Posted on 03/29/2020 8:24:29 AM PDT by texas booster
Any dependent on a return = $500.
But what if the dependent graduated college in 2019 and became a taxpayer filing a return in 2020, then we think that the newly minted taxpayer would get the difference back on their 2020 return, $700.
We do not think that you would have to pay back the $500 you got for the 2019 dependent.
Or maybe you will. No final wording yet.
Too me it looks pretty straight forward on the RMD side.
RMD Waived for 2020.
Exclusion for Certain Employer Payments of Student Loans (§ 2206)
Current law allows an employee to exclude from income up to $5,250 of employer payments made under an educational assistance program for the employee’s education. Section 2206 of the CARES Act allows student loan repayments by an employer to be included in qualifying payments under an educational assistance program. In other words, an employee can exclude from income up to $5,250 of student loan payments made on his or her behalf by an employer if no other educational assistance was provided. Employees may not also take a deduction for the interest on those payments.
Muddled writing comes from muddled thinking.
This generally includes dependent children under the age of 17 for whom the individual has a social security number.
So if your dependent is in HS or college and you can rightly claim them, who gets their share?
See this is why congress put in the money for their pay increases...........they don’t have to give that back, only us peons.....crap wrong term since none of the peons crawling across our border have to give back jackshit either.
will the cash payments to us $1,200 etc be taxable income for 2020
Looks like we’ll get a small check. Not that huge $1200 everyone else is gonna get! Lol
I wasn’t talking about taxable income. If this is actually just an advance on future refunds wouldn’t it also just be added back on if you already owe? Makes sense to me.
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