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 ...
“None for me - phased out. I have to pay for it all. My blood is boiling.”
$198,000+?
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?
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.
I had not heard that. Thank you!
And furthermore, last week they said we’d get two checks, around April 6 and May 18. Did Nancy screw that up too?
“So is this tax money given tax free?”
“Does this include retirees?”
yes and yes:
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.
For married, yes. Phased out above that. So I get nada.
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.
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!
According to Chuck Grassley Social security retirees will be eligible.
Wish I had such a problem.
Thanks...
I would expect a 1099-G at the end of the year, as with any government payment that you get...ie, unemployment.
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.
Been watching reruns of Two and Half Men have we ?
I wish you the best, stay safe.
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