CORONA Corona Stimulus is signed, the clock is now ticking...post here when you receive your deposit or check

[Kris Gandillon]

No need to post anything here BEFORE you get a direct deposit or receive a check in the mail.

Just want to document how long it takes for that first deposit and that first check.

Today is Friday, March 27, 2020...the clock it ticking.

 

[Krayola]

Anyone know the income limit?

 

[Kris Gandillon]

Anyone know the income limit?

Been posted many times.

$75,000 AGI for individuals, $150,000 for married filing jointly

The payment goes down for incomes above the numbers noted above until it phases out entirely at $99,000 for individuals and $198,000 for married filing jointly.

 

[mzkitty]

My son said he heard the first recipients would/should be people on SS and on Disability, since they're already updated in the system. We shall see.

Thanks for starting this, Kris.

 

[Jubilee on Earth]

So how does this work? They use the same direct deposit info that they had from our taxes last year? Or do you have to submit it again?

 

[Krayola]

Been posted many times

Sorry, haven't been able to keep up with all the threads/posts here lately.

 

[bluelady]

What I read is they use direct deposit info from 2028, or 2019 if you filed. So first tier should be those who filed taxes & got a refund to DD. 2nd tier should be others who filed, but they will get a check so it will take longer. 3rd tier would be everyone else; they will have to figure out who those people are, maybe make them file taxes (was done in previous credits) so they have an AGI, and figure out how to send it. So those who need it most might get it last, but IDK how else they could do it.

 

[Turret Buster]

Been posted many times.

$75,000 AGI for individuals, $150,000 for married filing jointly

The payment goes down for incomes above the numbers noted above until it phases out entirely at $99,000 for individuals and $198,000 for married filing jointly.

In, before someone ask's "I'm getting $198,000 Trumpbux"?

 

[Squid]

I got one!!!!!



Darn just publishers clearing

 

[raven]

You should change the title so it can be found in the future with an easy search like . . .
Corona Stimulus signed. Clock Ticking. First to post wins 1200.

F.A.Q. on Stimulus Checks, Unemployment and the Coronavirus Plan

The $2 trillion relief package is sending money directly to Americans, greatly expanding unemployment coverage and making a number of other changes.

www.nytimes.com

 

[Txkstew]

I don't know how much credence to give this calculator, but it says I'll get most of the $1200, even though my AGI is more than the cutoff. Depends on your filing status.

Stimulus check calculator: See how much you'll likely be getting

The stimulus will give $1,200 to most American adults. As the payments go out, you can use this check calculator to see how much you can expect to get.

www.12newsnow.com

 

[Kris Gandillon]

I don't know how much credence to give this calculator, but it says I'll get most of the $1200, even though my AGI is more than the cutoff. Depends on your filing status.

Stimulus check calculator: See how much you'll likely be getting

The stimulus will give $1,200 to most American adults. As the payments go out, you can use this check calculator to see how much you can expect to get.

www.12newsnow.com

Looks like it is working correctly to me.

Yes, single and married filing jointly and head of household all have different cutoffs.

 

[Kathy in FL]

I am one of those that will admit I will NOT qualify for the advance on the taxes I pay. And any of those that owe the gov money every tax season should not expect a check either. Nor will we accept one of those loans if offered. Look what happened to GM when they were forced to accept government help. Look at what happened to the big banks when they had it shoved down their throats.

Nope, nope, nope.

 

[Kris Gandillon]

And any of those that owe the gov money every tax season should not expect a check either.

They will get a check rather than a direct deposit, but they should still get a check if they are below the AGI level for their filing status because they have an SSN number. That is the major qualifying feature. And the payment is not taxable.

 

[Hawkgirl_70]

I don't know how much credence to give this calculator, but it says I'll get most of the $1200, even though my AGI is more than the cutoff. Depends on your filing status.

Stimulus check calculator: See how much you'll likely be getting

The stimulus will give $1,200 to most American adults. As the payments go out, you can use this check calculator to see how much you can expect to get.

www.12newsnow.com

It worked for me(us) and we're definitely getting the full amount.
I was previously worried since we own a small 2 person equipment manufacturing repair business. We're an LLC.
But definitely was under the threshold and today we just got a new and sizable $$$ contracted job to quickly get 2 new lines up and running for a plant. They're driving everything to us overnight from Illinois, so we don't even have to leave our repair shop!
God is Great!

