Well more like you weren't going to get that $1200 in the first place.
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Thread is moving fast, sorry if this has been beaten to death.
Can someone please give me information on the student loan debt part of this bill? I'm just wondering if they are suspending payments and what not. Thanks in advance.
Can someone please give me information on the student loan debt part of this bill? I'm just wondering if they are suspending payments and what not. Thanks in advance.
Yes, suspended interest free until the end of September.
Where does this say that a future refund would be reduced over this?
Just loans from the Department of Education, or all student loans (like, Navient or someone else)?
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Edit: Just federal I guess?
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The way it works, to my understanding, is that Congress created a new tax credit for this year for people making under $75,000 AGI (so after certain deductions from your paycheck like health policies). For each person making over $75,000, that $1200 credit decreases by $50 per $1000. So if you're making $95,000 then that tax credit doesn't apply to you.
Now the way they're handing out these checks is based on what you filed for 2019 or 2018 tax-wise. So if you filed for $50,000 In 2019 but you make $95,000 now then you would have to pay back all $1200 next year. Vice-versa if you made $95,000 last year and only $75,000 this year then you wouldn't receive a check but next year you would get $1200 added to your refund, or deducted from how much you owe.
Modify those numbers depending on if you are head of a household or filed jointly or have X number of brats running around.
I've only seen that the CARES act applies to federal loans. Didn't address private.
Ok yeah I could see that. I guess I mean if you know your income will be stable and under the thresholds for 2020.
Question, I field my 2018 taxes, and owed the government about $1,000 because my wage is not enough to cover my tips.
I was holding off on filing my 2019 taxes until the last day, since I owe money again and want to wait till I have a bit more saved up before paying Uncle Sam.
I don't need to file my taxes right now to get my $1,200, right? I should be fine with just my 2018 taxes right?
I was holding off on filing my 2019 taxes until the last day, since I owe money again and want to wait till I have a bit more saved up before paying Uncle Sam.
I don't need to file my taxes right now to get my $1,200, right? I should be fine with just my 2018 taxes right?
If your income is under the thresholds for 2020 then either you're either getting a check for previous years, depending if you filed, or you're getting $1200 extra next year (assuming you don't owe).
This isn't $1200 gone from some future refund and you're getting it now but rather you're getting $1200 extra that is paid out now or in 2020.
I could have sworn it was all loans. That's... pretty fucking awful if it's not.
You should have received notice that the IRS accepted or rejected your return.
No, you don't have to pay anything back from this, ever. You can potentially get more money back next year, yes, but any money you get this year will never have to be paid back.
Basically, the bill has a clause that says the amount calculated for the credit can never go below zero. So if you made $10k in 2019 but make $100k dollars in 2020 you will get $1200 this year and "owe" $0 next year.
Usually it's pretty quick. I got my notification in five minutes.
You can check irs.gov to see if it's been accepted.
I haven't been able to keep up with this thread, is there any news on when the checks are expected to go out?
not legal but we all know the GOP will let him get away with it
That's pretty much how it works....from Forbes
"The stimulus is an advance of a refundable tax credit on your 2020 taxes.
In other words, the bill created a refundable tax credit and the IRS is paying out the amount of that tax credit to eligible taxpayer now. Since the IRS does not have your 2020 tax year information, it will use a previous year's information to calculate the amount.
This is a tax credit so it is not considered taxable income for 2020.
If the IRS gives you too much of a stimulus check, you could be asked to pay back the difference but not until you file your return on April 15, 2021. You will not be assessed interest on the over-payment amount. If the IRS pays you too little, you'll get the difference added to your tax refund next year."
Link
So unless you make over $75000, there's pretty much nothing to worry about and this is essentially a free check.
No. Line item vetoes are not allowed. This is just him saying I'm ignoring what I want. Which well I guess he could just run out the clock when challenged on it.
So I guess maybe?
OP
OP
Not legally, but it's not like the DoJ is gonna do anything to stop him with Barr in charge.
Well the courts aren't in session and he's stacked enough of the courts where they'll eventually rule in his favour, so, yeah, he can.
But this is the modern GOP so it's the new normal.
Can't congress just withhold the funds if that's the case?
Gotcha, thanks.
And sorry, the
Same, i'm unemployed due to COVID and now I'll be making $900 a week, almost double what I did when I was working.
This confuses me a bit. I grossed just over $2700 last year and when I filed my taxes February of this year I got a refund of about $600. My gross income this year, especially since moist likely not getting more work until summer is likely to not be much more then last year. Since it says "If the IRS gives you too much of a stimulus check, you could be asked to pay back the difference but not until you file your return on April 15, 2021" if I only get enough hours worked this year to get my refund up to $800 next year doesn't that mean I'd now owe the IRS $400 next year since I got an advance of $1200 despite me grosing WELL the standard deduction amount?
Well remember when he was stealing the entirety of the Omnibus military budget to build his wall? He was eventually able to siphon some of it away because it was designated for building barriers but it's not that easy to re-allocate appropriated money. I'm sure there's some kind of dead man's trigger in the funding to stop them from spending any of it if they aren't disclosing where it's going. I'd like to think the Dems aren't that dumb.
