Fort Bend Owl
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Posts: 28,387
Joined: Jun 2005
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stimulus question
I'm confused. From what I'm reading they are now using 2019 tax returns (assuming you've filed already) to figure out how much of a check you will receive (otherwise you're using 2018 returns). If you haven't filed yet, may as well wait since the deadline for filing has been extended anyway, but too late for me.
Anyway, individuals making 75K or less will receive $1200 (married couples, $2400 total). If you make 75 to 99, there is a formula where that money starts going down. And over 99K, you get 0. That's how I read it. I'm still a bit confused whether they add up a married couple's income, or if each person is figured out individually (so let's say one person makes 100K and the spouse 55K - do they get 0 or 1200?).
It's also confusing as to what is considered a child. I've seen it both 16 and under, and also 17 and under. I think 16 is probably correct. But let's say your kid turns 17 midway through the year. Are they considered 16 or 17 in terms of the $500 per child credit?
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03-26-2020 07:39 AM |
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