The Clovers - Your Cash Ain't Nothing But Trash
(just kiddin', I'll take it!)
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 ...
I discovered the “child” requirement is the same as the “child tax credit”, they must be under 17.
As far as I know, based on your 2019 taxes. If not filed, goes by your 2018 taxes.
LOL, all I can say from what I read is that if you are in the income tax data base you will get a check as long as you don’t make too much money. I suppose we’ll have to wait and see. And you know that all of it is tax money that they have already collected from us. :-) It would help us a lot since we got a bill from the hospital for my husband’s surgery. Our part was close to $2000 and that’s with Medicare and private insurance. We are both on SS so it will come in handy if we get it.
“I’d like to see an accounting of all this $$$. Everyone in the country 350 million could get $1,000 and that would be $350 billion!”
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Maybe Mini Mike will come to the rescue. He’s got the money.
Remember, he spent so much money on his campaign that if he had just given that money to people, he could have instead given everyone a million dollars and had money left over? I think an extra million dollars would really help most folks.
And, that was just a drop in the bucket for him. He’s got so much more moeney he wouldn’t even miss it.
“So is this tax money given tax free? Or will the recipients be 1099’d?”
Good question. Also, does it go into your MAGI? Those of us on Obamacare need to know.
It is tax free money here for nothing MTV.
I can use it to pay my taxes. Seems appropriate, somehow.
WHERE MY CHECK AT
In the mail as always.
“Does this include retirees???”
I was thinking the same thing. It just says taxpayers.
“It is tax free money here for nothing MTV.”
Yes, but are the chicks free?
Just curious. My wife and I make less than $150,000, and we have her sister as a dependent. She is mentally challenged.
Would she get a check also?
What do they mean by income? When they say income are they referring to gross income, adjusted gross income, or taxable income?
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