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Thread: The Covid-19 $1,000 Handouts? :)

  1. #21
    Again, more of the same guessing and misinformation sprinkled in with a few facts.

    Here's the truth: the qualifications WILL be based on tax returns from the 2018 calendar year. If a person didn't file that year then they will not receive a check. Pretty simple. And, of course, there's the income amount restrictions of $75k for a single filer and $150k for joint filers, where the $1200/person amt. (or whatever they settle on) gets reduced all the way to zero once the income level hits $99k/$198k. Probably of little importance to many gamblers is the additional $500/child to income-qualified tax payers. Of more importance is how the qualifying income levels are based on AGI, which means those W2G's come into play BEFORE deductions for losses.

    Saying SS provides "little income" is irrelevant. Anyone who's worked and contributed the tax gets it. We both get about $2500/mo. each in SS benefits and I agree, it's not a lot to live on. But the distribution of $1200 checks completely disregards pensions, investments, retirement accounts etc. unless your income exceeds the limits because of these things. In ourparticular case, we both also receive about $2500 each in pensions, which keeps us as joint filers under the limits unless we had $78,001 in additional income from other sources for 2018. And this is where the W2G's, interest, dividends, etc. would come into play because of the AGI baseline.

  2. #22
    It is still all up in the air but they said they are going to give 600 dollars to individuals who didn't pay any tax as well.
    Those whose income was so low they didn't have any tax liability
    However, like I say it is all still being worked out and I certainly wouldn't expect them to move very fast.
    It would be a miracle if checks get out in 30 days.
    Expect delays, problems and theft through scams.
    The argument is that giving up 2 Trillion Dollars is going to do more harm than good in the long run.
    I tend to agree with that but it will probably pacify the masses for a little more time that they need.

    The truth is most people were too busy partying.
    They claim not to take your money out of banks but I am taking most of mine out and converting it into other assets.
    Personally, I believe you can't go wrong with guns and ammo because if it is a false alarm they can be reconverted back to cash.
    Usually with no loss and many times I have actually made a profit when I sold.
    I probably have enough food for 12 to 18 months.
    They laughed at me when I was buying boxes of MREs.
    Course you have to be careful with storage.

    Some people have prepped for up to 7 years which is truly impressive.
    Last edited by monet; 03-21-2020 at 01:57 PM.

  3. #23
    This is twice now that I have posted accurate information, as of the time I posted and Rob has come on a couple hours later, as new information has been released and acted like anyone posting before this new information was released intentionally posted mis-leading information. This bill was being negotiated TODAY, so of course there was new information as the day went on. How sad of you Rob to be carrying on this way, your typical way in these times. You really are a very small person.

    Midwest Player: this is not a discussion of whether current Social security payments are enough for people to live on. That is a different discussion and maybe you should write your congressperson and Senator. The purpose of this financial relief is to help people who have lost jobs and income streams due to THIS crisis and social security doesn't really enter into that. That stream of income in supposed to be unaffected.

    As per the idea that it will be based on tax returns from 2018, doesn't that leave out most people on Social security? Most people on Social security that have only Social security as income don't earn enough to owe anything and as a result are not even required to file. So most don't file.

  4. #24
    Typical of you kew to not wanting to be corrected with the facts. The info I posted was available last night. My guess is you're just slow.

    More info today: dems want to add $200/mo. to SS recipients thru 2021.

  5. #25
    Originally Posted by monet View Post
    It is still all up in the air but they said they are going to give 600 dollars to individuals who didn't pay any tax as well.
    Those whose income was so low they didn't have any tax liability
    However, like I say it is all still being worked out and I certainly wouldn't expect them to move very fast.
    It would be a miracle if checks get out in 30 days.
    Expect delays, problems and theft through scams.
    The argument is that giving up 2 Trillion Dollars is going to do more harm than good in the long run.
    I tend to agree with that but it will probably pacify the masses for a little more time that they need.

    The truth is most people were too busy partying.
    They claim not to take your money out of banks but I am taking most of mine out and converting it into other assets.
    Personally, I believe you can't go wrong with guns and ammo because if it is a false alarm they can be reconverted back to cash.
    Usually with no loss and many times I have actually made a profit when I sold.
    I probably have enough food for 12 to 18 months.
    They laughed at me when I was buying boxes of MREs.
    Course you have to be careful with storage.

    Some people have prepped for up to 7 years which is truly impressive.
    This free money will be direct deposited within a week after it's approved. Fools who still work with checks deserve to have to wait forever.

  6. #26
    Originally Posted by kewlJ View Post
    This is twice now that I have posted accurate information, as of the time I posted and Rob has come on a couple hours later, as new information has been released and acted like anyone posting before this new information was released intentionally posted mis-leading information. This bill was being negotiated TODAY, so of course there was new information as the day went on. How sad of you Rob to be carrying on this way, your typical way in these times. You really are a very small person.

