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Fort Bend Owl Offline
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Post: #1
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?
03-26-2020 07:39 AM
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gdunn Offline
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Post: #2
RE: stimulus question
FBO I think if you're an individual and make 75-99 you lose money, I feel like the formula was something like for every $100 you lose $5 on the stimulus, but I'm not 100% sure.

Also if you're married, you double the requirements. So say you make $78k a year.. Well you don't get the full amount.. Way I'm understanding is if you're married and that's how your taxes read, but together you make $100k, you're eligible for the full amount.
03-26-2020 07:43 AM
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Eagleaidaholic Offline
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Post: #3
RE: stimulus question
(03-26-2020 07:39 AM)Fort Bend Owl Wrote:  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?
Depends on how you file. $75k individual, $150k jointly. My daughter (19)worked fulltime last year and was fulltime student. She made more than the standard deduction and paid a few hundred bucks in taxes. She got laid off and has been trying to file unemployment for a week now. Can only assume she will get $1200 also.
03-26-2020 07:45 AM
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VA49er Offline
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Post: #4
RE: stimulus question
Of course this can all change, but the way I understand it is married limit is $150K. Not sure if it gets reduced above that or goes to zero.
03-26-2020 07:45 AM
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gdunn Offline
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Post: #5
RE: stimulus question
FBO:

The compromise position looks like this:

Each eligible adult will receive up to $1,200 from the government.
For every child in a given household, the amount of the total check would go up by $500.
However, there are income limits on receiving the stimulus check. If your adjusted gross income is less than $75,000 for single filers and $150,000 for joint filers, then you'll get the full amount. For every $100 you earn above those limits, though, the payment drops by $5. That means that for those with no children and income levels above $99,000 for singles and $198,000 for joint filers, no stimulus check would come. Those with incomes between those levels would receive a reduced stimulus check payment.

https://www.fool.com/taxes/2020/03/25/wi...check.aspx


Not sure if it's true or not.
03-26-2020 07:50 AM
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stinkfist Offline
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Post: #6
RE: stimulus question
no check for 'under the table feller'....

#don'tFknCare

@lovingTheFieldAndGadsden
03-26-2020 08:40 AM
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200yrs2late Offline
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Post: #7
RE: stimulus question
I'm still unsure if the wife and I will receive anything as we are both working and getting paid. If so, the $500 for our kid will go to the college fund and whatever we receive will go to very generous tips on out take out any other ways we can find to help.
03-26-2020 08:43 AM
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gdunn Offline
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Post: #8
RE: stimulus question
(03-26-2020 08:43 AM)200yrs2late Wrote:  I'm still unsure if the wife and I will receive anything as we are both working and getting paid. If so, the $500 for our kid will go to the college fund and whatever we receive will go to very generous tips on out take out any other ways we can find to help.
I think it all depends on where you fall salary range 200..
03-26-2020 09:11 AM
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Eagleaidaholic Offline
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Post: #9
RE: stimulus question
(03-26-2020 09:11 AM)gdunn Wrote:  
(03-26-2020 08:43 AM)200yrs2late Wrote:  I'm still unsure if the wife and I will receive anything as we are both working and getting paid. If so, the $500 for our kid will go to the college fund and whatever we receive will go to very generous tips on out take out any other ways we can find to help.
I think it all depends on where you fall salary range 200..

EVERY "taxpayer" gets it. If you are unemployed you get an EXTRA $600 on top of your state benefit AND the $1200. Load up on four wheeler, jewelry, electronics etc. stocks as a lot of toys are going to be purchased in the next few months. Boat stocks too. You name it.
03-26-2020 09:27 AM
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200yrs2late Offline
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Post: #10
RE: stimulus question
(03-26-2020 09:11 AM)gdunn Wrote:  
(03-26-2020 08:43 AM)200yrs2late Wrote:  I'm still unsure if the wife and I will receive anything as we are both working and getting paid. If so, the $500 for our kid will go to the college fund and whatever we receive will go to very generous tips on out take out any other ways we can find to help.
I think it all depends on where you fall salary range 200..

