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Post by sabrinae on Mar 28, 2020 15:53:29 GMT
Yes, you'll receive $1200 if you earn less than 75K, whether it is a salary, pension, or Social Security. You'll receive a smaller amount than $1200 if you earn between 75K up to 99K. The article that elaine posted is very helpful. Thank you elaine for posting the article. Unfortunately I can't read it since I can't afford to read the New York times online. That being said, those people who don't make enough money to even have to file taxes are the ones who are in greater need and they are the ones who will be receiving the least. Makes sense, eh?
Wonder how much we receive if we're "earning" less than $29,000 for a family of 2 (solely based on our SS incomes)?
If your both receiving social security the government will use that information and you will each get $1200 for a total of $2400.
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Post by christine58 on Mar 28, 2020 15:55:10 GMT
@bergdorfblonde
Most adults will get $1,200, although some would get less. For every qualifying child age 16 or under, the payment will be an additional $500.
How many payments will there be?
Just one. Future bills could order up additional payments, though.
How do I know if I will get the full amount?
It depends on your income. Single adults with Social Security numbers who have an adjusted gross income of $75,000 or less will get the full amount. Married couples with no children earning $150,000 or less will receive a total of $2,400. And taxpayers filing as head of household will get the full payment if they earned $112,500 or less.
Above those income figures, the payment decreases until it stops altogether for single people earning $99,000 or married people who have no children and earn $198,000. According to the Senate Finance Committee, a family with two children will no longer be eligible for any payments if its income surpassed $218,000.
You can’t get a payment if someone claims you as a dependent, even if you’re an adult. In any given family and in most instances, everyone must have a valid Social Security number in order to be eligible. There is an exception for members of the military.
You can find your adjusted gross income on Line 8b of the 2019 1040 federal tax return.
Do college students get anything?
Not if anyone claims them as a dependent on a tax return. Usually, students under age 24 are dependents in the eyes of the taxing authorities if a parent pays for at least half of their expenses.
What year’s income should I be looking at?
2019. If you haven’t prepared a tax return yet, you can use your 2018 return. If you haven’t filed that yet, you can use a 2019 Social Security statement showing your income to see what an employer reported to the I.R.S.
What if my recent income made me ineligible, but I anticipate being eligible because of a loss of income in 2020? Do I get a payment?
The plan does not help people in that circumstance now, but you may benefit once you file your 2020 taxes. That’s because the payment is technically an advance on a tax credit that is available for the entire year. So it will depend on how much you earn.
And there are many other provisions in the legislation. You may be able to file for unemployment or for one of the new loans for small-business owners or sole proprietors.
Will I have to apply to receive a payment?
No. If the Internal Revenue Service already has your bank account information, it will transfer the money to you via direct deposit based on the recent income-tax figures it already has.
When will the payment arrive?
Treasury Secretary Steven Mnuchin said he expected most people to get their payments within three weeks.
If my payment doesn’t come soon, how can I be sure that it wasn’t misdirected?
According to the bill, you will get a paper notice in the mail no later than a few weeks after your payment has been disbursed. That notice will contain information about where the payment ended up and in what form it was made. If you couldn’t locate the payment at that point, it would be time to contact the I.R.S. using the information on the notice.
What if I haven’t filed tax returns recently? Will that affect my ability to receive a payment?
It could. File a return immediately, at least for 2018, according to the I.R.S. website. “Those without 2018 tax filings on record could potentially affect mailings of stimulus checks,” the site says.
Will most people who are receiving Social Security retirement and disability payments each month also get a stimulus payment?
Yes.
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Deleted
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Jun 2, 2024 4:00:35 GMT
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Post by Deleted on Mar 28, 2020 15:56:59 GMT
Thank you elaine for posting the article. Unfortunately I can't read it since I can't afford to read the New York times online. I could read it without paying.... That's so weird--mine cuts out after reading a few paragraphs. Same with every other online paid subscription for me.
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Deleted
Posts: 0
Jun 2, 2024 4:00:35 GMT
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Post by Deleted on Mar 28, 2020 15:57:51 GMT
Thank you elaine for posting the article. Unfortunately I can't read it since I can't afford to read the New York times online. That being said, those people who don't make enough money to even have to file taxes are the ones who are in greater need and they are the ones who will be receiving the least. Makes sense, eh?
