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Message
Some Stimulus Check Answers (and other issues)
Posted on 3/25/20 at 4:29 pm
Posted on 3/25/20 at 4:29 pm
I know there have been a few threads with ? about stimulus checks, but a lot of this is changing on the fly so this the latest (assuming they don't change the bill)
A 2020 tax credit will be created, to the extend of $1,200 per adult and $500 for each qualifying child. You will receive this credit on your 2020 income tax return, filed next year.
HOWEVER, the IRS is authorized to issue advance payments of said credit. Qualification for an advance payment will be based on information provided on 2018 tax returns.
The advance payment will reduce the amount of credit on the 2020 return. It's not known yet what happens if the reduction of the credit is to below zero.
The phase-out of the credit is based on AGI. It begins at 150K for joint returns, $112,500 for head of household, and $75K for all other filing statuses.
The credit is not available to nonresident aliens, individuals who can be claimed as a dependent by another taxpayer (but the person claiming them can get the credit), estates, and trusts.
So if your situation changed since 2018 and you should get more money then you get, you can get the rest as a credit on the 2020 tax return.
If your situation changed and you get less... not sure yet how they will handle it. They may make you repay some of it.
There are also a ton of other tax issues in the bill.
1) Looks like RMDs will not be required for 2020
2) Creation of a new small (up to $300) above the line charitable deduction. Also, the Sch A charitable deduction limitation is increased to 100 percent of AGI (from 60%)
3) 50 percent of 2020 self-employment taxes will not be due until Dec 31, 2021, and the other 50% not due until Dec 31, 2022. The same rules apply to the employer share of payroll taxes (but employee share withheld is still due with normal payroll deposits).
Edited to once again state that this is in the bill, as written, but not yet voted. Of course, they could still make changes to it.
A 2020 tax credit will be created, to the extend of $1,200 per adult and $500 for each qualifying child. You will receive this credit on your 2020 income tax return, filed next year.
HOWEVER, the IRS is authorized to issue advance payments of said credit. Qualification for an advance payment will be based on information provided on 2018 tax returns.
The advance payment will reduce the amount of credit on the 2020 return. It's not known yet what happens if the reduction of the credit is to below zero.
The phase-out of the credit is based on AGI. It begins at 150K for joint returns, $112,500 for head of household, and $75K for all other filing statuses.
The credit is not available to nonresident aliens, individuals who can be claimed as a dependent by another taxpayer (but the person claiming them can get the credit), estates, and trusts.
So if your situation changed since 2018 and you should get more money then you get, you can get the rest as a credit on the 2020 tax return.
If your situation changed and you get less... not sure yet how they will handle it. They may make you repay some of it.
There are also a ton of other tax issues in the bill.
1) Looks like RMDs will not be required for 2020
2) Creation of a new small (up to $300) above the line charitable deduction. Also, the Sch A charitable deduction limitation is increased to 100 percent of AGI (from 60%)
3) 50 percent of 2020 self-employment taxes will not be due until Dec 31, 2021, and the other 50% not due until Dec 31, 2022. The same rules apply to the employer share of payroll taxes (but employee share withheld is still due with normal payroll deposits).
Edited to once again state that this is in the bill, as written, but not yet voted. Of course, they could still make changes to it.
This post was edited on 3/25/20 at 4:31 pm
Posted on 3/25/20 at 4:31 pm to LSUFanHouston
Bernie Sanders killed that along with the market.
This post was edited on 3/25/20 at 4:32 pm
Posted on 3/25/20 at 4:34 pm to LSUFanHouston
"Here's some help in times of need due to a global pandemic. You can keep a little bit more of your own hard earned dollars"
Posted on 3/25/20 at 4:34 pm to eScott
quote:
Bernie Sanders killed that along with the market.
he'll calm down once he's given another house.
Posted on 3/25/20 at 4:38 pm to eScott
We're still blaming Bernie even though he's just reacting to the 4 GOP senators threatening to stall it?
