Posted on 03/26/2020 8:18:15 AM PDT by catnipman
When will I get my check? Checks are supposed to be produced “as rapidly as possible,” but it’s been suggested that could take up to two months. If you use direct deposit, it will be faster.
How big will my check be? Checks will be $1,200 per adult - or $2,400 for married couples filing jointly - and an additional $500 per child. Today In: Taxes
Are there income limits on checks? The amount of the checks would start to phaseout for those earning more than $75,000 ($150,000 for joint returns and $112,500 for heads of household). This is adjusted gross income (AGI), not taxable income - so before your standard or itemized deductions. You’ll see your number on line 8(b) of your form 1040:
[and much, much more ...]
(Excerpt) Read more at forbes.com ...
The DEMs in the Senate signed on, and Wall Street is happy despite brutal unemployment numbers. Gotta bad feeling about all of this.
Is it taxable?
“Checks will be $1,200 per adult”
BEFORE taxes, so you will probably get $800 to $900 after taxes if you live in a red state, $1.75 to $2.00 if you live in a blue state.
I have a feeling... that when all this is over... Trump will use this as an excuse to default on much of our debt to China.
“The DEMs in the Senate signed on, and Wall Street is happy despite brutal unemployment numbers. Gotta bad feeling about all of this.”
I know, right? when everyone else is upbeat, you’re downbeat ...
So tired of these income gates for giving tax money back to people. Some people who file income tax returns effectively pay no taxes - and yet they will get checks. Others who already pay a fortune in taxes will get nothing back because they exceed the $75k gate. This is yet another confiscation of taxpayer money. Trump’s payroll tax holiday idea would have been far more fair, so of course Democrats hated it.
This is from this forbes article:
Okay, I don’t understand. What is a refundable tax credit? The check acts like a refund you get in advance. When you file your 2020 tax return, the IRS will compare your income numbers. If you should have gotten more than you did, you’ll get a refund. If the numbers on your 2020 tax return are different from your 2019 tax return, I don’t expect that you’ll have to pay it back (as the bill is written now). Don’t worry: most taxpayers should get just the right amount.
No
You’re delusional if you believe everyone is happy with what’s going on in DC.
You should...hard rain is coming. Most objective types who follow stuff see it clearly. Anything to do with credit is gonna get hammered. Personal debt, lenders both commercial and public...debt holders, business, countries. None will be immune. Start a garden now!
“Conservative Inc” need to stop with the knee jerk ideological reactions. If China had declared war on the US none of you would say a word about this spending. This is doing more damage to the US, and the world, economy then any war in our history.
Yes we all wish this was not necessary. Yes, we wish this was a clean bill without the usual pork vote buying tactics. Well welcome to the mess workings of politics in a Republic.
People have to deal with the world as it is right now, not as they wish it would work. We can go back to the ideological wars in 30 days.
So what about a 17 year old. They do not qualify for the child tax credit.
Dang!!! That is a great idea!
NOT TAXED!!!!!!
“Trump will use this as an excuse to default on much of our debt to China.”
Perfect! His “Trump card”.
Well wtitten. Glad to hear poor people get help. No 2500 min income mentioned. So how do they info from poor people who dont need to file returns?
"Is my check taxable? No. This is not taxable income."
"Is my check taxable? No. This is not taxable income."
Not only do I have a bad feeling about this, the moment the DEMS have the House, Senate, and Presidency, they are going to use this as an excuse to tax the hell out of us to get that money back and then some.
It is going to be hell.
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