Author Topic: Coronavirus Stimulus Aid Package (Read 156570 times)

Kobe Bryant · « **Reply #1060 on:** March 10, 2021, 02:30:39 PM »

The House of Representatives passed a massive $1.9 trillion COVID-19 stimulus package Wednesday, sending the bill to President Joe Biden's desk for final approval.

The bill will provide millions of Americans with direct funds — individuals earning less than $75,000 a year and couples earning less than $150,000 will be sent $1,400 checks from the U.S. Treasury. It will also provide an additional $300 weekly benefits to those on unemployment, expand child tax credits and provide state and local governments with much-needed federal dollars.

TBD · « **Reply #1061 on:** March 10, 2021, 02:31:45 PM »

Quote from: Dan on March 10, 2021, 11:15:35 AM

Anyone want to check my work on this draft post?
Will the House change anything from the Senate version before passing?

https://www.dansdeals.com/more/coronavirus/congress-passed-another-coronavirus-stimulus-bill-need-know/

@Dan Please update that the Child Tax credit is only for US citizens living in the US at least 6 months while the stimulus is for non US residents also, in order not to create false hopes for our brothers in Israel who read it

Kobe Bryant · « **Reply #1062 on:** March 10, 2021, 02:31:52 PM »

330,000,000*1,400=462,000,000,000

kargagaliciana · « **Reply #1063 on:** March 10, 2021, 02:34:27 PM »

I am not eligible for this stimulus based on my 2019 return. I will be based on my 2020 return. Problem is i cant file because im waiting for a K1 from one of my investments. Anyone have any ideas.
$:-\$

cgr · « **Reply #1064 on:** March 10, 2021, 02:37:42 PM »

Quote from: kargagaliciana on March 10, 2021, 02:34:27 PM

I am not eligible for this stimulus based on my 2019 return. I will be based on my 2020 return. Problem is i cant file because im waiting for a K1 from one of my investments. Anyone have any ideas.
$:-\$

I'm very hopeful they'll do another round of payments later in the year. A bit excessive to wait from now til 2021 taxes.

Lurker · « **Reply #1065 on:** March 10, 2021, 02:39:26 PM »

Quote from: cgr on March 10, 2021, 02:37:42 PM

I'm very hopeful they'll do another round of payments later in the year. A bit excessive to wait from now til 2021 taxes.

Is there any possibility of having it paid out with the 2020 return?

kargagaliciana · « **Reply #1066 on:** March 10, 2021, 02:40:39 PM »

Quote from: cgr on March 10, 2021, 02:37:42 PM

I'm very hopeful they'll do another round of payments later in the year. A bit excessive to wait from now til 2021 taxes.

Would it make sense to file without the missing K1, and then file an ammended return, or is that looking for trouble (Audit)? Any accountants?

mordechain · « **Reply #1067 on:** March 10, 2021, 02:54:25 PM »

Is this accurate?

Dovdovmoneytree · « **Reply #1068 on:** March 10, 2021, 03:01:24 PM »

If this is all about Covid relief, why in heavens name does half the Child Tax Credit wait for the filing of 2021 taxes in 2022?!- at least a 12 month wait from now? And the first half, the monthly periodic payment portion, first starts in July. Somewhat hard to understand, although the economy is expected to be in the pits for a nice while yet so maybe not as hard to explain?

This seems to be alot more about Dems trying to change this credit permanently to create "financial equality", and as the media is always quick to point- especially among people of color who suffer the most from income inequality and of course from Covid. Go figure.

JMHO · « **Reply #1069 on:** March 10, 2021, 03:15:16 PM »

Quote from: Dovdovmoneytree on March 10, 2021, 03:01:24 PM

If this is all about Covid relief...

LOL

AsherO · « **Reply #1070 on:** March 10, 2021, 03:53:09 PM »

Quote from: Dovdovmoneytree on March 10, 2021, 03:01:24 PM

This seems to be alot more about Dems trying to change this credit permanently to create "financial equality", and as the media is always quick to point- especially among people of color who suffer the most from income inequality and of course from Covid. Go figure.