Don't think it is correct, though. There were tax professionals earlier in this thread saying this won't have to be paid back at all based on a clause in the bill.
Yeah, this. There is a lot of confusion out there right now, and even some mainstream websites are saying you have to pay back; others say you don't. I think the confusion comes from earlier iterations of the bill.
If this gets confirmed, we should threadmark this or something because this comes up every couple pages it seems now.
They base this off your 2019 refund. If your income was less than 75,000 then you get 1200. Now, if you make more than 75,000 this year, then you may have to pay a some if not all back depending on how much over 75,000 you make this year. If you make under 75k in 2020, you have nothing to worry about.
You shouldn't have to pay anything back based on what some tax professionals were saying earlier in this thread. The pay back is based on an earlier iteration of the bill they were saying.
So, if this is considered an advance on a tax credit on the 2020 taxes, that means if your wages are currently being garnished due to student loan default and your regular tax refund is being taken as a tax offset that you will likely not see this $1200 as it will most likely be taken as tax offset as well?
You don't pay it back unless you make over 75,000 in 2020. It will be a tax credit on your next return. It's a free check.
Details
It will be a credit on your next tax return. In other words, you will file your taxes as if this stimulus check never existed. The credit was created so the check is not taxable.
I know those in the thread had been asking about Disability/SSI/Retired folks and wanted to copy and paste something I found on AARP.ORG
"
Social Security recipients eligible
AARP worked to ensure that individuals who are collecting Social Security benefits for retirement, disability or Supplemental Security Income will be eligible for the stimulus checks, based on their tax returns or Social Security Administration data. AARP successfully fought to guarantee that low-income Social Security recipients will receive the full $1,200 check, not $600 as originally proposed.
If you are receiving Social Security benefits but didn't file taxes in 2018 or 2019, you will be eligible to receive a stimulus check without a tax return based on data available to the IRS from your annual Social Security benefits statement. The government will send you a direct deposit or check using the information from your Form SSA-1099 Social Security Benefit Statement or your Form RRB-1099 Social Security Equivalent Benefit Statement. You will not have to file a 2019 tax return to get a stimulus check.
The bill does not set a date for when the direct deposits and checks will start to go out, saying only that the Treasury secretary will send the payments "as rapidly as possible." The money could be sent either by mail or direct deposit."
Link here: https://www.aarp.org/politics-society/advocacy/info-2020/coronavirus-stimulus-checks.html
Says you dont need to file anything special or anything and that the info Social Security already sends the IRS would suffice to get you the stimulus check.
"
Social Security recipients eligible
AARP worked to ensure that individuals who are collecting Social Security benefits for retirement, disability or Supplemental Security Income will be eligible for the stimulus checks, based on their tax returns or Social Security Administration data. AARP successfully fought to guarantee that low-income Social Security recipients will receive the full $1,200 check, not $600 as originally proposed.
If you are receiving Social Security benefits but didn't file taxes in 2018 or 2019, you will be eligible to receive a stimulus check without a tax return based on data available to the IRS from your annual Social Security benefits statement. The government will send you a direct deposit or check using the information from your Form SSA-1099 Social Security Benefit Statement or your Form RRB-1099 Social Security Equivalent Benefit Statement. You will not have to file a 2019 tax return to get a stimulus check.
The bill does not set a date for when the direct deposits and checks will start to go out, saying only that the Treasury secretary will send the payments "as rapidly as possible." The money could be sent either by mail or direct deposit."
Link here: https://www.aarp.org/politics-society/advocacy/info-2020/coronavirus-stimulus-checks.html
Says you dont need to file anything special or anything and that the info Social Security already sends the IRS would suffice to get you the stimulus check.
Okay thanks! There's no way I'll earn anywhere close to $75k this year so I won't have to worry about paying anything next year. Would I still get a refund next year as well too then? I'm on pace to gross around $5500 this year which is double my 2019 gross of which my refund was $600 so I assume this $1200 advance would take from next years refund and I'd get nothing (unless my refund was going to be more then $1200)? Or would I get my full refund next year as well? I have no clue how tax credits work as this year was the first time I ever did taxes and only just had a W-2.
Okay. Thank you for the clarification! I understand what this is now. (I am working to get my loans out of default but loan rehabilitation is something I don't think I could afford..but I digress.)
No. This is a new credit.
No. In fact, you may pay less taxes next year, depending on if you get the cash this year or not and if you're eligible or not.
You don't pay it back at all.
At least, not for now. Read your own link.
TKM posted a technical explanation and the language in the bill that supports not paying it back.
😷 David Gura 🏡 on Twitter
“President Trump "has told people he wants his signature to appear on the direct payment checks," the @WSJ reports. "Normally, a civil servant—the disbursing officer for the payment center—would sign federal checks." https://t.co/X9dibJ474h”
twitter.com
It does not take a penny from your return in 2020. The credit is established to make this check nonexistent as far as taxable income. In other words, let's say your yearly income was 50k and with this check it made it 51200. 2020's tax form will have an automatic credit of 1200 so that they;re only taxing the 50k you made to begin with. I know it's confusing. I had a tax lawyer explain it to me yesterday and it took me a little while to take everything in.