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2020 CARES Act IRC § 6428 Recovery Rebate/Refund Thread
Threadmarks for major updates! The CARES Act was signed on 2020 03-27. There's been a lot of questions about the refund/check/stimulus money. Below, I've outlined a list of general statements about the advance refundable refund, aka for most of y'all the $1,200 check you'll hopefully be...
www.resetera.com
You will get $1200 (if you qualify) regardless of how big or small your refund was going to be.
some post I read on some page mentioned not getting any money I'd you owed money on your most recent tax filing. Lots of people owe money at the end of the year. It wasn't much but we paid it.
Wonder if anyone knows the answer to this funny situation:
I'm going on unemployment for the first time ever since the business I worked for now is toast from this. I'm a graphic designer and did a freelance project last year. They were supposed to pay me but it was through grant money at a school and kept getting delayed and people dragged their feet. Anyway, the check is likely coming finally in the next month or so. Does that mean when I cash this check I can't claim unemployment that week even though the actual work I did for it was last year? Or can I keep claiming and cash that check?
I'm going on unemployment for the first time ever since the business I worked for now is toast from this. I'm a graphic designer and did a freelance project last year. They were supposed to pay me but it was through grant money at a school and kept getting delayed and people dragged their feet. Anyway, the check is likely coming finally in the next month or so. Does that mean when I cash this check I can't claim unemployment that week even though the actual work I did for it was last year? Or can I keep claiming and cash that check?
I'm still confused lol I'm seeing that we do have to pay it back. I guess we'll have to see.
The payment is an advance of the tax credit on the 2020 return. It shouldn't have an impact on your 2020 return (unless let's say you have a kid between now and 12/31, then you would get an extra 500 on your return for this tax credit)
So we have to pay it back, essentially.. I'm trying to get a consensus on wtf this rebate actually is. It's still not clear. Why give a 1000$ if it's just going to come out of your taxes next year.
So, let's say my 2020 tax refund next year would have been a total of $1400... does that mean we'll have to pay $1000 back because we received an advance payment of $2400 this year?
no.
This isn't getting your 2020 refund early, it's getting a tax credit for your 2020 refund early.
which means if your Tax refund for next year would have been $1400 before this passed it would have been $3800 after this passed, and instead of getting the $2400 then you are getting it now.
What's confusing people is what if your refund is really low or you owe so at the end of the year you would have had a refund of $200, but you already received $2400 now.
It sounds like you might not get that $200, but you also will not owe $2200. The IRS is taking that loss.
I always owe on the federal level (but get back on the state level) but since I use my bank account to pay that I figure that info will be used for this stimulus credit.
I'm going to have to shift my with holdings soon though as my student loans aren't going to help soon.
You don't pay it back. It's an advance of a credit you would be receiving when you file your 2020 return. This is on top of whatever your refund would have been
I'm sure this has been asked but regarding the $1200 check but how will we be repaying this sum?
Probably by crushing the poor once they're healthy into a fine dust that can be reasonably inhaled by the rich.
You mean you individually or the government? You won't have to pay anything back.
I think the bigger deficit will be the 600 dollar tacked onto unemployment a week. Plus I thought the way it worked was companies pay into uninsurance, so that would mean a lot of the people newly eligible for unemployment (like gig economy workers) would have had nothing paid in, right? Still probably pennies compared to what the corporations get.
We've done direct deposit many times before with the irs but not in 2018 because we owed. Do you think they'll direct deposit the $1,200 in our case?
Ok so the COVID-19 Economic Injury Disaster Loan for small business, it's not actually a loan? The website where you apply says we don't have to pay it back?
My small business is shut down now for the possibly the next two months, still got tons of expenses to cover including our lease so looking into maybe applying for the relief. But it's true this isn't actually a loan that has to be repaid if they give us funds?
My small business is shut down now for the possibly the next two months, still got tons of expenses to cover including our lease so looking into maybe applying for the relief. But it's true this isn't actually a loan that has to be repaid if they give us funds?
Hold on I'm reading this as well and it doesn't need to be paid back? It's a free 10k if you have a small business?
See I dont get it, its on the sba website that the last line says the advance doesn't need to be repaid. But when you search for info about it in some states they are treating it like a loan ? I really can't find info on it and the application says it takes 2 hrs probably to fill out yikes.
I mean I got bills to pay and it would help me keep my doors open, but I rather not take a loan to do so. But isn't this more of a grant if we don't have to repay it?