    Midwest Player: this is not a discussion of whether current Social security payments are enough for people to live on. That is a different discussion and maybe you should write your congressperson and Senator. The purpose of this financial relief is to help people who have lost jobs and income streams due to THIS crisis and social security doesn't really enter into that. That stream of income in supposed to be unaffected.

    As per the idea that it will be based on tax returns from 2018, doesn't that leave out most people on Social security? Most people on Social security that have only Social security as income don't earn enough to owe anything and as a result are not even required to file. So most don't file.
    Some states tax SS income but it's usually based on income level.
    "More importantly, mickey thought 8-4 was two games over .500. Argued about it. C'mon, man. Nothing can top that for math expertise. If GWAE ever has you on again, you can be sure I'll be calling in with that gem.'Nuff said." REDIETZ

  7. #27
    Originally Posted by Rob.Singer View Post

    More info today: dems want to add $200/mo. to SS recipients thru 2021.
    What is the rationale for this? I mean Dems in general and people like Elizabeth Warren champion the idea of raising social security all the time, claiming that social security is just too little for people to live on. BTW, social security was not designed to be anyone's sole source of income, it was always suppose to supplement retirement, but again, that is a different discussion for a different time. THIS relief is supposed to be about providing money to hold people that have lost jobs or had hours severely cut due to this crisis and for the most part that isn't people on social security. Their social security income is supposed to go on unaffected.

    I am not against people on social security and any kind of stimulus should probably include them as they should run out and spend any extra money buying things they can't normally afford to on their shoe string budget, which of course would stimulate the economy. So that's fine. I just feel like this is typical Washington Politics. This is a bill specifically to help people who lost their income due to this specific emergency and different senators are molding it to include their own "wish list" stuff.

  8. #28
    Originally Posted by mickeycrimm View Post

    Some states tax SS income but it's usually based on income level.
    Wait! You guys have to pay income tax to your states too? What suckers!

  9. #29
    Originally Posted by Rob.Singer View Post
    Again, more of the same guessing and misinformation sprinkled in with a few facts.

    Here's the truth: the qualifications WILL be based on tax returns from the 2018 calendar year. If a person didn't file that year then they will not receive a check. Pretty simple. And, of course, there's the income amount restrictions of $75k for a single filer and $150k for joint filers, where the $1200/person amt. (or whatever they settle on) gets reduced all the way to zero once the income level hits $99k/$198k. Probably of little importance to many gamblers is the additional $500/child to income-qualified tax payers. Of more importance is how the qualifying income levels are based on AGI, which means those W2G's come into play BEFORE deductions for losses.

    Saying SS provides "little income" is irrelevant. Anyone who's worked and contributed the tax gets it. We both get about $2500/mo. each in SS benefits and I agree, it's not a lot to live on. But the distribution of $1200 checks completely disregards pensions, investments, retirement accounts etc. unless your income exceeds the limits because of these things. In ourparticular case, we both also receive about $2500 each in pensions, which keeps us as joint filers under the limits unless we had $78,001 in additional income from other sources for 2018. And this is where the W2G's, interest, dividends, etc. would come into play because of the AGI baseline.
    Mr Singer is not entirety correct in his analysis. If you are a professional gambler and file as a business (Sch C), losses are deducted above the line (before adjusted gross income) For those that deduct losses as an itemized deduction, Mr Singer is correct and you are probably screwed.

    From my reading of KJ's posts in the past, I believe he mentioned he files as a business with self employed income. If he didn't state this directly it was implied by reading between the lines so he would be okay as long as his income is below $99,000 for 2018.

    By the way, my social security is taxed at the max of 85% for both 2018 and 2019. I think a lot of folks on social security file income tax returns.
    Last edited by Midwest Player; 03-21-2020 at 05:00 PM.

  10. #30
    Originally Posted by kewlJ View Post
    Originally Posted by mickeycrimm View Post

    Some states tax SS income but it's usually based on income level.
    Wait! You guys have to pay income tax to your states too? What suckers!
    I don't draw enough to have to pay state taxes. I think its only if you make 30K or more a year. Something like that.

    But in Montana we don't have any sales taxes. Suckers.
    "More importantly, mickey thought 8-4 was two games over .500. Argued about it. C'mon, man. Nothing can top that for math expertise. If GWAE ever has you on again, you can be sure I'll be calling in with that gem.'Nuff said." REDIETZ

  11. #31
    Originally Posted by Midwest Player View Post

    From my reading of KJ's posts in the past, I believe he mentioned he files as a business with self employed income. If he didn't state this directly it was implied by reading between the lines so he would be okay as long as his income is below $99,000 for 2018.

