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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 4:40 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 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 5:09 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 5:35 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 5:36 pm to LSUFanHouston
Do non workers on the government Dole get stimulus checks?
Posted on 3/25/20 at 5:41 pm to LSUFanHouston
quote:
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
?
Posted on 3/25/20 at 5:46 pm to LSUFanHouston
quote:
You will receive this credit on your 2020 income tax return, filed next year.
So...
I'm still fricked by this virus this year?
A tax credit a year from now isn't going to help me pay my rent next week.
Or next month.
This is a bullshite bill.
Posted on 3/25/20 at 5:57 pm to LSUFanHouston
I wish. I could just get a link to the full bill. Hearing a lot of the bullshite stayed in and I trust almost nobody with their "take" at this point.
Not directed at OP, sounds like straight facts here, at least based on second hand info.
Not directed at OP, sounds like straight facts here, at least based on second hand info.
Posted on 3/25/20 at 6:11 pm to LSUFanHouston
TL:DR
Will I get a check and will it make me pay it back later, that what everyone wants to know.
Will I get a check and will it make me pay it back later, that what everyone wants to know.
Posted on 3/26/20 at 1:47 pm to LSUFanHouston
I have an 18 yr old in college and a 17 yr old in HS. So nether count as a dependent?
Posted on 3/26/20 at 1:47 pm to LSUFanHouston
How does affect an hourly employee who gets cut back to something like like 40k base, but averages over 80k with normal OT. A person like that is losing over half their income, but is still employed.
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