Author Topic: Coronavirus Stimulus Aid Package  (Read 69103 times)

Online 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?
I've been waiting over 5 years with bated breath for someone to say that!
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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
#TYH

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 TBD

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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 TBD

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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.

Offline Jack out of the box

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Re: Coronavirus Stimulus Aid Package
« Reply #150 on: March 27, 2020, 07:19:39 AM »
What if I don't have social security statement? Self employed and not paying as tax
If you are self-employed you should be filing a tax return.

Offline Let3

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Re: Coronavirus Stimulus Aid Package
« Reply #151 on: March 27, 2020, 09:32:18 AM »
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
That’s cool.
So they will give out more money based on 2020, but won’t take money back?

Offline haltkup

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Re: Coronavirus Stimulus Aid Package
« Reply #152 on: March 27, 2020, 09:37:48 AM »
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
[/quote]

So its a machlokes WaPost and WSJ...who is correct?

Offline CountValentine

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Re: Coronavirus Stimulus Aid Package
« Reply #153 on: March 27, 2020, 09:47:22 AM »
One idiot R might require a full house vote delaying the package.
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 #154 on: March 27, 2020, 10:03:26 AM »
One idiot R might require a full house vote delaying the package.
For the workers....
Feelings don't care about your facts

Offline cgr

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Re: Coronavirus Stimulus Aid Package
« Reply #155 on: March 27, 2020, 10:30:33 AM »
So its a machlokes WaPost and WSJ...who is correct?
I doubt even the lawmakers know... Saw the same with the new Sick Leave act- they came up with the details once companies started having questions on how it works. Doubt all that was worked out beforehand.

WSJ does make another interesting point though: Parents of children born in 2020 won’t get a payment for that child now. However, assuming they qualify based on their 2020 income, they will get $500 added to their tax refund or subtracted from their income-tax bill when they file their 2020 tax returns in early 2021.

Offline yos9694

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Re: Coronavirus Stimulus Aid Package
« Reply #156 on: March 27, 2020, 10:40:43 AM »
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?

Anyone who is claimed as a dependent by another person is explicitly excluded from receiving stimulus money.

Offline CountValentine

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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 #158 on: March 27, 2020, 10:51:29 AM »
I have a feeling there are a lot more "slimy" stuff in there...

There is - if you keep reading beyond Section 2201 which covers individuals, you start to see huge appropriations for all sorts of agencies and businesses. Just search the document for ,000,000,000 to see the really big numbers (e.g $25B to compensate passenger airlines for the pandemic, $8B for Native American tribes, $10B for the Post Office, $1B for gun makers, etc).

I decided that I identify as a passenger airline, and am starting the paperwork to make it official. Why settle for a measly $1200?

Offline CountValentine

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Re: Coronavirus Stimulus Aid Package
« Reply #159 on: March 27, 2020, 10:53:06 AM »
There is - if you keep reading beyond Section 2201 which covers individuals, you start to see huge appropriations for all sorts of agencies and businesses. Just search the document for ,000,000,000 to see the really big numbers (e.g $25B to compensate passenger airlines for the pandemic, $8B for Native American tribes, $10B for the Post Office, $1B for gun makers, etc).

I decided that I identify as a passenger airline, and am starting the paperwork to make it official. Why settle for a measly $1200?
...but you need to search the smaller numbers for pet projects.
You're so far up Trump's a** you can see Giuliani's feet.  HT Baruch