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2nd stimulus check
beneteau
Member Posts: 8,552 ✭✭✭
Just checked our checking account and it appears $1,200 was deposited in our account on January 1. I can only assume this is the 2nd round of stimulus money. Anyone else received it, yet?
Comments
Pending....
Yes
yep, last wednesday
Not me.
Got our' 1,200 on Dece 28 . So will be on the income, to pay taxes on for 2020.
I keep posting the answer to this but it seems nobody takes the time to read it;
Are the second stimulus checks taxed? No, they're still tax free - Business Insider
So spend it all here on GB and get something cool. Bob
Didn't get a first, won't get a second. I gave the $600 I did not get to the food bank.
Just to clarify here, nobody should officially have it until tomorrow. It might be a pending deposit. I know that's the case for us.
If you needed it, I hope you get it and it helps. If you're fortunate enough to not need it, donate it or spend it on local food, merchandise, tips, etc.
Jon
That earned you a promote.
Hoosier, wife checked on line & saw that it doesn't count as income?? Maybe she looked on a dumbocrat site.
Yep, we received ours and it is available.
If you can't feel the music; it's only pink noise!
Same here.
🙂
We received ours on the 2nd, as available to withdraw. It could be pending, but with more in the account than check was for, the bank doesn't pend it.
Wife unit donated most of it to a woman's shelter I believe.
I've found it best to not ask questions of she who shall be obeyed.
Went to my daughter’s across the county today. I saw all the banks and credit unions had lines around the block.
You should have seen the parking lot of the local medical marijuana dispensary. Bunch of folks must have been in pain lately or are expecting to have a terrible onslaught of pain in the near future.
Or, save it for your grandchildren. They will be the ones paying it back.
Brad Steele
Got ours.
We gave away the first one, we will give away this one.
I am still trying to verify this but I believe that if you itemize your deductions on your income tax, donating your stimulus may be tax deductible as well. If so the charity wins and you may win by paying less taxes. Win - Win situation. Bob
Kids and grandkids will get that and more. Good luck, Uncle Sam, getting it back from them.
I'm giving mine to the men's shelter down by the corner.
BobJudy, it will be no different than any other tax deductible contribution.
so let me get this straight - the government is going to give me money that I didn't ask for that doesn't count as income on my taxes. Then when I give this money to charity that didn't count as income it can be deducted from my actual taxable income. So if I give away the governments money I will pay less in taxes, costing the government even more money. I have a headache and no wonder the government is broke and in debt up to its beady little eyeballs. Bob
Bob, it is enough that you understand the politicians are in it for public service and not the money.
Just checked on ours. IRS site says it was deposited to the same bank account the check in April was deposited to. Problem is I closed that account some time ago. I thought it would be deposited to the same bank my Social Security check goes to. Now from what I read it may be months before I get a paper check. I made a payment to the Infernal Revenue a few weeks ago from my new bank account but that doesn't seem to matter.
Bobjudy, they (the taxpayers) gave it to you. It is just like any other credit (child credit, EITC, retirement savings contribution credit, education credit, etc). It comes without restrictions so you can spend it however you wish. Use it to pay a deductible medical bill, your deductible property tax, your mortgage payment which has a deductible mortgage interest portion, etc. If someone is self-employed, they could use it to pay for a deductible business expense.
If someone gives you a gift of cash, that is not taxable to you and you can use it to your liking, whether it would benefit you on taxes or not. And if someone is wondering about the "gift tax", the gift tax is on the person who gives up the money and not on the person who receives it.
gruntled2, it will be automatically sent to the same account that the first stimulus check went to. That bank info cannot be changed with them because they are concerned about someone fraudulently accessing the portal and changing bank account info on someone. The bank will send it back to the IRS as a non-existent account and then the IRS will send out the payment through the mail to the latest address on their file.
Where it really gets frustrating to the taxpayer is if that taxpayer has moved since their last tax filing and did not file the change of address form with the IRS.
For the first stimulus, they used your latest federal income tax direct deposit banking information; your Social Security direct deposit banking information may be different.
For the record, the federal government has no money; it is just a mechanism for re-distributing the peoples' money.
Neal
not necessarily, I didn't get the 1st one and have been living at , filing and paying taxes from the same address for over 25 years and still had to go on-line and give them the same bank information that they had from me paying my taxes from
Yeah I understand it, but I think this stimulus was handled with the typical government inefficiency. More than half of the recipients of this stimulus had no economic losses in this last year. Probably the bulk of them will simply leave the money in the bank and that won't help the economy to any great extent. Charities may benefit a little and that money will get into the economy but that will probably be a small percentage. Those that incurred financial hardship aren't going to be helped much by a whopping $600. As I have stated on here before I have no problem with the extra unemployment, ( extra amount and length of eligibility ), because that would actually go to those impacted. Other than an attempt to buy votes what is a good reason to give money to people like government workers who never missed a paycheck? The federal government employs about 9 million workers and if you add to that all state and local employees that never missed a paycheck it will come to almost 10% of the workforce.
So yes, I understand the tax deductions but I guess my disgust with the whole process of the way the stimulus was handled bled over into my comments last night. My apologies to all for allowing my disgust to somewhat change the initial topic. But between my ranting and several cups of coffee this morning my attitude is getting back to normal. This forum sure is a lot cheaper than professional therapy would be. Bob
Bob, I completely agree that those whose income was not affected by this mess should not have received a stimulus payment. The feeding frenzy these stimulus checks have created is almost been like that JG Wentworth commercial "It's my money and I want it now!!!". Many many people are absolutely willing to be controlled by the dangling of a little money in front of them. Our nation is rapidly turning from a society of individuals that wants to work and progress themselves to a society that just wants to be taken care of.
Dear IRS, I am currently in prison, am I entitled to an economic stimulus check?
Answer:
I've been trying to read and understand the tax impact of the stimulus payments. If im wrong please step in and correct me.
The way I read it is that it is in essence a prepayment/advance of future tax refunds.
If so, a person might end up not getting any money back when they file taxes for the next few years until the amount refunded finally exceeds the amount advanced through stimulus payments.
Yes or no? If so, I can see a MAJOR holy crap coming.
I don't think so Susie. It is in the form of a refundable tax credit. Magic money that came out of nowhere and will have no effect on your taxes for the time being. Of course they may have to raise everyone's taxes in the future to get the government out of hock. Bob
Isn't each adult supposed to get the $600 payment? Mine went into the bank account on January 4 but none for my wife. I just ran both of our SSNs through the IRS site and the IRS says both were deposited on the 4th. Of course, typical government site, there is no way to as a question, just read their FAQ and hope the answer is there. It is not.
I'm apparently getting nothing from this $600 thing. Wife and I must be rich. I didn't realize that. 😀
I received nothing first time around and won't this time as well.
Wife unit and I each received $600. We have 2 minor dependents at home. They each received $600 apiece.
I had to sit at home for 2 weeks in December because one of my daughters had flu like symptoms, but otherwise have not been impacted. Wife unit teaches school from home, on zoom, and likes it that way.
So a woman's shelter wins.
Wife unit???
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