Will you get a stimulus check and how much?

[Erica Ladd]

Sorry duplicate post

 

[ruadisneyfan2]

In my mind, if your job is stable and you are getting zero, that's a good thing. That's the situation we're in and I have no issues with it. I actually think the thresholds are pretty generous.

$200k is very middle class in NJ. We are close to that and live in a small rancher on .25 acres.
I really think it should depend not just on AGI but also whether you're able to keep working through it all.

Makes no sense to me why seniors on SS or disabled on SSI are getting checks. Their income was never affected from corona virus. Not to sound mean, I don't mind helping seniors or disabled but this money is meant to help those who have lost income, no? Or was this just designed to get people to spend $ to stimulate the economy?

 

[Kestryl]

vased on the article below it appears married filing separately is treated like single.

https://www.kiplinger.com/article/s...checks-2020-how-much-when-and-other-faqs.html

That’s what I figured! Thanks!

 

[disneychrista]

Makes no sense to me why seniors on SS or disabled on SSI are getting checks. Their income was never affected from corona virus.

Because it has nothing to do with income being affected by it. It has to do with giving people extra money to spend to "stimulate" the economy.

Unemployment changes were put into place for those whose income was affected by closures due to the virus.

 

[Erica Ladd]

A little off topic but does anyone know if they’ve extended the window to make Roth IRA contributions to match the new extended filing deadline? Hoping there’s an accountant on here who might know the answer thanks! Sorry if it does not deal with the stimulus package but it will be important to us when we do get our checks

 

[runwad]

A little off topic but does anyone know if they’ve extended the window to make Roth IRA contributions to match the new extended filing deadline? Hoping there’s an accountant on here who might know the answer thanks! Sorry if it does not deal with the stimulus package but it will be important to us when we do get our checks

Yes they have, you have till July 15th to make 2019 Roth Contributions. I don't have a link. I listen to Clark Howard

 

[Tikitoi]

Says $1700 for me and DD since I do claim her. So since we've done our taxes already and she as always has to pay in, I will definitely pay her taxes if we do get this. And of course give her some of it.

 

[Erica Ladd]

Yes they have, you have till July 15th to make 2019 Roth Contributions. I don't have a link. I listen to Clark Howard

thanks so much! Love me some Clark Howard!!!

 

[holyrita]

Just a note, if you qualify for a stimulus check based on your 2018 or 2019 taxes, but have an AGI > than the maximum when filing your 2020 taxes in 2021, you will have to pay the money back.

 

[pryncess527]

.

 

[chabs]

Where did you see this info?

 

[chabs]

Just a note, if you qualify for a stimulus check based on your 2018 or 2019 taxes, but have an AGI > than the maximum when filing your 2020 taxes in 2021, you will have to pay the money back.

Meant to quote this, wondering where you found this informatio?

 

[Dakota731]

ruadisneyfan2 said:
“Makes no sense to me why seniors on SS or disabled on SSI are getting checks. Their income was never affected from corona virus.”

if you are using that logic then no teacher or government employee should get checks either since they are all still getting paid. They couldn’t use all kinds of filters and calculations since this was intended to be done quickly. Plus as another poster said it’s being done to stimulate the economy. Unemployment insurance is meant to help those who are laid off.

 

[pryncess527]

Makes no sense to me why seniors on SS or disabled on SSI are getting checks. Their income was never affected from corona virus. Not to sound mean, I don't mind helping seniors or disabled but this money is meant to help those who have lost income, no? Or was this just designed to get people to spend $ to stimulate the economy?

I can’t think of many populations more impacted by the costs of isolation & food scarcity than those living on the shoestring budget of SS, much less income-based disability assistance which literally prevents having an emergency fund.

 

[houstonmama]

Zero..not complaining, I'm very grateful DH's salary is good. He works in the oil industry though and it's really, really bumpy right now. We have a good emergency fund thankfully. I know people with lower incomes that live paycheck to paycheck sometimes don't make enough to save.

 

[China Expat]

Nothing.

 

[holyrita]

Meant to quote this, wondering where you found this informatio?

This stimulus check is just an advance of a credit you would get on your 2020 taxes. Because they want to get it out to as many people as possible, they are not currently taking into consideration:
- people who made <$99k in 2018/2019, but will make more in 2020 and not qualify for the credit (will have to pay it back come tax time)
- people who do not qualify right now, because they made >$99k in 2018/2019, but will lose their job and not make >$99k in 2020 (will get the credit when they file their 2020 taxes)

It was in a New York Times article I read yesterday but I can't find the exact article right now. I did find this, though I can't speak for the legitimacy of this website:

Will I have to pay this back?

This check is a tax credit for your 2020 return. It's technically based on your 2020 income. So, if your income rises above the AGI limits, you would have to pay it back.

source: https://thecollegeinvestor.com/33324/coronavirus-stimulus-checks/

 

[Erica Ladd]

I believe they haven’t determined how Or if they will make you pay it back

 

[Tattylou]

What happens with this stimulus when parents are divorced and 50/50 custody? I assume each parent would go by their "single" income, but who gets the 500 per kid? I'm married, but I have several friends in a divorce situation.

 

[StacyStrong]

$1200.