[tophcfa]

Because retirees are people too, and many desperately need the money. Many retirees live on a fixed income that goes up by X every year, while their expenses go up by X squared. Those retirees that are fortunate enough to not need the money are free to donate it as they wish.

[manaboutown]

I am glad we US retirees are receiving checks.

[skip0358]

Hate to break some peoples bubble but there are many people in TV that work to supplement their pensions or social security checks because they need to make ends meet. Yea the younger people lost their jobs but so did a lot of older people living here that needed to work. Not only the Bars & Restaurants are closed but many of the stores are also closing now. Remember that when we go back out to play again. Remember that when you ask why are retirees getting these checks? We're not all rich and well off,we don't all have a stock portfolio or huge amounts of money stashed away. There are those that are or were living day to day. If you were successful in the workforce good for you. Not everyone was which is why some people left where they were and moved here. The Villages is at least half of what I was paying up North and I couldn't stay there so we moved. I know I'm not alone so remember that!

[ChicagoNative]

The latest info is that the stimulus is based on 2018 filing. If you’ve already filed 2019, they will use those those more current figures.

Ours is a situation that I’ve not seen discussed so far: We sold our longtime northern home in 2019 and downsized to a small condo. We made a profit which artificially inflated our 2019 income and resulted in a huge tax amount due. We already filed and paid, so we will not qualify. $2400 isn’t going to make or break us, but it would’ve been nice to have, because we certainly don’t make what our 2019 return shows.

At this point, we’re thankful for our health and praying for the whole world.

[CFrance]

Originally Posted by ChicagoNative

The latest info is that the stimulus is based on 2018 filing. If you’ve already filed 2019, they will use those those more current figures.

Ours is a situation that I’ve not seen discussed so far: We sold our longtime northern home in 2019 and downsized to a small condo. We made a profit which artificially inflated our 2019 income and resulted in a huge tax amount due. We already filed and paid, so we will not qualify. $2400 isn’t going to make or break us, but it would’ve been nice to have, because we certainly don’t make what our 2019 return shows.

At this point, we’re thankful for our health and praying for the whole world.

Our son has a similar situation. Because his company was bought by a competitor, each person who had been there a number of years received two shares of stock, resulting in his making $1 over the amount. That was just a one time deal.


When I learned they would base the stimulus check on the last income tax return you filed, I emailed him. He was set to push the button to send his tax return in but will now wait until the July deadline in hopes that he might receive a stimulus check.


He is hardworking and frugal, never bought a new car in his life, makes ends meet on his normal income, put his windfall in savings. If he doesn't get a check and I do, he will get mine. We don't need the money, and he could use it. We already give a generous portion of our earnings to charity and spend a boatload of our income locally.



I am so tired of the last two "tax reforms" benefiting the wealthy and taking it out on the middle class.

[Kerry Azz]

Originally Posted by Tom53

The check will be based on your income, a good number of people here will receive nothing, as it should be. Last I read, the income would be based on your 2018 returns, don't know it that changed.

That’s just not how it’s going to work, if you are on SS and retired you will get a $1200. Stimulus check, if you are a dead beat parent you won’t get a check. Anyone that feels they don’t need or deserve the check can always donate it to a the Wildwood food pantry or another local charity.

[dewilson58]

Originally Posted by kerry azz

that’s just not how it’s going to work, if you are on ss and retired you will get a $1200. stimulus check, if you are a dead beat parent you won’t get a check. Anyone that feels they don’t need or deserve the check can always donate it to a the wildwood food pantry or another local charity.:moje_whot:

maybe.

[Jayhawk]

Originally Posted by ChicagoNative

The latest info is that the stimulus is based on 2018 filing. If you’ve already filed 2019, they will use those those more current figures.

Ours is a situation that I’ve not seen discussed so far: We sold our longtime northern home in 2019 and downsized to a small condo. We made a profit which artificially inflated our 2019 income and resulted in a huge tax amount due. We already filed and paid, so we will not qualify. $2400 isn’t going to make or break us, but it would’ve been nice to have, because we certainly don’t make what our 2019 return shows.

At this point, we’re thankful for our health and praying for the whole world.

As long as you lived in your primary home for 2 of the last 5 years, the first $500,000 of PROFIT is tax-free. Unless you exceeded the cost basis (purchase price plus improvements) by $500k you should not have tax due.

If you didn't have over $500,000 profit after taking out the cost and improvements, you can file an amended return and get your money back.

If you have a capital gain from the sale of your main home, you may qualify to exclude up to $250,000 of that gain from your income, or up to $500,000 of that gain if you file a joint return with your spouse. Publication 523, Selling Your Home provides rules and worksheets

Selling a House? Avoid Taxes on Capital Gains on Real Estate in 2019-2020 - NerdWallet

[blueash]

Posted by Tom53
The check will be based on your income, a good number of people here will receive nothing, as it should be. Last I read, the income would be based on your 2018 returns, don't know it that changed.

Originally Posted by Kerry Azz

Guessing you never read the details

That’s just not how it’s going to work, if you are on SS and retired you will get a $1200. Stimulus check

Right from the mouth of the IRS

Economic impact payments: What you need to know | Internal Revenue Service

Who is eligible for the economic impact payment?

Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds.

I am not typically required to file a tax return. Can I still receive my payment?

Yes. People who typically do not file a tax return will need to file a simple tax return to receive an economic impact payment.

So you need to have filed in 2018 or 2019 and there are income limits. It is simply not true that anyone receiving Soc Sec is getting a check. Being retired or not retired plays no role in the process.

[Bowtorc]

Donate it,send it back or don't cash it. Let others do what they want. Climb down from your pedestal .