Check Will Soon Be In The Mail For 120 Million Taxpayers

washingtontimes.com ^ | March 26, 2020

[READINABLUESTATE]

“None for me - phased out. I have to pay for it all. My blood is boiling.”

$198,000+?

[JoSixChip]

I earned over $75K in 2018 and 2019, but retired last December.

I read in a summery of the bill last night that the income calculation will be redone for your 2020 return. If you qualify based on your 2020 return, you will get the money then. If you qualified based on your 2018/2019 returns and receive money now, but for 2020 you make too much money; They will not make any correction or try to recoup the money you received.

[Svartalfiar]

Several articles I’ve come across have never mentioned if it’s gross or taxable. I’ve looked and have yet to find anything clarifying that.

Its's based on AGI. The check amount is based on AGI. But the question is, is how is this check reported as income when you do your 2020 taxes? Is it a tax-free payment? Or is it added to your base income, so you'll be paying taxes on it next year?

[freedomlver]

None for me either. so 1200 for a bunch of people and a 40k a year raise for these asshats in DC. Some get a 1 time payment and they get an additional 800 a week?

[VastRWCon]

From the link: ——The earnings threshold is measured by adjusted gross income. That is, gross income, minus deductions. (The adjusted gross income number is on Box 7 in a person’s 1040 form.)——

WRONG - Box 7 is Total Income, Box 11 is taxable income.

Total Income - deductions = Box 11.

[Svartalfiar]

The check amount is based on AGI. But the question is, is how is this check reported as income when you do your 2020 taxes? Is it a tax-free payment? Or is it added to your base income, so you'll be paying taxes on it next year?

Other questions are how does this affect income-based anything? The mother-in-law is on survivor's SS (soon to get her own), which is limited based on her other income from substitute teaching / 401k/IRA disbursements. If she makes too much, she has to pay SS stuff back. So, if she's usually close to the limit, does her $1200 check affect that?

[Dan in Wichita]

I had not heard that. Thank you!

[NorthWoody]

And furthermore, last week they said we’d get two checks, around April 6 and May 18. Did Nancy screw that up too?

[catnipman]

“So is this tax money given tax free?”

“Does this include retirees?”

yes and yes:

https://www.forbes.com/sites/kellyphillipserb/2020/03/25/all-you-wanted-to-know-about-those-tax-stimulus-checks-but-were-afraid-to-ask/#4a918fb51f9c

[Alas Babylon!]

I own a small LLC, single proprietary business, with my son getting paid for taking calls, coordinating emails, etc. I made $90K last year (2018). I haven’t filed for 2019 because I usually owe. However, I know I made LESS in 2019 than 2018.

This means I’ll get a check for $450. My son should get $1200 but he didn’t file taxes in 2018. So does he?

I basically teach technical certification courses. I haven’t taught since this whole thing started in February. I’ve only got pension money.

I hear there’s small business loans where I don’t have to pay back? Maybe I need to file for one of these.

[Codeflier]

For married, yes. Phased out above that. So I get nada.

[Alas Babylon!]

It HAS to be AGI. You’re only taxed on AGI, not total gross.

As far as Fed Gov goes, your AGI is your real income.

That’s what deductions are for—determining real income.

[unixfox]

Everything I read says yes if you pay income tax.

So...the money they are giving us is money they ALREADY took from us in the form of taxation. And they want to tax us on that money again.

Fckn thieves!

[Georgia Girl 2]

According to Chuck Grassley Social security retirees will be eligible.

[READINABLUESTATE]

Wish I had such a problem.

[JBW1949]

Thanks...

[damper99]

I would expect a 1099-G at the end of the year, as with any government payment that you get...ie, unemployment.

[Codeflier]

Might depend on where you live too. Believe me, I don’t feel wealthy. We are definitely not poor, but it still can feel like the edge of a knife in times like this.

[mabarker1]

Buncha hoors.

Been watching reruns of Two and Half Men have we ?

[READINABLUESTATE]

I wish you the best, stay safe.