Stimulus? Honest question follows
- Thread starter TAJ45
- Start date
The major news networks had a chart depicting the payout scale. It's a graduated scale, based on your adjusted gross income (AGI) for the latest filing of your Federal Tax Return. For a single person with an AGI of 75,000 and less the pay out is 1,200, married, 2,400 with credits of $500 for each child. It reduces as the AGI rises with the cut off at 99,000 if I remember correctly.
As far as when you'll get the check, they said about 3 weeks but it's hard to believe the Feds will move that quickly.
As far as when you'll get the check, they said about 3 weeks but it's hard to believe the Feds will move that quickly.
jonbearman
I live in new york state,how unfortunate !
SSI/SSD get nothing.
My bookeeper said based on 2018 tax return. That right?
SSI SSD already have income so no loss or change for them.
jonbearman
I live in new york state,how unfortunate !
However with price gouging going on it doesn't go far. Besides if you are going to get a check when you make 150,00.00 a year, you should be able to weather a couple months unless a person is over extended. On top of that we haven't got a meaningful raise since 2010.
I read it's based on your 2019 return if you've already filed and your return is in the system. If not, they will base it on your 2018 tax return (with a provision to make an adjustment for tax year 2019 when you file for tax year 2020 (April 2021)).
For most places in this country, that's true. But there ARE some places (like Silicon Valley) where 150,000 gross doesn't go very far. . . . unless they're a single person living in a small apartment. If you really want to kinda get a feel for what it's like, take a look on Zillow and see what housing prices are like (median being $850,000) and average rental around something like $2,800 - $3,500 mo. Hard to imagine an average family, in Silicon Valley, paying $20,000 per year just in their home's property tax for a little cracker box,
huh???ronsatspokane
Gold $$ Contributor
Of course many of those who will receive checks also are still being paid. This should have been done via unemployment insurance. Many of those on SS are living near the poverty line if that is their only source of income. Many of those who will receive checks are living well above the poverty line.
And don't forget, there are also those living off disability and/or a defined pension plan and an annuity where their income is not effected.
Agree . . . doing it via unemployment insurance seems to me the best way.
This is why I don't "need" this money and will be looking for some who does.
From what I read:
The CARES (Coronavirus Aid, Relief, and Economic Security) Act will distribute ......... It also includes American retirees who receive Social Security or disability benefits.
ronsatspokane
Gold $$ Contributor
Not if they had a decent income before they retired.
He's already overdrawn by nearly a trillion before any of this CV stuff.
hoz53
Gold $$ Contributor
sounds like youll get the 1200
hoz53
Gold $$ Contributor
it doesnt matter what their preretirement income was if they dont make more than 75k in retirement they get the check right
Mulligan
Silver $$ Contributor
The cash payments are based on either your 2018 or 2019 tax filings. People who receive Social Security benefits but don't file tax return are still eligible, too. They don't need to file taxes; their checks will be based on information provided by the Social Security Administration.
https://www.npr.org/2020/03/26/8214...e-senate-s-2-trillion-coronavirus-aid-package
100% of the paragraph above was copied and pasted from the website above. I have no dog in the fight, I was just curious, so I looked up the CARES ACT.
CW
https://www.npr.org/2020/03/26/8214...e-senate-s-2-trillion-coronavirus-aid-package
100% of the paragraph above was copied and pasted from the website above. I have no dog in the fight, I was just curious, so I looked up the CARES ACT.
CW
Mulligan
Silver $$ Contributor
Forgivable loans: There is $350 billion allocated for the Small Business Administration to provide loans of up to $10 million per business. Any portion of that loan used to maintain payroll, keep workers on the books or pay for rent, mortgage and existing debt could be forgiven, provided workers stay employed through the end of June.
This is also copied from the above website.
This could be really big for small businesses and their employees. WOW!
CW
This is also copied from the above website.
This could be really big for small businesses and their employees. WOW!
CW
That sucks for me I am in the one of the lowest income brackets but will still have to pay this back through higher taxes and will receive nothing
Maybe no loss of income but there is a definite change when you get as little as most people it’s not easy to find money in your budget to go out and buy a months worth of food and other supplies Ask me how I know
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