His objection is to their objection and therefore irrelevant. He isn't holding up anything.
His objection is to their objection and therefore irrelevant. He isn't holding up anything.
This post was edited on 3/25/20 at 4:39 pm
Posted on 3/25/20 at 4:40 pm to LSUFanHouston
quote:
50 percent of 2020 self-employment taxes will not be due until Dec 31, 2021, and the other 50% not due until Dec 31, 2022.
Whoa. Love this
Posted on 3/25/20 at 4:42 pm to TH03
quote:
We're still blaming Bernie even though he's just reacting to the 4 GOP senators threatening to stall it?
His objection is to their objection and therefore irrelevant. He isn't holding up anything.
It's TD, bro
Posted on 3/25/20 at 4:44 pm to JohnnyKilroy
Bernie making an irrelevant grandstanding move that he can point to later as "fighting for American workers" and TD eats it right up.
Posted on 3/25/20 at 4:44 pm to JohnnyKilroy
Found out that the Stimulus check will be exempt from offsets also. If you owe the IRS for past years or some other civil matter like back child support the check will NOT be withheld and sent back to the treasury.
Posted on 3/25/20 at 4:58 pm to UAinSOUTHAL
quote:
If you owe the IRS for past years or some other civil matter like back child support the check will NOT be withheld
Sounds like someone has been partying a little too hard
Posted on 3/25/20 at 5:01 pm to LSUFanHouston
quote:
The phase-out of the credit is based on AGI.
Does the child payment also phase-out as well?
Thanks so much for posting this.
Posted on 3/25/20 at 5:02 pm to TH03
right
i dont blame the GOP senators and i dont blame Bernie
but "SoCiAlisM"
i dont blame the GOP senators and i dont blame Bernie
but "SoCiAlisM"
This post was edited on 3/25/20 at 5:03 pm
Posted on 3/25/20 at 5:04 pm to rocket31
side note: $1200 is not going to be enough for millions of people esp in higher costs of living areas
if this shutdown continues, things are going to get real fricking interesting
if this shutdown continues, things are going to get real fricking interesting
Posted on 3/25/20 at 5:05 pm to rocket31
Unemployment. 100% of pay for 4 months. People will not be working for 4 months.
Posted on 3/25/20 at 5:09 pm to LSUFanHouston
quote:
Creation of a new small (up to $300) above the line charitable deduction. Also, the Sch A charitable deduction limitation is increased to 100 percent of AGI (from 60%)
This is great, not sure why they took it out. Better than sending to government for them to send to an agency. Cut out the middleman
Lots of good info thanks for putting together
Posted on 3/25/20 at 5:14 pm to UAinSOUTHAL
quote:sounds trashy
Found out that the Stimulus check will be exempt from offsets also. If you owe the IRS for past years or some other civil matter like back child support the check will NOT be withheld and sent back to the treasury
Posted on 3/25/20 at 5:16 pm to SippyCup
quote:
Unemployment. 100% of pay for 4 months. People will not be working for 4 months.
Pretty sure part of the Senate bill was to add $600/week to what unemployment benefits would normally be for up to four months.
Posted on 3/25/20 at 5:17 pm to High C
Even worse. That’s more than Most of the hospitality industry makes. Why would they go back to work until the 4 months are up.
Posted on 3/25/20 at 5:35 pm to LSUFanHouston
quote:
the IRS is authorized to issue advance payments of said credit. Qualification for an advance payment will be based on information provided on 2018 tax returns.
What does this part mean? Who gets the credit upfront and who gets it after filing their 2020 income tax? Does everyone get the credit, and only those who make less than 75k get the advanced portion?
Posted on 3/25/20 at 5:35 pm to SippyCup
quote:
Even worse. That’s more than Most of the hospitality industry makes. Why would they go back to work until the 4 months are up.
Sounds like a better problem to have than our current one
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