Wonder how much we receive if we're "earning" less than $29,000 for a family of 2 (solely based on our SS incomes)?
If your both receiving social security the government will use that information and you will each get $1200 for a total of $2400. Thank you so much for this information!!
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pancakes
Pearl Clutcher
Posts: 4,993
Feb 4, 2015 6:49:53 GMT
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Post by pancakes on Mar 28, 2020 16:05:43 GMT
I could read it without paying.... That's so weird--mine cuts out after reading a few paragraphs. Same with every other online paid subscription for me. I believe NYT gives you about 4 free articles per month. It just means you’ve read past your limit. But any COVID specific articles are currently free (this doesn’t count, I guess).
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luckyexwife
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Posts: 3,067
Jun 25, 2014 21:21:08 GMT
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Post by luckyexwife on Mar 28, 2020 16:09:02 GMT
I could read it without paying.... That's so weird--mine cuts out after reading a few paragraphs. Same with every other online paid subscription for me. There is a free subscription option. I had to put in my email and create a password, and then pick the free option.
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Post by elaine on Mar 28, 2020 16:09:06 GMT
Yes, you'll receive $1200 if you earn less than 75K, whether it is a salary, pension, or Social Security. You'll receive a smaller amount than $1200 if you earn between 75K up to 99K. The article that elaine posted is very helpful. Thank you elaine for posting the article. Unfortunately I can't read it since I can't afford to read the New York times online. That being said, those people who don't make enough money to even have to file taxes are the ones who are in greater need and they are the ones who will be receiving the least. Makes sense, eh?
Wonder how much we receive if we're "earning" less than $29,000 for a family of 2 (solely based on our SS incomes)?
I don’t subscribe to the NYT and I could (and still can) read it. I’m sorry - I don’t know why some can’t. You should each receive $1200 - so, $2,400.
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SabrinaP
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Busy Teacher Pea
Posts: 4,355
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Jun 26, 2014 12:16:22 GMT
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Post by SabrinaP on Mar 28, 2020 16:20:54 GMT
I wonder why the stimulus package only provides for kids 16 and under and not just for dependents? I can’t imagine that there are many 17 or 18 year olds out there that are not claimed as dependents by their parents. My parents claimed me until I was 22 and out of college with my own full time job.
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Post by annie on Mar 28, 2020 16:24:00 GMT
I agree. I'm providing full care for my kids who are teenagers and early 20's. And they get nothing. Sort of maddening.
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Deleted
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Post by Deleted on Mar 28, 2020 16:28:58 GMT
Here is the whole article for those who can't get beyond the paywall.
President Trump has signed a bipartisan $2 trillion economic relief plan to offer assistance to tens of millions of American households affected by the coronavirus pandemic. Its components include stimulus payments to individuals, expanded unemployment coverage, student loan changes, different retirement account rules and more.
MORE ANSWERSFrequently asked questions and advice about life under the coronavirus. Here are the answers to common questions about what’s in the plan. We’ll update this article as we know more about the details.
More information on getting assistance can be found at our Hub for Help.
Stimulus Payments How large will the payments be?
Most adults will get $1,200, although some would get less. For every qualifying child age 16 or under, the payment will be an additional $500.
How many payments will there be?
Just one. Future bills could order up additional payments, though.
How do I know if I will get the full amount?
Unlock more free articles. Create an account or log in It depends on your income. Single adults with Social Security numbers who have an adjusted gross income of $75,000 or less will get the full amount. Married couples with no children earning $150,000 or less will receive a total of $2,400. And taxpayers filing as head of household will get the full payment if they earned $112,500 or less.
Above those income figures, the payment decreases until it stops altogether for single people earning $99,000 or married people who have no children and earn $198,000. According to the Senate Finance Committee, a family with two children will no longer be eligible for any payments if its income surpassed $218,000.
You can’t get a payment if someone claims you as a dependent, even if you’re an adult. In any given family and in most instances, everyone must have a valid Social Security number in order to be eligible. There is an exception for members of the military.
You can find your adjusted gross income on Line 8b of the 2019 1040 federal tax return.
Do college students get anything?
