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chinhoyang
LSU Fan
Member since Jun 2011
16674 posts

re: Some Stimulus Check Answers (and other issues)
Do non workers on the government Dole get stimulus checks?


NIH
LA-Lafayette Fan
Member since Aug 2008
98282 posts

re: Some Stimulus Check Answers (and other issues)
People will likely have missed two pay checks by the time these checks are actually issued. You’re right, shite will get real very soon.


LSUFanHouston
LSU Fan
NOLA
Member since Jul 2009
19982 posts

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

Does the child payment also phase-out as well?


I can not yet confirm. It seems that it would, but again, I haven't been able to confirm that.


oOoLsUtIgErSoOo
LSU Fan
Louisiana
Member since Aug 2006
24158 posts

re: Some Stimulus Check Answers (and other issues)
Is the money received going to be taxed?

I read this, but my dumbass doesn't understand half of what I read.


TheCaterpillar
LSU Fan
Member since Jan 2004
75785 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



It's also not true.

They don't make $1,200 over 4 months. That's absurd. They've already missed 2 weeks in most cases and will mess several more. $1,200 is likely far less than most make in a month.


Powerman
LSU Fan
Corpus Christi TX
Member since Jan 2004
143726 posts

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

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

Correct

The problem with the stimulus is the overwhelming majority of the money isn't going to affected families


Lsupimp
Colorado Fan
The Mean Streets of ST. GEORGE
Member since Nov 2003
63941 posts

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

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


?


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LSUFanHouston
LSU Fan
NOLA
Member since Jul 2009
19982 posts

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

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?


The credit is going to be based on your 2020 AGI. But rather than making EVERYONE wait until next year to get money, the IRS will use your 2018 income / situation to determine if/how much you get in advance payments, i.e. a check or direct deposit in the next weeks/months, as opposed to waiting until you file your 2020 return next year.

If your situation doesn't change from 18 to 20 (number of dependents stays the same, income stays below threshholds) then your credit will be the same as your advance payment, so on your 2020 return, your net is zero.

If your situation does change, you may get additional credits on your 2020 return. You may also have to pay some of it back, but we aren't sure yet if the IRS will actually make you pay it back, or if they will just say "nah you're good".

An interesting part about this is that the politicians are saying checks/direct deposits could happen in 2-3 weeks, and the IRS, who would be tasked with making the payments, is basically saying, not a chance.


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LSUFanHouston
LSU Fan
NOLA
Member since Jul 2009
19982 posts

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

Do non workers on the government Dole get stimulus checks?


Seems like you have to have to have a tax liability to get one, but if you don't have one and still get social security, then you can get one.


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LSUFanHouston
LSU Fan
NOLA
Member since Jul 2009
19982 posts

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

Is the money received going to be taxed?


Taxed... no.

If you get too much (due to changing situations), you *might* have to pay some of it back, but we don't know for sure yet.


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00
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USA
Member since 2001
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magildachunks
Member since Oct 2006
26714 posts

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

You will receive this credit on your 2020 income tax return, filed next year.




So...



I'm still fricked by this virus this year?


A tax credit a year from now isn't going to help me pay my rent next week.

Or next month.


This is a bull shite bill.


TH03
Iowa State Fan
Austin
Member since Dec 2008
163731 posts

re: Some Stimulus Check Answers (and other issues)
God I hope that April 6 date floated around is the latest. This needs to be out ASAP.


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33
LSUFanHouston
LSU Fan
NOLA
Member since Jul 2009
19982 posts

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

The problem with the stimulus is the overwhelming majority of the money isn't going to affected families


I had this discussion with the wife (no pics) last night. We are both still getting paychecks. I feel like I would rather the money go to those who are out of work / have reduced work.

She, of course, wants to "stimulate" the economy by buying shite and/or saving it and using it for a vacation once all this blows over.


magildachunks
Member since Oct 2006
26714 posts

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

It's also not true.

They don't make $1,200 over 4 months. That's absurd. They've already missed 2 weeks in most cases and will mess several more. $1,200 is likely far less than most make in a month.





$1200 is A bad month hours wise forthe vast majority of food service workers.



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32
Jpeazyy
LSU Fan
Member since Feb 2016
103 posts

re: Some Stimulus Check Answers (and other issues)
In 2018 I had one kid
In 2019 I had another

How would I inform them of this change to receive the additional 500?
Would that just be a tax credit?


fallguy_1978
LSU Fan
Half mile from St George
Member since Feb 2018
22898 posts
 Online 

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

I had this discussion with the wife (no pics) last night. We are both still getting paychecks. I feel like I would rather the money go to those who are out of work / have reduced work.

Means testing people might delay this quite a bit too.

It would be like going to the DMV and applying for your stimulus. We need forms A9, G3 and F9 and check back in 2 weeks.


wildtigercat93
Navy Fan
Member since Jul 2011
95659 posts

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

It's also not true.


Oh I know I just love when people grandstand over pressing needs because they are so worried about a potential made up scenario of a side effect of the fixing of the pressing need.

Guys like that will look at a shotgun blast in their stomach and go “well if go to the hospital, my plants won’t get watered for the next couple weeks. Better not go to prevent that.”


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10
LSUFanHouston
LSU Fan
NOLA
Member since Jul 2009
19982 posts

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

A tax credit a year from now isn't going to help me pay my rent next week.

Or next month.


As long as your 2018 income was below the thressholds, you will get an advance payment of the credit, sometime soon.


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UAinSOUTHAL
Alabama Fan
Mobile,AL
Member since Dec 2012
1868 posts

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

In 2018 I had one kid
In 2019 I had another

How would I inform them of this change to receive the additional 500?
Would that just be a tax credit?


File your 2019 taxes before 4/6. They will use your 2019 taxes if they have been filed.
This post was edited on 3/25 at 5:53 pm


notiger1997
Metairie
Member since May 2009
44442 posts

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

A tax credit a year from now isn't going to help me pay my rent next week.



Did you miss the part about the advanced payment for said credit?


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