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Has anyone seen the details of the new stimulus?
Posted on 3/25/20 at 4:25 pm
Posted on 3/25/20 at 4:25 pm
Are the limits still 75 and 150 I with phase outside at 99 and 198k? I cannot find any specifics that are not tied to the failed proposal.
Posted on 3/25/20 at 4:31 pm to littlePNdaB
I just posted this on the O-T
quote:
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.
Posted on 3/25/20 at 4:41 pm to LSUFanHouston
Limits are still bullshite, i dont mind paying it back with reduced deductions, give me the interest free loan... I want my taxes back.
Thanks for sharing
Thanks for sharing
Posted on 3/25/20 at 4:45 pm to LSUFanHouston
Any actual link to the bill as written/proposed?
Posted on 3/25/20 at 4:50 pm to xenon16
So if you're agi is above 150k, you still get money back but a reduced sum?
Posted on 3/25/20 at 4:54 pm to PureMetairie
quote:
Checks will be reduced by $5 for every $100 exceeding those thresholds. It completely phases out at $99,000 in income for individuals, $146,500 for head of household filers with one child and $198,000 for joint filers with no children.
CNBC link
Posted on 3/25/20 at 8:52 pm to PureMetairie
If you filed married jointly. Yes.
Posted on 3/25/20 at 9:46 pm to littlePNdaB
So income levels from 2018, but what if I had a child after 2018?
Posted on 3/25/20 at 10:55 pm to Simon Gruber
If you filed for 2019 can you use 2019? I wouldn’t qualify in 2018 but would in 2019.
Posted on 3/25/20 at 11:13 pm to LSUFanHouston
quote:finally something that makes sense.
just posted this on the O-T
This whole time I've been wondering how they want to help the people who are getting hit THIS YEAR but using 2018/2019 income. Made zero sense.
Now the obvious problem here is someone who wouldn't qualify based on 2018 income and got hit this year would have to wait for 2020 to get his money. But still, this is better than what was being floated.
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