Not if anyone claims them as a dependent on a tax return. Usually, students under age 24 are dependents in the eyes of the taxing authorities if a parent pays for at least half of their expenses.
What year’s income should I be looking at?
2019. If you haven’t prepared a tax return yet, you can use your 2018 return. If you haven’t filed that yet, you can use a 2019 Social Security statement showing your income to see what an employer reported to the I.R.S.
What if my recent income made me ineligible, but I anticipate being eligible because of a loss of income in 2020? Do I get a payment?
The plan does not help people in that circumstance now, but you may benefit once you file your 2020 taxes. That’s because the payment is technically an advance on a tax credit that is available for the entire year. So it will depend on how much you earn.
And there are many other provisions in the legislation. You may be able to file for unemployment or for one of the new loans for small-business owners or sole proprietors.
Will I have to apply to receive a payment?
No. If the Internal Revenue Service already has your bank account information, it will transfer the money to you via direct deposit based on the recent income-tax figures it already has.
When will the payment arrive?
Treasury Secretary Steven Mnuchin said he expected most people to get their payments within three weeks.
If my payment doesn’t come soon, how can I be sure that it wasn’t misdirected?
According to the bill, you will get a paper notice in the mail no later than a few weeks after your payment has been disbursed. That notice will contain information about where the payment ended up and in what form it was made. If you couldn’t locate the payment at that point, it would be time to contact the I.R.S. using the information on the notice.
What if I haven’t filed tax returns recently? Will that affect my ability to receive a payment?
It could. File a return immediately, at least for 2018, according to the I.R.S. website. “Those without 2018 tax filings on record could potentially affect mailings of stimulus checks,” the site says.
Latest Updates: Markets and Business Despite a bailout, airline executives offer a bleak outlook. Wall Street falls back after three-day surge. Drop in consumer sentiment reading shows early look at the economic collapse. See more updates Updated 15h ago More live coverage: Global U.S. New York If you’re worried about money that you owe that you cannot pay, the I.R.S. recommends consulting a tax professional who can help you request an alternative payment plan or some other resolution.
Will most people who are receiving Social Security retirement and disability payments each month also get a stimulus payment?
Yes.
Will eligible unemployed people get these stimulus payments? Veterans?
Yes and yes.
Will U.S. citizens living abroad get a payment?
Yes, as long as they meet the income requirements and have a Social Security number.
Do I have to pay income taxes on the amount of my payment?
No.
If my income tax refunds are currently being garnished because of a student loan default, will this payment be garnished as well?
No. In fact, the bill temporarily suspends nearly all efforts to garnish tax refunds to repay debts, including those to the I.R.S. itself. But this waiver may not apply to people who are behind on child support.
Unemployment Benefits Who will be covered by the expanded program?
The plan wraps in far more workers than are usually eligible for unemployment benefits, including self-employed people and part-time workers.
The bottom line: Those who are unemployed, are partly unemployed or cannot work for a wide variety of coronavirus-related reasons will be more likely to receive benefits.
How much will I receive?
It depends on your state.
Benefits will be expanded in an attempt to replace the average worker’s paycheck, explained Andrew Stettner, a senior fellow at the Century Foundation, a public policy research group. The average worker earns about $1,000 a week, and unemployment benefits often replace roughly 40 to 45 percent of that. The expansion will pay an extra amount to fill the gap.
Under the plan, eligible workers will get an extra $600 per week on top of their state benefit. But some states are more generous than others. According to the Century Foundation, the maximum weekly benefit in Alabama is $275, but it’s $450 in California and $713 in New Jersey.
So let’s say a worker was making $1,100 per week in New York; she’d be eligible for the maximum state unemployment benefit of $504 per week. Under the new expansion, she gets an additional $600 of federal pandemic unemployment compensation, for a total of $1,104, essentially replacing her original paycheck.
States have the option of providing the entire amount in one payment, or sending the extra portion separately. But it must all be done on the same weekly basis.
Are gig workers, freelancers and independent contractors covered?
Yes, self-employed people are newly eligible for unemployment benefits.
Benefit amounts will be calculated based on previous income, using a formula from the Disaster Unemployment Assistance program, according to a congressional aide.
Self-employed workers will also be eligible for the additional $600 weekly benefit provided by the federal government.
