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LSUFanHouston
LSU Fan
NOLA
Member since Jul 2009
19871 posts

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.
This post was edited on 3/25 at 4:31 pm


eScott
LSU Fan
Member since Oct 2008
9802 posts

re: Some Stimulus Check Answers (and other issues)
Bernie Sanders killed that along with the market.
This post was edited on 3/25 at 4:32 pm


TH03
Iowa State Fan
Austin
Member since Dec 2008
163609 posts

re: Some Stimulus Check Answers (and other issues)
"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"


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368
LSUFanHouston
LSU Fan
NOLA
Member since Jul 2009
19871 posts

re: Some Stimulus Check Answers (and other issues)
quote:

Bernie Sanders killed that along with the market.


he'll calm down once he's given another house.


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240
TH03
Iowa State Fan
Austin
Member since Dec 2008
163609 posts

re: Some Stimulus Check Answers (and other issues)
We're still blaming Bernie even though he's just reacting to the 4 GOP senators threatening to stall it?

His objection is to their objection and therefore irrelevant. He isn't holding up anything.
This post was edited on 3/25 at 4:39 pm


Anonymous95
Member since Sep 2014
1552 posts

re: Some Stimulus Check Answers (and other issues)
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


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30
JohnnyKilroy
New Orleans Pelicans Fan
Cajun Navy Vice Admiral
Member since Oct 2012
23750 posts

re: Some Stimulus Check Answers (and other issues)
quote:

We're still blaming Bernie even though he's just reacting to the 4 GOP senators threatening to stall it?

His objection is to their objection and therefore irrelevant. He isn't holding up anything.


It's TD, bro


TH03
Iowa State Fan
Austin
Member since Dec 2008
163609 posts

re: Some Stimulus Check Answers (and other issues)
Bernie making an irrelevant grandstanding move that he can point to later as "fighting for American workers" and TD eats it right up.


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1115
UAinSOUTHAL
Alabama Fan
Mobile,AL
Member since Dec 2012
1858 posts

re: Some Stimulus Check Answers (and other issues)
Found out that the Stimulus check will be exempt from offsets also. If you owe the IRS for past years or some other civil matter like back child support the check will NOT be withheld and sent back to the treasury.


TigerBR1111
LSU Fan
Baton Rouge
Member since Sep 2014
3000 posts

re: Some Stimulus Check Answers (and other issues)
quote:

If you owe the IRS for past years or some other civil matter like back child support the check will NOT be withheld


Sounds like someone has been partying a little too hard


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60
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USA
Member since 2001
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notiger1997
Metairie
Member since May 2009
44363 posts

re: Some Stimulus Check Answers (and other issues)
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.


rocket31
Toledo Fan
Member since Jan 2008
34052 posts

re: Some Stimulus Check Answers (and other issues)
right

i dont blame the GOP senators and i dont blame Bernie

but "SoCiAlisM"
This post was edited on 3/25 at 5:03 pm


rocket31
Toledo Fan
Member since Jan 2008
34052 posts

re: Some Stimulus Check Answers (and other issues)
side note: $1200 is not going to be enough for millions of people esp in higher costs of living areas

if this shutdown continues, things are going to get real fricking interesting


SippyCup
New Orleans Saints Fan
Member since Sep 2008
3502 posts

re: Some Stimulus Check Answers (and other issues)
Unemployment. 100% of pay for 4 months. People will not be working for 4 months.


OceanMan
LSU Fan
Member since Mar 2010
12693 posts

re: Some Stimulus Check Answers (and other issues)
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


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00
SuperSaint
California Fan
Sorting Out OT BS Since '2007'
Member since Sep 2007
110402 posts

re: Some Stimulus Check Answers (and other issues)
quote:

Found out that the Stimulus check will be exempt from offsets also. If you owe the IRS for past years or some other civil matter like back child support the check will NOT be withheld and sent back to the treasury
sounds trashy


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12
High C
Houston Astros Fan
viewing the fall....
Member since Nov 2012
31079 posts

re: Some Stimulus Check Answers (and other issues)
quote:

Unemployment. 100% of pay for 4 months. People will not be working for 4 months.


Pretty sure part of the Senate bill was to add $600/week to what unemployment benefits would normally be for up to four months.


SippyCup
New Orleans Saints Fan
Member since Sep 2008
3502 posts

re: Some Stimulus Check Answers (and other issues)
Even worse. That’s more than Most of the hospitality industry makes. Why would they go back to work until the 4 months are up.


Epic Cajun
New Orleans Pelicans Fan
Lafayette, LA
Member since Feb 2013
20627 posts

re: Some Stimulus Check Answers (and other issues)
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?


wildtigercat93
Navy Fan
Member since Jul 2011
95502 posts

re: Some Stimulus Check Answers (and other issues)
quote:

Even worse. That’s more than Most of the hospitality industry makes. Why would they go back to work until the 4 months are up.


Sounds like a better problem to have than our current one


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