You might get a thousand dollars stimulus package

[tinkerhon]

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.

Don't know if they misspoke, but just said they are going off 2019 return

 

[Searc]

Don't know if they misspoke, but just said they are going off 2019 return

They are going off 2018, since 2019 tax season is still in progress.

 

[tinkerhon]

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

Less, but minimum of $600

 

[Hikergirl]

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

DIVISION B—RELIEF FOR INDIVIDUALS, FAMILIES, AND BUSINESSES TITLE I—REBATES AND OTHER INDIVIDUAL PROVISIONS Sec. 2101. 2020 recovery rebates for individuals.

It corresponds to what I linked, although there is no sec. 2101 in the bill that I can find.
This is in the table of contents of the bill. I've scrolled through but I am not going to look through all 247 pages to find it. You are free to do so if you like.
https://www.republicanleader.senate.gov/imo/media/doc/CARES Act Final - Mar 2020.pdf
The summary of the provisions was provided by Senate Finance Committee Chuck Grassley.
I think I'll take his word on it.

 

[tinkerhon]

They are going off 2018, since 2019 tax season is still in progress.

totally agree.- But they definitely just.said 2019, which makes no sense.

 

[mrodgers]

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?

You expect it to be simple with the government?

 

[kdonnel]

DIVISION B—RELIEF FOR INDIVIDUALS, FAMILIES, AND BUSINESSES TITLE I—REBATES AND OTHER INDIVIDUAL PROVISIONS Sec. 2101. 2020 recovery rebates for individuals.

It corresponds to what I linked, although there is no sec. 2101 in the bill that I can find.
This is in the table of contents of the bill. I've scrolled through but I am not going to look through all 247 pages to find it. You are free to do so if you like.
https://www.republicanleader.senate.gov/imo/media/doc/CARES Act Final - Mar 2020.pdf
The summary of the provisions was provided by Senate Finance Committee Chuck Grassley.
I think I'll take his word on it.

It’s the same bill I linked to formatted differently.

Page 35.

‘‘(b) SPECIAL RULES.—
‘‘(1) IN GENERAL.—In the case of a taxpayer
described in paragraph (2)—
‘‘(A) the amount determined under sub-
section (a) shall not be less than $600 ($1,200 in the case of a joint return), and
‘‘(B) the amount determined under sub- section (a) (after the application of subpara- graph (A)) shall be increased by the product of $500 multiplied by the number of qualifying children (within the meaning of section 24(c)) of the taxpayer.

 

[luvsJack]

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

Isn’t that defeating the purpose? Those who need it most wouldn’t get it?

 

[LongLiveRafiki]

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

This is directly from the bill. Individuals making more than $75,000 (and joint filers making more than $150,000) will receive less than the full amount. Using their formula of a 5% reduction multiplied by income higher than $75,000/ $150,000, that puts the cutoff at $99,000 for individuals and $198,000 for joint to receive anything.

 

[mi*vida*loca]

So will college adults who are claimed by their parents get their own checks? My son has never filed a return. This will be his first year filing.

 

[kdonnel]

This is directly from the bill. Individuals making more than $75,000 (and joint filers making more than $150,000) will receive less than the full amount. Using their formula of a 5% reduction multiplied by income higher than $75,000/ $150,000, that puts the cutoff at $99,000 for individuals and $198,000 for joint to receive anything.

View attachment 482242

Also directly from the bill.

‘‘(b) SPECIAL RULES.—
‘‘(1) IN GENERAL.—In the case of a taxpayer
described in paragraph (2)—
‘‘(A) the amount determined under sub-
section (a) shall not be less than $600 ($1,200 in the case of a joint return), and
‘‘(B) the amount determined under sub- section (a) (after the application of subpara- graph (A)) shall be increased by the product of $500 multiplied by the number of qualifying children (within the meaning of section 24(c)) of the taxpayer.

I can certainly be wrong but it seems difficult to reduce it to zero when it says it can’t be reduced to zero.

 

[tinkerhon]

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

Not sure if this is totally true - all of this is bit.confusing - According to the WSJ, people on fixed income ( disability, SS recipients, ( retirees - others that don't file tax return OR pay Federal taxes) would receive less than the $1,200, but $600 minimum)

 

[AMW86]

Remember that this is only one party's proposed bill. They have to negotiate with the other party, who has indicated that they do not support it, so the logistics about who gets paid and how are likely to change

 

[BMB777]

Isn’t that defeating the purpose? Those who need it most wouldn’t get it?

That's what I was saying earlier. That makes no sense. The extreme poor have to wait a year to their money? That can't be right.

 

[BMB777]

Not sure if this is totally true - all of this is bit.confusing - According to the WSJ, people on fixed income ( disability, SS recipients, ( retirees - others that don't file tax return OR pay Federal taxes) would receive less than the $1,200, but $600 minimum)

It makes more sense they would get the $600 now and potentially another $600 at a later point. But to get nothing now makes no sense to me.

 

[LongLiveRafiki]

Also directly from the bill.

Yes, I'm aware of that, but it doesn't negate the section I quoted about income limits. Those below the income limits but with a tax liability less than $600 would still get $600, whereas without that stipulation, they would not.

 

[rkstocke5609]

Isn’t that defeating the purpose? Those who need it most wouldn’t get it?

What is the sense of giving someone that has income of less than $2500 any money? They are likely homeless and don’t have a bank account. Are you going to give them cash on the street so they can buy liquor and/or drugs of some type? Better to save that money and give it to local governments that are in the best position to distribute help to these people..

 

[tinkerhon]

Remember that this is only one party's proposed bill. They have to negotiate with the other party, who has indicated that they do not support it, so the logistics about who gets paid and how are likely to change

Yes, they want us to get more ! They must have gotten wind of the latest AP prices !

 

[Disneyfan754321]

They're closed.
https://www.wvlt.tv/content/news/Theaters-and-Dinner-Shows-closing-in-Pigeon-Forge--568833921.html
We'll put it in the emergency fund.

We are in our emergency fund.... spent last week at disney world on vacation. My DH did not have any vacation days yet ....to come back and be forced into quarantine for two weeks. So unfortunately it will be used up in everyday cost of living.

 

[tinkerhon]

It makes more sense they would get the $600 now and potentially another $600 at a later point. But to get nothing now makes no sense to me.

Exactly - especially since Mnuchin said days ago that those on a fixed income are in dire need.