Posted on 03/26/2020 7:30:27 AM PDT by Helicondelta
About 120 million U.S. taxpayers will qualify for direct payments from the government under the historic $2.2 trillion economic relief bill to combat the impact of the coronavirus, according to a conservative advocacy group’s analysis.
Treasury Secretary Steven T. Mnuchin has said checks of up to $1,200 per person and $500 per child will go out within three weeks of President Trump signing the legislation, which could come as early as Friday.
The IRS will send the money by direct deposit to taxpayers who have set up that capability; otherwise checks will be mailed.
Individuals with income up to $75,000 will qualify for a one-time direct payment of $1,200. The program phases out at a rate of $5 for every $100 of income above $75,000, with an individual income cap of $99,000.
Married couples with combined incomes up to $150,000 would receive $2,400, subject to the same phaseout that applies to individuals. The payments would be phased out entirely for couples making $198,000 or more.
Payments for children will be phased out under the same guidelines. AAF said eligibility will be based on 2019 income tax filings where possible.
(Excerpt) Read more at washingtontimes.com ...
Not if nasty Nancy has anything to do about it.
So is this tax money given tax free? Or will the recipients be 1099’d?
Does this include retirees???
The program phases out at a rate of $5 for every $100 of income above $75,000, with an individual income cap of $99,000.
So if your child is making more than $75,000...
or is married...
From Stephen King’s The Stand
Hap: “They just gotta say screw this inflation s-—. Screw this national debt s-—. We got the presses and we got the paper. We’re gonna run off 50 million thousand dollar bills and hump them right the C—— into circulation.”
Palfrey...was the only one with enough self respect to point out the latest of Hap’s damfool statements.
That check will arrive probably around the time I mail out my first set of quarterlies for 2020. Cue Elvis and “Return to Sender.”
A re-cap of the details -
Individual taxpayers with incomes up to $75,000 will receive a one-time $1,200 direct payment
If you make more than $99,000, you will get nothing. If you make between that range, you’ll get less than $1,200
For couples, everything doubles. Combined incomes of up to $150,000 will receive $2,400; the cap is a combined income of $198,000.
Families that qualified for the one-time payment will also receive an additional $500 per child
Annual income is based on your 2018 tax returns. If you did not file a tax return in 2018, you must file the 2019 return before qualifying for the stimulus check.
If you’re on unemployment, the bill increased unemployment insurance by $600 per week for four months
SS, SSDI, retired? Couldn’t find details on that.
My check will read...
“Pay to the order of Mr/Mrs Moovova, the sum of $0 dollars/cents.”
Buncha hoors.
Considering the current culture and climate, I hereby identify as 2 thousand different people.
Yeah, my n-word! We finna get paid by THE MAN!!!
Some info on who qualifies here:
Married is $150k.
Everything I read says yes if you pay income tax. I have income tax taken out of my SS voluntarily and I paid tax on a stock distribution so I file income tax yearly. So, who knows? I don’t see anything so far that says we won’t if we file taxes at the end of the year. I’ll get it if I get it but I won’t cry if I don’t. :-)
Thanks for this. Do you know how income is defined, is it adjusted gross income, taxable income, etc?
Yes, see above for income ranges. They do not want to take the time to see where everyone’s income originates because they want $$$ in people’s hands ASAP.
So welfare recipients get nothing? Why don't I believe this?
My 6 year old daughter has been a tax filer since 2017, wonder if she qualifies as a tax payer, child or both?
It includes retirees, however...if you had extra income (way up over $70k a year), then your portion would be cut. Most retirees....I suspect would not fall into that category.
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