Author Topic: Coronavirus Stimulus Aid Package (Read 158824 times)

Kobe Bryant · « **Reply #920 on:** March 05, 2021, 02:13:00 PM »

The Senate Democrats have reached their deal to lower UI benefits from $400 a week to $300 a week in order to extend them through September. The benefits are now going to be tax deductible up to $10,200.

TBD · « **Reply #921 on:** March 05, 2021, 02:18:55 PM »

Quote from: Kobe Bryant on March 05, 2021, 02:13:00 PM

The benefits are now going to be tax deductible up to $10,200.

retroactive or only for 2021?

cgr · « **Reply #922 on:** March 05, 2021, 02:19:45 PM »

Quote from: TBD on March 05, 2021, 02:18:55 PM

retroactive or only for 2021?

2020

TBD · « **Reply #923 on:** March 05, 2021, 02:22:35 PM »

Quote from: Kobe Bryant on March 05, 2021, 02:13:00 PM

The Senate Democrats have reached their deal to lower UI benefits from $400 a week to $300 a week in order to extend them through September. The benefits are now going to be tax deductible up to $10,200.

SO the millionaires PPP/EIDL grants are fully deductible and the poor guys UI only up to $10,200, and this is with #BERNIE/WARREN

etech0 · « **Reply #924 on:** March 05, 2021, 02:46:38 PM »

Quote from: cgr on March 05, 2021, 02:19:45 PM

2020

also 2021?

shapsam · « **Reply #925 on:** March 05, 2021, 04:01:28 PM »

Quote from: cgr on March 05, 2021, 02:19:45 PM

2020

So for all that already filed for 2020, they will need to amend the return?

YitzyS · « **Reply #926 on:** March 05, 2021, 04:03:00 PM »

Quote from: shapsam on March 05, 2021, 04:01:28 PM

So for all that already filed for 2020, they will need to amend the return?

The accountant I spoke to said that everyone who filed would need to amend, but it shouldn't raise any red flags as everyone will be doing it.

simple26 · « **Reply #927 on:** March 05, 2021, 04:13:08 PM »

Quote from: Kobe Bryant on March 05, 2021, 02:13:00 PM

The benefits are now going to be tax deductible up to $10,200.

Was this in the house passed bill ?

cgr · « **Reply #928 on:** March 05, 2021, 04:47:37 PM »

Quote from: simple26 on March 05, 2021, 04:13:08 PM

Was this in the house passed bill ?

Proposed Senate bill.
Still not final- amendments are still being debated.

shapsam · « **Reply #929 on:** March 05, 2021, 05:23:47 PM »

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

shapsam · « **Reply #930 on:** March 06, 2021, 07:34:03 PM »

Can the $1,400 be claimed on the 2020 tax return (in addition to the $600)?

Jellybelly · « **Reply #931 on:** March 06, 2021, 07:41:19 PM »

Can someone just tell me when I’m getting my free Tesla?

cgr · « **Reply #932 on:** March 06, 2021, 07:47:04 PM »

Quote from: shapsam on March 06, 2021, 07:34:03 PM

Can the $1,400 be claimed on the 2020 tax return (in addition to the $600)?

It's a 2021 tax credit that will be advanced based on one's 2019 or 2020 earnings.
It can't be claimed on the 2020 return.

Kobe Bryant · « **Reply #933 on:** March 06, 2021, 07:49:25 PM »

The Senate approved President Biden's $1.9 trillion coronavirus relief plan Saturday.

After more than 24 hours of debate, the evenly divided Senate voted 50-49 to approve the measure. Republican Sen. Dan Sullivan of Alaska was absent because he was in Alaska for a family funeral.

The bill will now go back to the House for a vote. It will likely pass, although it may run into trouble, as some progressives are not happy with the removal of the $15 minimum wage, narrowing of eligibility, and unemployment benefit cuts.

shapsam · « **Reply #934 on:** March 06, 2021, 07:57:15 PM »

Quote from: cgr on March 06, 2021, 07:47:04 PM

It's a 2021 tax credit that will be advanced based on one's 2019 or 2020 earnings.
It can't be claimed on the 2020 return.

So for someone that is only eligible based on 2020 income but didn't file taxes yet, I'm hoping the IRS will have a portal where you can claim the money before next year...

yos9694 · « **Reply #935 on:** March 06, 2021, 08:47:13 PM »

This country has mortgaged its own future. Again, but worse than any previous time. Over $6T in added deficit spending. Its time for S&P to downgrade the US again

yosefsv · « **Reply #936 on:** March 06, 2021, 09:34:34 PM »

@cgr the CTC increase to $3,000/child for children age 6 through age 18 or through age 17?

cgr · « **Reply #937 on:** March 06, 2021, 09:36:40 PM »

Quote from: yosefsv on March 06, 2021, 09:34:34 PM

@cgr the CTC increase to $3,000/child for children age 6 through age 18 or through age 17?

Through 18, meaning 17 year olds are eligible (but not 18).

Moshe123 · « **Reply #938 on:** March 06, 2021, 09:40:20 PM »

Kimche depische can shut down this year if it funds before Pesach.

ShimshonK · « **Reply #939 on:** March 06, 2021, 09:43:34 PM »

Quote from: shapsam on March 06, 2021, 07:57:15 PM

So for someone that is only eligible based on 2020 income but didn't file taxes yet, I'm hoping the IRS will have a portal where you can claim the money before next year...

Talk to your accountant, but it might be smart for you to file asap so that you'll get it right away.