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US Approved Corvid Stimulus Package- Where's The Money


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29 minutes ago, OnMyWay said:

I would be fine if they exclude the ITIN spouse from getting a payment, but to exclude the whole family for simply filing a joint return with a ITIN on it!  Ridiculous!

On a side note, there are millions of non-citizens who have SS numbers.  They will get the payment.  No problem.

Yea, I agree. Makes no sense whatsoever. We were in the same situation when we lived there so I empathize. There is precedence though, the 2008 stimulus checks had the same exclusion so this is not new. I signed the petition, hope it helps. Regards.

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Different countries are doing different things... Australia has chosen to double the amount of the unemployment benefit (yes a 100% increase, reduce to the waiting period to 1 week, remove the asset t

3 pm Just pulled the first P 20k Stimulus check money via ATM out of my account. Ronald Reagan's name was printed on the receipt. 

If you have not heard for Americans, the money(stimulus checks/deposit) for the Corvid-19 problems has been approved  by Congress. If you are retired and getting Soc. Security, you should see som

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On 4/23/2020 at 11:32 PM, bastonjock said:

If borrowing goes on at this months rate for 6 months , it will take decades to repay

Repay to whom? Why does 'someone' get to profit off this when we all have to give free rent and miss out on our work?

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11 hours ago, OnMyWay said:

This is an appeal for help from our U.S. Citizen members.  Some of you may be in the same boat as I am, and will not get a stimulus payment unless something changes.  There is a online petition at WhiteHouse.gov.  This a non-partisan way of getting the attention of the Whitehouse and was started during the last administration.

The text of the petition says it better than I can:

Millions of Americans are being excluded from getting a stimulus check from the IRS due to the discrimination in the Cares act bill against Mixed status families. Those who file joint returns with SSNs and ITIN numbers have been completely disqualified as an entire family from getting this much needed assistance (with the exception of military families). We pay our taxes every year and demand to be included at least for those who have SSNS on those returns. We are AMERICAN CITIZENS and so are our children and we demand to be included. No taxpayer left behind act or a new amendment including those with SSNs on joint returns with ITIN holders.

It only takes your e-mail and name to sign it.

https://petitions.whitehouse.gov/petition/include-mixed-status-ssn-itin-cares-act-economic-relief-fund?fbclid=IwAR3xz5D0KBnF-Tc34BE1JnVv5D5AEI0-sgKuPv5-6IBU-aAOxhtEUVmiCnE

I would be fine if they exclude the ITIN spouse from getting a payment, but to exclude the whole family for simply filing a joint return with a ITIN on it!  Ridiculous!

On a side note, there are millions of non-citizens who have SS numbers.  They will get the payment.  No problem.

 

Not sure if this helps Don.  My sister has been doing accounting and taxes for 35+ years and works for a CPA near DC.  One thing she mentioned to me is when you file next years taxes, there will be a question if you have received the assistance check in any form.  If not you will receive it through a tax credit/refund.  Also they have been informed by the IRS that the paper checks being mailed out will go to the lowest income earners first and work the way up.  Hope that helps a little.  If you need further clarification let me know and I can inquire further or PM you her contact info for you to call her direct.  Otherwise you own CPA should be able or may have already informed you of this.:tiphat:

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9 minutes ago, intrepid said:

Not sure if this helps Don.  My sister has been doing accounting and taxes for 35+ years and works for a CPA near DC.  One thing she mentioned to me is when you file next years taxes, there will be a question if you have received the assistance check in any form.  If not you will receive it through a tax credit/refund.  Also they have been informed by the IRS that the paper checks being mailed out will go to the lowest income earners first and work the way up.  Hope that helps a little.  If you need further clarification let me know and I can inquire further or PM you her contact info for you to call her direct.  Otherwise you own CPA should be able or may have already informed you of this.:tiphat:

Thanks!  The scenario she is talking about is if you are eligible and don't get it.

I have already done a lot of research and the only way become eligible is to file an amendment for 2019 taxes, take my wife out, and file married filing separately with the kids.  The problem with that is, my taxes will go up $2700, $500 more than the $2200 stimulus payment I would get.  However, there is some hope that the law can be amended.

This CPA talks about it:

 

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14 minutes ago, OnMyWay said:

Thanks!  The scenario she is talking about is if you are eligible and don't get it.

I have already done a lot of research and the only way become eligible is to file an amendment for 2019 taxes, take my wife out, and file married filing separately with the kids.  The problem with that is, my taxes will go up $2700, $500 more than the $2200 stimulus payment I would get.  However, there is some hope that the law can be amended.

This CPA talks about it:

Ok, I understand now.  Hopefully the petition will make a change.

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"The ITIN program was created by the IRS in July 1996 so that foreign nationals and other individuals who are not eligible for a Social Security number (SSN) can pay the taxes they are legally required to pay." - https://www.americanimmigrationcouncil.org/research/facts-about-individual-tax-identification-number-itin

And by doing what they are legally required to do their entire family is excluded from the stimulus benefit. I've read a number of articles about this but I haven't seen anything that attempts to provide a reason or rationale for excluding the benefit to an entire family because one member had an ITIN.

If they did somehow admit it was a mistake (not something government agencies usually do) I would think it would need to be made retroactive to at least the 2008 stimulus checks which also excluded so-called "mixed status" families. Millions of dollars (+ interest?) would have to be repaid, in many cases to estates. It would be a logistical nightmare at the worst time. I hope I'm wrong but I don't think it's likely to happen.

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5 hours ago, AusExpat said:

Repay to whom? Why does 'someone' get to profit off this when we all have to give free rent and miss out on our work?

 

My understanding is that there is a world bank , governments borrow from this world bank and have to repay that loan 

To repay the loan ,they will raise taxes

I bet the chinese are the ones who will profit from this pandemic

They have trillions of dollars to lend to the world bank

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8 hours ago, bastonjock said:

My understanding is that there is a world bank , governments borrow from this world bank and have to repay that loan 

To repay the loan ,they will raise taxes

I bet the chinese are the ones who will profit from this pandemic

They have trillions of dollars to lend to the world bank

But who owns the World Bank and IMF? And why can't the governments tell them to stick it like everyone else?

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38 minutes ago, AusExpat said:

But who owns the World Bank and IMF? And why can't the governments tell them to stick it like everyone else?

Try google for your answers , the worldbank is part of the un system , the IMF was set up to help economies in times of financial crisis 

As far as telling them both to stick it , i have no idea what the consequences would be 

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11 hours ago, bastonjock said:

 

My understanding is that there is a world bank , governments borrow from this world bank and have to repay that loan 

To repay the loan ,they will raise taxes

I bet the chinese are the ones who will profit from this pandemic

They have trillions of dollars to lend to the world bank

World Bank loans mainly poor countries, not countries like UK and US.  UK and US just print money to give themselves a "loan".  There are consequences.

Here is a good one.  Some well know leftist democrats have proposed some wildly expensive relief bills in the U.S.  One of them proposes to give every person in the U.S. (citizens or non-citizen, legal or not legal, unemployed or employed) $2000 on a debit card.  And this is for children too.  So a family of 5 like mine would get $10,000.  Then, each month $1000 would be added to the debit card, so my family would get $5000 a month.  This would last until 12 months after the pandemic is declared over.

Nobody would go back to work and some of those employed would quit!

So how would they pay for it?  The U.S. would mint 2 gold coins worth 1 trillion dollars each!  Backed by the full faith and credit of the U.S. government!

Where would they keep those?  I could see a heist movie being made about stealing them!  Who could you sell them to?  China?

 

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