You might get a thousand dollars stimulus package

[SaintsManiac]

I've been wanting to say this forever so with your response: "Ok, Millennial"

I’m not a millennial.

 

[orangecuse]

Can I ask a stupid question? Since they will go off of 2018 will they count the fact I have a new baby born in 2019? Not sure how they’ll “know” about kids not accounted for on 2018 returns.

 

[Farro]

I’m not a millennial.

GenX!!! We don't care!!! (except Covid, we care about Covid)

 

[Hikergirl]

No one is excluded. Even if you made 1 trillion dollars in 2018 as an individual you will get $600 or $1200 as a couple.

Single taxpayers whose income exceeds $99,000 and joint filers whose exceeds $198,000 will get zero.

Grammar police did I use whose right here, or should I have said who's?

 

[kdonnel]

So what I read on a few sites :

1200 for single making $75000 and less. Subtract $5 for every $100 made over the $75,000. Singles making more than $99,000 do not get anything.

Or saying kind of the same thing: The amount would be reduced by 5% of the amount of a taxpayers income that exceeds $75,000. For joint filers, the threshold would be $150,000.

Math is hard and I have a headache and I'm trying to convince myself I don't have the virus! (I don't, no fever).

Ugh, I just want everyone to be okay and this to be over soon. The running tally on every state, every country of illnesses and deaths is just starting to be too much for me.

From the bill as written at the moment:
(A) the amount determined under subsection (a) shall not be less than $600 ($1,200 in the case of a joint return)


The income limits can not reduce the payments to below those amounts. Even if you make 1 trillion dollars in 2018 you will get a check for $600. Then if you only made $70000 in 2020 you would get a further $600 tax credit when you file your 2020 taxes.

If instead you made $70000 in 2018 you will get a check for $1200 but if you make 1 trillion in 2020 you will have to pay $600 of it back when you file your 2020 taxes.

 

[kdonnel]

Single taxpayers whose income exceeds $99,000 and joint filers whose exceeds $198,000 will get zero.

Grammar police did I use whose right here, or should I have said who's?

There is a provision in the bill that states:

(A) the amount determined under subsection (a) shall not be less than $600 ($1,200 in the case of a joint return)

It is not a credit that can be reduced to zero.

 

[kdonnel]

Can I ask a stupid question? Since they will go off of 2018 will they count the fact I have a new baby born in 2019? Not sure how they’ll “know” about kids not accounted for on 2018 returns.

You will settle up on your 2020 taxes and will get the additional credit then. Others will need to pay it back because they had a dependent in 2018 that was not a dependent in 2020.

 

[wvjules]

This is such a stupid and needlessly complicated proposal.

 

[kaytieeldr]

Single taxpayers whose income exceeds $99,000 and joint filers whose exceeds $198,000 will get zero.

Grammar police did I use whose right here, or should I have said who's?

Yes, yes you did!

 

[Hikergirl]

There is a provision in the bill that states:

(A) the amount determined under subsection (a) shall not be less than $600 ($1,200 in the case of a joint return)

It is not a credit that can be reduced to zero.

Ok, I am not seeing what you are saying, I'm seeing this.


Section 2101. 2020 recovery rebates for individuals
Recovery checks of up to $1,200 will be put into the hands of most taxpayers, providingcash immediately to individuals and families. Married couples who file a joint return areeligible for up to $2,400. Those amounts increase by $500 for every child. These checksare reduced for higher income taxpayers and begin phasing out after a single taxpayer has$75,000 in adjusted gross income and $150,000 for joint filers. The IRS will base these
amounts on the taxpayer’s 2018 tax return.
The rebate amount is reduced by $5 for each
$100 a taxpayer’s income exceeds the phase
-out threshold. The amount is completely phased-out for single taxpayers with incomes exceeding $99,000 and $198,000 for joint
filers. The IRS will base these amounts on the taxpayer’s 2018 tax return.
Taxpayers with little or no income tax liability, but at least $2,500 of qualifying income,would be eligible for a minimum rebate check of $600 ($1,200 married). Qualifyingincome includes earned income, as well as Social Security retirement benefits and certaincompensation and pension benefits paid to veterans. This ensures relief gets to low-income seniors and disabled veteran

 

[kdonnel]

Ok, I am not seeing what you are saying, I'm seeing this.