What if I’m a part-time worker who lost my job because of a coronavirus reason, but my state doesn’t cover part-time workers? Am I still eligible?
Yes. Part-time workers are eligible for benefits, but the benefit amount and how long benefits will last depend on your state. They are also eligible for the additional $600 weekly benefit.
What if I have Covid-19 or need to care for a family member who has it?
If you’ve received a diagnosis, are experiencing symptoms or are seeking a diagnosis — and you’re unemployed, partly unemployed or cannot work as a result — you will be covered. The same goes if you must care for a member of your family or household who has received a diagnosis.
What if my child’s school or day care shut down?
If you rely on a school, a day care or another facility to care for a child, elderly parent or another household member so that you can work — and that facility has been shut down because of coronavirus — you are eligible.
Sign up to receive our daily Coronavirus Briefing, an informed guide with the latest developments and expert advice. Sign Up What if I’ve been advised by a health care provider to quarantine myself because of exposure to coronavirus? And what about broader orders to stay home?
People who must self-quarantine are covered. The legislation also says that individuals who are unable to get to work because of a quarantine imposed as a result of the outbreak are eligible.
I was about to start a new job and now can’t get there because of an outbreak.
You’re eligible for benefits. You will also be covered if you were immediately laid off from a new job and did not have a sufficient work history to qualify for benefits under normal circumstances.
I had to quit my job as a direct result of coronavirus. Would I be eligible to apply for benefits?
It depends. Let’s say your employer didn’t lay you off but you had to quit because of a quarantine recommended by a health care provider, or because your child’s day care closed and you’re the primary caregiver. Situations like that are covered.
But this provision wasn’t intended to cover people who quit (or want to quit) because they fear that continuing to work puts them at risk of contracting coronavirus, according to congressional aides.
My employer shut down my workplace because of coronavirus. Am I eligible?
Yes. If you are unemployed, partly unemployed or unable to work because your employer closed down, you’re covered under the bill.
The breadwinner of my household has died as a result of coronavirus. I relied on that person for income, and I’m not working. Is that covered?
Yes.
Whom does the bill leave out?
Workers who are able to work from home, and those receiving paid sick leave or paid family leave are not covered. New entrants to the work force who cannot find jobs are also ineligible.
How long will the payments last?
Many states already provide 26 weeks of benefits, though some states have trimmed that back while others provide a sliding scale tied to unemployment levels.
The bill provides all eligible workers with an additional 13 weeks. So participants in states with 26 weeks would be eligible for a total of 39 weeks. The total amount cannot exceed 39 weeks, but it may be shorter in certain states.
The extra $600 payment will last for up to four months, covering weeks of unemployment ending July 31.
How long would the broader program last?
Expanded coverage would be available to workers who were newly eligible for unemployment benefits for weeks starting on Jan. 27, 2020, and through Dec. 31, 2020.
I’m already receiving unemployment benefits. Will I receive any help?
Yes. Even if you’re already receiving unemployment benefits for reasons unrelated to the coronavirus, your state-level benefits will still be extended by 13 weeks. You will also receive the extra $600 weekly benefit from the federal government.
My unemployment recently ran out — could I sign up again?
Yes. If you’ve exhausted your benefits, eligible workers can generally reapply. But how much you get and for how long depends on the state where you worked. Everyone gets at least another 13 weeks, along with the extra $600 payment.
Will this income disqualify me from any other programs?
Maybe. The additional $600 benefit counts as income when determining eligibility for means-tested programs, except for Medicaid and the Children’s Health Insurance Program, known as CHIP.
How long will I need to wait for benefits?
States have been incentivized to waive the one-week waiting period, but it’s unclear how long it will take to process claims — especially with state offices so strained by a flood of them.
Student Loans The federal government has already waived two months of payments and interest for many federal student loan borrowers. Is there a bigger break now with the new bill?
Yes. Until Sept. 30, there will be automatic payment suspensions for any student loan held by the federal government. It is hard to contact many of the loan servicers right now, so check your account online in the coming weeks. Once you are logged in, look for the current amount due. There, you should be able to see if the servicer has reset its billing systems so that you are showing no payment due.
How do I know if my loan is eligible?
