Question about stimulus checks.
Page 1 of 2 12 LastLast
Results 1 to 10 of 16
Like Tree24Likes

Thread: Question about stimulus checks.



  1. #1
    Deadeye
    Join Date
    Apr 2017
    Location
    DFW area
    Posts
    507
    Member #
    95778
    Thanked
    1605 times

    Question about stimulus checks.

    Quick question about the stimulus check I got in the mail yesterday. Is it taxable as income?
    shawlerbrook, kah64 and Judson like this.
    Pay no attention to the mess in my shop. My best work comes from chaos!
    NRA Endowment, TSRA life, ex NRA Hi-Power, and Palma.. ..Team Bolt Action Rimfire #191 1948 mod 336A .30-30 mod 375 SC straight grip mod95 .45/70 1948 mod 39A .22 mod 395 .22 XT22VR .22 mod75 .22 Marlin Ballard .22 Team Old Pharts #401

  2. #2
    Site Contributor & Team 444 Co-Captain Super Moderator
    Join Date
    Dec 2006
    Location
    " The Valley" Wisconsin
    Posts
    15,057
    Member #
    2917
    Thanked
    21358 times
    Is my stimulus check taxable income?
    No. When you win the lottery or collect certain legal settlements for example, the IRS will factor those income sources into what you’ve made during the year, and that can bump you to a higher tax bracket with a higher tax rate. But that won’t happen here.

    “The payment is not income and you will not owe tax on your payment,” the IRS said, adding that the money also “will not affect your income for purposes of determining eligibility for federal government assistance or benefit programs.”

    There are also rules on the stimulus money when it comes to bankruptcy, a legal process where indebted consumers pay back their creditors. Judges will not consider the money as income when people apply for a common form of bankruptcy. And if someone’s in a bankruptcy case’s repayment plan, the stimulus check doesn’t count as “disposable income” that could be applied to things like credit card debt.
    https://www.marketwatch.com/story/do...nts-2020-04-18
    Golphin, 336 Fan, kah64 and 5 others like this.
    TO ARMS!!
    Team 444 Co-Captain
    Member #168 1994 444SS
    "The only chance you get to do it right....is the first time."

    There are Rules...Read Them!! CYA.....Cover your ass!
    https://www.marlinowners.com/forum/s...ite-rules.html

  3. #3
    Esteemed Sharpshooter
    Join Date
    Aug 2010
    Location
    Central NY
    Posts
    9,304
    Member #
    17595
    Thanked
    25078 times
    Mr fixit nailed it !
    cajun56 likes this.
    Team 1894 member #67 1977 44 mag.
    Team 35 member #256 1964 Sears M45
    Team 444 member #355 1981 444S
    Team 30 30 member #830
    1980 Marlin 3080 Trail Rider & Win 94 Custom Trapper

  4. Remove Advertisements
    MarlinOwners.com
    Advertisements
     

  5. #4
    Certified Gunnut
    Join Date
    Dec 2012
    Location
    Walker MN
    Posts
    4,057
    Member #
    37112
    Thanked
    10078 times
    Thank you

    DEP

  6. #5
    Tinhorn
    Join Date
    May 2013
    Location
    Arnold, Mo.
    Posts
    84
    Member #
    44790
    Thanked
    104 times
    Go buy a gun!!! Oh and buy down debt
    cajun56 and Land Cruiser like this.
    Are you going to do something or just stand there and bleed?

    Team 444 #795, Team 1894 #610

  7. #6
    Certified Gunnut
    Join Date
    Jan 2015
    Location
    Ohio
    Posts
    4,971
    Member #
    59599
    Thanked
    9154 times
    Still waiting for mine . . .
    gunscrewguy likes this.

  8. #7
    Deadeye
    Join Date
    Apr 2017
    Location
    DFW area
    Posts
    507
    Member #
    95778
    Thanked
    1605 times
    Thanks, Mr. Fixit!
    I can pay off my Visa! That includes the .308 I bought about a month ago on GB, so in a sense I did buy a gun with it.
    I wonder what kind of conditioning causes me to get excited over getting some of my money back from the gov'mnt.
    gunscrewguy and Golphin like this.
    Pay no attention to the mess in my shop. My best work comes from chaos!
    NRA Endowment, TSRA life, ex NRA Hi-Power, and Palma.. ..Team Bolt Action Rimfire #191 1948 mod 336A .30-30 mod 375 SC straight grip mod95 .45/70 1948 mod 39A .22 mod 395 .22 XT22VR .22 mod75 .22 Marlin Ballard .22 Team Old Pharts #401

  9. #8
    Gun Wizard
    Join Date
    Oct 2013
    Location
    Ari, Indiana
    Posts
    3,165
    Member #
    48323
    Thanked
    3677 times
    I wonder what kind of conditioning causes me to get excited over getting some of my money back from the gov'mnt.
    Just consider it a loan. They will get it back sooner or later. Or your kids and grandkids will pay it off.
    Steve_In
    People say money can't buy happiness But it can buy me a Marlin and ammo to shoot in it, dies, powder bullets...

    Team Southpaw #9 TEAM 1894 #400

  10. #9
    Gun Wizard
    Join Date
    Apr 2017
    Posts
    3,158
    Member #
    96186
    Thanked
    8583 times
    It may be considered income for state taxes in some states.
    gunscrewguy likes this.

  11. #10
    Contributing Member
    Join Date
    Apr 2004
    Location
    Ct
    Posts
    10,354
    Member #
    487
    Thanked
    23485 times
    It's my understanding that a lot of people haven't received these checks yet.............
    I received mine last month, same day as SSA................

    Tom
    gunscrewguy likes this.
    NRA LIFE
    NRA Certified Range Safety Officer
    NRA Certified Pistol Instructor
    CCDL

    Treat others the way you want to be treated.


Page 1 of 2 12 LastLast

Home | Forum | Active Topics | What's New | Subscribed Threads

Sponsored Links

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •