Anyone get that stimulus check yet?

Sorry, guess I may have overreached with the word "parroted." I was referring to the first sentence where you said,

The portion of the bill you referenced does not use the term "advance," at least in the way this sentence implies. The term is used later to refer to the fact that the payment is being issued in 2020 in advance of the year one would ordinarily file their 2020 tax return (2021).

It works like this: If (as defined in the bill) you're a qualifying taxpayer who gets a $1200 credit, your tax bill for next year will be reduced by an additional $1200 over whatever your normal refund (or amount you owe) would be. That's the "tax credit" part. Then they're going ahead and giving you that $1200 now instead of making you wait until next year to get it (which is where the term "advance" comes from).

It does not effect your AGI for next year; it does not have any net effect on your taxes for next year. It will likely appear as a tax credit line on next year's 1040 that will be offset by the payment you received this year, resulting in a big fat zero.

The bill also makes provisions that keep the IRS from being able to garnish this payment assuming you owe back taxes.

Whether this legislation has the intended effect remains to be seen. I'm skeptical. But at the same time there's a lot of misinformation going around about how it's being handled. Just trying to help with some of these misunderstandings where I can.

 

Offset by the 'yuuuuuuge' impact of both incomes disappearing simultaneously for a family that is counting on both to make ends meet.

 

Yeah, not the best optics. Separately, I really like her work. Pass on the clothing series, but quite like her still lifes and compositions.

 

Best thing to do is call your company accountant and your local banker and have a 15 minute call with him/her.

We understand the above about the same way as you do.

I have reduced my pay for the time being. I'm more concerned about keeping my guys employed for now and all the bills paid.

Will bonus out at the end of the year hopefully.

It costs me 15k to train a guy, plus the time hassle of the whole thing.

Figure out what your time is worth. Employee retention has quite the value.

It is just a math game.

 

My kids are 28 and 33, can I still get money for them?

 

My daughter has moved in with me so she can work, that has to be worth something. Her husband was activated
by the NH National Guard to go and fight the virus somehow and they have 2 dogs and 2 cats and she can't work and
take care of them alone so I got the daughter and two dogs and we stashed the cats at the wife's apartment. The wife
has been at my house for a month now since the rules in her building have gotten more Draconian by the day. My cat
doesn't dig other cats so they can't come to my house.
I'm Broomish, all of this turmoil disturbs my cosmic equilibrium. I want to be recompensed.

 

There was better stuff than the cheese.

 

https://www.irs.gov/coronavirus/economic-impact-payments

 

Thanks

 

Payroll loans are flowing. I know several folks who have received the funds.

 

Gf just got hers , $1700
She’s a Copper
Bazaar ..... im about to be the beta in the house making less than her at this rate

 

Harper's?

 

So , I guess some guys aren’t coming back ....

 

No
She’s a cop, policia , the fuzz , 5-0

 

I got a bill today from the IRS for $1200. They are expecting me to pay for Metalhead's check.

 

My check was direct deposited this morning. Basically, getting back the part of the money I had paid in payroll tax.

 

My bank account was stimulated last night.

 

Nope. Only those 17 and under. My son is 21, commutes to college, and I claim him. Just got the deposit this morning. It did not reflect him, just my 16yo.