You might get a thousand dollars stimulus package

[runwad]

Only if they have at least $2500 in income (social security and VA benefits count toward that number). They don't have to have filed taxes, but have to have received at least $2500 for the year either in income or the SS/VA benefits. If they didn't receive at least $2500, then no, they would not receive the stimulus proposed by the Senate. And this would be based on numbers from tax year 2018.

Again, just so no one gets confused, nothing has been passed yet and the proposal could change.



The bill says that anyone who was claimed on someone else's tax return would not receive their own stimulus check. So if you claimed her, she would not get her own check. The part that I couldn't figure out in reading the bill is whether or not those 18+ who are claimed on someone else's taxes would qualify for the child stimulus of $500 given to parents for kids. I couldn't find anything in the bill to indicate one way or another.

I agree that it would be nice if they went off of 2019 for those who have filed (obviously stay with 2018 for those who haven't). Personally for us in 2018, our tax liability wasn't high enough to get more than the proposed $600/ adult, but if they used 2019, we would qualify for the whole amount of $1200 ea.

I would think it would go by the same qualifications as the child credit, under 17 only. Just my guess. But it stinks that the newly employed graduates aren't included in this :-(

 

[LongLiveRafiki]

Latest proposal that is close to being signed off on -
$1,200 per adult American - based on qualifying - $75,000 CAP - $100,000 household cap
$500 per child

POSSIBLY two checks
First check within 2 weeks
Based on 2018 tax.return , which would have direct deposit info
if the DD bounces back, a manual check would be mailed

So, qualifying family of four - two adults , 2 children - looking
at $3,400

And same amount if 2nd check

Can I ask where you are reading about the possibility of 2 checks? I haven't seen that floated anywhere since the Senate GOP released their proposal Thursday which only includes one check. Thanks!

I would think it would go by the same qualifications as the child credit, under 17 only. Just my guess. But it stinks that the newly employed graduates aren't included in this :-(

Agreed.

 

[FloridaFun83]

Latest proposal that is close to being signed off on -
$1,200 per adult American - based on qualifying - $75,000 CAP - $100,000 household cap
$500 per child

POSSIBLY two checks
First check within 2 weeks
Based on 2018 tax.return , which would have direct deposit info
if the DD bounces back, a manual check would be mailed

So, qualifying family of four - two adults , 2 children - looking
at $3,400

And same amount if 2nd check

Wait so with this proposal a single individual with (possibly) no dependants can make 75,000 but a married couple with several dependants can make max of 100,000 to receive this? only 25k more than individual?

 

[LongLiveRafiki]

I would think it would go by the same qualifications as the child credit, under 17 only. Just my guess. But it stinks that the newly employed graduates aren't included in this :-(

Here's the appropriate section of the bill in case it makes any more sense to you. I'm not super familiar on tax laws. I know in 2018 things changed for deductions and exemptions, which is what section 151 that they refer to is about.

 

[TLSnell1981]

Can I ask where you are reading about the possibility of 2 checks? I haven't seen that floated anywhere since the Senate GOP released their proposal Thursday which only includes one check. Thanks!



Agreed.

I'm hearing one check is anticipated on April 6th and the second one on May 18th. Of course, they are still making the sausage so...

 

[tinkerhon]

Can I ask where you are reading about the possibility of 2 checks? I haven't seen that floated anywhere since the Senate GOP released their proposal Thursday which only includes one check. Thanks!



Agreed.

That came straight from the mouth of Larry Kudlow, who left the current meeting to speak with reporters - before going back to the meeting

 

[tinkerhon]

I'm hearing one check is anticipated on April 6th and the second one on May 18th. Of course, they are still making the sausage so...

Heard same - the check on the 18th contingent upon the current state - the other decision to be made is where the checks are going to come from - seems like the IRS , but others are pushing for FEMA, because they believe IRS will be too slow

 

[sksjasams]

So if the proposal allows child payment in alignment with child tax credit(under 17), and does not allow individual payment to anyone claimed as a dependent, it seems to purposefully be excluding college students. Students age 18-22 would likely still be dependents on parents returns, also likely have income less than 2500. Am I understanding this right?

 

[LongLiveRafiki]

I'm hearing one check is anticipated on April 6th and the second one on May 18th. Of course, they are still making the sausage so...

Thanks. I know Treasury Secretary Mnuchin talked about 2 checks with those proposed dates, but that was the $1000/adult proposal he had discussed with Trump, rather than the $1200 one the Senate proposed, which as initially written would only be one check. That's why I was confused.

That came straight from the mouth of Larry Kudlow, who left the current meeting to speak with reporters - before going back to the meeting

Thanks, I managed to find a video of him talking about it where he mentions the possibility of a second tranche of checks. I didn't however hear anything about income caps, so I'm still not sure where the $100,000 for families is coming from.

So if the proposal allows child payment in alignment with child tax credit(under 17), and does not allow individual payment to anyone claimed as a dependent, it seems to purposefully be excluding college students. Students age 18-22 would likely still be dependents on parents returns, also likely have income less than 2500. Am I understanding this right?

