If the filing deadline does not advance, and if your number for 2020 is higher than it was in 2019, and depending on your AGI:
You might not want to let the IRS know too early just exactly what that 2020 number is because doing so could impact your stimulus payment.
You still need to do your taxes and you still need to pay by 15 April if you owe the IRS money. But for certain individuals withholding your final return until the fall, or at least until your stimulus payment arrives, could increase your income.
The Senate could vote on the package late next week, with the House then casting its final vote over the weekend of March 6 or during the week of March 8. Lawmakers are seeking to pass the bill before March 14, when expanded unemployment aid of $300 per week is set to expire.
To be sure, disputes or disagreements could still derail the bill.
If the bill is passed by March 12, the Friday before extra jobless aid is set to expire, stimulus checks could begin hitting bank accounts anywhere from a few days to a week following that, based on the IRS’ time frame for distributing the second round of stimulus checks in December.
The piece also repeatedly mentions that if your 2020 AGI is DOWN from 2019 you need to file your 2020 return absolutely ASAP if your 2019 AGI was over the maximum but your lower 2020 AGI would leave you qualified for some stimulus.
I honestly have no clue. Everything I’ve seen assumes you, by now, would have filed your 2019 taxes with only your 2020 filing being in doubt. You got a special situation there, pardner.
It’s difficult to tell until the Bill actually passes. But the first stimulus had about the same timing as this third round. At the time of the bill, since people may or may not have filed their 2019 returns, language said to use the 2019 returns and if not available, use the 2018 returns. I’d expect this third round to mirror this language but using 2020 and 2019 returns respectively.
I don’t see a reason why they’d write this latest bill with the option to use 2018 tax returns. We may have indication from the house bill but we won’t know for sure until the final reconciliation bill is passed and signed by POTUS.
I have but curious if I did the right thing since my income went up since 2018 to threshold levels now. Typically I file late which came in handy for the 1st round.
Should be max $80k for MFJ. $160k is still unreasonable. But any cut is better than none.
The new tax credits should also be added to the number used for eligibility.
I still would bet money that the $150k before phaseout will be left in.
" * $150,000 for joint filers; now capped at $160,000"
It is still at the same absurdly high $150k, no change to it at all.
It is supposed to be Relief not “Stimulus”.
If those rich households lost income (such as one or both lost job), then they are getting the unemployment benefits. If they didn’t lose income, they need no relief.
Crazy all the rich people wanting stimulus paid for by future generations.
Should be the pre TCJS-“screw the single filers” structure.
Fixed costs do not scale to double for MFJ. MFJ should not be double limit. Sure, that’s technically not the same as actually looking at households by residence, but it is much closer to reality.
I have no patience for anyone that made above the limits last year claiming they deserve a check. Most people below the limits don’t even deserve a check. I was unemployed for 7+ months last year and I don’t even think I deserve a check.
I’m not the one that spent a mortgage’s worth on my college and want a bailout from the government.
To answer your question though… No. I didn’t know that it sounded self important of me to claim that the government shouldn’t be giving money to people that don’t need it when I am squarely in the camp of people that the government thinks needs the money.
ETA: Rich is relative. While I agree that a lot of people are getting the stimulus/relief money that should not be getting it, I don’t think they’re rich. Especially in today’s climate, rich is liable to get you killed at worst, or penalty-taxed at best.
No. Not at $150k. That’s just a bonus payment for rich MFJ households to buy new Iphones. No losses so it’s not relief for them.
If they lost their job they’d get UI and that also means they were even higher income to start with.
And gop would not approve cola based because cities have higher COLA.
