So speaking of coronavirus and loans...

[Dottleshead ★]

I just made my first mortgage payment after my refi (only 359 to go) and I'm making my first  big car payment this month too.  I really know when to make these financial moves.  I got good timing.  Now maybe I'll lose my job for the trifecta.

[Prophet Zacharia]

AM I the only person  to just realize today that the stimulus checks being sent out are actually an advance of our next year’s tax returns? So I can be reassured that all corporate monies paid will be repaid in future taxes?

[Dirtyhip]

11 minutes ago, Prophet Zacharia said:

AM I the only person  to just realize today that the stimulus checks being sent out are actually an advance of our next year’s tax returns? So I can be reassured that all corporate monies paid will be repaid in future taxes?

Yikes.  

This is no help for most, if that is the case.

[Dirtyhip]

19 minutes ago, Prophet Zacharia said:

AM I the only person  to just realize today that the stimulus checks being sent out are actually an advance of our next year’s tax returns? So I can be reassured that all corporate monies paid will be repaid in future taxes?

Do you have a news article or some info on this?

[Guest]

32 minutes ago, Prophet Zacharia said:

AM I the only person  to just realize today that the stimulus checks being sent out are actually an advance of our next year’s tax returns? So I can be reassured that all corporate monies paid will be repaid in future taxes?

What I read called it a tax credit on 2020 taxes. When you do your taxes for 2020 it will clarify that you received the correct amount of stimulus money. If you received too little you get a credit for the balance. If you did receive too much no repayment is required. I’m a bit Leary if that last part but that is what the article said.

[Dirtyhip]

1 hour ago, Zackny said:

What I read called it a tax credit on 2020 taxes. When you do your taxes for 2020 it will clarify that you received the correct amount of stimulus money. If you received too little you get a credit for the balance. If you did receive too much no repayment is required. I’m a bit Leary if that last part but that is what the article said.

I read a business Insider article that read that the money will not be taxed and that it doesn't need to be paid back.  I am leery.  This administration doesn't tell the truth.  I wouldn't put it past them to flip the script, after November and we have to give it back.  I am very very cautious about this money.

https://www.businessinsider.com/personal-finance/coronavirus-stimulus-check-questions-answers-2020-4