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Started By
Message
Questions about muh check
Posted on 3/29/20 at 7:17 am
Posted on 3/29/20 at 7:17 am
Will it be tax free?
If taxed, will taxes be removed from the check before deposit, or will I get the entire check now and be expected to pay taxes on it when filing next year?
If I had a kid February 2020, will I get the $500 for this kid?
If taxed, will taxes be removed from the check before deposit, or will I get the entire check now and be expected to pay taxes on it when filing next year?
If I had a kid February 2020, will I get the $500 for this kid?
Posted on 3/29/20 at 7:55 am to Darth Boudin
quote:
Will it be tax free?
It’s an advance on a refundable 2020 tax credit. It reduces tax burden. You will get the 500 for that kid in the form of a tax credit when you file next year.
Posted on 3/29/20 at 8:12 am to Dawgfanman
I have a kid born in 2018, and a kid born this year.
Wife and I both work, make slightly under 150k
So I’ll get a check for 2,900? Then a $500 tax credit next year when filing for the second baby?
Also, this $2,900 check is not taxable income being that it’s an advance on a tax credit?
Wife and I both work, make slightly under 150k
So I’ll get a check for 2,900? Then a $500 tax credit next year when filing for the second baby?
Also, this $2,900 check is not taxable income being that it’s an advance on a tax credit?
This post was edited on 3/29/20 at 8:14 am
Posted on 3/29/20 at 8:16 am to Darth Boudin
quote:
I have a kid born in 2018, and a kid born this year. Wife and I both work, make slightly under 150k So I’ll get a check for 2,900? Then a $500 tax credit next year when filing for the second baby? Also, this $2,900 check is not taxable income being that it’s an advance on a tax credit?
The advance will be based on your 2019, or if you have not filed that your 2018 return. It will not be taxed.
Posted on 3/29/20 at 8:25 am to Dawgfanman
I have already filed my 2019. That has 1 kid on it and we were under 150k.
So we will get a check for 2400 plus 500 (2900)
Then when I file next year I will get a $500 credit for the second kid born February of this year?
Is that correct?
So we will get a check for 2400 plus 500 (2900)
Then when I file next year I will get a $500 credit for the second kid born February of this year?
Is that correct?
Posted on 3/29/20 at 8:27 am to Dawgfanman
So I’ve seen the calculation if your AGI is between $150k-$198k filing jointly, to calculate how the $2400 goes down but if you have a child and your AGI is between $150k-198k do you get the full $500 per child or is there a calculation for that as well?
Posted on 3/29/20 at 8:32 am to Darth Boudin
quote:
Is that correct?
Looks right to me.
My income in 2019 means I will get a reduced check, but get those credits back next tax season based on 2020 income.
Posted on 3/29/20 at 8:40 am to LSUEEAlum
quote:
but if you have a child and your AGI is between $150k-198k do you get the full $500 per child or is there a calculation for that as well?
The $500 per dependent is NOT phased out for income. If you made $17,000,000 last year and have 3 kids under age 17, you would still get $500 per kid.
Posted on 3/29/20 at 9:12 am to LSUFanHouston
Is the $500 credit per kid in addition to the regular $2,000 dependent credit? Or is the $2,000 being lowered to $500 for this year?
Posted on 3/29/20 at 9:13 am to TDsngumbo
quote:
Is the $500 credit per kid in addition to the regular $2,000 dependent credit? Or is the $2,000 being lowered to $500 for this year?
Additional
Posted on 3/29/20 at 9:32 am to Dawgfanman
How will this $2,400 affect my 2019 tax return when I file next year.
Typically we get back around 6-7k on a normal year.
Typically we get back around 6-7k on a normal year.
This post was edited on 3/29/20 at 9:32 am
Posted on 3/29/20 at 9:34 am to TDsngumbo
This is being handled via the creation of a NEW credit for 2020 only, with an advance payment of said credit.
That is what makes this so confusing.
That is what makes this so confusing.
Posted on 3/29/20 at 9:41 am to LSUFanHouston
So let’s say Joe Blow makes 60k a year, has no kids or wife.
Every year when he files he owes $1,000.00.
He gets this stimulus check of $1,200.00 now. When he files next spring for 2020, does he still owe $1,000 same as normal just like nothing ever happened?
Every year when he files he owes $1,000.00.
He gets this stimulus check of $1,200.00 now. When he files next spring for 2020, does he still owe $1,000 same as normal just like nothing ever happened?
Posted on 3/29/20 at 11:37 am to Darth Boudin
quote:
How will this $2,400 affect my 2019 tax return when I file next year.
Typically we get back around 6-7k on a normal year.
You’ll get 3-5 back instead.
This is basically a loan om your refund next year.
The government is giving you money early that you overpay every year. How nice of them.
Posted on 3/29/20 at 12:28 pm to Chef Free Gold Bloom
Incorrect according to a CPA I just asked. Says it will not affect normal refund next year at all.
Says this stimulus check is the equivalent of finding cash in an envelope on the ground.
Because of the fact that it’s a new 1 year only 2020 tax credit adding to the existing refund you will get next year. This said amount will be advanced to you now thus not affecting next years refund one penny from what it would have been had corona not happened at all.
Also says if your kid turned 17 during 2019, you don’t get the 500. If your kid turns 17 during 2020, you get the 500 and it does NOT have to be paid back.
Says this stimulus check is the equivalent of finding cash in an envelope on the ground.
Because of the fact that it’s a new 1 year only 2020 tax credit adding to the existing refund you will get next year. This said amount will be advanced to you now thus not affecting next years refund one penny from what it would have been had corona not happened at all.
Also says if your kid turned 17 during 2019, you don’t get the 500. If your kid turns 17 during 2020, you get the 500 and it does NOT have to be paid back.
This post was edited on 3/29/20 at 12:31 pm
Posted on 3/29/20 at 12:36 pm to Chef Free Gold Bloom
quote:If you don't know, say you don't know.
You’ll get 3-5 back instead.
This is basically a loan om your refund next year.
The government is giving you money early that you overpay every year. How nice of the
Posted on 3/29/20 at 12:39 pm to castorinho
He might have incorrectly thought he knew.
Kinda like the man who thought he farted but shat himself.
Kinda like the man who thought he farted but shat himself.
Posted on 3/29/20 at 12:48 pm to Chef Free Gold Bloom
quote:
You’ll get 3-5 back instead.
wrong
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