$1200 Stimulus check

[pacer 3,168]

WHOA!!

 

I'm on SS retirement and get my normal ck on the 3rd Wednesday of the month so I was cking this morn to make sure uncle didnt forget and ---- there was the $1200 Stimulus ck also! Hey I like that!!

 

Definitely makes a bright spot in this horrible virus situation............

[Pullstart 62,785]

Gonna find a new Wheel Horse?  

[pacer 3,168]

13 minutes ago, pullstart said:

Gonna find a new Wheel Horse?

 

Geez, I'd LOVE to find one. I havent seen a horse within 500mi or more around here -- a few green ones and yeller ones, but I just cant work up any warm feelings ..... for them.

[bottjernat1 2,190]

14 minutes ago, pacer said:

 

Geez, I'd LOVE to find one. I havent seen a horse within 500mi or more around here -- a few green ones and yeller ones, but I just cant work up any warm feelings ..... for them.

I love the the green and yellows to. i own more deere's then horses. I love them all actually. i have owned sears and cubs to. I also own 3 beavers right now. They are very rare garden tractors

[Pullstart 62,785]

Off topic now, but not really to the first part of @pacer‘s topic it’s spot on...

 

Are we being taxed on the stimulus?  It’s not very often a handout is free and clear... but it’s not often this type of shutdown happens...  I just noticed a pending sum from Uncle Sam that wasn’t there yesterday...

[cafoose 3,354]

[stevasaurus 22,706]

Why would you pay taxes on money that was yours, that you already paid as taxes??      BTW, it is not a loan either, but it does add to the deficit...sooo...sooner or later we will pay for it.    If you can save it, you can make money as the market rebounds.  

["D"- Man 827]

1 hour ago, pullstart said:

Off topic now, but not really to the first part of @pacer‘s topic it’s spot on...

 

Are we being taxed on the stimulus?  It’s not very often a handout is free and clear... but it’s not often this type of shutdown happens...  I just noticed a pending sum from Uncle Sam that wasn’t there yesterday...

I think it is considered a rebate so it should not be taxed.

[Pullstart 62,785]

1 hour ago, stevasaurus said:

Why would you pay taxes on money that was yours, that you already paid as taxes??      BTW, it is not a loan either, but it does add to the deficit...sooo...sooner or later we will pay for it.    If you can save it, you can make money as the market rebounds.  

 

If you invest your earnings, but then withdrawal your accounts, you’re taxed on the entire account even if some of it has been taxed...  Uncle Sam taxing taxes isn’t anything new in a way.

[formariz 11,987]

2 minutes ago, pullstart said:

If you invest your earnings, but then withdrawal your accounts, you’re taxed on the entire account even if some of it has been taxed...  Uncle Sam taxing taxes isn’t anything new in a way.

You are taxed on earnings from investment not the whole account if you liquidate it. If you put in 50,000.00 and liquidate account which now yelds 60,000.00, you pay taxes on $10,000.00 which are your earnings. That goes in as regular income. Tax rate on those $10,000.00 will also vary a bit depending whether they are short , long term gains, or some type of dividend.

The original $50,000.00 is not taxed because you already paid taxes ( or should have) regardless on how you obtained it. It was some type of income.

If you don't need the stimulus money at this point and are into investing, this is the time to put it into the market if you are into that type of thing which  not for everyone's frame of mind.

[formariz 11,987]

1 hour ago, pullstart said:

Are we being taxed on the stimulus?

You will not be taxed on that money. I believe that in your tax for 2020 a tax credit for that amount will show up on your tax if you did receive it. It will not add to your taxable income.

[Pullstart 62,785]

Just now, formariz said:

You will not be taxed on that money. I believe that in your tax for 2020 a tax credit for that amount will show up on your tax if you did receive it. It will not add to your taxable income.

 

Thanks for the info!  I stand corrected on my previous investment tax statement 

[formariz 11,987]

1 minute ago, pullstart said:

 

Thanks for the info!  I stand corrected on my previous investment tax statement 

No problem, being from NJ we receive a pretty advanced education on taxes through out our lives. The hard way.

[stevasaurus 22,706]

Now, if you are saving money from your paycheck that is pre-tax...then you pay tax on that when you use it.  The post-tax money is yours to burn tax free.  Like Cas said.  

[denco7920 9]

7 minutes ago, stevasaurus said:

Now, if you are saving money from your paycheck that is pre-tax...then you pay tax on that when you use it.  The post-tax money is yours to burn tax free.  Like Cas said.  

Is there going to be a Big Show this year ?denco7920@yahoo.com

[formariz 11,987]

47 minutes ago, stevasaurus said:

Now, if you are saving money from your paycheck that is pre-tax...then you pay tax on that when you use it.  The post-tax money is yours to burn tax free.  Like Cas said.  

Where it gets pretty dicey with money saved "pre-tax" from your paycheck is that "some" states do tax that pre-tax money. So when you finally start withdrawing from those accounts , and eventually you are into your own money (not earnings) you have to make sure your state does not tax you again on it. Its a rather complicated process which needs impeccable financial record keeping . On that fact and other tax situations , our beloved state collects tax several times on the same money, such as also on the usage tax for business. People just give up due to the complicated nature of the record keeping and they make out like bandits (which they are).