 

[Kathy in FL]

@Kris

Not taxable as income, but it will affect future refunds. It is being treated as an advance against future refunds.

It is all in the semantics.

Because we pay quarterly during the year … all of our income from the LLCs are pass through to us personally when we file at the end of the year … we rarely if ever get a refund. In 2018 even though we overpaid our taxes we still didn't get a refund, it was applied to 2019's quarterly taxes per government regulations.

For those that don't get a refund that means that they will have additional to pay the following year because they are getting an advance against money they haven't paid yet. This is how a lot of people got in trouble during the last batch of free crap checks the government handed out for "free" and "untaxable."

The government is NOT here to help people.

 

[Hognutz]

What's this stuff all over the place? B.s.?

 

[kittyluvr]

@Kris

Not taxable as income, but it will affect future refunds. It is being treated as an advance against future refunds.

It is all in the semantics.

Because we pay quarterly during the year … all of our income from the LLCs are pass through to us personally when we file at the end of the year … we rarely if ever get a refund. In 2018 even though we overpaid our taxes we still didn't get a refund, it was applied to 2019's quarterly taxes per government regulations.

For those that don't get a refund that means that they will have additional to pay the following year because they are getting an advance against money they haven't paid yet. This is how a lot of people got in trouble during the last batch of free crap checks the government handed out for "free" and "untaxable."

The government is NOT here to help people.

Actually this is a NEW refundable credit for the 2020 tax year that is being refunded early. For example, if you normally pay 1000 in taxes for the year when filing your return and are single for 2020 you would receive a 200 refund when filing your 2020 return normally. In this legislation for the aforementioned taxpayer, he/she will receive a check in the next month or so for 1200 and when filing his/her 2020 return will still pay the same 1000 in taxes as in every other year.

 

[Kris Gandillon]

@Kris

Not taxable as income, but it will affect future refunds. It is being treated as an advance against future refunds.

It is all in the semantics.

Because we pay quarterly during the year … all of our income from the LLCs are pass through to us personally when we file at the end of the year … we rarely if ever get a refund. In 2018 even though we overpaid our taxes we still didn't get a refund, it was applied to 2019's quarterly taxes per government regulations.

For those that don't get a refund that means that they will have additional to pay the following year because they are getting an advance against money they haven't paid yet. This is how a lot of people got in trouble during the last batch of free crap checks the government handed out for "free" and "untaxable."

The government is NOT here to help people.

Not quite.

They are going to check it against your 2020 AGI and if THAT is higher than what they based their original assessment on, either your 2019 AGI, if already filed, or your 2018 AGI, and if your 2020 AGI is over the thresholds already mentioned above, and would have caused you to get a lower amount on your Stimulus check, THEN, you will payback the difference / or lower your refund, if one is due, by the difference.

 

[SmithJ]

Not quite.

They are going to check it against your 2020 AGI and if THAT is higher than what they based their original assessment on, either your 2019 AGI, if already filed, or your 2018 AGI, and if your 2020 AGI is over the thresholds already mentioned above, and would have caused you to get a lower amount on your Stimulus check, THEN, you will payback the difference / or lower your refund, if one is due, by the difference.

Supposedly there is no repayment option, but the bill hasn’t been fully analyzed yet.

Congress Reaches Agreement On A Coronavirus Relief Package: Tax Aspects Of The CARES Act

Congress has agreed in principle to a $2 trillion relief package. What tax benefits does it offer individuals and businesses?

www.forbes.com

“Nor is there a mechanism for a taxpayer to repay any excess advance payment. Thus it is entirely possible a taxpayer could, for example, receive an advance payment in 2020 based on 2019 or 2018 income, only to find themselves ABOVE the phase out threshold in 2020, giving rise to no credit on the 2020 return, and yet still not have to repay the excess amount to the IRS.”