It seems that the 10k doesn't need to be paid back even if you're rejected. The rest would be more like a traditional loan at 3.75%. The 10k bit makes no sense though, it's just like free money.
I think it's up to 10k possible, but so we are applying for a loan still, but we can get up to an initial advance right away up to 10k that wouldn't need to be repaid I guess? Cause I mean if I can get 10k for free to just apply and get lucky sure, but I don't want to get an actual loan and suffer as I pay it back later on
I might have to talk to an accountant before really digging into this. This sounds *way* too good to be true.
Info on the loans and advance for small businesses here:
Yo I read a tweet that said since still in college and live with my parents who file me as a dependent means I'm not getting that 1200 is that true? Also won't be getting the 500 because I'm about 18 so does that mean I'm just fucked?
WHOA what? I need to look into this, because that sounds like you can basically just ask for $10k and walk away with free money. This sounds too good to be true. My small business is hurting right now.
OP
OP
The CA site hasn't been updated yet to account for the new bill, but I've seen several people mention theyre signing up now since the wait time is so long and hoping any issues are resolved by the worker processing the claim when the time comes. FWIW, that's also pretty much what the department recommended after house passed the bill:
Been waiting on the site to update in Texas, it still asks for employer name. Trying to apply as someone who files a 1099.
OP
OP
NY's DoL updated last night with some info about the unemployment benefits in this bill and how they'll apply to New York. Since the states are in charge of their UI programs and some provisions in the bill are opt in, your states UI implementation might differ slightly from New York's.
www.labor.ny.gov
Coronavirus Aid, Relief, and Economic Security (CARES) Act
What You Need to Know About Filing for Unemployment Insurance During the Pandemic
In the same boat, kinda. I've been volunteering for clinical trials since 2011, and, understandably, all the research facilities around the country have closed up shop. This was my primary source of income.
I've never filed for UI and have been wondering if I can, since it feels like I fall into a regulatory black hole. Live in Austin.
Yeah I've never filed for unemployment either, I've either always had a job or been self employed since college. If you find out anything please @ me and I'll do the same for you if I hear anything.
In case you missed the great display of leadership yesterday, our President, in his daily Coronavirus briefing, preemptively blamed any possible delays in the unemployment insurance on the states. He said basically that he wanted to distribute the money via the federal government (how, no idea) but was stopped by others, and that the states have all these outdated systems. Basically if you're mad because you can't get your money right away, blame them not him.
Info on the loans and advance for small businesses here:
So the emergency advance loan is a free up to 10k loan that doesn't have to be repaid? That's nuts
Welp I tried signing up for unemployment and I got this
But under the new bill this doesn't matter. I have no idea how to sign up for Pandemic Unemployment Assistance through the CARES act.
But under the new bill this doesn't matter. I have no idea how to sign up for Pandemic Unemployment Assistance through the CARES act.
If you agree with whoever files you as a dependent, you can file next year's taxes as a non dependent and they'll give you the 1200 then (hopefully whoever's claiming you is housing you at least)
Awesome. Hopefully NJ updates soon with info about the extra 600$NY's DoL updated last night with some info about the unemployment benefits in this bill and how they'll apply to New York. Since the states are in charge of their UI programs and some provisions in the bill are opt in, your states UI implementation might differ slightly from New York's.
Coronavirus Aid, Relief, and Economic Security (CARES) Act
What You Need to Know About Filing for Unemployment Insurance During the Pandemic
Hey guys, have a question I'm hoping I can get answered because I can't find one.
My friend and I are both 23.
My parents do NOT claim me as a dependent on their taxes. I filed my own taxes in 2018 and 2019 as well.
My friend, her parents do claim her as a dependent on their taxes, and she also filed her own taxes in 2018 and 2019 and got a return.
We're hearing we both are ineligible because we're under the age of 24, so the government still technically sees both of us as reliant of our parents?
My friend and I are both 23.
My parents do NOT claim me as a dependent on their taxes. I filed my own taxes in 2018 and 2019 as well.
My friend, her parents do claim her as a dependent on their taxes, and she also filed her own taxes in 2018 and 2019 and got a return.
We're hearing we both are ineligible because we're under the age of 24, so the government still technically sees both of us as reliant of our parents?
No, there is no "under 24" rule. Your friend can't get it because she's a dependent (therefore her parents should be supporting her), but you will get it.
As an student independent gig worker living in Nj, should I hold off on filing for UI or should I file it tonight?