That's how I'm reading it, but I could be wrong. The bill says anyone claimed under section 151 of the tax code on someone else's taxes would not be eligible for anything. If someone else has a clearer understanding of how section 151 applied to taxes in 2018, that might be more helpful in understanding this. It has something to do with deductions and exemptions, but I can't figure out how adult dependents were allowed to be claimed in 2018 to see if it applied under section 151.

 

[TLSnell1981]

Thanks. I know Treasury Secretary Mnuchin talked about 2 checks with those proposed dates, but that was the $1000/adult proposal he had discussed with Trump, rather than the $1200 one the Senate proposed, which as initially written would only be one check. That's why I was confused.



Thanks, I managed to find a video of him talking about it where he mentions the possibility of a second tranche of checks. I didn't however hear anything about income caps, so I'm still not sure where the $100,000 for families is coming from.



That's how I'm reading it, but I could be wrong. The bill says anyone claimed under section 151 of the tax code on someone else's taxes would not be eligible for anything. If someone else has a clearer understanding of how section 151 applied to taxes in 2018, that might be more helpful in understanding this. It has something to do with deductions and exemptions, but I can't figure out how adult dependents were allowed to be claimed in 2018 to see if it applied under section 151.

The last I heard today was $99k phase out for individuals and $198k for families. It was unclear if there is a cut off for the child credit. Again, they are still arguing but help is coming for some...not all.

 

[mefordis]

I'm not the poster you quoted, but I feel the same. We will definitely get some money and I plan to donate it to my local food bank and community outreach center.

Even after the treasury secretary said a few days ago that millionaires wouldn't get it, looks like everyone will! (Not saying we're millionaires, we are retired old people)

Really? The latest version has couples making over $198k completely excluded.

https://www.nbcnews.com/politics/co...s-checks-senate-gop-releases-details-n1164311

 

[LongLiveRafiki]

The last I heard today was $99k phase out for individuals and $198k for families. It was unclear if there is a cut off for the child credit. Again, they are still arguing but help is coming for some...not all.

That's what's in the Senate Bill and the latest I've heard as well. I know other members of Congress are proposing some changes and amendments though, so who knows what the final will end up being.

I did see that Sen. Hawley proposed an amendment to the bill today that would change it so everyone who qualified under the income limits would receive the full benefit ($1200/adult, $2400/couple, $500/ child). That would make it so those paying zero/little taxes wouldn't get a reduced benefit but rather the full one, and would also eliminate the $2500 income requirement, allowing those making less than $2500 to also receive the full benefit. Again, it was just proposed though and hasn't been voted on.

 

[tinkerhon]

Thanks. I know Treasury Secretary Mnuchin talked about 2 checks with those proposed dates, but that was the $1000/adult proposal he had discussed with Trump, rather than the $1200 one the Senate proposed, which as initially written would only be one check. That's why I was confused.



Thanks, I managed to find a video of him talking about it where he mentions the possibility of a second tranche of checks. I didn't however hear anything about income caps, so I'm still not sure where the $100,000 for families is coming from.



That's how I'm reading it, but I could be wrong. The bill says anyone claimed under section 151 of the tax code on someone else's taxes would not be eligible for anything. If someone else has a clearer understanding of how section 151 applied to taxes in 2018, that might be more helpful in understanding this. It has something to do with deductions and exemptions, but I can't figure out how adult dependents were allowed to be claimed in 2018 to see if it applied under section 151.

Info on the family cap -

https://www.nbcnews.com/politics/co...s-checks-senate-gop-releases-details-n1164311

 

[LongLiveRafiki]

Info on the family cap -

https://www.nbcnews.com/politics/co...s-checks-senate-gop-releases-details-n1164311

This is what you posted a little while ago though, so that's where my confusion is coming from. You said $100,000 household cap. The article and everything else I'm seeing is $75,000/individual, reduced amounts up to $99,000. $150,000 family, reduced amounts up to $198,000.

Latest proposal that is close to being signed off on -
$1,200 per adult American - based on qualifying - $75,000 CAP - $100,000 household cap
$500 per child

 

[LongLiveRafiki]

@tinkerhon And by the way, I swear I'm not trying to be argumentative or rude! I just wasn't sure if I'm reading what you typed
wrong or what and trying to get the latest info.

 

[tinkerhon]

This is what you posted a little while ago though, so that's where my confusion is coming from. You said $100,000 household cap. The article and everything else I'm seeing is $75,000/individual, reduced amounts up to $99,000. $150,000 family, reduced amounts up to $198,000.

Yep - misspoke with the $100k - article is correct ((as of now)

 

[tinkerhon]

Really? The latest version has couples making over $198k completely excluded.

https://www.nbcnews.com/politics/co...s-checks-senate-gop-releases-details-n1164311

mefordis- Your Avatar rocks !!

 

[dreamin_disney]

Put it away forDD’s tuition next year, her final year of college

 

[Sabeking]

Are these numbers based on gross or adjustable income? Anyone know by chance?

 

[TLSnell1981]

Are these numbers based on gross or adjustable income? Anyone know by chance?

AGI