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Message
CPA QUESTION: COVID-19 Stimulus Check Payment
Posted on 4/3/20 at 4:08 pm
Posted on 4/3/20 at 4:08 pm
For the CPA's out there:
I'm hoping that you know a few more details than the rest of us regarding the upcoming COVID-19 gov't Stimulus checks that start going out next week.
I'm single and haven't filed 2019 taxes yet, which means the stimulus check will be based off of my 2018 tax return.
MY QUESTION #1:
Which box off of my W2 will they use to determine
my stimulus check amount since my income is over 75K?
Box 1 --- my gross income less 401K contribution
or
Box 3 or 5 --- Gross Income
MY QUESTION #2
The checks start going out Monday April 6
If I file an extension on my 2019 tax return,
would that extension qualify enough for them to use 2019 W2 instead of the 2018 W2??
My 2018 return is 10K more than my 2019 W2.
Using their 75K threshold with the $5/100 deduction,
basically comes down to me getting a few dollar stimulus check or nothing at all.
I'm hoping that you know a few more details than the rest of us regarding the upcoming COVID-19 gov't Stimulus checks that start going out next week.
I'm single and haven't filed 2019 taxes yet, which means the stimulus check will be based off of my 2018 tax return.
MY QUESTION #1:
Which box off of my W2 will they use to determine
my stimulus check amount since my income is over 75K?
Box 1 --- my gross income less 401K contribution
or
Box 3 or 5 --- Gross Income
MY QUESTION #2
The checks start going out Monday April 6
If I file an extension on my 2019 tax return,
would that extension qualify enough for them to use 2019 W2 instead of the 2018 W2??
My 2018 return is 10K more than my 2019 W2.
Using their 75K threshold with the $5/100 deduction,
basically comes down to me getting a few dollar stimulus check or nothing at all.
This post was edited on 4/3/20 at 4:09 pm
3
Posted on 4/3/20 at 4:25 pm to Supermoto Tiger
quote:
MY QUESTION #1:
Which box off of my W2 will they use to determine
my stimulus check amount since my income is over 75K?
Box 1
quote:
MY QUESTION #2
All that being said, I believe your 2020 tax rate will be the final determining factor in how much you should have received.
I AM NOT A CPA.
Posted on 4/3/20 at 9:03 pm to Supermoto Tiger
1) It is based on your AGI, not W-2
2) No
2) No
Posted on 4/4/20 at 10:35 am to Zipfer2022
Thank you Zipfer.
Posted on 4/4/20 at 10:55 am to Supermoto Tiger
Not to hijack thread but additional questions for CPA's have reviewed the legislation that passed.
If you receive the check based off of previous/current income, but you end up making more in 2020 and above the limit in which you should have received any will you have to refund the stimulus check and how so? when doing your 2020 tax return?
If you receive the check based off of previous/current income, but you end up making more in 2020 and above the limit in which you should have received any will you have to refund the stimulus check and how so? when doing your 2020 tax return?
Posted on 4/4/20 at 8:17 pm to HYDRebs
My understanding is if you got too much it doesn’t have to be paid back.
Posted on 4/4/20 at 8:27 pm to bobdylan
quote:
My understanding is if you got too much it doesn’t have to be paid back.
This is an uncertainty. I read this weeks Kiplinger on it, and they said almost certain, but no one knows for sure. Either way, I’d be prepared to pay it back if you take it and get phased out for 2020.
Posted on 4/4/20 at 9:21 pm to Supermoto Tiger
Per IRS. Gov: “The IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can to receive an economic impact payment”.
You don’t need to file an extension. You have until July 15th to file. “For those concerned about visiting a tax professional or local community organization in person to get help with a tax return, these economic impact payments will be available throughout the rest of 2020”.
You don’t need to file an extension. You have until July 15th to file. “For those concerned about visiting a tax professional or local community organization in person to get help with a tax return, these economic impact payments will be available throughout the rest of 2020”.
Posted on 4/5/20 at 11:45 am to southernelite
quote:
This is an uncertainty. I read this weeks Kiplinger on it, and they said almost certain, but no one knows for sure. Either way, I’d be prepared to pay it back if you take it and get phased out for 2020.
It's difficult for me to believe you won't have to pay it back, but under current legislation, you don't have to pay it back. That may change, of course.
But a lot about this has been difficult for me to believe
Posted on 4/8/20 at 12:42 pm to LSUFanHouston
quote:
It's difficult for me to believe you won't have to pay it back, but under current legislation, you don't have to pay it back. That may change, of course.
But a lot about this has been difficult for me to believe
I have a question if you can help. I screwed up my taxes the year after my wife died, and way underwithheld, and the IRS drafts money from my account every month to pay those taxes.
Will they be able to use the same deposit info for a direct deposit? Or will I be waiting for a paper check? I have not had a refund in years.
Posted on 4/8/20 at 1:28 pm to BlackAdam
quote:
I have a question if you can help. I screwed up my taxes the year after my wife died, and way underwithheld, and the IRS drafts money from my account every month to pay those taxes.
Will they be able to use the same deposit info for a direct deposit? Or will I be waiting for a paper check? I have not had a refund in years.
Hmmm. Not sure. I have heard the sources they are using for DDA info is 18/19 returns, SS payments, and a database they are supposed to set up soon to collect info.
haven't heard anything about using direct debit installment plan info. You would think they could use that. I'll keep my ears open.
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