If you’ve borrowed money from the federal government — a so-called direct loan — in the past 10 years, you’re definitely eligible. According to the Institute for College Access & Success, 90 percent of loans (in dollar terms) will be eligible.
Older Federal Family Educational Loans (F.F.E.L.) that the U.S. Department of Education does not own are not eligible, nor are Perkins loans, loans from state agencies, or loans from private lenders like Discover, Sallie Mae and Wells Fargo. The holders of all those kinds of loans may be offering their own assistance programs.
Within a few weeks, you are supposed to receive notice indicating what has happened with your federal loans. You can choose to keep paying down your principal if you want. Then, after Aug. 1, you should get multiple notices letting you know about the cessation of the suspension period and that you may be eligible to enroll in an income-driven repayment plan.
Will my loan servicer charge me interest during the six-month period?
The bill says that interest “shall not accrue” on the loan during the suspension period.
At the end of the suspension, keep a close eye on what your loan servicer does (or does not do) to put you back into your previous repayment mode. Servicer errors are common.
Will the six-month suspension cost me money, since I’m trying to qualify for the public service loan forgiveness program by making 120 monthly payments?
No. The legislation says that your payment count will still go up by one payment each month during the six-month suspension, even though you will not actually be making any payments. This is true for all forgiveness or loan-rehabilitation programs.
Is wage garnishment that resulted from being behind on my loan payments suspended during this six-month period?
Yes. So is the seizure of tax refunds, the reduction of any other federal benefit payments and other involuntary collection efforts.
Are there changes to the rules if my employer repays some of my student loans?
Yes. Some employers do this as an employee benefit. Between the date the bill is signed and the end of 2020, they can offer up to $5,250 of assistance without that money counting as part of the employee’s income. If the employer pays tuition for classes an employee is taking, that money will also count toward the $5,250.
Retirement Accounts Which retirement account rules are suspended?
For the calendar year 2020, no one will have to take a required minimum distribution from any individual retirement accounts or workplace retirement savings plans, like a 401(k). That way, you aren’t forced to sell investments that may have fallen in value, which would lock in losses. If you don’t need the money now, you can let the investments sit and hope that they recover.
This change would not affect old-fashioned pensions.
What if I have to take money out of my I.R.A. or workplace retirement plan early?
You can withdraw up to $100,000 this year without the usual 10 percent penalty, as long as it’s because of the outbreak.
You will also be able to spread out any income taxes that you owe over three years from the date you took the distribution. And if you want, you could put the money back into the account before those three years are up, even though the rules may normally keep you from making a contribution that large.
This exception applies only to coronavirus-related withdrawals. You qualify if you tested positive, a spouse or dependent did or you experienced a variety of other negative economic consequences related to the pandemic. Employers can allow workers to self-certify that they are qualified to pull money from a workplace retirement account.
Can I still borrow from my 401(k) or other workplace retirement plan?
Yes, and you can take out twice the usual amount. For 180 days after the bill passes, with certification that you’ve been affected by the pandemic, you’ll be able to take out a loan of up to $100,000. Usually you can’t take out more than half your balance, but that rule is suspended.
If you already have a loan and were supposed to finish repaying it before Dec. 31, you get an extra year.
Charitable Contributions I want to help people who are suffering from the pandemic. Does the bill do anything about charitable donations?
Yes. The bill makes a new deduction available — and not just for 2020 — for up to $300 in annual charitable contributions. It’s available only to people who don’t itemize their deductions, and you calculate this new one by subtracting the amount you give from your gross income.
To qualify, you have to give cash to a qualified charity and not to a donor-advised fund, which is a charitable account that affluent people often use to bunch contributions in a particular year in order to maximize deductions. If you’ve already given money since Jan. 1, that contribution counts toward the $300 cap.
I am lucky to have substantial wealth, and I want to give more to charity than I usually do. Have the limits on charitable deductions changed?
Yes, they have. As part of the bill, donors can deduct 100 percent of their gift against their 2020 adjusted gross income. If you have $1 million of income, you can give $1 million to a public charity and deduct the full amount in 2020.
The new deduction is only for cash gifts that go to a public charity. If you give cash to, say, your private foundation, the old deduction rules apply. And while the organizations that manage donor-advised funds are public charities, you do not get the higher deduction for donating cash to your donor-advised fund.
