Some Stimulus Check Answers (and other issues)

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.