Red-hatters, mad-hatters, and Trumpies should forgo the money and request a reality check instead.
It appears that the people who need money the most will be the ones who don't get a check.
"Many students aren’t eligible for a stimulus check. Neither are some elderly and disabled people. Immigrants who don’t have a Social Security number won’t get a check either. Some new parents and others may have to wait until next year to get part of their payouts."
This is typical of Dopey Donald Trump and his GOP slimeball lawmakers who ensure Trump associates get first grab at the money pile.
Dopey Donald Trump is imposing the law of the jungle.
Not everyone is getting a $1,200 coronavirus stimulus check. Here's who will be left out.
Not everyone is getting a $1,200 coronavirus stimulus check. Here's who will be left out.
Michael Collins
USA TODAY
WASHINGTON – Millions of Americans who expect to receive a $1,200 stimulus check from the federal government could start to see the payouts arriving as early as next week.
But many Americans won’t get a check at all.
Not everyone qualifies for one of the payments, which will be distributed under a new federal law that aims to give Americans a quick cash infusion and help the economy recover from the devastation wreaked by the coronavirus pandemic.
Many students aren’t eligible for a stimulus check. Neither are some elderly and disabled people. Immigrants who don’t have a Social Security number won’t get a check either. Some new parents and others may have to wait until next year to get part of their payouts. ...
If they are going to treat it like income at the end of the year, I wish they'd keep it. Imagine the people on Social Security, SSI, or SSDI. If those checks are their only source of income, they are exempt from filing a tax return. So, if they get a stimulus check and it's counted as income, then they will be taxed on their yearly Social Security check as if it were a regular job... and they have not paid into the system. So, April 15 of next year they might be taxed on all that money and owe much more than $1200. I've asked around and nobody has an answer to that scenario. My contacts in political circles are not in their offices... but, just saying. I don't believe there's such a thing as a free lunch and since I cannot find a straight answer, I'm highly skeptical of this "free money."
The stimulus money is not going to be taxed.
A person's Social Security income is not taxed if it is their only source of income. If the IRS deems the stimulus money to be taxable income, the amount for that year would exceed the amount of the stimulus check
Man, that adds up to what after they take the supplemental plan cost off the top - 20 grand a year maybe? That's poverty level. Good thing it's not taxed!
I don't think that any Socialist Security should be taxed. I don't have a supplemental plan. So, even if you make 20 grand and then the government taxes it, the stimulus check would not cover the tax. IF the stimulus is counted as outside income, then all your Socialist Security is taxed - and that stimulus check won't cover the tax for that year. Don't spend it until you find out what the downside is. There is no such thing as a free lunch.
Again, we have told you over and over by many posters, the stimulus will NOT be taxed. Are you playing dumb or are you?
I guess I'm dumb. The stimulus is NOT the same same as the Socialist Security payments you receive. You got a problem with that???
The $1200 IS NOT taxed. It is a tax credit, given in advance. so, whether it is SSI or earned income, you are not taxed on a prepaid tax credit.
I'm not asking about whether or not the $1200 is taxed. THAT IS IRRELEVANT.
If you draw Socialist Security and that is your only source of income it is not taxable. You don't even have to file an income tax return
IF, OTOH, you get Socialist Security via direct deposit AND the $1200 the dynamics change. You got paid OTHER THAN your Socialist Security income. So, the $1200 is not taxed; however, there is still the fact that you have a year's income from the Socialist Security that was received AND you got money other than Socialist Security. The stimulus money is income other than Socialist Security. The stimulus money is tax free. Nobody has said, that I have found, whether you may now owe income tax on your Socialist Security since it was NOT your only source of income for the year. The stimulus money and Socialist Security are two different things. Tax credits are irrelevant when you don't file income taxes.
Nobody has said, that I have found, whether you may now owe income tax on your Socialist Security since it was NOT your only source of income for the year.
You don't owe taxes on your Social Security due to your stimulus.