None of this fixes financial inequality, all it does is incentivize staying poor (unless you can magically cross the ever-growing moat to "rich").

mordechain · « **Reply #1071 on:** March 10, 2021, 03:58:09 PM »

Quote from: TBD on March 10, 2021, 02:31:45 PM

@Dan Please update that the Child Tax credit is only for US citizens living in the US at least 6 months while the stimulus is for non US residents also, in order not to create false hopes for our brothers in Israel who read it

Is this accurate?

yos9694 · « **Reply #1072 on:** March 10, 2021, 04:01:50 PM »

Quote from: kargagaliciana on March 10, 2021, 02:40:39 PM

Would it make sense to file without the missing K1, and then file an ammended return, or is that looking for trouble (Audit)? Any accountants?

How much is the K1 going to move the numbers? Are you getting significant income from a partnership or is it some small number as a byproduct of a REIT ETF? Those forms always come in so late and if it doesnt move the needle whats the harm in filing without it

kargagaliciana · « **Reply #1073 on:** March 10, 2021, 04:10:12 PM »

Quote from: yos9694 on March 10, 2021, 04:01:50 PM

How much is the K1 going to move the numbers? Are you getting significant income from a partnership or is it some small number as a byproduct of a REIT ETF? Those forms always come in so late and if it doesnt move the needle whats the harm in filing without it

It wont move the needle. the question is if filing without it and then filing ammended return will it trigger an audit. Which is a headache i can do without.?

gozalim · « **Reply #1074 on:** March 10, 2021, 04:28:25 PM »

wait a minute.
what's with "Dependent care refundable credit"? is that on top of the refundable credit?
so 50% of yeshiva tuition up to $8K ?
(usually nonrefundable, now refundable)?
and this starts when filing 2021 taxes?

avromie7 · « **Reply #1075 on:** March 10, 2021, 04:30:44 PM »

Quote from: gozalim on March 10, 2021, 04:28:25 PM

wait a minute.
what's with "Dependent care refundable credit"? is that on top of the refundable credit?
so 50% of yeshiva tuition up to $8K ?
(usually nonrefundable, now refundable)?
and this starts when filing 2021 taxes?

Dependant care credit is generally for children too young for public school or summer camp when public schools are closed.

kargagaliciana · « **Reply #1076 on:** March 10, 2021, 04:34:38 PM »

Quote from: gozalim on March 10, 2021, 04:28:25 PM

wait a minute.
what's with "Dependent care refundable credit"? is that on top of the refundable credit?
so 50% of yeshiva tuition up to $8K ?
(usually nonrefundable, now refundable)?
and this starts when filing 2021 taxes?

Tell me if i'm wrong. The dependent care credit has always been NOT eligible for private school tuition. It is for childcare for non school age children.

gozalim · « **Reply #1077 on:** March 10, 2021, 04:37:01 PM »

not familiar
any accountants here?
@cgr ?

Quote from: https://www.irs.gov/taxtopics/tc602

A qualifying individual for the child and dependent care credit is:
Your dependent qualifying child who was under age 13 when the care was provided,
Your spouse who was physically or mentally incapable of self-care and lived with you for more than half of the year, or
An individual who was physically or mentally incapable of self-care, lived with you for more than half of the year, and either: (a) was your dependent; or (b) could have been your dependent except that he or she received gross income of $4,300 or more, or filed a joint return, or you (or your spouse, if filing jointly) could have been claimed as a dependent on another taxpayer's 2020 return.

cgr · « **Reply #1078 on:** March 10, 2021, 04:43:20 PM »

Quote from: gozalim on March 10, 2021, 04:37:01 PM

not familiar
any accountants here?
@cgr ?

Not an accountant- I'm in Finance, but as far as I know Dependent Care is if both spouses work, and only covers after school, babysitters, or summer care.
Used to be up to 35% of $6k if you had 2+ kids, and was non-refundable
In the new bill it's up to 50% of $16k for 2+ kids, and is refundable.

gozalim · « **Reply #1079 on:** March 10, 2021, 04:45:31 PM »

Quote from: cgr on March 10, 2021, 04:43:20 PM

Not an accountant- I'm in Finance, but as far as I know Dependent Care is if both spouses work, and only covers after school, babysitters, or summer care.
Used to be up to 35% of $6k if you had 2+ kids, and was non-refundable
In the new bill it's up to 50% of $16k for 2+ kids, and is refundable.

day camp? (but only if both parents work summer)?

and this refers to 2021 taxes?