HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » General Discussion (Forum) » I talked to my tax lady o...

Thu Mar 26, 2020, 04:05 PM

I talked to my tax lady of decades about who gets the stimulus

I retired on January 2, 2018. The following is her email to me (with my actual salary being Xíed out):

Hi Lunatica,

This is my understanding, keeping in mind that our Dear Leader (Can you believe has approval rating has increased?--ugh, that clown) has not signed the bill yet:

If you only have SS income, no cash. This means the poorest get nothing.

But, based on your 2018 income you will get $1200 in cash if your income is less than $75K. single filer (which you are), decreased by $5 for every $100 over that amount.

According to my records, your 2018 federal income was $XX,XXX., so you are good to get $1200


M.



On edit: Since this bill hasnít been approved by Trump there is a lot of flux going on. Please read some of DUís best minds post their input below.

46 replies, 2019 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 46 replies Author Time Post
Reply I talked to my tax lady of decades about who gets the stimulus (Original post)
lunatica Mar 26 OP
Cattledog Mar 26 #1
unblock Mar 26 #4
Cattledog Mar 26 #5
unblock Mar 26 #10
Wounded Bear Mar 26 #23
unblock Mar 26 #27
lunatica Mar 26 #33
Wounded Bear Mar 26 #44
lunatica Mar 26 #14
brush Mar 26 #7
lunatica Mar 26 #9
dixiegrrrrl Mar 26 #22
Wounded Bear Mar 26 #26
dixiegrrrrl Mar 26 #28
lunatica Mar 26 #31
Wounded Bear Mar 26 #45
brush Mar 26 #39
customerserviceguy Mar 26 #12
stopwastingmymoney Mar 26 #20
customerserviceguy Mar 26 #21
stopwastingmymoney Mar 26 #24
customerserviceguy Mar 26 #25
lunatica Mar 26 #34
stopwastingmymoney Mar 26 #35
lunatica Mar 26 #36
Cicada Mar 26 #37
stopwastingmymoney Mar 26 #41
unblock Mar 26 #2
cmb1729 Mar 26 #6
unblock Mar 26 #8
Nictuku Mar 26 #3
lunatica Mar 26 #11
happybird Mar 26 #13
lunatica Mar 26 #16
BumRushDaShow Mar 26 #32
happybird Mar 26 #46
turbinetree Mar 26 #15
lunatica Mar 26 #17
stopwastingmymoney Mar 26 #19
unitedwethrive Mar 26 #18
durablend Mar 26 #29
Hoyt Mar 26 #30
GulfCoast66 Mar 26 #38
jmg257 Mar 26 #40
lunatica Mar 26 #42
jmg257 Mar 26 #43

Response to lunatica (Original post)

Thu Mar 26, 2020, 04:11 PM

1. Not true, SS recipients get checks.

Would most people who are receiving Social Security retirement and disability payments each month also get a stimulus payment?

Yes.


Source NY Times.

https://www.nytimes.com/article/coronavirus-stimulus-package-questions-answers.html

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Cattledog (Reply #1)

Thu Mar 26, 2020, 04:23 PM

4. yes and no. you only get the checks if you have federal tax liability

Last edited Thu Mar 26, 2020, 04:53 PM - Edit history (1)

if your *only* income is social security, chances are you don't have any federal tax liability, so no check.

if you do have only social security income and did manage to owe something in federal income taxes, then yes, you would get a check, up to the amount of your federal income tax liability or $1200, whichever is less.


in the article, when it says most social security recipients will get a check, that's in large part because many social security recipients also have some other income.


on edit: people are saying this has been changed since the original bill, hopefully this is true, you aren't limited by your federal income tax liability if you receive social security.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to unblock (Reply #4)

Thu Mar 26, 2020, 04:38 PM

5. This chart says you do?????

Table 1. Conventional Distributional Effect of the Proposed Recovery Rebates (Revised) in the CARES Act

% change
Income level After-Tax Average
Income Rebate Share of Filers with a Rebate
0% to 20% 16.33% $1,436 100%
20% to 40% 6.73% $1,579 100%
40% to 60% 4.33% $1,642 100%
60% to 80% 3.00% $1,865 99.9%
80% to 90% 1.89% $1,727 98.9%
90% to 95% 0.67% $844 62.2%
95% to 99% 0.02% $45 8.7%
99% to 100% 0.00% $0 0.1%
Total 2.59% $1,523 93.6%


One hundred percent of the poorest households would potentially be eligible for a rebate, a huge change from the earlier Senate GOP proposal in which as little as 80 percent of poor households were eligible.


https://www.vox.com/future-perfect/2020/3/23/21190955/stimulus-checks-from-government-approved

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Cattledog (Reply #5)

Thu Mar 26, 2020, 04:52 PM

10. yes, looks like this was changed from the original bill

good to hear. hope donnie doesn't ruin it....

