troutworm

$1200-

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82 posts in this topic

3 hours ago, slip n slide said:

I feel like they need to be more critical of who gets a check,leave it for those who are laid -off or lost they're job.Sure,I'd love a new guitar or rod n' reel combo but I don't "need" it.Still workin so I'm doin OK,don't need any "help".

If you make over $75k in 2020 they'll take it back when you file your taxes for next April. 

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18 mins ago, BeachBum818 said:

If you make over $75k in 2020 they'll take it back when you file your taxes for next April. 

That just means I have to steal more money than I did last year, lol.

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9 mins ago, capesams said:

really doesn't matter how much they send...my wife will latch onto it and I'll not see one red cent to spend it on something I want.

Start selling some plugs my friend. 

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11 mins ago, capequahog said:

What’s the AGI cutoff # anyone know ?

75k to get the full 1200 and it decreases as you approach 99k. if you make 99k+ you get 0

 

edit- i think for married filing jointly is 150k or below to get full 2400

Edited by sbcbmx112

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6 mins ago, capequahog said:

What’s the AGI cutoff # anyone know ?

$75,000 for an individual, $150,000 joint filer to receive the whole amount. From $75K - 99K the amount is scaled down until zero. 

 

It doesn't affect your 2020 taxes in any way. You won't lose part of your refund or have it added to your taxable income. 

 

If you don't normally use direct deposit you can either wait until possibly Sept (paper checks are going out by least AGI order) or you can give them your direct deposit information now at their new online portal - https://www.irs.gov/coronavirus/get-my-payment

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12 mins ago, capequahog said:

What’s the AGI cutoff # anyone know ?

 

They begin to phase out for joint filers with AGI's above $150,000, $112,500  for households heads, $75,000 for singles.  Joint filers with AGI's of $198,000, $136,500 for households, $99,000 for singles, and above get zip.   

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7 hours ago, BeachBum818 said:

If you make over $75k in 2020 they'll take it back when you file your taxes for next April. 

Is this an accurate statement?

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A couple legislators proposed a bill which would give each American over the age of 16 a monthly $2000 check until the pandemic ends.

I agree, if you're a suddenly unemployed family, with kids, a mortgage, car payments or rent, a $1200 one time check isn't going to cut it. But we can't afford $24k a year per person and still remain  financially solvent.

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50 mins ago, bob_G said:

A couple legislators proposed a bill which would give each American over the age of 16 a monthly $2000 check until the pandemic ends.

I agree, if you're a suddenly unemployed family, with kids, a mortgage, car payments or rent, a $1200 one time check isn't going to cut it. But we can't afford $24k a year per person and still remain  financially solvent.

Unemployment has added an extra $600 a week if you lost your job due to Covid on top of normal unemployment rates and you can collect even if you are still working part time. It’s new Covid rules. It works out to be a decent amount of money for my wife who is now part time. Almost as much as before Covid. 

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