I’m hearing conflicting info on the upcoming stimulus checks. Are there any accountants on this forum?
I just read where the $1200 most of us will get is simply an advance on our 2020 tax refund. Which is fine with me, but I’d wager a hell of a lot of people don’t have that information. Also, must we claim the checks as income on our 2020 filing?
If it’s true, that this check will be deducted from next year’s tax refund, this info needs to be put “out there”. Personally, I think it’s reasonable, but many depend upon their refunds and use is as forced savings. If people know this, they can make other arrangements.
I thought it was an early payment of a $1200 credit you will get on your 2020 taxes. So if you don’t get your check now, at the very latest you’ll get that special credit added to your 2020 tax refund.
If that’s true, it’s sort of the opposite of what you described.
No, that is not a thing I have heard at all. If that were true, it would not have a large price tag, in fact it would be mostly a zero cost thing to do.
Money is being allocated for the spending. It’s just “free” money, no strings attached. It’s very much like WWII wartime spending which was astronomical but necessary. Who knows, in the long run when this is over it may make for a more frugal govt.
It will need to be claimed on your 2020 taxes. But only for the purpose of making sure that you were entitled to it. If say you get the entire 1,200, then it shows you made over the maximum before it starts to decrease, you have to pay the overage back.
So this year I had to pay around 800 bucks and probably will again next year. I estimate I’m eligible for about $150 in stimulus. Does that mean next year I’ll owe $950?
I had read that people who didn’t normally file their taxes, would have to file so that their names would be on file as tax payers, so they could get their checks.
If they haven’t filed a tax return in 2017 or 2018, no stimulus check for them.
This is what CBS has to say on the subject, though:
A friend on Social security (who isn’t required to file a federal tax return) is getting his $1,200. At first they said those on SS would need to file. Then it was changed that they won’t.
The refund limitation is based on income. If you’ve not filed a tax return for 2018 or 2019, and your not on social security – they won’t know how to find you – and my understanding is there is a form you can fill out to get the money.
If lib progressives, no blink Nancy, and the Pork Barrell bandits really cared about the affected people, why was funding for the Kennedy Center included?
Do you make under $75,000? Does the IRS know where you are? If Yes to both questions, you get a rescue check.
Do you claim a dependent? If Yes, you get $500 per.
Do you make over $75,000-$99,000 If Yes, you’re going to get something less depending on where you fall.
Do you make over $100k? If Yes, thanks daddy.
The part I think is silly is the gradual roll out. First checks go to those earning nothing, and then it goes from there. Why can’t they send them all at once? Flip a switch and everybody with direct deposit is good to go. A career bartender making $60k is just supposed to wait until August to get their money, without work in the meantime?
I refuse to call it a stimulus. Call it a rescue, call it a return, call it coupon, but it isn’t a stimulus.
Yes, I’m expecting a direct deposit for $150 in the next couple weeks. Where I’m confused is if it’s tacked on to next year’s return since I never get a refund anymore.
If I were you (or your accountant). I’d expect and extra form to fill out next tax season. Did you make over x amount no, continue. Yes, please fill out form xyz.
