That's absolutely wonderful news. My mother is retired and hadn't filed in a couple of years. I was worried she'd be left out
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😷 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
Okay, so I after a cash in the check via phone app, I'll post a picture of myself burning the signature off the check.
😷 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”
the ego
much appreciate yours and everyone else who is replying's help ITT.
😷 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”
People should start calling trump the most "socialist president ever" -- literally putting his name on the "government handout" to lower income people -- just to watch republican brains short out and shoot sparks.
Oh OK. My mistake. I did read the article and it does say that you "may" have to pay some back if you make over 75k. But for all of those under 75k worrying about next year's return, then don't. It's free.
Girl listened to advice I gave her when we first started dating and spammed it immediately.
Ridiculous ego boy and his garbo signature can take a leap but I'm happy this is signed and moving forward. The UI benefits are gonna help a few of my friends immensely
Ridiculous ego boy and his garbo signature can take a leap but I'm happy this is signed and moving forward. The UI benefits are gonna help a few of my friends immensely
😷 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”
Jesus Christ.
Wow, I think is a major detail that a lot of people are missing out on who are in between that 75K to 99K range.
This WP article doesn't factor in an estimate for 2020 taxes: https://www.washingtonpost.com/graphics/business/coronavirus-stimulus-check-calculator/
From a tax planning perspective, this means that if you have the choice between a ROTH 401K and traditional 401K, contributing everything more towards the traditional 401K would potential prevent having to payback because your reported income would be lower by the amount contributed.
I'm filing my taxes tomorrow. Will my 2019 be what they look at or is it too late and they will look at 2018?
What I am saying is you don't have to pay anything back even if you end up making 100k in 2020. That is what the tax professionals are saying in this thread. See Pet's post above.
To be fair, I'm still worried because I read the Forbes article the same way as you. There is a lot of confusion out there, and I wish it would be confirmed 100%.
It's a nontaxable check. Individuals whose income is up to $75,000 will receive a $1,200 check. The check amount starts to lower by $50--correct me if I'm wrong, somebody--for every $1,000 of income **OVER** $75,001.
Individuals who make over (possibly) $99,000 do not receive a check.
The income thresholds for families is different.
You need a new tax lawyer if that's really how they explained it to you.
This check IS the credit.
It's a refundable credit for 2020. However, because people need the money now, it's an advance of that refundable credit. You're getting a check, which is the method for how the credit is being paid out. It's the same thing.
Also, credits reduce your tax, not your taxable income. If your income is 100,000 and your tax is 20,000 (20% rate), a credit of 5,000 will reduce your tax to 15,000. A deduction reduces your taxable income. If your taxable income is 100,000 and you have an additional deduction of 5,000, your new taxable income is 95,000. Your tax will be 19,000.
Also, refundable credits are not counted as income.
Refunds can be taxable. But refundable credits, a specific portion of a refund, are not taxable. Most people that file taxes in the US that have taxable refunds, have taxable refunds due to the state income tax refund and receiving a benefit (which you get by itemizing).
The "may" is because it's entirely possible there could be new laws or bills or whatever that changes/modifies the CARES Act.
As of right now, no.
edit: I'm going to quote TKM because TKM did a far better job of explaining this than I did.
I take back what I said ... This contradicts what you've just explained above:
Congress Approves Economic Relief Plan for Individuals and Businesses
On Friday afternoon, the Coronavirus Aid, Relief and Economic Security (CARES) Act passed the House of Representatives by a voice vote. The bill now moves to the President for signature.
taxfoundation.org
As people have mentioned there is supposedly a " no claw back" language in the bill but your advice works in reverse if you are over the threshold in 2019 and close to it in 2020 where you could contribute to bring your AGI below the threshold. It won't change what you get (or don't get initially) but you will get it when you file your 2020 taxes.
😷 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”
There it is. Expected this
He's going to attempt to use this stimulus as a positive for himself, particularly for reelection.