If your assets are substantial enough that you can give more than your income this year, you won’t lose the deduction for the excess amount. You can use it next year, as has always been the case.
Other Features of the Bill Will there be damage to my credit report if I take advantage of any virus-related payment relief, including the student loan suspension?
No. There is not supposed to be, at least.
The bill states that during the period beginning on Jan. 31 and continuing 120 days after the cessation of the national emergency declaration, lenders and others should mark your credit file as current, even if you avail yourself of payment modifications.
If you had black marks in your file before the virus hit, those will remain unless you fix the issues during the emergency period.
Credit reporting agencies can make errors. Be sure to check your credit report a few times each year, especially if you accept any help from any financial institution or biller this year.
Is there any relief for renters in the bill?
Yes. The bill puts a temporary, nationwide eviction moratorium in place for any renters whose landlords have mortgages backed or owned by Fannie Mae, Freddie Mac and other federal entities. This will last for 120 days after the bill passes, and landlords also can’t charge any fees or penalties for nonpayment of rent.
Does this bill change any rules for health savings accounts and health care flexible spending accounts?
Yes. Menstrual products are now eligible for reimbursement after at least 15 years of lobbying and debate.
Did the legislation make it illegal for any internet provider to cut off service to an individual or small business that can’t pay its bills?
No.
Did the legislation make it illegal for utility providers to cut off service?
No.
Paul Sullivan contributed reporting.
Correction: March 26, 2020 An earlier version of this article, relying on information from the Century Foundation, misstated the maximum weekly unemployment benefits in three states. Alabama's maximum is $275, not $265; New Jersey's is $713, not $681; and New York's is $504, not $435.
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Deleted
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Jun 2, 2024 4:00:35 GMT
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Post by Deleted on Mar 28, 2020 17:11:37 GMT
Thank you elaine for posting the article. Unfortunately I can't read it since I can't afford to read the New York times online. That being said, those people who don't make enough money to even have to file taxes are the ones who are in greater need and they are the ones who will be receiving the least. Makes sense, eh?
Wonder how much we receive if we're "earning" less than $29,000 for a family of 2 (solely based on our SS incomes)?
I don’t subscribe to the NYT and I could (and still can) read it. I’m sorry - I don’t know why some can’t. You should each receive $1200 - so, $2,400. Thanks so much. No idea why I can't read NY Times articles............. I'll check it out. I appreciate that you're so thorough re: the stimulus info. I haven't had too much time to check into it. I assumed we were getting much less than the average.
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johnnysmom
Drama Llama
Posts: 5,682
Jun 25, 2014 21:16:33 GMT
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Post by johnnysmom on Mar 28, 2020 17:33:22 GMT
Thanks so much. No idea why I can't read NY Times articles............. I'll check it out. Try copy/pasting the link into a private/incognito window.
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Post by gmcwife1 on Mar 28, 2020 18:23:00 GMT
Please read the FAQ link that I posted above. Honestly. There is a TON of info in it. Including: I've got to say, as a parent of an 18 year old who is claimed as a dependent, this sucks. He doesn't qualify for the $1200 or the $500 even though he paid some taxes and was starting to live on his own Same for us. We made too much last year due to a four year lump sum back payment for dh’s job and lots of mandatory OT. Our 20 yr old still lives at home, we pay for her college and living expenses, so even though she was laid off her restaurant job, she won’t get anything either. Bummer for her as she could really use it, she put her entire refund into her car for maintenance.
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Post by dewryce on Mar 28, 2020 18:36:26 GMT
I don’t think you sound greedy. Based on the purpose of the stimulus, you should get that money and I’m glad to see that you will. Raising grandchildren is a huge responsibility that most of us wouldn’t be prepared for. I commend you. Or if you filed jointly and your combined income is less than $150,000, you’ll get $2400. This is nice because even if you make more than $75K, your spouse’s income will be taken into consideration. I appreciate that. The one time I financial benefit us by not holding a job
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anaterra
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Posts: 3,858
Location: Texas
Jun 29, 2014 3:04:02 GMT
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Post by anaterra on Mar 29, 2020 2:38:47 GMT
Thank you elaine christine58 and @missjen Its super nice of yall to do the research and posting!!! I appreciate it
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Post by gale w on Mar 29, 2020 2:43:51 GMT
What if the irs doesn't have direct deposit info? Are they sending paper checks?
