Has anybody received a stimulus check?

[M.Magis]

That's what I think too, he's incorrect. I don't know why he thought that. It would be unjust for it to be paid back only if you got a tax refund next year.

This quote is from your explanation link:

"Your stimulus payment is technically a refundable tax credit, which reduces your 2020 tax bill on a dollar-for-dollar basis. It's like having store credit at your favorite clothing shop: When you apply it to your total bill, it reduces what you owe. In this case, even if you have no tax liability, the government is "refunding" your credit back to you as a cash payment."

That kind of language is what makes it complicated. I'm sure not smart enough to know what that mumbo jumbo means and I'm not on twitter.

Just to clarify, my Twitter comment wasn't in regards to your son. The rumor about the stimulus check having to be paid back was started by some idiots on Twitter who thought they knew what they were talking about. Of course a lot of people got mad and the rumor spread like wild fire. I bet most of the country, at one point this week, thought it was just a loan because that's what they read online. Myself included. All from one rumor.

As I understand it, they're giving us our Earned Income Credit in cash, rather than just a credit when we do our taxes next year like normal. Though I'm unclear if we'll still get that credit applied when we do our taxes. If not, that will certainly change my refund amount next year.

 

[ccr]

It has to be paid back sometime down the road.

Really? How?

There ain't no free government money. The government gets their money from the American taxpayer.

 

[M.Magis]

It has to be paid back sometime down the road.

Really? How?

There ain't no free government money. The government gets their money from the American taxpayer.

That doesn't have anything to do with the stimulus money needing to be paid back. Which it doesn't.

 

[herofan]

Really? How?

There ain't no free government money. The government gets their money from the American taxpayer.

That doesn't have anything to do with the stimulus money needing to be paid back. Which it doesn't.

Right. I don't know if people are just saying that we will pay it back indirectly one way or the other with higher taxes at some point or what, but it's not an advance or a loan. Honestly, I hadn't even heard the rumor that it was until it was brought to my attention in this thread. I hadn't heard anything in any of the news reports to indicate such a thing.

 

[M.Magis]

Right. I don't know if people are just saying that we will pay it back indirectly one way or the other with higher taxes at some point or what, but it's not an advance or a loan. Honestly, I hadn't even heard the rumor that it was until it was brought to my attention in this thread. I hadn't heard anything in any of the news reports to indicate such a thing.

It probably wasn't on any news sites. I've seen it plastered all over other forums I read, and my wife's sister told her as well, so then my wife told me. It's shocking how many people get all of their info from social media, and assume everything they read is accurate.

 

[ga.prime]

Take that rumor back to Moscow.

 

[herofan]

Right. I don't know if people are just saying that we will pay it back indirectly one way or the other with higher taxes at some point or what, but it's not an advance or a loan. Honestly, I hadn't even heard the rumor that it was until it was brought to my attention in this thread. I hadn't heard anything in any of the news reports to indicate such a thing.

It probably wasn't on any news sites. I've seen it plastered all over other forums I read, and my wife's sister told her as well, so then my wife told me. It's shocking how many people get all of their info from social media, and assume everything they read is accurate.

True. I guess I miss a lot of important stuff not being on twitter and Facebook. I was really confused looking through this thread and reading that it was a loan and would have to be paid back as if that were common knowledge, but no news sources or irs sites had that info.

 

[sstterry]

[ The checks had to be held up to have time to program them to have the Orange One's one's name on them.

I fixed that for you

 

[herofan]

I did, however, see on a local news site where some dead people are mistakenly getting checks for $1200. I can understand how that might need to be paid back, but the article only read that the IRS was working on correcting the mistake.

 

[jltrent]

Nope.................