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Sniper

More information on the Covid-19 $1,200 bailout checks

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Of course, subject to change, based on what the House does before it gets signed into law. This is from the Senate Bill:

Taxpayers making $75,000 and below will receive a $1,200 check. Married couples making $150,000 and below will receive $2,400. Individuals and couples under this earnings cap would also receive $500 per child. “For the vast majority of Americans, no action on their part will be required in order to receive a rebate check,” according to the bill analysis from Grassley’s office.

The money does not count as taxable income. A Republican Finance Committee aide said also said people filing as “head of household” on their taxes – meaning they are unmarried, have children or dependents and pay more than half of their household expenses — will get the $1,200 check if making $112,500 and below.

The earnings threshold is measured by adjusted gross income. That is, gross income, minus deductions. The IRS will either use a taxpayer’s 2018 return or their 2019 return, which are the filings due in the current tax season, to determine the size of the rebate check. (On the 2018 returns, the adjusted gross income number is on Box 7 in a person’s 1040 form. On the 1040 form for the 2019 returns, adjusted gross income is found on Box 8b.)

Those receiving Social Security benefits will be eligible, according to an analysis of the bill from Sen. Charles Grassley, a Republican from Iowa. Green card holders, in addition to citizens, qualify for the check, the Republican Finance Committee aide noted.

The checks phase out for incomes above $75,000 a year. That’s capped for individuals making above $99,000 a year. For married couples, income of $198,000 a year is the cap and, for people filing as the head of household, it’s $146,500 a year, according to the analysis from Grassley’s office.

The IRS will transmit the payment via a direct deposit. It will use the bank-account information from the taxpayer’s 2018 or 2019 return. Tax season for the 2019 return is open until July 15. The Treasury Department pushed back both the income tax payment and filing deadlines from April 15 to July 15 to free up cash individuals and businesses might need now.

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9 minutes ago, JackDaWack said:

and TONS of money towards government spending... TONS!

and guess who will be the ones who will have to pay that bill?
https://www.usdebtclock.org/

You owe $72,965 RIGHT NOW!

Those numbers should make you want to puke.

 

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7 hours ago, JackDaWack said:

I guess me and wifey are getting nothing, as ussual. And we owe 5k in taxes too with a tax withholding of zero taxable deductions. 

 

Silver lining is neither of our jobs seem impacted as of yet

Same here. We wouldn't take it anyway. There a lot more people that need it more than we do.

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24 minutes ago, Sniper said:

What happened to your $24.4K standard deduction?

It's a withholdings issue. I still cant figure out why they aren't taking enough out for either of us. I never owed the government a dime, in fact i always got a substantial amount of money back each year until Trump changed it up.

If I punched the numbers I'd probably say I owe slightly more now then i would have under the old system. 

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I won't get a nickle from this plan above, and even better, I will end up PAYING for the crap below.... you just can't make this crap up:

The $2 trillion coronavirus crisis bill that passed the Senate includes a $350 million dollar injection of cash for “Migration and Refugee Assistance,” despite the fact that open borders contributed to the spread of the COVID-19 pandemic in the first place.

According to the bill, the money will be used to “prevent, prepare for, and respond to coronavirus.”

Quite how facilitating further migration, something that worsened the spread of coronavirus, will help “prevent” coronavirus is anyone’s guess.

The original House bill asked for $300 million, but apparently Republicans were happy for another $50 million to be added.

https://summit.news/2020/03/26/coronavirus-bill-includes-350-million-for-migration-and-refugee-assistance/

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1 minute ago, Golf battery said:

I think it’s ridiculous.

Even WORSE than ridiculous. They're going to base income qualifications for checks based on 2018 tax data, if you haven't filed 2019 taxes. A hell of a lot of things could have changed in jobs since 2018.

Plus, why does it matter what a person's income level was in the PAST, if they've been laid off from their job NOW??

They just love to penalize the people who work the hardest to better their lives and be responsible...  :fuckyou:

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51 minutes ago, JackDaWack said:

It's a withholdings issue. I still cant figure out why they aren't taking enough out for either of us. I never owed the government a dime, in fact i always got a substantial amount of money back each year until Trump changed it up.

