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Thu Mar 26, 2020, 10:18 AM

Here's how the coronavirus relief stimulus 'checks' to citizens will actually work

Published 4 hours ago on March 26, 2020
By Matthew Rozsa, Salon

The $2 trillion coronavirus stimulus package, which the Senate passed on Wednesday, will be the largest economic relief measure in American history — and will purportedly provide tangible benefits to virtually every American citizen.

But how so? The idea of the government doling out “free” money to its citizens is anathema to many Americans, who have been trained to believe that they are undeserving of even the most basic social safety nets that are considered normal in most developed countries. Hence, Americans are apt to be curious and/or skeptical about the notion of government checks.

First, here’s how the funds will be allocated. The bill will provide cash payments of $1,200 to taxpayers whose incomes are equal to or less than $75,000 each year. After that, it will gradually phase out the payments for taxpayers whose incomes are between $75,000 and $99,000 each year and eliminate them entirely for taxpayers who earn more than $99,000 each year. Families will also receive an additional $500 for every child in their household.

Here’s how this distribution of funds to individual citizens will actually work. Those with a valid social security number who filed taxes in the past two years will likely get money. The government bases its knowledge of your income on your tax return, although different sources report different things. CNBC reporters say that one’s income is based off most recently-filed tax returns; that means that if you already filed your 2019 tax return, they would base income data on that. If you filed last year (for the 2018 fiscal year), but haven’t filed for 2019 yet, the income data would be based on that. Yet finance reporters at The Motley Fool believe that only 2018 incomes as reported on one’s tax returns will be considered.

https://www.rawstory.com/2020/03/heres-how-the-coronavirus-relief-stimulus-checks-to-citizens-will-actually-work/

So the unworthy have to meet a "MEANS TEST"...........................

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Response to turbinetree (Original post)

Thu Mar 26, 2020, 10:27 AM

1. Why would they use 2019 tax return info when they've just pushed the filing date

back to July 15? Why not just use 2018 for everyone?

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Response to stopbush (Reply #1)

Thu Mar 26, 2020, 10:29 AM

2. Some of us didn't file in 2018 because we didn't make the minimum income...

Plus, many people will have huge differences in their incomes from last year to this.

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Response to Wounded Bear (Reply #2)

Thu Mar 26, 2020, 10:33 AM

4. My income was higher in 2018, but I already filed our 2019 taxes.

The difference was about $20k. It won’t effect the $2400 direct payment, but it might effect any unemployment we are entitled to receive. My 2018 income was all W2 income, while most of my 2019 income was 1099.

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Response to stopbush (Reply #1)

Thu Mar 26, 2020, 10:30 AM

3. I think in part it makes things easier to get the checks out

They are going to use the most up to date information they have to send checks and do direct deposit.

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Response to stopbush (Reply #1)

Thu Mar 26, 2020, 10:47 AM

9. It appears to be nothing but smoke and mirrors

what is really galling is that they are using the legislation as Means Test, there really isn't anything in it to help people, it again goes instead to corporations and then to top it all off they have "guy" from treasury that forced people out of there homes to distribute the taxpayer funded money ............. ...........................

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Response to turbinetree (Original post)

Thu Mar 26, 2020, 10:34 AM

5. IF you do have a job where do we spend this money for the next 4 - 6 months ?! Strange

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Response to uponit7771 (Reply #5)

Thu Mar 26, 2020, 11:53 AM

11. Consider a few options:

Take out from restaurants still open

Gift cards from your favorite store (there is risk involved in terms of losing your $ if they never reopen)

“Vacation” payments to your barber/hairdresser/dog groomer/house cleaner/kids piano teacher etc. Consider sending them some $ for services not rendered to help them stay afloat

You could use it to buy groceries of course.

Some contractors may still be working, so you might be able to get a small home improvement project done.

(We won’t get any, but we still intend to do some of the above because we can afford it)

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Response to turbinetree (Original post)

Thu Mar 26, 2020, 10:37 AM

6. So capital gains can push you over the threshold, that you paid taxes on in last year

That are now completely wiped out that were added to your salary well under 99k and some even under 75k (yes, some had 25k in capital paper gains in 2018 that are now gone), get nothing.

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Response to turbinetree (Original post)

Thu Mar 26, 2020, 10:39 AM

7. What's with this "will work"? It hasn't passed the House yet and

I believe the House bill is a bit different.

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Response to turbinetree (Original post)

Thu Mar 26, 2020, 10:44 AM

8. This bill is ok

but it kind of screws Americans who made $99,000 last year but may be jobless currently and need the money. They probably should have just made it easier and cut a check to everyone.

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Response to turbinetree (Original post)

Thu Mar 26, 2020, 11:14 AM

10. Like Wounded Bear above, I have'nt filrd in a few years because I'm

on SS and do not need to file. Will us very poor still get a check?

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Response to panader0 (Reply #10)

Thu Mar 26, 2020, 11:55 AM

12. Updated info!

Last edited Thu Mar 26, 2020, 12:54 PM - Edit history (1)

Just found this on WAPO:

What about people on Social Security? People on Social Security are eligible to receive the coronavirus relief payment as long as their total income does not exceed the limit. Low-income Americans on Social Security do not need to file a tax return. As long as they received an SSA-1099 form (the Social Security benefit statement), the federal government will be able to send them a payment via the usual way they get their Social Security payment. Retirees and people on disability are both eligible for the special payment.

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