Little does he know $1200 isn't going to do jack shit for people in the long run and the body count from the pandemic are going to be devastating.
So let me try this again. 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 a person making over $75,000, that $1200 credit decreases by $50 per $1000. So if you're making $95,000 then this tax credit doesn't apply to you.
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 get the full $1200 and not pay anything back or lose anything off your refund for 2020 taxes. For this tax credit specifically, you can't 'owe' the IRS anything. Now, if you made $95,000 last year and only $75,000 this year then you wouldn't receive a check at the present time 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.
That sound about right?
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 get the full $1200 and not pay anything back or lose anything off your refund for 2020 taxes. For this tax credit specifically, you can't 'owe' the IRS anything. Now, if you made $95,000 last year and only $75,000 this year then you wouldn't receive a check at the present time 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.
That sound about right?
😷 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”
After I cash it online I"ll wipe my ass with it.
😷 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”
But I thought many people were getting a direct deposit.
You nailed it except for the cutoff.
The language states the credit is reduced by 5% if your AGI exceeds $75,000.
1,200 / 0.05 = 24,000.
24,000+75,000 = 99,000.
So, the total phaseout should be 99,000 for single people, not considering kids and stuff.
H.R.748 § 6428
"(c) 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).
I mean, they're not totally wrong. It is entirely possible that something will change between today and the 2020 filing season.
But as the language is.... nope.
Probably the biggest problem would be expats who don't bother filling their taxes
Sure. But those of us that file are tax exempt up to a certain amount, so I'm wondering whether that has any bearing on eligibility.
I'm in the same situation. As far as I can tell, even if our income is exempt, we still "filed" our taxes, so we should be eligible for the check. The one problem I see is whether or not they'll mail the check to our overseas address.
People behind in child support payments may not qualify for coronavirus stimulus check
Individuals who are overdue on child support payments should not expect to receive a stimulus check according to Iowa Sen. Chuck Grassley.
Well... really hope this doesn't hurt anyone here.
I kind of doubt that, but who knows. I'd rather have someone in the States deposit it for me.
😷 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”
they should sign the checks with Obama's name
would love to see Trump react to that
Means whoever declared you as a dependent is getting it for you
Just file your return now. You can file returns that say you made $0
Wheres ma money
People claiming dependents don't get any extra money. Only people claiming the child credit (which is different) get extra money.
You might get a check next year when you file your 2020 taxes, provided that you do nothing now and you qualify.
To add onto this- people who are claimed as dependents don't get money either because dependents exemptions are a deduction under IRC §151(c).
FROM CARES ACT:
"(d) Eligible Individual.—For purposes of this section, the term 'eligible individual' means any individual other than—
"(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
"(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
People who don't file and don't receive assistance (disability or retirement or SSI) just have to wait for guidance.
You may be able to file a return for 2019 if you really want your money now, but they're supposed to have a solution eventually for people who qualify but for who they don't have financial information (like the homeless or indigent).
Probably answered, can't comb through the thread though - for the unemployment expansion and +600 weekly payments, *must* you have *become* unemployed due to the pandemic?
I was already on unemployment, which was paused when I went on SDI in February and was reopened today, with me being able to start receiving benefits again in 2 weeks.
As I'm currently homeless, knowing the answer to this is really important. Thanks in advance.
I was already on unemployment, which was paused when I went on SDI in February and was reopened today, with me being able to start receiving benefits again in 2 weeks.
As I'm currently homeless, knowing the answer to this is really important. Thanks in advance.
Per the FAQs on the NYT website:
"I'm already receiving unemployment benefits. Will I receive any help?
Yes. Even if you're already receiving unemployment benefits for reasons unrelated to the coronavirus, your state-level benefits will still be extended by 13 weeks. You will also receive the extra $600 weekly benefit from the federal government."
So it does appear that you should receive it, and I hope you do.
But what about long-term unemployed people who fell out of unemployment benefits before this, are they SOL?