Author Topic: Coronavirus Stimulus Aid Package  (Read 24703 times)

Offline YitzyS

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Re: Coronavirus Stimulus Aid Package
« Reply #120 on: March 26, 2020, 10:31:30 AM »
If you had no income you still get a check?
I believe that the check is $1,200 per adult or your tax liability, whichever is smaller. But the minimum is $600 per adult. So even someone who doesn't work will still get a check, but it will be $600, so long as they are not a dependent of someone else. (If they are, that person will get $500 for them.)

I'm not sure if the children's check get smaller based on income.
Is there a clever way to solicit likes without sounding like a classless wannabee?

Online haltkup

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Re: Coronavirus Stimulus Aid Package
« Reply #121 on: March 26, 2020, 11:07:10 AM »
is it a credit against 2020 tax return?
If tax filers did not make 75k/150k last year but make more than 75k/150K in 2020 will they be required to return the cash next year?

Online CountValentine

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Re: Coronavirus Stimulus Aid Package
« Reply #122 on: March 26, 2020, 11:08:48 AM »
is it a credit against 2020 tax return?
If tax filers did not make 75k/150k last year but make more than 75k/150K in 2020 will they be required to return the cash next year?
Not the way I read it. You keep the cash.
You're so far up Trump's a** you can see Giuliani's feet.  HT Baruch

Online Yehudaa

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Re: Coronavirus Stimulus Aid Package
« Reply #123 on: March 26, 2020, 11:09:37 AM »

Today at 3:30 PM. Register here.


Online CountValentine

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Re: Coronavirus Stimulus Aid Package
« Reply #124 on: March 26, 2020, 11:13:10 AM »
Not the way I read it. You keep the cash.
Updated: http://chaiplus1.com/news/proposed-federal-stimulus-bill/
Oops, according to that link you might have to pay it back.
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Offline yos9694

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Re: Coronavirus Stimulus Aid Package
« Reply #125 on: March 26, 2020, 12:16:04 PM »
Misinformation being spread here. It's a refundable credit, not taxable, not subject to repayment. It your tax bill was less than the stimulus amount you will still get the stimulus amount. The connection to your taxes is to determine eligibility (by AGI) and destination of the payment (direct deposit/mailing address)

Sources:
From the horse's mouth: https://www.govinfo.gov/content/pkg/CREC-2020-03-25/pdf/CREC-2020-03-25.pdf
Summary (which you should fact check against the bill itself): https://www.forbes.com/sites/kellyphillipserb/2020/03/25/all-you-wanted-to-know-about-those-tax-stimulus-checks-but-were-afraid-to-ask/#3411bf561f9c

Online cgr

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Re: Coronavirus Stimulus Aid Package
« Reply #126 on: March 26, 2020, 12:44:22 PM »
Misinformation being spread here. It's a refundable credit, not taxable, not subject to repayment. It your tax bill was less than the stimulus amount you will still get the stimulus amount. The connection to your taxes is to determine eligibility (by AGI) and destination of the payment (direct deposit/mailing address)

Sources:
From the horse's mouth: https://www.govinfo.gov/content/pkg/CREC-2020-03-25/pdf/CREC-2020-03-25.pdf
Summary (which you should fact check against the bill itself): https://www.forbes.com/sites/kellyphillipserb/2020/03/25/all-you-wanted-to-know-about-those-tax-stimulus-checks-but-were-afraid-to-ask/#3411bf561f9c
He writes "I don't expect you'll have to pay it back"- in other words, he doesn't know.
Check out this one: https://www.washingtonpost.com/graphics/business/coronavirus-stimulus-check-calculator/?itid=lk_interstitial_manual_8

Online haltkup

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Re: Coronavirus Stimulus Aid Package
« Reply #127 on: March 26, 2020, 12:50:35 PM »
He writes "I don't expect you'll have to pay it back"- in other words, he doesn't know.
Check out this one: https://www.washingtonpost.com/graphics/business/coronavirus-stimulus-check-calculator/?itid=lk_interstitial_manual_8
From WP that you linked:
Are the checks taxable? No, they are not taxable. The only catch is that technically a person’s 2020 income is what qualifies them for the payment. Since no one knows their total 2020 income yet, the government is using tax returns from 2019 and 2018 to figure out who qualifies for a check. It is possible that someone may have to pay back some of the money if his or her income this year turns out to be significantly more than it was in 2019 or 2018. That’s expected to be a relatively small share of people, and the money would not have to be paid back until April 15, 2021.

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Re: Coronavirus Stimulus Aid Package
« Reply #128 on: March 26, 2020, 01:00:58 PM »
From WP that you linked:
Are the checks taxable? No, they are not taxable. The only catch is that technically a person’s 2020 income is what qualifies them for the payment. Since no one knows their total 2020 income yet, the government is using tax returns from 2019 and 2018 to figure out who qualifies for a check. It is possible that someone may have to pay back some of the money if his or her income this year turns out to be significantly more than it was in 2019 or 2018. That’s expected to be a relatively small share of people, and the money would not have to be paid back until April 15, 2021.
Yep.

