Author Topic: Coronavirus Stimulus Aid Package  (Read 152976 times)

Offline TBD

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Re: Coronavirus Stimulus Aid Package
« Reply #1100 on: March 11, 2021, 02:28:26 PM »

I still can't make sense out of the phaseout- the $2k is available to MFJ earning up to 400k, so ideally there should be no overpayment in advance.
https://www.kiplinger.com/taxes/602378/congress-passes-3000-child-tax-credit-for-2021
How does the section "Phase-Out for Wealthier Parents" jibe with "Some Overpayments Would Not Have to Be Paid Back"?

@cgr
1. Net residing in the US
2. The child did provide over half of his or her own support for 2021.
3.The child lived with you for less than half of 2021

Offline TBD

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Re: Coronavirus Stimulus Aid Package
« Reply #1103 on: March 11, 2021, 02:50:29 PM »
@cgr
1. Net residing in the US
2. The child did provide over half of his or her own support for 2021.
3.The child lived with you for less than half of 2021
Ok, I hear #2 and # 3.
#1 is not applicable because they're not receiving advance payments anyway.

Offline TBD

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Re: Coronavirus Stimulus Aid Package
« Reply #1104 on: March 11, 2021, 02:54:10 PM »
Ok, I hear #2 and # 3.
#1 is not applicable because they're not receiving advance payments anyway.
2020 they resided in US so they are receiving the advance, they moved out of the US before 6 months of 2021.
« Last Edit: March 11, 2021, 03:04:39 PM by TBD »

Offline TBD

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Re: Coronavirus Stimulus Aid Package
« Reply #1105 on: March 11, 2021, 02:56:19 PM »
Ok, I hear #2 and # 3.
#1 is not applicable because they're not receiving advance payments anyway.
Now the question will be, if the dependent wants to file his own return for 2021, if it still won't be issue that his parents received advance payments on his SSN

Offline Mordyk

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Re: Coronavirus Stimulus Aid Package
« Reply #1106 on: March 11, 2021, 03:12:30 PM »
was the 10k of unemployment not taxable on the final bill?
#TYH

Offline oldguy

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Re: Coronavirus Stimulus Aid Package
« Reply #1107 on: March 11, 2021, 03:18:01 PM »
was the 10k of unemployment not taxable on the final bill?
Correct

Offline ytwes

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Re: Coronavirus Stimulus Aid Package
« Reply #1108 on: March 11, 2021, 03:35:56 PM »
I am wondering if someone can help me. I live in Israel. I was supposed to get my first stimulus check but never received it. Then filed 2019 return with bank details and got the second one. I filed my 2020 on Feb 12 so I can claim my first stimulus check. My return was taken for quality review. Now it is still being processed. If the stimulus goes off of my 2019 return I get nothing since my AGI was high. If it goes off of my 2020 return I get a lot of money (I BH have lots of kids). I really need this money. Anything I can do???

Offline TBD

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Re: Coronavirus Stimulus Aid Package
« Reply #1109 on: March 11, 2021, 03:47:53 PM »
I am wondering if someone can help me. I live in Israel. I was supposed to get my first stimulus check but never received it. Then filed 2019 return with bank details and got the second one. I filed my 2020 on Feb 12 so I can claim my first stimulus check. My return was taken for quality review. Now it is still being processed. If the stimulus goes off of my 2019 return I get nothing since my AGI was high. If it goes off of my 2020 return I get a lot of money (I BH have lots of kids). I really need this money. Anything I can do???
According to the bill the IRS will also have to check in middle of 2021 for new filers who become eligible and send them out checks. Either July 15 or Sep 1 I think

https://www.congress.gov/117/bills/hr1319/BILLS-117hr1319enr.pdf
Page 138

Offline simple26

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Re: Coronavirus Stimulus Aid Package
« Reply #1110 on: March 11, 2021, 04:02:58 PM »
According to the bill the IRS will also have to check in middle of 2021 for new filers who become eligible and send them out checks. Either July 15 or Sep 1 I think

https://www.congress.gov/117/bills/hr1319/BILLS-117hr1319enr.pdf
Page 138
Any word on newborns or children added on the 2020 return ? (In regards to 1400 payment)

