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Check Will Soon Be In The Mail For 120 Million Taxpayers
washingtontimes.com ^ | March 26, 2020

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 ...


TOPICS: Government; News/Current Events
KEYWORDS: coronavirus; incometaxes; taxcutsandjobsact; taxreform; tcja
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To: Codeflier

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

$198,000+?


41 posted on 03/26/2020 7:58:44 AM PDT by READINABLUESTATE
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To: Dan in Wichita
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.
42 posted on 03/26/2020 7:59:35 AM PDT by JoSixChip (I no longer support this government)
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To: Fury
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?
43 posted on 03/26/2020 8:01:31 AM PDT by Svartalfiar
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To: Codeflier

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?


44 posted on 03/26/2020 8:01:34 AM PDT by freedomlver
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To: utax

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.


45 posted on 03/26/2020 8:02:41 AM PDT by VastRWCon (Fake News)
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To: Svartalfiar; Fury; BBQToadRibs
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?
46 posted on 03/26/2020 8:05:29 AM PDT by Svartalfiar
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To: JoSixChip

I had not heard that. Thank you!


47 posted on 03/26/2020 8:06:10 AM PDT by Dan in Wichita
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To: central_va

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


48 posted on 03/26/2020 8:07:32 AM PDT by NorthWoody (A vote is like a rifle: its usefulness depends upon the character of the user. - Theodore Roosevelt)
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To: central_va; JBW1949

“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


49 posted on 03/26/2020 8:08:41 AM PDT by catnipman (Cat Nipman: Vote Republican in 2012 and only be called racist one more time!)
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To: Helicondelta

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.


50 posted on 03/26/2020 8:09:25 AM PDT by Alas Babylon! (The prisons do not fill themselves. Get moving, Barr!)
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To: READINABLUESTATE

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


51 posted on 03/26/2020 8:11:55 AM PDT by Codeflier (Covid-19 taught me: Two types of "conservatives", frightened safety seekers vs. freedom lovers)
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To: Fury

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.


52 posted on 03/26/2020 8:13:01 AM PDT by Alas Babylon! (The prisons do not fill themselves. Get moving, Barr!)
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To: Tennessee Conservative
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!

53 posted on 03/26/2020 8:15:34 AM PDT by unixfox (Abolish Slavery, Repeal the 16th Amendment)
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To: JBW1949

According to Chuck Grassley Social security retirees will be eligible.


54 posted on 03/26/2020 8:17:26 AM PDT by Georgia Girl 2 (The only purpose of a pistol is to fight your way back to the rifle you should never have dropped)
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To: Codeflier

Wish I had such a problem.


55 posted on 03/26/2020 8:17:54 AM PDT by READINABLUESTATE
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To: Georgia Girl 2; catnipman

Thanks...


56 posted on 03/26/2020 8:18:25 AM PDT by JBW1949 (I'm really PC.....Patriotically Correct)
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To: central_va

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


57 posted on 03/26/2020 8:18:43 AM PDT by damper99
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To: READINABLUESTATE

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.


58 posted on 03/26/2020 8:21:40 AM PDT by Codeflier (Covid-19 taught me: Two types of "conservatives", frightened safety seekers vs. freedom lovers)
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To: moovova
Buncha hoors.

Been watching reruns of Two and Half Men have we ?

59 posted on 03/26/2020 8:27:32 AM PDT by mabarker1 ((Congress- the opposite of PROGRESS!!! A fraud, a hypocrite, a liar. I'm a member of Congress !!!!)
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To: Codeflier

I wish you the best, stay safe.


60 posted on 03/26/2020 8:30:43 AM PDT by READINABLUESTATE
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