 

Taxes, taxes, did you guys have to bring that up and get me going?

Edited April 15, 2020 by formariz

[SylvanLakeWH 25,490]

Sad part about all this is that these stimulus payments are on our Country’s credit... Mine, yours, our kids... and much of our national debt / credit is from overseas sources... Kinda like our manufacturing base... from countries that may or may not be our friends...

 

Sooner or later the bill comes due...

[formariz 11,987]

Just my two cents on this stimulus money which I got today along with my wife. I don't want to sound ungrateful which I am not, and unexpected income is always a good thing. I don't think however this is done right. Ill speak about myself and for myself, everyone is entitled to their own believes and opinions and I absolutely welcome and respect that.

 

Despite the grave circumstances we are in, the fact is that we are not out of anything due to it. Sure we have taken a substantial hit in our investments, but those are my choice and it has happen before, it all coming back and then some. I did not lose my job, my wife being retired and me working because I like it and want to, not because i need to. I collect a pension from the carpenters union which I have been a member since the age of 19 or so.

So the $2400.00 is indeed a bonus. However wouldn't that money be better applied to people that "really" need it. That amount to a family that lost their jobs and have to pay a mortgage or rent and have to spend more than usual due to the circumstances would make a big difference and it still would not compensate them for what is going on. Specially if there are children involved. Many of them will wait for their unemployment checks for over a month due to the overwhelming of the system. Then that money will be no where near their regular wages.

 

Just giving this money to everyone does not seem right to me. It just proves my thinking that the people that do not need money always make out all the time and the people that need help can never get a break, quite the contrary. Its in my opinion a willy nilly political solution that just puts more money where it is not needed. It is the absolute obligation of this government to help the people of this country finally for a change since they are always open handed to everyone else out there that cannot stand us, however it should have had  more thought put into it.

[Vinylguy 4,674]

6 hours ago, pullstart said:

Off topic now, but not really to the first part of @pacer‘s topic it’s spot on...

 

Are we being taxed on the stimulus?  It’s not very often a handout is free and clear... but it’s not often this type of shutdown happens...  I just noticed a pending sum from Uncle Sam that wasn’t there yesterday...

No it is not taxable. 

[rmaynard 15,427]

Because my wife and I are both on Social Security, and because our income has not stopped, I feel that the stimulus, for us, is not warranted. For that reason, I am not spending my check, but banking it. That way I can make it available (if they need it) to my grown children who are all currently out of work. 

[953 nut 55,066]

If you have no present need for the money and wish to have it grow and pass tax free to your children I would suggest investing it through a ROTH IRA. It will not be taxed when withdrawn and can be inherited directly into your child's ROTH IRA. No tax no muss no fuss. You can designate a primary and secondary survivor.

[rmaynard 15,427]

 

4 minutes ago, 953 nut said:

If you have no present need for the money and wish to have it grow and pass tax free to your children I would suggest investing it through a ROTH IRA. It will not be taxed when withdrawn and can be inherited directly into your child's ROTH IRA. No tax no muss no fuss. You can designate a primary and secondary survivor.

 

We should pass it along to the grandchildren and great-grandchildren. They are the ones who will be paying off the county's debt for their entire lives. Not saying that something didn't need to be done, but I'm not sure where the money is to come from to pay for it. 

[wallfish 16,984]

Here's my

One way or another it will end up being taxed. Probably not directly to each individual that receives it and it will not ever be stated as such a tax for it, but believe me, some or all of us will be paying for it one way or another. I'll bet $1200.00 on that! Don't forget, the government always changes the rules as the game is being played too.

By banking/saving and not spending the money, it basically defeats the purpose of the "stimulus" as the intention and purpose of it is to stimulate the economy by adding it into all the local economies where it is spent. If you don't need it, you should spend it anyway IMO or give it to someone in need, or dare to invest it. What a great time to be charitable if you don't actually need it. Use it for it's intended purpose and we should all be better off in the long run. Imagine the damage if everyone just saved it, now imagine the benefit if everyone spends it. The frivolous spending probably helps more than sending it to a mortgage company but being smart about it is even better. Buying a bunch of Chinese made trinkets at Walmart probably doesn't help as much as buying local produce when it's allowed again, hiring the local handyman, plumber, electrician etc, etc. to get those projects done or best of all, go buy those tractors off of Craigslist.

 

 

[953 nut 55,066]

On 4/15/2020 at 7:03 PM, rmaynard said:

I'm not sure where the money is to come from to pay for it.

Bob, you know where it will come from!     The same place that the "Quantitative Easing" money (2008 to 2013 $ 4.5 Trillion) came from. Our government experts have been mortgaging out country's future since the "Guns and Butter" days of LBJ.

2 hours ago, wallfish said:

What a great time to be charitable if you don't actually need it. Use it for it's intended purpose and we should all be better off in the long run. Imagine the damage if everyone just saved it, now imagine the benefit if everyone spends it.

Thank you John,   I have already figured out where my $ 1,200 is going. My truck needs new lower ball joints and upper control arms, that will be $ 1,100, now I just need to figure out where to spend  the other $ 100. 

[wallfish 16,984]

Just now, 953 nut said:

I just need to figure out where to spend  the other $ 100

Send it to me for charity!