Reason why you're not getting the same refund is because it was added to each of your weekly checks during the year. You can't compare refund amounts year over year, you have to look at your total tax liability for each year.

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11 hours ago, JackDaWack said:

I guess me and wifey are getting nothing, as ussual. And we owe 5k in taxes too with a tax withholding of zero taxable deductions. 

 

1 hour ago, JackDaWack said:

It's a withholdings issue. I still cant figure out why they aren't taking enough out for either of us. I never owed the government a dime, in fact i always got a substantial amount of money back each year until Trump changed it up.

If I punched the numbers I'd probably say I owe slightly more now then i would have under the old system. 

This happens when the incomes of each spouse are very different.   One Married Zero for someone making 175k is not the same as someone making 55k.  One person has to withhold more during the year or you’ll be paying.

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1 hour ago, JackDaWack said:

If I punched the numbers I'd probably say I owe slightly more now then i would have under the old system.

The only way you'll truly know is to look at Line 15 on your 2018 1040 and look at Line 16 on your 2019 1040, and compare the numbers.

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Glenn Beck was encouraging donations to appropriate groups on the radio yesterday.

He also was talking about suggesting that banks, who are getting trillions from the federal government,  should allow all mortgages/mortgagees 3 months without paying (and renters too).

I know... a great idea that would help the economy that probably won't happen.  He did say that the California governor is instituting this idea.

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I've seen many banks/credit card companies saying they "will help", in some cases deferring payments. What they are not publicizing is what they're doing about interest. I doubt they will "pause" interest accumulations as well.

Don't get me wrong, I'm glad they are willing to do something to help out those impacted. But only fool believes the financial institutions will not be "made whole" in the end.

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5 minutes ago, father-of-three said:

He also was talking about suggesting that banks, who are getting trillions from the federal government,  should allow all mortgages/mortgagees 3 months without paying (and renters too).

 

1 minute ago, kc17 said:

I've seen many banks/credit card companies saying they "will help", in some cases deferring payments. What they are not publicizing is what they're doing about interest. I doubt they will "pause" interest accumulations as well.

Sounds good in theory, but will delaying those payments trigger an automatic report to the credit agencies? Will it go on your credit report as late pays? These delayed payments will help people now, but could hurt them in the future when they apply for a car loan or mortgage.

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19 minutes ago, Sniper said:

 

Sounds good in theory, but will delaying those payments trigger an automatic report to the credit agencies? Will it go on your credit report as late pays? These delayed payments will help people now, but could hurt them in the future when they apply for a car loan or mortgage.

Yes.  It would probably be complicated like making the New Jersey  system work to purchase a pistol in this current dilemma.

Well, we know how it could simplified, but certain elected officials appear to claim to know better.

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13 hours ago, Sniper said:

Reason why you're not getting the same refund is because it was added to each of your weekly checks during the year. You can't compare refund amounts year over year, you have to look at your total tax liability for each year.

That's why I said it's a withholdings issue..  for better or worse the new tax plan made it look like people were taking home more money.. but they either a) owed money at the end of the year or b) saw their refunds shrivel up. 

As an upper middle class family, I can say with certainty the new tax plan cost me money after comparing my 2017 tax return to 2018, and now 2019

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48 minutes ago, JackDaWack said:

That's why I said it's a withholdings issue..  for better or worse the new tax plan made it look like people were taking home more money.. but they either a) owed money at the end of the year or b) saw their refunds shrivel up. 

That's why I mentioned to look at the total tax liability, versus just comparing refunds year over year. The refunds don't tell the true picture, if someone was getting more every paycheck. For the majority of people, they took home more each week from the tax plan, they just didn't notice it, and got pissed when their refund dropped.

50 minutes ago, JackDaWack said:

As an upper middle class family, I can say with certainty the new tax plan cost me money after comparing my 2017 tax return to 2018, and now 2019

I got hurt too, the tax plan definitely cost me more.

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1 hour ago, JackDaWack said:

That's why I said it's a withholdings issue..  for better or worse the new tax plan made it look like people were taking home more money.. but they either a) owed money at the end of the year or b) saw their refunds shrivel up. 

As an upper middle class family, I can say with certainty the new tax plan cost me money after comparing my 2017 tax return to 2018, and now 2019

Why don’t you Llc the bees?

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