Not getting the full amount, but not earning too much to get anything either. Personally I don't think anyone that is still working should receive anything.
03-26-2020 09:28 AM
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b0ndsj0ns Offline
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Post: #11
RE: stimulus question
(03-26-2020 09:28 AM)200yrs2late Wrote:  
(03-26-2020 09:11 AM)gdunn Wrote:  
(03-26-2020 08:43 AM)200yrs2late Wrote:  I'm still unsure if the wife and I will receive anything as we are both working and getting paid. If so, the $500 for our kid will go to the college fund and whatever we receive will go to very generous tips on out take out any other ways we can find to help.
I think it all depends on where you fall salary range 200..

Not getting the full amount, but not earning too much to get anything either. Personally I don't think anyone that is still working should receive anything.

How long would it take though to be able to figure out across the country who still is and isn't employed? How many people might be employed on the date they looked and then all of a sudden not employed a few days later?
03-26-2020 09:38 AM
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Hambone10 Offline
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Post: #12
RE: stimulus question
So let me get this straight....

150mm households have to find their 2018 taxes or add more work to their already filed 2019 taxes?? And then file this new form (which could take weeks to process) in order to get money that some people needed a month ago? And what does your income from perhaps 2 years ago have to do with what you may have missed now?

Dumbest thing I've ever heard.

I'm okay with this being the rules for repaying any monies, but they need to simply start sending checks. What is your social security number, where do you want your money.
03-26-2020 09:51 AM
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stinkfist Offline
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Post: #13
RE: stimulus question
(03-26-2020 09:51 AM)Hambone10 Wrote:  So let me get this straight....

150mm households have to find their 2018 taxes or add more work to their already filed 2019 taxes?? And then file this new form (which could take weeks to process) in order to get money that some people needed a month ago? And what does your income from perhaps 2 years ago have to do with what you may have missed now?

Dumbest thing I've ever heard.

I'm okay with this being the rules for repaying any monies, but they need to simply start sending checks. What is your social security number, where do you want your money.

the dumbest thing I've heard is #socialdistancing....

if not that, then none of the above is a discussion....
03-26-2020 09:53 AM
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ECUGrad07 Offline
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Post: #14
RE: stimulus question
I'm still getting a paycheck through this ordeal. So, I'm just going to stick whatever check the government sends into my Money Market account.
03-26-2020 09:55 AM
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Eagleaidaholic Offline
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Post: #15
RE: stimulus question
(03-26-2020 09:38 AM)b0ndsj0ns Wrote:  
(03-26-2020 09:28 AM)200yrs2late Wrote:  
(03-26-2020 09:11 AM)gdunn Wrote:  
(03-26-2020 08:43 AM)200yrs2late Wrote:  I'm still unsure if the wife and I will receive anything as we are both working and getting paid. If so, the $500 for our kid will go to the college fund and whatever we receive will go to very generous tips on out take out any other ways we can find to help.
I think it all depends on where you fall salary range 200..

Not getting the full amount, but not earning too much to get anything either. Personally I don't think anyone that is still working should receive anything.

How long would it take though to be able to figure out across the country who still is and isn't employed? How many people might be employed on the date they looked and then all of a sudden not employed a few days later?

The state Depts of Employment will have to get info to the Feds as the bill also pays $600 on top of the state unemployment benefits for everyone filing unemployment. Good luck with that. The state departments are already overworked and one of the most inefficient offices on the planet. What a disaster.
03-26-2020 10:31 AM
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stinkfist Offline
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Post: #16
RE: stimulus question
(03-26-2020 09:55 AM)ECUGrad07 Wrote:  I'm still getting a paycheck through this ordeal. So, I'm just going to stick whatever check the government sends into my Money Market account.

