Coronavirus Stimulus Aid Package

[S209]

If you give to them or it is your responsibility. Someone who never experienced managing an amount of money that you give them and suddenly stop can lead to disastrous results.

Who is giving it to them? We are discussing the consequence of people being better off than they were pre-COVID. That is an amazing thing, not a terrible one. It’s great if people also learn how to manage their finances, but that is their personal responsibility, not ours.

[aygart]

Who is giving it to them? We are discussing the consequence of people being better off than they were pre-COVID. That is an amazing thing, not a terrible one. It’s great if people also learn how to manage their finances, but that is their personal responsibility, not ours.

It is an amazing thing and I am still very concerned about it.

[Euclid]

Who is giving it to them? We are discussing the consequence of people being better off than they were pre-COVID. That is an amazing thing, not a terrible one. It’s great if people also learn how to manage their finances, but that is their personal responsibility, not ours.

Unfortunately, in our community, someone else's financial missteps are very much our responsibility (either directly via tzedaka campaigns, or indirectly via e.g. school campaigns - covering their shortfall).

I'm not sure if it's a lack of education (Mesilla has been pushing hard on that front), or just a general apathy toward personal financial management (with a dose of misplaced "bitachon"); but sof kol sof it ends up at the rest of the community's doorstep, again and again.

[yesitsme]

[TBD]

Thanks all for your input, and now let's please take back the thread to what it was opened for!

[yesitsme]

Schumer is talking already about the next stimulus

[Deal Guy]

Is the 10200 ui tax free per tax return, or per taxpayer?  Can a married couple get 20,400 tax free?

[yesitsme]

Is the 10200 ui tax free per tax return, or per taxpayer?  Can a married couple get 20,400 tax free?

For a couple that both received unemployment, it'll be $20,400?

[cgr]

The text for the American Rescue Plan, which was recently revised to include a $10,200 UI deduction, indicates the following:
-the $10,200 will not count towards AGI
-if both spouses (joint return) received UI, both receive the deduction

https://www.congress.gov/117/crec/2021/03/05/CREC-2021-03-05-pt1-PgS1291.pdf
Page 100

[TBD]

The text for the American Rescue Plan, which was recently revised to include a $10,200 UI deduction, indicates the following:
-the $10,200 will not count towards AGI
-if both spouses (joint return) received UI, both receive the deduction

https://www.congress.gov/117/crec/2021/03/05/CREC-2021-03-05-pt1-PgS1291.pdf
Page 100

Wow. Its only for AGI under $150K???
I know someone who has $165k and was hoping to use the $10,200 deduction to become eligible for the $1,400, now it seems he will loose both......... ouch

[AsherO]

Wow. Its only for AGI under $150K???
I know someone who has $165k and was hoping to use the $10,200 deduction to become eligible for the $1,400, now it seems he will loose both......... ouch

Doesn't it taper off above $150k and this 165k person would get partial? This stuff changes so often it's hard to keep track and best to wait until it passes for all the nitty gritty.

[cgr]

Doesn't it taper off above $150k and this 165k person would get partial? This stuff changes so often it's hard to keep track and best to wait until it passes for all the nitty gritty.

There's a hard stop at 160k for joint filers (80k for individuals).

[AsherO]

There's a hard stop at 160k for joint filers (80k for individuals).

Shouldn't the $10,200 not count towards AGI and thus get them below the $160 threshold?

[cgr]

Shouldn't the $10,200 not count towards AGI and thus get them below the $160 threshold?

The $10,200 income deduction is only for those with an AGI of $150k or less.

[TBD]

There's a hard stop at 160k for joint filers (80k for individuals).

But if the UI deduction reduces the AGI than it would of helped, if not of the $150K limit

[TBD]

Shouldn't the $10,200 not count towards AGI and thus get them below the $160 threshold?

I guess contributing towards IRA can still help

[AsherO]

The $10,200 income deduction is only for those with an AGI of $150k or less.

Doubly screwed. Priced out of the Ds generosity, but still on the hook for the 1.9T hit to the national debt.

Triply screwed if you count the $10.2K deduction and $1400/person checks separately.

[TBD]

Doubly screwed. Priced out of the Ds generosity, but still on the hook for the 1.9T hit to the national debt.

Triply screwed if you count the $10.2K deduction and $1400/person checks separately.

How did Bernie claim? People who received checks under Trump won't receive it under Biden!!!!

[cgr]

Wow. Its only for AGI under $150K???
I know someone who has $165k and was hoping to use the $10,200 deduction to become eligible for the $1,400, now it seems he will loose both......... ouch

AGI after application of sections 86, 135, 137, 219, 221, 222, and 469
Maybe these deductions get him under the $150k threshold?

[TBD]

AGI after application of sections 86, 135, 137, 219, 221, 222, and 469
Maybe these deductions get him under the $150k threshold?

Is it worth reading thru the whole IRS code now?