Says payments of $1,200 to taxpayers making $75K per year. Phases out at $99K.

Will they use most recently filed tax return to determine income levels? If so, my situation is a LOT different now. My most recently filed tax return doesn't come close to reflecting my current situation. My wife and I are both currently unemployed. Her most recent consulting contract expired at the end of February and she hasn't found anything as of yet. I lost my job on 3/12. The way things are going our 2020 income may be pretty close to $75K per person.

If they use our tax return we're SOL I guess.

Think it's 2018 return and based on gross income from what I've seen.

I am guessing it will be, but I know one sticking point was that Democrats wanted to send out to everybody. Then on the 2019 (or 2020 I do not remember) you had to pay back any overage. We will see who won that battle. So basically for anybody who made over the amount were still getting an interest free loan.

Is that making less than 75k only gets the monies?

atag said:

---

Is that making less than 75k only gets the monies?

---

Thats what I heard. Less than 75k for single. Less than 150k per married couple

DG-Ag said:

---

Says payments of $1,200 to taxpayers making $75K per year. Phases out at $99K.

Will they use most recently filed tax return to determine income levels? If so, my situation is a LOT different now. My most recently filed tax return doesn't come close to reflecting my current situation. My wife and I are both currently unemployed. Her most recent consulting contract expired at the end of February and she hasn't found anything as of yet. I lost my job on 3/12. The way things are going our 2020 income may be pretty close to $75K per person.

If they use our tax return we're SOL I guess.

---

I believe the $75k and $99k are for single filers, so it's $150k and $198k for married filing jointly.

AggieFrog said:

---

Think it's 2018 return and based on gross income from what I've seen.

---

Adjusted gross income

It's 2018 unless you've filed in 2019. I have a buddy getting screwed because he already filed in 2019 and made a decent amount more than 2018.

wangus12 said:

---

atag said:

---

Is that making less than 75k only gets the monies?

---

Thats what I heard. Less than 75k for single. Less than 150k per married couple

---

For full payment, yes. Phases out at higher incomes ($5 per $100 above that threshold until it phases out completely).

I'm curious about the impacts of accepting it at 2018 income vs. 2019 (our 2019 income will be quite a bit higher, but we haven't filed yet).

ORAggieFan said:

---

It's 2018 unless you've filed in 2019. I have a buddy getting screwed because he already filed in 2019 and made a decent amount more than 2018.

---

Haven't filed 2019 yet but even if I did 2019 was a good year income wise. AGI over the $150K. 2020? Not so much. No check for us I guess. I'm sure there are countless others that share our predicament.

AggieFrog said:

---

wangus12 said:

---

atag said:

---

Is that making less than 75k only gets the monies?

---

Thats what I heard. Less than 75k for single. Less than 150k per married couple

---

For full payment, yes. Phases out at higher incomes ($5 per $100 above that threshold until it phases out completely).

I'm curious about the impacts of accepting it at 2018 income vs. 2019 (our 2019 income will be quite a bit higher, but we haven't filed yet).

---

You've got until July 15 to file so I'd hold off if I were you.

ORAggieFan said:

---

It's 2018 unless you've filed in 2019. I have a buddy getting screwed because he already filed in 2019 and made a decent amount more than 2018.

---

Same here. I filed early to get it out of the way, and 2019 was a huge jump for me over 2018 due to the unusual nature in which one customer paid early for services.

My 2020 will be closer to 2018 and probably under the AGI level to qualify for this "stimulus". I'm penalized for being early with my 2019 tax return.

NorCal said:

---

It's a terrible measure and fails to consider those that are now unemployed. Using prior income amounts has no direct bearing on the current situation. It should be all taxpayers across the board.

---

no doubt.

DG-Ag said:

---

ORAggieFan said:

---

It's 2018 unless you've filed in 2019. I have a buddy getting screwed because he already filed in 2019 and made a decent amount more than 2018.

---

Haven't filed 2019 yet but even if I did 2019 was a good year income wise. AGI over the $150K. 2020? Not so much. No check for us I guess. I'm sure there are countless others that share our predicament.

---

This is why Amash said quit arguing over paying to the Top 10%, pay it out, then fix it with taxes in the future.

You are going to see a sharp upturn in people filing tax returns, who have never filed tax returns before.

Delivery method?
Will they direct deposit the same as your tax return?
Will they mail a hard check to all instead?

Paid my taxes early to get it out of the way and it screwed me.

https://www.foxnews.com/politics/do-you-qualify-for-a-stimulus-check-in-senates-coronavirus-response-bill

Jet Black said:

---

Paid my taxes early to get it out of the way and it screwed me.

---

Same.

ORAggieFan said:

---

DG-Ag said:

---

ORAggieFan said:

---

It's 2018 unless you've filed in 2019. I have a buddy getting screwed because he already filed in 2019 and made a decent amount more than 2018.

---

Haven't filed 2019 yet but even if I did 2019 was a good year income wise. AGI over the $150K. 2020? Not so much. No check for us I guess. I'm sure there are countless others that share our predicament.

---

This is why Amash said quit arguing over paying to the Top 10%, pay it out, then fix it with taxes in the future.

---

x1000%

Yeah, not the greatest system. A husband/wife (not me) owner of a business severely hit by all this that made $160,000 last year ( I don't know, say runs a wedding venue) gets nothing from this?

Aust Ag said:

---

Yeah, not the greatest system. A husband/wife (not me) owner of a business severely hit by all this that made $160,000 last year ( I don't know, say runs a wedding venue) gets nothing from this?

---

They would still get $1,900.... $160,000 - $150,000 = $10,000
$10,000/$100 = 100

100 * $5 = $500

$2,400- $500 = $1,900 stimulus check

They would only get $0 if made $198,000


But I see your point


Edit commas and $ signs

might be able to get small business help...maybe not

Aust Ag said:

---

Yeah, not the greatest system. A husband/wife (not me) owner of a business severely hit by all this that made $160,000 last year ( I don't know, say runs a wedding venue) gets nothing from this?

---

Ugh similar situation here. Just missing the cut off. Definitely feels like it's a bit unfair.

At the end of the day, if the economy nosedives long term (more than 6 months) getting this money won't solve much. It will just kick the personal economic disasters down the road a bit.

I like "free" money as much as the next guy, but is $1200 really that significant at the end of the day?

This image from the article above shows the breakdown on amounts based on 2019 filings with/without dependents.

It seems to me all available financial resources should be delivered to those who have lost all income or had income reduction as a result of this event. Giving money to anyone who has not lost income seems ridiculous to me, why would they need a check? I know it's administratively easier just to dole out checks to all but I just don't get why if someone has not been financially impacted. Let's help those truly in need due to this situation.

Silky Johnston said:

---

I like "free" money as much as the next guy, but is $1200 really that significant at the end of the day?

---

Not really, and most people will probably blow it on some large ticket item like a new TV rather than save it to get them through their hardship.

My understanding is it's based on 2020 tax year but advanced payments are made based on 2018 or 2019. So a married couple with no children that made 200k last year would not get a check (or direct deposit) immediately but if 2020 taxable income was $150k, the couple would get a $2.4k credit when filing their 2020 return. Below is part of decent Twitter thread on it.