 

[jazzy]

this is info i got from AARP

"The legislation, will give single adults who reported adjusted gross income of $75,000 or less on their 2019 tax returns a one-time check for $1,200, according to draft legislation. Married couples who filed jointly will receive $2,400. Families will get an additional $500 for each child.

all SS and Disability and SSI recipients will receive the $1200 direct deposit sent where their SS payment is deposited. as long as you dont make over $75k for a single, after that it looks like you loose $5 for every $100 above the single person. if you make too little to file taxes, if you get SS you will automatically get the deposit.

they will send out a letter about 2 wks before the deposit to alert people.

no details i can find yet BUT i bet we pay taxes on it filing for 2020.

 

[Kathy in FL]

Devil is in the details. The same way it was for the TARP money. If they haven't completely worked out the details, I would not lean in the direction of it not needing to be repaid in some way, even if they say it isn't "taxable." If it is an advance on taxes paid … which is what my spiders on the walls are telling me the word is … then one way or the other all you are doing is spending your own money, it is not a gift from the gov

 

[Mary Contrary]

My well pump was acting up. I had to call a new handyman. He fixed it in one hour., but he charged me $1,200!!! It was every penny i had, so i do need the $1,200 from Trump. The guy ripped me off, but i had no one else to fix it for me. I know he robbed me. He installed a new pump and tank, but people told me it only cost $300 plus a little for labor. I'm sick to my stomach, but had no choice.

 

[Silverfox]

We got ours. $127,040.00. A small business with no prospects and voted Democrat in the last 20 erections.

 

[Silverfox]

this is info i got from AARP

"The legislation, will give single adults who reported adjusted gross income of $75,000 or less on their 2019 tax returns a one-time check for $1,200, according to draft legislation. Married couples who filed jointly will receive $2,400. Families will get an additional $500 for each child.

all SS and Disability and SSI recipients will receive the $1200 direct deposit sent where their SS payment is deposited. as long as you dont make over $75k for a single, after that it looks like you loose $5 for every $100 above the single person. if you make too little to file taxes, if you get SS you will automatically get the deposit.

they will send out a letter about 2 wks before the deposit to alert people.

no details i can find yet BUT i bet we pay taxes on it filing for 2020.

I feel lucky. We've got three of a kind showing. . . .

 

[Silverfox]

this is info i got from AARP

"The legislation, will give single adults who reported adjusted gross income of $75,000 or less on their 2019 tax returns a one-time check for $1,200, according to draft legislation. Married couples who filed jointly will receive $2,400. Families will get an additional $500 for each child.

all SS and Disability and SSI recipients will receive the $1200 direct deposit sent where their SS payment is deposited. as long as you dont make over $75k for a single, after that it looks like you loose $5 for every $100 above the single person. if you make too little to file taxes, if you get SS you will automatically get the deposit.

they will send out a letter about 2 wks before the deposit to alert people.

no details i can find yet BUT i bet we pay taxes on it filing for 2020.

I feel lucky. We've got three of a kind showing. . . .

 

[Silverfox]

I might also add- We've always filed Tax Returns here, as it paid to do so, the small business and chillins all. If day gonna jus dope in da DD, down, we Fat!

 

[Milkweed Host]

We got ours. $127,040.00. A small business with no prospects and voted Democrat in the last 20 erections.

Huh?

 

[DragonBurrow]

Here is where people are going to get upset in the community. The way it’s being told you have a kid 16-18 years old at the time of filing, prepare for them to receive nothing. Especially if they did not file taxes for employment. They just became invisible in this math. If someone claimed you as a dependent and you are over 16 or 18 depending on who you ask, there will be no money.

Imagine all those people counting up and spending checks they don’t have to find out the math is off.

I have a kid in this group. She is glad because she hopes when things calm down she can get her first job and actually be able to keep her money. “Turning 18 just didn’t pay, thankfully”

 

[jward]

so we get 1200 per qualifying adult---- and how much do the skin sac congress critters get via their pork barrel entries? Surely they had enough sense to deny themselves the actual subsidies or whatever the $ grants are being called.