Offline zh cohen

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Re: Coronavirus Stimulus Aid Package
« Reply #129 on: March 26, 2020, 01:14:55 PM »
From WP that you linked:
Are the checks taxable? No, they are not taxable. The only catch is that technically a person’s 2020 income is what qualifies them for the payment. Since no one knows their total 2020 income yet, the government is using tax returns from 2019 and 2018 to figure out who qualifies for a check. It is possible that someone may have to pay back some of the money if his or her income this year turns out to be significantly more than it was in 2019 or 2018. That’s expected to be a relatively small share of people, and the money would not have to be paid back until April 15, 2021.

Is there any way for someone who would qualify based on 2020, but not based on 18 or 19, to request the money?

Online CountValentine

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Re: Coronavirus Stimulus Aid Package
« Reply #130 on: March 26, 2020, 01:31:26 PM »
Is there any way for someone who would qualify based on 2020, but not based on 18 or 19, to request the money?
I was thinking what if you just file a 2019 return with zero income, would that trigger the 1200?
You're so far up Trump's a** you can see Giuliani's feet.  HT Baruch

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Re: Coronavirus Stimulus Aid Package
« Reply #131 on: March 26, 2020, 01:40:45 PM »
Is there any way for someone who would qualify based on 2020, but not based on 18 or 19, to request the money?
I'm assuming there'll have to be something available.
Think of an independent 18 year old (does that exist?) who hasn't filed taxes before but is now unemployed.

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Re: Coronavirus Stimulus Aid Package
« Reply #132 on: March 26, 2020, 01:42:24 PM »
I'm assuming there'll have to be something available.
Think of an independent 18 year old (does that exist?) who hasn't filed taxes before but is now unemployed.
How about a 30 year old that lives at home and hasn't filed taxes but is unemployed. There is more than you think.
You're so far up Trump's a** you can see Giuliani's feet.  HT Baruch

Offline yos9694

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Re: Coronavirus Stimulus Aid Package
« Reply #133 on: March 26, 2020, 02:25:27 PM »
Yep.

You're right. It's written in such a slimy way that I didn't understand what it meant before I went back to look specifically for your interpretation in the bill. "Such taxable year" means 2020, i.e. your 2020 tax return determines the income limits.

Quote
LIMITATION BASED ON ADJUSTED GROSS
INCOME.—The amount of the credit allowed by subsection (a) (determined without regard to this subsection and subsection (e)) shall be reduced (but not below zero) by 5 percent of so much of the taxpayer’s adjusted gross income as exceeds—
‘‘(1) $150,000 in the case of a joint return,
‘‘(2) $112,500 in the case of a head of household, and
‘‘(3) $75,000 in the case of a taxpayer not described in paragraph (1) or (2).

‘‘(d) ELIGIBLE INDIVIDUAL.—For purposes of this section, the term ‘eligible individual’ means any individual other than—
‘‘(1) any nonresident alien individual,
‘‘(2) any individual with respect to whom a deduction under section 151 is allowable to another taxpayer for a taxable year beginning in the calendar year in which the individual’s taxable year begins, and
‘‘(3) an estate or trust.

‘‘(e) COORDINATION WITH ADVANCE REFUNDS OF CREDIT.—
‘‘(1) IN GENERAL.—The amount of credit which would (but for this paragraph) be allowable under this section shall be reduced (but not below zero) by the aggregate refunds and credits made or allowed to the taxpayer under subsection (f). Any failure to so reduce the credit shall be treated as arising out of a mathematical or clerical error and assessed according to section 6213(b)(1).
‘‘(2) JOINT RETURNS.—In the case of a refund or credit made or allowed under subsection (f) with respect to a joint return, half of such refund or credit shall be treated as having been made or allowed to each individual filing such return.
‘‘(f) ADVANCE REFUNDS AND CREDITS.—
‘‘(1) IN GENERAL.—Subject to paragraph (5), each individual who was an eligible individual for such individual’s first taxable year beginning in 2019 shall be treated as having made a payment against the tax imposed by chapter 1 for such taxable year in an amount equal to the advance refund amount for such taxable year.
‘‘(2) ADVANCE REFUND AMOUNT.—For purposes of paragraph (1), the advance refund amount is the amount that would have been allowed as a credit under this section for such taxable year if this section (other than subsection (e) and this subsection) had applied to such taxable year.

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Re: Coronavirus Stimulus Aid Package
« Reply #134 on: March 26, 2020, 03:12:57 PM »
You're right. It's written in such a slimy way that I didn't understand what it meant before I went back to look specifically for your interpretation in the bill. "Such taxable year" means 2020, i.e. your 2020 tax return determines the income limits.
I have a feeling there are a lot more "slimy" stuff in there...