Community Chat

[Mindy D]

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@SilleeMee wrote:

This was just reported on the NYTimes site:

"The government will send direct payments to taxpayers.

Lawmakers agreed to provide $1,200 in direct payments to taxpayers with incomes up to $75,000 per year before starting to phase out and ending altogether for those earning more than $99,000. Families would receive an additional $500 per child, in an attempt to create a safety net for those whose jobs and businesses are affected by the pandemic."

No mention of a lower income limit. It appears people who receive non-taxable income will not be eligible.

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This doesn't specify earned income versus pension. The amount could be based on MAGA. 

[Mindy D]

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@Moonlady wrote:

One-time payments only, to be sent out in May (though they're still "discussing that) .And, yes, those on SS will be getting one, too. (As an aside, I don't know where this idea that SS recipient don't pay taxes comes from. Add to that their anemic SS COLAS...)

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Looking at this a married filer earning $210,000 with two kids will get $3500.00 despite his or her high earnings. What are these lawmakers thinking? 

[novamc1]

@Mindy D 

I don't know the answer to your question about tax.  The final stimulus bill has not been passed yet, and as of this afternoon, some debate and  possible revision appears to be going on.

Let's wait for the final result.

[Mindy D]

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@Linmo wrote:

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@Mindy D wrote:

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@novamc1 wrote:

Here is at least a general idea of what the stimulus checks might amount to and it conforms to what I've seen reported elsewhere.....

<<The stimulus check amount would be determined by your 2018 income tax return (or in some special cases, your 2019 tax return). Anyone who earned less than $75,000 (or less than $150,000 in the case of a joint return) in 2018 could get a check of up to $1,200—though as mentioned above, very low earners would receive smaller amounts.>>

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@novamc1 @Will it be based on the TAXABLE amount when you filed? 

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@Mindy D It is based on your adjusted gross income (AGI).

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@Linmo Thanks. This makes things so much easier to figure. For those interested, just look at line 7 from your 2018 taxes to see your AGI for that year. 

[Somertime]

Until it's voted upon and signed by the President, there is NO stimulus check, NO stimulus package or relief package.  As of now, we have NOTHING, ZIP, ZERO, only spectulation.

[jeanlake]

@ALRATIBA Like you - thankful to help when we can and grateful for any financial consideration. Keeping mine in savings in case one of my adult children or their spouse have some temporary hard times. Hoping for the best - health, careers & financial recovery. 

[Nuttmeg]

@ALRATIBA 

Reverse mortgages have very high fees and costs. They may not right everyone. 

[AuntG]

Hope they know how to filter out the deceased. My BIL always filed a tax report but he passed away last year.

[Nuttmeg]

@Nightowlz

I believe the guidelines are fine. Most folks will spend money on needed items for their family. In the NY metro area you can not go out and party. 

My money will be used accordingly, and next year I will probably have to add the amount to my income. 

[Caffeina]