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Post by elaine on Mar 29, 2020 2:47:07 GMT
What if the irs doesn't have direct deposit info? Are they sending paper checks? Yes, if you don’t have direct deposit, they will mail you a check with Trump’s signature on it.
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Deleted
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Jun 2, 2024 4:00:35 GMT
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Post by Deleted on Apr 6, 2020 20:10:23 GMT
I keep reading various links regarding receiving NOT qualifying if you don't file taxes. DH and I haven't filed in years. Our only income is SS and we never had to file. Wondering if we need to file some sort of tax return?? (I have a stack of financial papers, etc., to still finish for Moffitt and other services. It's a lot for someone whose vision is not great lately........). Would love to know though!
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scrappinmama
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Posts: 4,885
Jun 26, 2014 12:54:09 GMT
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Post by scrappinmama on Apr 6, 2020 20:19:01 GMT
I'm pretty pissed that they didn't think to include kids who are over 16 and still dependents. I have 2 kids who are fully dependent on us that we will not see a dime for.
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Post by Outspoken on Apr 6, 2020 20:22:09 GMT
I keep reading various links regarding receiving NOT qualifying if you don't file taxes. DH and I haven't filed in years. Our only income is SS and we never had to file. Wondering if we need to file some sort of tax return?? (I have a stack of financial papers, etc., to still finish for Moffitt and other services. It's a lot for someone whose vision is not great lately........). Would love to know though! home.treasury.gov/news/press-releases/sm967
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lizacreates
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Aug 29, 2015 2:39:19 GMT
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Post by lizacreates on Apr 6, 2020 20:27:26 GMT
I keep reading various links regarding receiving NOT qualifying if you don't file taxes. DH and I haven't filed in years. Our only income is SS and we never had to file. Wondering if we need to file some sort of tax return?? (I have a stack of financial papers, etc., to still finish for Moffitt and other services. It's a lot for someone whose vision is not great lately........). Would love to know though!No, you don’t have to file an income tax return. It got confusing because on March 30, the IRS issued guidance stating you have to file a simplified tax return. On April 1, it was reversed by the IRS and Mnuchin. This applies to recipients of Social Security, SSI and SSDI.
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snyder
Pearl Clutcher
Posts: 3,993
Location: Colorado
Apr 26, 2017 6:14:47 GMT
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Post by snyder on Apr 6, 2020 20:27:38 GMT
I keep reading various links regarding receiving NOT qualifying if you don't file taxes. DH and I haven't filed in years. Our only income is SS and we never had to file. Wondering if we need to file some sort of tax return?? (I have a stack of financial papers, etc., to still finish for Moffitt and other services. It's a lot for someone whose vision is not great lately........). Would love to know though!At first they were going to create a website for those that didn't have their bank information on file, but the scratched that idea as they said it was to costly and time consuming to set up in such a short amount of time and that those the draw SS will get their money deposited to the account their SS money is deposited to. If you get checks, then they said you would get a check, but checks are going to take way longer to get.
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Post by hop2 on Apr 6, 2020 20:32:39 GMT
And why do parents of 16 and 17 year olds get screwed? I have one of each, a college student and a 17 year old I guess they don't cost us anything. Bwah ha ha ha ha ha ha 🤣
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Post by Lori McMud on Apr 6, 2020 21:09:59 GMT
I'm pretty pissed that they didn't think to include kids who are over 16 and still dependents. I have 2 kids who are fully dependent on us that we will not see a dime for. I am sitting next to you on this bench. I have a 16 yo high school student and a 20 yo college student. ETA - we did get a payment for the 16 yo.
