"Payments will phase out at a rate of $5 per every additional $100 in income over $75,000 in adjusted gross income for singles, $112,500 for heads of household, and $150,000 for married couples filing jointly."

Am I interpreting this right that if you filed as a head of household (Single with a kid basically), that you get $1,200 if your income was below $112,500 then for every $100 after that it will reduce by $5. Which would mean the threshold for HOH getting any money is $136,500?

Think you also get $500 for the kid.

That sounds right.

Just use this calculator.

https://www.washingtonpost.com/graphics/business/coronavirus-stimulus-check-calculator/

ORAggieFan said:

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Think you also get $500 for the kid.

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Do people pay extra taxes for having kids? Why do they get more for kids? If you cant afford them, dont have them.

This is assuming something gets passed. Looks like the old hag is trying to put more BS in.

LOL this whole thing could easily pass over before they agree on a bill.

I dont agree with it but once again shows what a bunch of clowns we have "leading" us...

ORAggieFan said:

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Think you also get $500 for the kid.

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What about if you had a kid born this year but not when you filed taxes for 2019? Any work around on that?

94chem said:

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ATMTWS said:

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ORAggieFan said:

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Think you also get $500 for the kid.

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Do people pay extra taxes for having kids? Why do they get more for kids? If you cant afford them, dont have them.

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You're a bright one, aren't you? You should tell somebody about this great injustice.

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By the same logic, we don't need a stimulus at all... in fact, we probably need government sponsored mercy killings for all the people who can't afford to take care of themselves.

There's logic behind it, though. Having kids now creates taxpayers in the future, assuming you raise them right. The costs to raise them are borne mostly by the parents, and rightly so. However, in the future they'll benefit us all.

Rice and Fries said:

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ORAggieFan said:

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Think you also get $500 for the kid.

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What about if you had a kid born this year but not when you filed taxes for 2019? Any work around on that?

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I believe it would fall under the same as those who were above the minimums but won't be this year, adjust on your 2020 filings (in a year). I'm no expert and just going off articles I've read.

If you have filed 2019 electronically, there is nothing to do correct? We just expect a direct deposit into our bank over the next month or so if they have it on file from this years return?

Anyone seen a cutoff on when the IRS needs one to file 2019 return for the stimulus?

Are you asking if one has to file 2019 to receive the cash? That answer is no.

Rephrase question is when is the IRS cutoff on using your 2018 vs 2019 return in their calculation?

Jdrexgman said:

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Rephrase question is when is the IRS cutoff on using your 2018 vs 2019 return in their calculation?

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From what I understand, if they have your 2019, they're going to use your 2019.

On that topic, I haven't filed my 19 yet, and my 19 income doesn't qualify at all but my 18 qualified for the whole thing (changed jobs twice in 2018 so no annual bonuses or stock vestings). Anyone know if there's any future penalty for this situation? Once I file my 19 they'll see that they really shouldn't have sent me a check.

And for the record, I don't need it and plan to donate it if there's no penalty... but I won't cash it if there's some mechanism in place to penalize folks like me.

deadbq03 said:

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Jdrexgman said:

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Rephrase question is when is the IRS cutoff on using your 2018 vs 2019 return in their calculation?

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From what I understand, if they have your 2019, they're going to use your 2019.

On that topic, I haven't filed my 19 yet, and my 19 income doesn't qualify at all but my 18 qualified for the whole thing (changed jobs twice in 2018 so no annual bonuses or stock vestings). Anyone know if there's any future penalty for this situation? Once I file my 19 they'll see that they really shouldn't have sent me a check.

And for the record, I don't need it and plan to donate it if there's no penalty... but I won't cash it if there's some mechanism in place to penalize folks like me.

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I've read it will not incur a penalty from media articles summarizing.

deadbq03 said:

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Jdrexgman said:

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Rephrase question is when is the IRS cutoff on using your 2018 vs 2019 return in their calculation?

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From what I understand, if they have your 2019, they're going to use your 2019.

On that topic, I haven't filed my 19 yet, and my 19 income doesn't qualify at all but my 18 qualified for the whole thing (changed jobs twice in 2018 so no annual bonuses or stock vestings). Anyone know if there's any future penalty for this situation? Once I file my 19 they'll see that they really shouldn't have sent me a check.

And for the record, I don't need it and plan to donate it if there's no penalty... but I won't cash it if there's some mechanism in place to penalize folks like me.

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In the exact same position as you are. I am encouraging those with a higher 2019 income (have two people that received very large payments for pipeline easements) to not file 2019 yet. I am not aware of any clawback once they see the 2019 return. It really isn't enough money to worry about anyway for those who are making above the threshold.

I submitted my 2019 last Wed, got the confirmation they received it but it's not available on the IRS site for "21 days"
you think that's ok? I want them to use 2019 and not 2018.

My understanding is the stimulus checks are a change to the 2020 tax year, with the provision the gov't is "advancing" you that 2020 "extra" now during the 2020 year. So,
1. If you get a check, and next year's return shows you deserved it, it will be a wash.
2. If you don't get a check and next year's return shows you did NOT deserve it, it will be a wash.
3. If you get a check, and next year's return shows you did NOT deserve it, you will pay more in taxes.
4. If you don't get a check and next year's return shows you DID deserve it, you will have a lower tax bill. I think there are other ways of applying for it now.
Hope that makes sense.