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re: Logistics of Stimulus Check Revealed
Posted on 3/26/20 at 9:56 am to Zipfer2022
Posted on 3/26/20 at 9:56 am to Zipfer2022
It has been said that you had to have paid some tax and I am guessing they will be looking at earned wages. Again, all of this is electronic so they’ll be able to set parameters pretty easily on those who get checks vs. those who don’t.
They probably most likely will set a parameter to weed out returns that are childrens returns. Pretty easy to do. They won’t have any exemptions claimed because they are eligible to be claimed by their parents. So all returns that have no exemptions and only report investment income can easily be weeded out.
Instead, the parent that did claim the child will receive $500 additional. The child will not get a $1,200 check.
Again, the bill says you had to have paid some tax on the tax return. The dependency exemption will likely be the parameter in the system for weeding out children’s and high school part time kids from getting a check.
They probably most likely will set a parameter to weed out returns that are childrens returns. Pretty easy to do. They won’t have any exemptions claimed because they are eligible to be claimed by their parents. So all returns that have no exemptions and only report investment income can easily be weeded out.
Instead, the parent that did claim the child will receive $500 additional. The child will not get a $1,200 check.
Again, the bill says you had to have paid some tax on the tax return. The dependency exemption will likely be the parameter in the system for weeding out children’s and high school part time kids from getting a check.
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Posted on 3/26/20 at 9:57 am to RiseUpATL
Posted on 3/26/20 at 9:59 am to lsugerberbaby
If you earned less in 2019, then I’d file immediately. It takes less than a week for the IRS system to fully process a return. I believe the first checks go out April 6. That’s a pretty quick turn around so it’ll most likely get pushed a little. If you file this week you stand a good chance of being in time.
Posted on 3/26/20 at 10:02 am to RiseUpATL
quote:
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.
There is an IRS form for change of address. I would take care of this ASAP.
Posted on 3/26/20 at 10:03 am to GRTiger
Correct. Traditional (not Roth) 401(k) contributions are above the line deductions likewise are health care premiums. So your example is correct. 74K is the correct number for AGI and this the threshold.
If you made 160K as AGI, the check is $1,900.
If you made 160K as AGI, the check is $1,900.
Posted on 3/26/20 at 10:04 am to lsufan1971
What if you owe back taxes? Will gov still send you a check or credit against past debt? Thanks for the help here.
Posted on 3/26/20 at 10:06 am to spiderman
The person that claimed them will get the money. Remember they are using tax returns to determine all of this. There is no question or indication on a tax return about who spends the most time with who. The only way the IRS will be able to determine dependency is by who claimed them on the return.
I’d contact your attorney. Especially if the dependency was determined by divorce decree and your divorced spouse isn’t amicable about it. But attorney fees may make that not make a whole lot of sense.
I’d contact your attorney. Especially if the dependency was determined by divorce decree and your divorced spouse isn’t amicable about it. But attorney fees may make that not make a whole lot of sense.
Posted on 3/26/20 at 10:09 am to CaTiger85
If you filed for 2019 already and were officially divorced by 12/31/2019 and filed single and made 152K you will not receive a check. Your status for 2020 is irrelevant.
If you have not filed a return for 2019, they will use the 2018 return when you filed MFJ and had income of 152K and you’ll receive a check for $2,300.
If you have not filed a return for 2019, they will use the 2018 return when you filed MFJ and had income of 152K and you’ll receive a check for $2,300.
Posted on 3/26/20 at 10:10 am to RiseUpATL
I have been using TaxAct online the past 5 years and my returns have been debited straight into my bank account.
Is the Federal gov debiting the return into my account or is TaxAct, after taking their fee?
How do I know if the IRS has my bank info?
Is the Federal gov debiting the return into my account or is TaxAct, after taking their fee?
How do I know if the IRS has my bank info?
Posted on 3/26/20 at 10:11 am to RiseUpATL
quote:
RiseUpATL
Thank you for taking the time to help this board with your expertise.
Posted on 3/26/20 at 10:20 am to LSUFreek
IRS will deposit the money. Not TaxAct. The IRS will use the same bank information you used on the tax return you used with tax act. Your routing number and account number are on the actual tax return. Page 2 of the 1040.
Posted on 3/26/20 at 10:23 am to RiseUpATL
I read that even those on SSI disability would get a check.
But my friend who is on such hasn't had to file a return in several years (her SSI falls below the amount taxable, and she has no other income). I hear mixed messages on whether she will get a check or not (or a deposit since her SSI is direct deposited).
But my friend who is on such hasn't had to file a return in several years (her SSI falls below the amount taxable, and she has no other income). I hear mixed messages on whether she will get a check or not (or a deposit since her SSI is direct deposited).
Posted on 3/26/20 at 10:23 am to Shoalwater Cat
Back taxes is tough to answer and I can only speculate. These payments seem to be independent of any issues like that. It’s likely you’d still get a check. These payments are meant to be spent to keep the economy going. It wouldn’t make much sense for the government to apply these against other tax issues. But they don’t always do things the way we think they will.
The government doesn’t seem concerned about getting this money back either through repayment or by taxing it. So, I don’t think they are concerned about recouping back taxes with it either.
The government doesn’t seem concerned about getting this money back either through repayment or by taxing it. So, I don’t think they are concerned about recouping back taxes with it either.
Posted on 3/26/20 at 10:31 am to RiseUpATL
Really appreciate your help, RUA.
Pretty cool of you to start this thread. Very educational for me, even if half of it doesn't apply. Nice read. Like an AMA thread.
Pretty cool of you to start this thread. Very educational for me, even if half of it doesn't apply. Nice read. Like an AMA thread.
Posted on 3/26/20 at 10:42 am to RiseUpATL
For clarification, Rise, on both 2019 and/or 2018 1040 tax returns, which line # will they be using to determine if and how much a person/mfj gets? thanks.....
Posted on 3/26/20 at 10:47 am to ValZacs
AGI
Posted on 3/26/20 at 10:49 am to RiseUpATL
No need to fill out any forms then? I can just sit back and wait for my check?
Posted on 3/26/20 at 11:07 am to RiseUpATL
Posted on 3/26/20 at 11:12 am to RiseUpATL
quote:
So, I don’t think they are concerned about recouping back taxes with it either.
quote:
(d) EXCEPTION FROM REDUCTION OR OFFSET.— 10 Any credit or refund allowed or made to any individual 11 by reason of section 6428 of the Internal Revenue Code 12 of 1986 (as added by this section) or by reason of sub13 section (c) of this section shall not be— 14 (1) subject to reduction or offset pursuant to 15 section 3716 or 3720A of title 31, United States 16 Code, 17 (2) subject to reduction or offset pursuant to 18 subsection (d), (e), or (f) of section 6402 of the In19 ternal Revenue Code of 1986, or 20 (3) reduced or offset by other assessed Federal 21 taxes that would otherwise be subject to levy or col22 lection.
This post was edited on 3/26/20 at 11:12 am
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