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Deleted
Posts: 0
Jun 2, 2024 4:00:35 GMT
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Post by Deleted on Apr 6, 2020 21:14:43 GMT
I keep reading various links regarding receiving NOT qualifying if you don't file taxes. DH and I haven't filed in years. Our only income is SS and we never had to file. Wondering if we need to file some sort of tax return?? (I have a stack of financial papers, etc., to still finish for Moffitt and other services. It's a lot for someone whose vision is not great lately........). Would love to know though!At first they were going to create a website for those that didn't have their bank information on file, but the scratched that idea as they said it was to costly and time consuming to set up in such a short amount of time and that those the draw SS will get their money deposited to the account their SS money is deposited to. If you get checks, then they said you would get a check, but checks are going to take way longer to get. Thank you & lizacreates We both get auto-deposit for our SS. Hope it goes through!
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Post by Outspoken on Apr 6, 2020 21:17:30 GMT
I'm pretty pissed that they didn't think to include kids who are over 16 and still dependents. I have 2 kids who are fully dependent on us that we will not see a dime for. This chaps my hide. I have two 19 year old college students. Who are now at home, completing their freshman year of college on line.
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Post by scrapaddict702 on Apr 11, 2020 22:57:14 GMT
May I piggyback a question??
Since we have some tax industry peas in here, maybe this question will find one of them. How will this change taxes for most people going forward? I see that the stimulus is a specific credit, so I take that to mean next year we'll see a 'did you already receive this money' question the way we have a 'did you have health insurance' question with online filing programs. Are there increases anywhere else coming that will negate some or all of the refund by increasing how much most people owe? I don't want to spend it only to discover next year or the year after we have to significantly cut back on our home improvement projects because our refund comes up way short of what we are used to.
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Post by sabrinae on Apr 11, 2020 23:06:43 GMT
May I piggyback a question?? Since we have some tax industry peas in here, maybe this question will find one of them. How will this change taxes for most people going forward? I see that the stimulus is a specific credit, so I take that to mean next year we'll see a 'did you already receive this money' question the way we have a 'did you have health insurance' question with online filing programs. Are there increases anywhere else coming that will negate some or all of the refund by increasing how much most people owe? I don't want to spend it only to discover next year or the year after we have to significantly cut back on our home improvement projects because our refund comes up way short of what we are used to. It shouldn’t based on the information released so far. It’s a fully refundable credit and they’ve said that even if you wouldn’t qualify based on your 2020 return that there won’t be any penalty or pulling back of the credit. It’s not a standard credit so it’s not an “advance” of any typical credit
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Post by scrapaddict702 on Apr 11, 2020 23:15:29 GMT
May I piggyback a question?? Since we have some tax industry peas in here, maybe this question will find one of them. How will this change taxes for most people going forward? I see that the stimulus is a specific credit, so I take that to mean next year we'll see a 'did you already receive this money' question the way we have a 'did you have health insurance' question with online filing programs. Are there increases anywhere else coming that will negate some or all of the refund by increasing how much most people owe? I don't want to spend it only to discover next year or the year after we have to significantly cut back on our home improvement projects because our refund comes up way short of what we are used to. It shouldn’t based on the information released so far. It’s a fully refundable credit and they’ve said that even if you wouldn’t qualify based on your 2020 return that there won’t be any penalty or pulling back of the credit. It’s not a standard credit so it’s not an “advance” of any typical credit I'm just worried it's going to be a tit for tat type thing. 'Here, look at this amazing credit' but then there is some hidden increase somewhere else. My anxiety only sees 'if it sounds too good to be true, then it probably is'. I realize the situation is unprecedented, so I'm hoping I'm wrong...but the government is going to need to pay down the ever increasing debt eventually and if the rich aren't going to be paying their share, then it falls on the rest of us.
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Post by sabrinae on Apr 11, 2020 23:44:41 GMT
It shouldn’t based on the information released so far. It’s a fully refundable credit and they’ve said that even if you wouldn’t qualify based on your 2020 return that there won’t be any penalty or pulling back of the credit. It’s not a standard credit so it’s not an “advance” of any typical credit I'm just worried it's going to be a tit for tat type thing. 'Here, look at this amazing credit' but then there is some hidden increase somewhere else. My anxiety only sees 'if it sounds too good to be true, then it probably is'. I realize the situation is unprecedented, so I'm hoping I'm wrong...but the government is going to need to pay down the ever increasing debt eventually and if the rich aren't going to be paying their share, then it falls on the rest of us. Yes, I tend to agree with you. But, with the information released so far, they’re saying it won’t have to be repaid. We’ll have to wait and see what happens.
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