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-   The Villages, Florida, Non Villages Discussion (https://www.talkofthevillages.com/forums/villages-florida-non-villages-discussion-93/)
-   -   Why are us retires getting a check? (https://www.talkofthevillages.com/forums/villages-florida-non-villages-discussion-93/why-us-retires-getting-check-304433/)

Kerry Azz 04-01-2020 06:13 AM

Guessing you never read the details
 
Quote:

Originally Posted by Tom53 (Post 1734502)
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.:MOJE_whot:

dewilson58 04-01-2020 06:21 AM

Quote:

Originally Posted by kerry azz (Post 1737727)
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 04-01-2020 08:05 AM

Quote:

Originally Posted by ChicagoNative (Post 1737184)
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 04-01-2020 04:20 PM

Quote:

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.
Quote:

Originally Posted by Kerry Azz (Post 1737727)
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

Quote:

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.
Quote:

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 04-01-2020 06:08 PM

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


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