Online cgr

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Re: Coronavirus Stimulus Aid Package
« Reply #1111 on: March 11, 2021, 04:13:07 PM »
According to the bill the IRS will also have to check in middle of 2021 for new filers who become eligible and send them out checks. Either July 15 or Sep 1 I think

https://www.congress.gov/117/bills/hr1319/BILLS-117hr1319enr.pdf
Page 138
They'll be disbursing another round of payments for those that are newly eligible or are eligible for more payments (lower income or more dependents) based on the 2020 return either 90 days after the tax due date (April 15) or Sep 1, 2021, whichever comes first.
The reason for the 90 day date not being an actual date is because they might once again extend the tax deadline.

Offline simple26

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Re: Coronavirus Stimulus Aid Package
« Reply #1112 on: March 11, 2021, 05:11:58 PM »
They'll be disbursing another round of payments for those that are newly eligible or are eligible for more payments (lower income or more dependents) based on the 2020 return either 90 days after the tax due date (April 15) or Sep 1, 2021, whichever comes first.
The reason for the 90 day date not being an actual date is because they might once again extend the tax deadline.
Thanks for clarifying

Offline ShimshonK

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Re: Coronavirus Stimulus Aid Package
« Reply #1113 on: March 11, 2021, 06:31:35 PM »
CNBC: Stimulus checks could start hitting bank accounts this weekend, White House says.
https://www.cnbc.com/2021/03/11/stimulus-checks-could-start-hitting-bank-accounts-this-weekend-white-house-says.html

Offline shapsam

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Re: Coronavirus Stimulus Aid Package
« Reply #1114 on: March 11, 2021, 08:12:21 PM »
Are any online tax softwares already reflecting the $10,200 non taxable unemployment?

Offline bingit

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Re: Coronavirus Stimulus Aid Package
« Reply #1115 on: March 11, 2021, 11:07:08 PM »
They'll be disbursing another round of payments for those that are newly eligible or are eligible for more payments (lower income or more dependents) based on the 2020 return either 90 days after the tax due date (April 15) or Sep 1, 2021, whichever comes first.
The reason for the 90 day date not being an actual date is because they might once again extend the tax deadline.
when will they decide if they are pushing off the tax deadline?? i file as a partnership & my deadline is next week, March 15.

Offline ShimshonK

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Re: Coronavirus Stimulus Aid Package
« Reply #1116 on: March 12, 2021, 01:56:12 AM »
I think what's not getting nearly enough attention is the healthcare credit.
100% subsidized COBRA through September, with a cap on ACA premiums of 8.5% (and less for those earning less than 400% FPL) for 2021 and 2022.
Ya, there are some major health insurance things in there, like allowing everyone to keep their advance premium tax credit, without reconciling and paying what they owe. Don't know why they're not widely discussed.
https://www.cnbc.com/2021/03/10/health-insurance-costs-to-drop-for-millions-under-covid-relief-bill.html

Offline Jack out of the box

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Re: Coronavirus Stimulus Aid Package
« Reply #1117 on: March 12, 2021, 06:33:06 AM »
I am wondering if someone can help me. I live in Israel. I was supposed to get my first stimulus check but never received it. Then filed 2019 return with bank details and got the second one. I filed my 2020 on Feb 12 so I can claim my first stimulus check. My return was taken for quality review. Now it is still being processed. If the stimulus goes off of my 2019 return I get nothing since my AGI was high. If it goes off of my 2020 return I get a lot of money (I BH have lots of kids). I really need this money. Anything I can do???
Call the IRS right now. They opened half an hour ago for foreigners. Pressure them to complete processing. +1-267-941-1000
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Offline Jack out of the box

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Re: Coronavirus Stimulus Aid Package
« Reply #1118 on: March 12, 2021, 06:34:59 AM »
when will they decide if they are pushing off the tax deadline?? i file as a partnership & my deadline is next week, March 15.
If I remember correctly, last year partnerships missed out on the deadline extension.

Offline tov hashem

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Re: Coronavirus Stimulus Aid Package
« Reply #1119 on: March 12, 2021, 03:03:34 PM »
Money is already pending in my account bh