So next January ...

[MtnMan]

Are they going to be mailing out 1099 forms for all the 'free' money they are giving out, so we can report it as income when we file our taxes next year?

 

[pauldun170]

Why wouldn't they?

 

[Bird222]

Of course.

 

[allisolm]

It's income. Be happy if they don't demand it back - with interest.

 

[jman19]

Yes of course. So much winning.

 

[fskimospy]

No the direct payments are untaxed. It is essentially a refundable tax credit for 2020’s taxes.

 

[jayzds]

^^
No. It would be a cluster fuck if the IRS had to get 1099's out when dealing with people who died, moved, etc...

 

[fskimospy]

Also by the way from my understanding it’s currently based on your 2018 or 2019 income but will eventually be based on your 2020 income but biased in your favor.

For example if you made too much in 2019 to be eligible but then lost your income in 2020 you probably won’t get anything now but will get paid next year when you do your taxes. On the other hand if you make more this year than last year and wouldn’t be eligible they won’t demand it back.

 

[dank69]

Also by the way from my understanding it’s currently based on your 2018 or 2019 income but will eventually be based on your 2020 income but biased in your favor.

For example if you made too much in 2019 to be eligible but then lost your income in 2020 you probably won’t get anything now but will get paid next year when you do your taxes. On the other hand if you make more this year than last year and wouldn’t be eligible they won’t demand it back.

Thankfully the impact this has on the deficit won't be felt until well after the election.

 

[fskimospy]

Thankfully the impact this has on the deficit won't be felt until well after the election.

The impact this will have on the debt and deficit will primarily be republicans shrieking about a debt crisis as soon as there’s a democratic president.

 

[hal2kilo]

The impact this will have on the debt and deficit will primarily be republicans shrieking about a debt crisis as soon as there’s a democratic president.

Bingo!

 

[dank69]

The impact this will have on the debt and deficit will primarily be republicans shrieking about a debt crisis as soon as there’s a democratic president.

Bingo!

Oh, you guts caught that didja?

Yeah, Dem wins in November and this hits our revenue stream in April? Saying the deficit is a result of the covid bailout will be met with "But but but Trump!"
Trump wins in November? Deficits don't matter!

 

[JEDIYoda]

As I was told by the my rep who works for the county, this check will not bew counted as income! It will not affect your eligibility for services that are based on what you make per year....such as medi cal and other programs! Finally you will NOT have tpo report this to the feds on your taxes as income!

 

[MtnMan]

^^
No. It would be a cluster fuck if the IRS had to get 1099's out when dealing with people who died, moved, etc...

No different than employers sending out W-2's, banks and investment firms sending 1099's.