Section 2101. 2020 recovery rebates for individuals
Recovery checks of up to $1,200 will be put into the hands of most taxpayers, providingcash immediately to individuals and families. Married couples who file a joint return areeligible for up to $2,400. Those amounts increase by $500 for every child. These checksare reduced for higher income taxpayers and begin phasing out after a single taxpayer has$75,000 in adjusted gross income and $150,000 for joint filers. The IRS will base these
amounts on the taxpayer’s 2018 tax return.
The rebate amount is reduced by $5 for each
$100 a taxpayer’s income exceeds the phase
-out threshold. The amount is completely phased-out for single taxpayers with incomes exceeding $99,000 and $198,000 for joint
filers. The IRS will base these amounts on the taxpayer’s 2018 tax return.
Taxpayers with little or no income tax liability, but at least $2,500 of qualifying income,would be eligible for a minimum rebate check of $600 ($1,200 married). Qualifyingincome includes earned income, as well as Social Security retirement benefits and certaincompensation and pension benefits paid to veterans. This ensures relief gets to low-income seniors and disabled veteran

Is that from the actual bill or someone’s interpretation? If an interpretation perhaps they skipped over the part I quoted from the bill.

Here is the bill. Pages 17-21.
https://www.scribd.com/document/452416417/McConnell-coronavirus-stimulus-plan#download&from_embed

 

[Hikergirl]

Is that from the actual bill or someone’s interpretation? If an interpretation perhaps they skipped over the part I quoted from the bill.

Here is the bill. Pages 17-21.
https://www.scribd.com/document/452416417/McConnell-coronavirus-stimulus-plan#download&from_embed

It was a link to "numerous provisions" in the bill
https://www.scribd.com/document/452417607/Section-By-Section-Coronavirus-Tax-Relief-Measures

 

[BMB777]

What about the extreme poor who didn't even file taxes? They get nothing?

 

[kdonnel]

It was a link to "numerous provisions" in the bill
https://www.scribd.com/document/452417607/Section-By-Section-Coronavirus-Tax-Relief-Measures

That is someone’s interpretation. Who ever wrote it skipped over the provision in the bill that prevents it from being reduced to zero.

 

[kdonnel]

What about the extreme poor who didn't even file taxes? They get nothing?

They would get it in 2021 when they file for 2020 as long as they have at least $2500 in earned income in 2020.

 

[Searc]

Because of the previous asinine liquor laws in KS stand alone liquor stores are king around here.

Last Thursday we opted to look at the liquor aisle at Walmart since they can now sell up to 5.9% but alas they like we expected lacked in variety and I didn't see any alcohol in anyone's carts haha. So off to the liquor store across the street we went to get build your own 6 packs (though they had plenty of other liquor, that liquor store is a decent size).

Were your grocery store liquor aisles packed (if you've been out recently)?

No. I was the only one in the large liquor department. It was creepy. LOL

 

[BMB777]

They would get it in 2021 when they file for 2020 as long as they have at least $2500 in earned income in 2020.

Ouch... Sort of defeats the purpose if the point is to boost the economy.

 

[Mackenzie Click-Mickelson]

No. I was the only one in the large liquor department. It was creepy. LOL

When we made it to our liquor store last week there weren't too many people there but you could people had been lol

We all need some respite during this all ya know

 

[Searc]

I don't understand. Based on 2018 income? And then based on 2020 income and you have to return it if something something? So someone can get the money, but if they end up making more in 2020 they have to pay it back?

Why not just base it on what you filed for 2019 and be done?

Also - and I swear I'm not asking for me! - someone was asking is it based on what you made before or after taxes?

It's AGI and it is pro-rated, going down from $1200. Yes, it is as complicated as it sounds.

 

[Searc]

This is such a stupid and needlessly complicated proposal.

100% agree. We don't qualify, but all it is doing is confusing people.