that didn’t need to die

that’s what this $1200.00 Stimulus check is
there are Thousands of Americans that are not with us this morning that maybe passed away when I first started writing this post who are paying for it with their lives so the rest of us can get $1200

Family‘s forever destroyed for $1200

People that can’t afford to go to the hospital like myself
Thats who were taking this money from not the government

the United States government let us down and giving us this money as a consolation prize

How many more people going to pass before they even have this money put in their bank account
Or before people like myself that don’t do any banking will receive a check

this is a bonus that where breathing and others are not.
this is far from a bonus

I was so depressed on Easter Sunday and the reason I was so depressed was reading this

Woman loses entire family to coronavirus as husband, son die within days

A Michigan woman lost her entire family to coronavirus as her husband and her only child died within days of each other, according to a report. Sandy Brown of Grand Blanc said she’s suffering…

nypost.com

These are the people were taking the $1200 from that aren’t even alive today

this woman’s family is gone and for what
$1200 plus an extra $500 for each child ?

come on this is not right

This is a noble thought, but I think the checks were to provide safety nets for unemployed or possible unemployed (which is a huge percentage of the workforce).
In a perfect world no checks would be needed as that implies the virus has little effect on our lives, but I'm not sure how this equates to blood money

 

[160jordansdeep]

This is a noble thought, but I think the checks were to provide safety nets for unemployed or possible unemployed (which is a huge percentage of the workforce).
In a perfect world no checks would be needed as that implies the virus has little effect on our lives, but I'm not sure how this equates to blood money

Thank you for your kind words but the reason I say this is blood money is because people had to die people had to bleed out the last breath for the rest of us to get $1200 I don’t think it’s worth it

I believe people losing their life is more important then losing their jobs even though of course losing your job and not having any money most people would equated it to losing their life


I understand what you’re saying the people will use this as a Safety net to pay bills and of course that would be good for everybody including myself but I don’t see it that way all these people that passed away I didn’t need it

also how far does $1200 really go

i didn’t see it this way until this morning

 

[finessence]

Thank you for your kind words but the reason I say this is blood money is because people had to die people had to bleed out the last breath for the rest of us to get $1200 I don’t think it’s worth it

I believe people losing their life is more important then losing their jobs even though of course losing your job and not having any money most people would equated it to losing their life


I understand what you’re saying the people will use this as a Safety net to pay bills and of course that would be good for everybody including myself but I don’t see it that way all these people that passed away I didn’t need to
also how far does $1200 really go

i didn’t see it this way until this morning

Every bill in America has blood on it. Country was built off the blood of others.........,,

 

[Guccishades]

All money is blood money, and realistically most people haven’t been making none this past month so $1200 better then nothing.

 

[tay1]

Yeah I get you’re in the moment and this is a sad event to life through but the US is built off dirty money. Has been and will continue to be.

 

[ccastro02]

Thinking what to get for myself. Been worked to death this past month. I need to reward myself.

Creed Aventus.

 

[tay1]

Just checked my account and nothing yet

 

[160jordansdeep]

Every bill in America has blood on it. Country was built off the blood of others.........,,

very true but this is different then any other time

 

[160jordansdeep]

Yeah I get you’re in the moment and this is a sad event to life through but the US is built off dirty money. Has been and will continue to be.

believe me when I tell you I know this but this had a bad effect on me and the way I thinking about current life
I don’t want anything that has to do with this disease and I don’t want anything monetarily from it

their could be a time where I could go back to the way I was and not give a damn but I can’t see that happening anytime soon
i’ve been too depressed from this since February

 

[equality]

Don't see mine yet