#smart

personally, I'd dump it in a roth or pay off taxes, but that easily works too....

half of the populous will go to the nudie bah and buy lottery tickets....
(This post was last modified: 03-26-2020 10:35 AM by stinkfist.)
03-26-2020 10:34 AM
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Hambone10 Offline
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Post: #17
RE: stimulus question
(03-26-2020 09:53 AM)stinkfist Wrote:  the dumbest thing I've heard is #socialdistancing....

Please explain?

If you're saying this is 'too much', okay... that's an opinion and you're entitled to it. Unfortunately rules are put in place for the dumbest among us... and dumb people need to be forced into compliance that most would do willingly.

If you're saying 'social distancing' in the generic sense is a bad policy... you couldn't be more wrong. Limiting physical contact between people during a viral outbreak transmitted through bodily fluids that is not killed by exposure to air is irrefutably the correct response.
03-26-2020 10:35 AM
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stinkfist Offline
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Post: #18
RE: stimulus question
(03-26-2020 10:35 AM)Hambone10 Wrote:  
(03-26-2020 09:53 AM)stinkfist Wrote:  the dumbest thing I've heard is #socialdistancing....

Please explain?

If you're saying this is 'too much', okay... that's an opinion and you're entitled to it. Unfortunately rules are put in place for the dumbest among us... and dumb people need to be forced into compliance that most would do willingly.

If you're saying 'social distancing' in the generic sense is a bad policy... you couldn't be more wrong. Limiting physical contact between people during a viral outbreak transmitted through bodily fluids that is not killed by exposure to air is irrefutably the correct response.

b/c I believe what the Dutch figured out a little over a week ago is best method.....I've been chiming this for over 2 mos. now....

isolating the elderly and let the healthy contract and become immune so this strain isn't an issue downstream would be my move...

if a handful die as collateral damage or by choice, so be it....destroying an economy is MUCH WORSE in the 'residual' category....

I'm tired of explaining what I've written to ad nauseam....

watch what DJT does very soon....he can now....he couldn't initially due to the msm and panic...

tell me I'm wrong in two more weeks.....I'll admit I was wrong....

edit: the dutch kill rate is now 0.5% pal....
(This post was last modified: 03-26-2020 10:44 AM by stinkfist.)
03-26-2020 10:43 AM
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shere khan Offline
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Post: #19
RE: stimulus question
(03-26-2020 10:43 AM)stinkfist Wrote:  
(03-26-2020 10:35 AM)Hambone10 Wrote:  
(03-26-2020 09:53 AM)stinkfist Wrote:  the dumbest thing I've heard is #socialdistancing....

Please explain?

If you're saying this is 'too much', okay... that's an opinion and you're entitled to it. Unfortunately rules are put in place for the dumbest among us... and dumb people need to be forced into compliance that most would do willingly.

If you're saying 'social distancing' in the generic sense is a bad policy... you couldn't be more wrong. Limiting physical contact between people during a viral outbreak transmitted through bodily fluids that is not killed by exposure to air is irrefutably the correct response.

b/c I believe what the Dutch figured out a little over a week ago is best method.....I've been chiming this for over 2 mos. now....

isolating the elderly and let the healthy contract and become immune so this strain isn't an issue downstream would be my move...

if a handful die as collateral damage or by choice, so be it....destroying an economy is MUCH WORSE in the 'residual' category....

I'm tired of explaining what I've written to ad nauseam....

watch what DJT does very soon....he can now....he couldn't initially due to the msm and panic...

tell me I'm wrong in two more weeks.....I'll admit I was wrong....

edit: the dutch kill rate is now 0.5% pal....

The very beginning narrative by the media was we are all gonna die because orange man bad.

It's not working and has boomeranged like every other ploy. People are about to get a cash infusion and they wont want to stay home.

I give it two weeks and people will be pissed and feel duped when they realize more people are getting killed in car wrecks daily.
(This post was last modified: 03-26-2020 11:24 AM by shere khan.)
03-26-2020 11:23 AM
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Post: #20
RE: stimulus question
Raises the question of what do you do with people who don't file tax returns. Kids, low income, relatively low income retirees.
03-26-2020 11:26 AM
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