 

[Kris Gandillon]

Here is where people are going to get upset in the community. The way it’s being told you have a kid 16-18 years old at the time of filing, prepare for them to receive nothing. Especially if they did not file taxes for employment. They just became invisible in this math. If someone claimed you as a dependent and you are over 16 or 18 depending on who you ask, there will be no money.

Imagine all those people counting up and spending checks they don’t have to find out the math is off.

I have a kid in this group. She is glad because she hopes when things calm down she can get her first job and actually be able to keep her money. “Turning 18 just didn’t pay, thankfully”

And this is one example of why I seriously question if they can get the first direct deposits out the door in three weeks like they claim. There are some potential speed bumps that have to be decided like you identified above and then programmed for in the systems to make the deposits and/or write the checks correctly. OR they can keep it simple, ignore the speed bumps and just give the typical $1,200 to the adults and the $500 per child based on what they were (adult or dependent) on the 2018 or 2019 tax return they choose to reference.

 

[Terrwyn]

Wow! A whole 2400 bucks. That will pay half of one of my CCs that I spent getting ready for this shit storm.

 

[jschlaty]

My 2 boys are in the same boat of not getting anything. They are 17 and 19. They both filed tax returns and paid taxes but can still be claimed as dependents on our tax return. There’s going to be a lot of unhappy people when they find out about this.

 

[byronandkathy2003]

our son wont get any thing either he cant get job here the 3 place that have jobs are not hiring so no tax return and he does not get soc sec either

 

[Dozdoats]

Saw a photo elsewhere of what looked like rolls of blank checks waiting to be printed.

And my favorite supplier is back at work on a virus-limited basis so maybe I can get my ammo order in OK.

Due to the danger from the Coronavirus, SGAmmo has sent all employees who have been deemed to be at higher risk on 2 weeks paid leave, leaving us with approximately 25% of our normal work force. We will be running a skeleton crew for the immediate future, however this greatly reduces our capacity to pick, pack and ship orders and we will only be listing very limited selections of ammo for sale until things return to normal. There will be times when no products are listed, but options will come and go as capacity allows. Orders placed at this time are expected to ship Monday the 30th, Tuesday the 31st or Wednesday the 1st. -- SGAmmo.com | Family Owned and Operated Ammo Sales, Stillwater OK

 

[Armyvet75]

I am one of those that will admit I will NOT qualify for the advance on the taxes I pay. And any of those that owe the gov money every tax season should not expect a check either. Nor will we accept one of those loans if offered. Look what happened to GM when they were forced to accept government help. Look at what happened to the big banks when they had it shoved down their throats.

Nope, nope, nope.

the only ones not getting a check or DD will be people in arrears for child support, if you owe back taxes or some other form of us debt to the gov it is suspended and will not effect the money in relief

 

[bluelady]

our son wont get any thing either he cant get job here the 3 place that have jobs are not hiring so no tax return and he does not get soc sec either

If he's over 18 and has a SS number he just needs to go ahead and file for 2019 anyway and he will get it automatically. Otherwise I think they will have a way on the IRS site to request it.

ETA: Well, maybe not if he's your dependent? Now I'm really getting confused....

 

[Doomer Doug]

My understanding is the IRS system will be used and if you haven't file a tax return for 2017 or 2018, 2019 you will get it four months down the road. I "may" get mine april 6th, since I am on social security and direct deposit, or I may not since I haven't filed a tax return since 2102 when I had $12,000 ln e book sales.

 

[byronandkathy2003]

i just found this about the checks..
Coronavirus Stimulus Checks: What To Expect & How To Use Them

this is in the article..

For Those On Social Security, SSDI, or SSI
For those on Social Security as part of retirement or through the Social Security Disability Insurance program can have their Social Security Administration data used directly to claim the stimulus check - no tax return will be required.
This law will also include payments to those whose income comes entirely from non-taxable benefits, such as SSI benefits.

 

[MinnesotaSmith]

the only ones not getting a check or DD will be people in arrears for child support, if you owe back taxes or some other form of us debt to the gov it is suspended and will not effect the money in relief

Does that include student loans? Lots of screwed people currently with no income in that case...