Advice for Taxpayers

[Chung Tran]

Originally Posted by eccielover

No, it is an advance of a tax credit. Like in the previous times they have done this, when you file 2020 taxes, there will be a provision to take the tax credit and whether you already received it. Most will net to zero at that point.

Some will receive it at that time if they didn't have it disbursed already, and I'm not sure but some I guess could owe it back depending on circumstances and exactly how they implement it on the 2020 return.

But the crux is most will just net to zero and you will move on.

yes.. for example, let's say you filed a 2018 return, you are single, and earned $68,000, but have not filed 2019 yet.. you will get the $1,200 stimulus.. you file your 2019 on July 7, and report, accurately, that you earned $102,000 in 2019. when you file next season, you owe the $1,200 back.

[the_real_Barleycorn]

Originally Posted by BlisswithKriss

The biggest rule anyone should abide by...

Don’t take advice from a ignorant dumbass Trump supporter who votes for another dumb ass that has caused this mess in the first place by his neglect and incompetence
All Trump wants to do is recoup some of the money he’s lost so far by his stupidity.
To the tune of $1 billion this Past mth alone. So glad Karma kicked in. So he’s licking his greedy chops at that $500 bn slush fund.
Who would trust anyone that LIES about his net worth and has a history of going bankrupt multiple times (6)
Suckers like you need that $$$$. I don’t.
Cheers

He's right, libs have no sense of humor and this post proves it.
Seriously though, go out to eat. Restaurants have been pretty hard hit.

[Chung Tran]

Originally Posted by the_real_Barleycorn

He's right, libs have no sense of humor and this post proves it.
Seriously though, go out to eat. Restaurants have been pretty hard hit.

eat where?

dumb statement.

[Submodo]

Originally Posted by Chung Tran

yes.. you earned $102,000 in 2019. when you file next season, you owe the $1,200 back.

So if an individual taxpayer had a good 2019, they get nothing. But if a corporation, no matter how big, had a good 2019, they have no limits on their bailout amount.

[Chung Tran]

Originally Posted by Submodo

So if an individual taxpayer had a good 2019, they get nothing. But if a corporation, no matter how big, had a good 2019, they have no limits on their bailout amount.

pretty much.

it's funny how the right-wing screams about deficits and bailouts, but when they fall on hard times, their hands reach out the farthest, and widest. the right-wingers screamed that TARP was a Corporate bailout when Obama was in charge, but 6.2 trillion (way more than Obama did) is NOT ENOUGH.

those people wanted to block poor people from getting a God Damn dime through the CARES ACT.

[Sienna91]

I thought he was being light-hearted

[Submodo]

Originally Posted by Chung Tran

pretty much.

it's funny how the right-wing screams about deficits and bailouts, but when they fall on hard times, their hands reach out the farthest, and widest. the right-wingers screamed that TARP was a Corporate bailout when Obama was in charge, but 6.2 trillion (way more than Obama did) is NOT ENOUGH.

those people wanted to block poor people from getting a God Damn dime through the CARES ACT.

Be clear though - TARP was enacted in October 2008. That was Bush.

[Chung Tran]

Originally Posted by Submodo

Be clear though - TARP was enacted in October 2008. That was Bush.

yeah, well Bush was President, but it was President-Elect Obama who really churned the recovery engine.. Bush sat there fiddling while large financial firms folded, and while TARP was thrown together, it was Obama's efforts that really got the economy started.

it very well may be, that a Democrat will come in to clean up this mess.