Author Topic: Coronavirus Stimulus Aid Package  (Read 25568 times)

Offline aygart

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Re: Coronavirus Stimulus Aid Package
« Reply #135 on: March 26, 2020, 03:17:47 PM »
Go ask the Bahamas for an aid package.

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Offline AsherO

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Re: Coronavirus Stimulus Aid Package
« Reply #136 on: March 26, 2020, 03:21:37 PM »
Go ask the Bahamas for an aid package.


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Offline ltttc

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Re: Coronavirus Stimulus Aid Package
« Reply #137 on: March 26, 2020, 04:53:13 PM »
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?
yes -It'll be deducted when you file your 2020 taxes

Offline cgr

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Re: Coronavirus Stimulus Aid Package
« Reply #138 on: March 26, 2020, 07:53:08 PM »
yes -It'll be deducted when you file your 2020 taxes
Why aren't news agencies marketing this as a 6-9 month interest free loan?

Offline S209

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Re: Coronavirus Stimulus Aid Package
« Reply #139 on: March 26, 2020, 08:04:47 PM »
Why aren't news agencies marketing this as a 6-9 month interest free loan?
You’ll need to commit fraud to obtain it..
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Offline ExGingi

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Re: Coronavirus Stimulus Aid Package
« Reply #140 on: March 26, 2020, 08:08:29 PM »
I was thinking what if you just file a 2019 return with zero income, would that trigger the 1200?

Does anyone have an answer to this one? I have several dependent children that are over 17. One of them actually filed her own return for 2019 already (and mentioned that I will be claiming her as a dependent). The others didn't have any income to file. Will filing a $0 return trigger a credit for them?
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Offline Mordyk

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Re: Coronavirus Stimulus Aid Package
« Reply #141 on: March 26, 2020, 08:23:55 PM »
This is an additional if you get a tax return. If you get a refund this will be additional, it wont be deducted from your amount. If you owe taxes then you will owe this as well. Since you were never eligible

Offline S209

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Re: Coronavirus Stimulus Aid Package
« Reply #142 on: March 26, 2020, 08:31:10 PM »
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.
Didn’t they change that to reflect the people with lesser/no tax liabilities who are hit hardest? I thought that was one of the big early issues.
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Offline beirush228

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Re: Coronavirus Stimulus Aid Package
« Reply #143 on: March 26, 2020, 08:43:19 PM »
Any exclusion for Americans living abroad? (Filed last year taxes, but was exempt from paying taxes because I pay local taxes and don't make much..) I did receive child tax credits etc.

Offline thebudgetdeals

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Re: Coronavirus Stimulus Aid Package
« Reply #144 on: March 27, 2020, 12:43:18 AM »
yes -It'll be deducted when you file your 2020 taxes
-1

Offline Let3

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Re: Coronavirus Stimulus Aid Package
« Reply #145 on: March 27, 2020, 12:45:34 AM »
You’ll need to commit fraud to obtain it..
Why? How can you predict your 2020 income in this economy?
If you are eligible based on 2019 what’s the issue?

Offline thebudgetdeals

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Re: Coronavirus Stimulus Aid Package
« Reply #146 on: March 27, 2020, 01:01:30 AM »
Why? How can you predict your 2020 income in this economy?
If you are eligible based on 2019 what’s the issue?
But people who ultimately qualify for less money than they got this year—a person whose income rises from $70,000 to $100,000—wouldn’t have to pay it back.
https://www.wsj.com/articles/everything-you-need-to-know-about-the-payments-from-the-government-11585229988

Offline David61

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Re: Coronavirus Stimulus Aid Package
« Reply #147 on: March 27, 2020, 01:45:02 AM »
Two questions for the experts here:

If someone draws on their 401K (allowed without penalty as part of this stimulus initiative), will that be included in their 2020 adjusted gross income that is then used to calculate how much stimulus they are eligible for?

Assuming one is ineligible because of exceeding income limits: Does it make sense to treat a 20 year old child student as non-dependants in 2019, to get this stimulus? or is it solely how that child is treated in 2020 that will drive the amount of stimulus ultimately received (ignoring interest free loan)?

Offline ilherman

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Re: Coronavirus Stimulus Aid Package
« Reply #148 on: March 27, 2020, 01:55:20 AM »
What year’s income should I be looking at?
2019. If you haven’t prepared a tax return yet, you can use your 2018 return. If you haven’t filed that yet, you can use a 2019 Social Security statement showing your income.
What if I don't have social security statement? Self employed and not paying as tax
You can say what you think when you think what you say.

Offline Jack out of the box

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Re: Coronavirus Stimulus Aid Package
« Reply #149 on: March 27, 2020, 07:18:47 AM »
I assume at the beginning of next week information should start appearing here https://www.irs.gov/coronavirus.