Quote:
Originally Posted by Regor
What a dumb idea! Pay all us retires $1200 for what? I'm not being affected financially at all by the virus pandemic. I will still get my SS check each month along with a pension check.
That money should be going to people that have been put out of work and are in need!
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I may mistaken but have seen this on several web sites.
The $1200 checks will be payed back in the 2020 tax year as a deduction on our refunds or a increase in our tax debt. I read this to mean that if I was going to receive a $2,000 tax return next year I would first be debited the $1,200, and only receive $500 for my 2020 tax return. Not sure how they plan to handle the people who actually own taxes or do not receive a refund greater than the $1,200 but I for one plan on banking my $1,200 until I know for sure I won't be charged for it next year. Experience has shown that there is seldom a free lunch.