    By the way, my social security is taxed at the max of 85% for both 2018 and 2019. I think a lot of folks on social security file income tax returns.
    Midwest P: I will start with "a lot of people on SS file income tax returns". I don't think that is the case for most people on SS. I recently read that for most people on SS, that is their only income (again, not how it is designed) and those people would not be required to even file.

    As per my specific situation, as a member of other forums we are both on, you know how much grief I get because I share numbers of what I make. So I have tried to stop doing that. But, I have said enough times that my income level is in the upper 5 figure range on average. With the variance of what I do (even more than other AP's), that means I have years touching 6 figures and years in the 60's like last year after a few negative weeks at the end. So happens if they are using 2018, that is not going to go well for me, as that was one of the years on the upper end of the curve. Strange to being saying that: It was a good year, so not going to go well for me in this case.

    That's fine though. Like I said this is designed for working people that lost their income and probably don't have much in reserve and are going to be in trouble financially within a short period of time. That is not me. While I have lost my income stream, I am fortunate enough to be in a place in my career that I have significant reserve. I would take it, if it so happened I qualified, but I would much rather people that really need this relief (immediately) get it.


    Originally Posted by mickeycrimm View Post
    Originally Posted by kewlJ View Post
    Originally Posted by mickeycrimm View Post

    Some states tax SS income but it's usually based on income level.
    Wait! You guys have to pay income tax to your states too? What suckers!
    I don't draw enough to have to pay state taxes. I think its only if you make 30K or more a year. Something like that.

    But in Montana we don't have any sales taxes. Suckers.
    Good one Mick. I would take that trade, no sales tax over no state income tax.

  12. #32
    KewlJ wrote:

    "I would take it, if it so happened I qualified, but I would much rather people that really need this relief (immediately) get it."

    You did not have to write that as we already know that you would take it. After all, you could not wait to go to Starbucks and spend Tasha's $25 gift card.

  13. #33
    Originally Posted by BoSox View Post
    After all, you could not wait to go to Starbucks and spend Tasha's $25 gift card.
    WoW Bosox, just WoW!

    I have no regrets about that. Tasha is a big girls or boy or whatever she is. She sent the card, I took it. I didn't tell her to make those stupid attention grabbing offers.

  14. #34
    Originally Posted by kewlJ View Post
    Originally Posted by mickeycrimm View Post

    Some states tax SS income but it's usually based on income level.
    Wait! You guys have to pay income tax to your states too? What suckers!
    After your governor shut the casinos you'll be looking at a state income tax too. And probably a higher sales tax.

  15. #35
    Originally Posted by AndrewG View Post

    After your governor shut the casinos you'll be looking at a state income tax too. And probably a higher sales tax.
    Thanks for weighing in Alan. Hope you are healthy and remain that way. Sincerely....take care of yourself in these times.

  16. #36
    Originally Posted by Midwest Player View Post
    By the way, my social security is taxed at the max of 85% for both 2018 and 2019. I think a lot of folks on social security file income tax returns.
    You misspoke Mr Midwest Player. Your Social Security is not taxed at 85% but 85% of it can be taxable.

  17. #37
    Originally Posted by kewlJ View Post
    Originally Posted by AndrewG View Post

    After your governor shut the casinos you'll be looking at a state income tax too. And probably a higher sales tax.
    Thanks for weighing in Alan. Hope you are healthy and remain that way. Sincerely....take care of yourself in these times.
    Who is this Alan?

  18. #38
    Originally Posted by AndrewG View Post
    Originally Posted by kewlJ View Post
    Originally Posted by AndrewG View Post

    After your governor shut the casinos you'll be looking at a state income tax too. And probably a higher sales tax.
    Thanks for weighing in Alan. Hope you are healthy and remain that way. Sincerely....take care of yourself in these times.
    Who is this Alan?
    Do you own a mirror?

  19. #39
    Originally Posted by AndrewG View Post
    Originally Posted by kewlJ View Post
    Originally Posted by mickeycrimm View Post

    Some states tax SS income but it's usually based on income level.
    Wait! You guys have to pay income tax to your states too? What suckers!
    After your governor shut the casinos you'll be looking at a state income tax too. And probably a higher sales tax.
    We don't have any sales tax and as far as getting one its a bad issue for a politician to get into. The state gets 5% of the gambling win and it runs about 55 million a year.
    "More importantly, mickey thought 8-4 was two games over .500. Argued about it. C'mon, man. Nothing can top that for math expertise. If GWAE ever has you on again, you can be sure I'll be calling in with that gem.'Nuff said." REDIETZ

  20. #40
    Originally Posted by kewlJ View Post
    Originally Posted by AndrewG View Post
    Originally Posted by kewlJ View Post

    Thanks for weighing in Alan. Hope you are healthy and remain that way. Sincerely....take care of yourself in these times.
    Who is this Alan?
    Do you own a mirror?
    I must have missed it. Why do some think AndrewG is Alan M?

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