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CARCEMONT
LSU Fan
FORT MYERS, FL
Member since Jun 2017
27 posts

re: Logistics of Stimulus Check Revealed
So if you have student loan debt, for example, and your regular tax return refund was credited to that, will this check go towards that debt or is that overlooked and the check sent directly to you?


RiseUpATL
Georgia Tech Fan
Member since Sep 2018
766 posts

re: Logistics of Stimulus Check Revealed
Unfortunately barring any kind of clarification and following the letter of the law, yes, if you were single and you filed a 2019 tax return and your income was over 100K then you are fully phased out and would receive no check.


SSpaniel
Memphis Fan
Germantown
Member since Feb 2013
23224 posts

re: Logistics of Stimulus Check Revealed
quote:

So if you have student loan debt, for example, and your regular tax return refund was credited to that, will this check go towards that debt or is that overlooked and the check sent directly to you?


In the first iteration of this bill, this was not subject to the treasury offset program. Not sure in this final bill though. It came from Mnuchin, so it's probably still in there.


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deltaland
Mississippi St. Fan
Member since Mar 2011
54606 posts

re: Logistics of Stimulus Check Revealed
What I made 74k in 2018 and 85k in 2019 but I filed for 2019 already?


cypressbrake3
LSU Fan
Member since Oct 2014
3524 posts

re: Logistics of Stimulus Check Revealed
Does a capital gain count in AGI?


LSUTigKyl
LSU Fan
Nashville
Member since May 2009
1298 posts

re: Logistics of Stimulus Check Revealed
Is this stimulus being paid back dollar for dollar on next years taxes or is it considered taxable income?


Zipfer2022
New Orleans Saints Fan
Member since Nov 2011
3659 posts

re: Logistics of Stimulus Check Revealed
What if a 7 year old filed a tax return to report $5k of investment income.

Would said 7 year old (his parents) receive a check for $1,200?


lsugerberbaby
LSU Fan
baton rouge
Member since Mar 2008
2592 posts

re: Logistics of Stimulus Check Revealed
What if reversed?

I made $80K + in 2018.

2019 I made substantially less, because I started a small business. I haven't filed my 2019 yet. If I e-filed my 2019 ASAP...think my 2019 would supersede my 2018 in time?
This post was edited on 3/26 at 10:15 am


GRTiger
USA Fan
On a roof eating alligator pie
Member since Dec 2008
52297 posts

re: Logistics of Stimulus Check Revealed
I haven't done my taxes in a while or had to use the tax accounting part of my brain since college, but 401(k), health premiums, HSA contributions, etc. are all considered above-the-line when calculating AGI, right?

So if you are a single filer, grossed 100k, contributed 19k to your 401(k) and paid 7k in premiums, your AGI for the purposes of the stimulus would be 74k?

Also, let's say MFJ, your AGI is 160k. That would reduce your stimulus by 500. Would that bring your household payment down from 2400 (1200/adult) to 1900, or do they apply the 500 reduction to each person?
This post was edited on 3/26 at 8:58 am


SSpaniel
Memphis Fan
Germantown
Member since Feb 2013
23224 posts

re: Logistics of Stimulus Check Revealed
quote:

I haven't filed my 2019 yet. If I e-filed my 2019 ASAP...think my 2019 would supersede my 2018 in time?

I wouldn't think it would get processed in time. But it certainly couldn't hurt. Even if you have to pay... you get until July to do so.


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USA
Member since 2001
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spiderman
LSU Fan
Member since Jan 2004
701 posts

re: Logistics of Stimulus Check Revealed
Who gets the money for the children in the case of divorced couples? The parent who claimed them as dependents or the parent with whom they live primarily?


RiseUpATL
Georgia Tech Fan
Member since Sep 2018
766 posts

re: Logistics of Stimulus Check Revealed
Going to answer these one at a time. Check to see who I’m replying to for the question


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Bulldogblitz
Mississippi St. Fan
In my house
Member since Dec 2018
8158 posts

re: Logistics of Stimulus Check Revealed
Not getting one, so as far as I care, they can walk the country with a wheelbarrow throwing pennies to those getting it.


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11
DownshiftAndFloorIt
LSU Fan
Here
Member since Jan 2011
53667 posts

re: Logistics of Stimulus Check Revealed
Go figure, I made way more money in '19 than '18 and I filed early February, and wrote a check


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RiseUpATL
Georgia Tech Fan
Member since Sep 2018
766 posts

re: Logistics of Stimulus Check Revealed
If you made 74K in 18 and 85K in 2019 and you’ve already filed for 2019 and you are single which I deduce that you are since you are using the 75K threshold, you will receive a check. But itll be reduced. Based on the phase out calculation you can expect a check for $700
This post was edited on 3/26 at 9:42 am


RiseUpATL
Georgia Tech Fan
Member since Sep 2018
766 posts

re: Logistics of Stimulus Check Revealed
Yes. All sources of income go into AGI. That’s wages, interest, dividends, captial gains, passive income from rentals, passthrough income, etc. Losses reported on the return likewise count in arriving at AGI so those can help reduce your total AGI.


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CaTiger85
Member since Feb 2020
174 posts

re: Logistics of Stimulus Check Revealed
Hypothetically I made 152k in 2018. Wife at the time didn’t work. 2019 divorced and made about 180. Married current wife in 2020. She makes as much as I do. What will the Service do???


RiseUpATL
Georgia Tech Fan
Member since Sep 2018
766 posts

re: Logistics of Stimulus Check Revealed
Neither. There so far is no pay back provisions. Known in the tax world as a recapture. They did recapture for credits back in 2008.

Also this is not taxable income for 2020.


SSpaniel
Memphis Fan
Germantown
Member since Feb 2013
23224 posts

re: Logistics of Stimulus Check Revealed
quote:

Neither. There so far is no pay back provisions. Known in the tax world as a recapture. They did recapture for credits back in 2008.

Also this is not taxable income for 2020.

Wait... so this is just "Here, have some money" money?


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20
UAinSOUTHAL
Alabama Fan
Mobile,AL
Member since Dec 2012
1868 posts

re: Logistics of Stimulus Check Revealed
quote:

et’s say you have not filed 2019 yet. So your money would be sent based on your 2018 tax return. However for 2018 you had write a check. So no direct deposit info is on the return. Also, you have since moved from the address on your 2018 return. How would a paper check find it’s way to you? I am assuming they’ll set up some kind of system for this. We shall see.


You need to update your info with the IRS using the link below

https://www.irs.gov/filing/individual/update-my-information


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