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Started By
Message
re: Stimulus Sh*t Show
Posted on 4/15/20 at 12:11 pm to JDPndahizzy
Posted on 4/15/20 at 12:11 pm to JDPndahizzy
quote:
Maybe their AGI is <200K? or maybe they're full of shite about their salary?
Is it based on your adjusted income or the gross?
0
Posted on 4/15/20 at 12:12 pm to HogBalls
Doesn’t mean that’s how much their AGI is after deductions/credits, etc.
Posted on 4/15/20 at 12:12 pm to Ed Osteen
quote:
Maybe she is lying about how much they make
Close friends that I know what they do for a living. I would have guessed over 300k
Posted on 4/15/20 at 12:13 pm to stout
quote:
It's a tax credit that is advanced to you. If they are not within the guidelines then they will pay it back on their 2020 taxes in 2021.
What if you are eligible based on 2018 and 2019 taxable earnings but not eligible based on 2020 taxable earnings?
Posted on 4/15/20 at 12:13 pm to HogBalls
Do you friends describe themselves as "working class" 
Posted on 4/15/20 at 12:15 pm to HogBalls
Trump probably qualifies for the stimulus and he's a billionaire
Posted on 4/15/20 at 12:16 pm to LSU316
quote:
What if you are eligible based on 2018 and 2019 taxable earnings but not eligible based on 2020 taxable earnings?
You're paying it back.
Posted on 4/15/20 at 12:17 pm to LSU316
quote:
What if you are eligible based on 2018 and 2019 taxable earnings but not eligible based on 2020 taxable earnings?
Then it comes out of your return. I haven’t heard If anything definite yet on if it stops at zeroing the return or if you’ll owe the money back.
Posted on 4/15/20 at 12:18 pm to JohnnyKilroy
money is subjective
Posted on 4/15/20 at 12:18 pm to HogBalls
quote:
Friends of mine here in Houston just got a $2400 stimulus deposit this morning and combined they are knocking down >200K. Just how many mistakes will be made in this shite show??
I mean, it is based on their most recent taxes that have been filed.
There isn't really grey area here. They must've reported less than 150k combined in that last tax filing.
Posted on 4/15/20 at 12:18 pm to Smoke7024
quote:
The recovery rebates (Economic Impact Payments) are refundable tax credits. This means that the rebate decreases a taxpayer’s tax liability dollar-for-dollar, and the credit can be refunded to a taxpayer if they have no tax liability to offset.
The rebates are tax credits that will be applied to 2020 tax returns, but are advanced to taxpayers now based on their 2019 or 2018 adjusted gross income (AGI). The credit will be applied to 2020 tax returns using 2020’s AGI next spring, and taxpayers will receive the difference of the credit if it is in their favor.
For example, if a single taxpayer with no children made $200,000 in 2019, they would not receive an advance rebate based on their 2019 income. However, if they make $35,000 in 2020, they will receive a $1,200 refundable tax credit on their 2020 tax return. But in reverse, if a taxpayer had a $35,000 AGI in 2019 but has $200,000 AGI in 2020, they would receive a $1,200 rebate now and would not have to pay it back on their 2020 tax return.
LINK
This post was edited on 4/15/20 at 12:41 pm
Posted on 4/15/20 at 12:19 pm to HogBalls
quote:
Friends of mine here in Houston just got a $2400 stimulus deposit this morning and combined they are knocking down >200K. Just how many mistakes will be made in this shite show??
you really dont know how taxes work do you?
Posted on 4/15/20 at 12:20 pm to JDPndahizzy
quote:
Maybe their AGI is <200K?
ya think? it makes me wonder if the OP has ever actually filed taxes.
Posted on 4/15/20 at 12:20 pm to weadjust
quote:
Trump probably qualifies for the stimulus and he's a billionaire
Trump probably made 54,000 last year based on his tax return
Posted on 4/15/20 at 12:21 pm to Eighteen
quote:
But in reverse, if a taxpayer had a $35,000 AGI in 2019 but has $200,000 AGI in 2020, they would receive a $1,200 rebate now and would not have to pay it back on their 2020 tax return.
Well damn, lucky for the ones that just made it big in 2020.
Posted on 4/15/20 at 12:22 pm to Eighteen
quote:
For example, if a single taxpayer with no children made $200,000 in 2019, they would not receive an advance rebate based on their 2019 income. However, if they make $35,000 in 2020, they will receive a $1,200 refundable tax credit on their 2020 tax return. But in reverse, if a taxpayer had a $35,000 AGI in 2019 but has $200,000 AGI in 2020, they would receive a $1,200 rebate now and would not have to pay it back on their 2020 tax return.
Posted on 4/15/20 at 12:22 pm to stout
quote:or maybe because you're wrong.
It's a tax credit that is advanced to you. If they are not within the guidelines then they will pay it back on their 2020 taxes in 2021.
ETA: Apparently people downvoting me have no idea of how it works. Look it up.
If you're eligible in 18/19 and get it now, the IRS has said the credit won't be taken away if you're over the limits when you file for 2020.
Posted on 4/15/20 at 12:22 pm to HogBalls
quote:Then maybe they've been lying to the IRS?
Maybe she is lying about how much they make
Close friends that I know what they do for a living. I would have guessed over 300k
Posted on 4/15/20 at 12:23 pm to HogBalls
nm
This post was edited on 4/15/20 at 12:24 pm
Posted on 4/15/20 at 12:24 pm to TexasTiger90
quote:
Then maybe they've been lying to the IRS?
Or maybe the government made a mistake?? That’s the whole point of this thread.
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