Reply to this post

Back to top Alert abuse Link here Permalink


Response to unblock (Reply #10)

Thu Mar 26, 2020, 05:42 PM

23. Donny can't do anything but sign it or veto it...he can't change it.


Now is his administration competent to actually get us the money? We all hope so.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Wounded Bear (Reply #23)

Thu Mar 26, 2020, 05:47 PM

27. well, he can try to negotiate, using the veto as a threat.

hopefully he's too obsessed with the daily stock market movements to try that, because any hint of a possible veto will send the dow down about 1500 points....

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Wounded Bear (Reply #23)

Thu Mar 26, 2020, 06:10 PM

33. Congress can override the Presidential Veto

but it needs a two thirds majority.

The President also has a time constraint on his veto power.

O https://history.house.gov/Institution/Presidential-Vetoes/Presidential-Vetoes/

Reply to this post

Back to top Alert abuse Link here Permalink


Response to lunatica (Reply #33)

Thu Mar 26, 2020, 07:12 PM

44. Senate vote was veto-proof...

House hasn't acted yet, of course, but if they pass it with 350 or so on the plus side all Trump could do would be to delay things, which is certainly something I wouldn't put past him.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Cattledog (Reply #5)

Thu Mar 26, 2020, 05:07 PM

14. Thanks for all your input!

Itís really helping to finally see something concrete about addressing the Social Security questions!

Reply to this post

Back to top Alert abuse Link here Permalink


Response to unblock (Reply #4)

Thu Mar 26, 2020, 04:43 PM

7. Ali Velshi reported this morning SS recipients will get a check. Anyone who got...

a 1099 form will get a check. Higher income people will be limited.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to brush (Reply #7)

Thu Mar 26, 2020, 04:51 PM

9. I hope SS recipients get a check!

My check, whether I get it because of my 2018 income tax return or my 2019 SS form 1099 will be going right back into the economy.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to brush (Reply #7)

Thu Mar 26, 2020, 05:41 PM

22. who is Ali Velshi????



I hope he is correct by the 1099 for info.

would be curious if the checks are taxable next year.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to dixiegrrrrl (Reply #22)

Thu Mar 26, 2020, 05:45 PM

26. MSNBC talking head...

he's originally Canadian (born in Kenya IIRC) and I think his background is in financial reporting like Stephanie Ruhle.

Generally I like him. He's especially good on medical issues with his Canadian familiarity with a real Universal Healthcare System.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Wounded Bear (Reply #26)

Thu Mar 26, 2020, 05:54 PM

28. ty for the info.



No tv here, we catch Rachel online, but I haven't tuned in to others on the network.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to dixiegrrrrl (Reply #28)

Thu Mar 26, 2020, 06:03 PM

31. Sometimes he subs for Rachel

I seems to have his own show but he subs for everyone who is out on MSNBC. I like him so much that Iíd love to see him replace Chuck Todd! Heís down to earth, charming, no nonsense, very informative on financial issues, and pushes back on bullshitters.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to lunatica (Reply #31)

Thu Mar 26, 2020, 07:13 PM

45. He has a show weekend mornings, just before AM Joy...nt

Reply to this post

Back to top Alert abuse Link here Permalink


Response to dixiegrrrrl (Reply #22)

Thu Mar 26, 2020, 06:28 PM

39. MSNBC cable news host

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Cattledog (Reply #1)

Thu Mar 26, 2020, 05:02 PM

12. I used to be a tax accountant

And in the heat of tax season, you don't get a lot of chances to catch up on the news. I'm not surprised that the OP's accountant didn't know about the NYT article.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to customerserviceguy (Reply #12)

Thu Mar 26, 2020, 05:38 PM

20. Tax season is essentially on hold right now


This accountant is anxiously waiting for the law so I can explain it to my clients 😏

Reply to this post

Back to top Alert abuse Link here Permalink


Response to stopwastingmymoney (Reply #20)

Thu Mar 26, 2020, 05:40 PM

21. A lot can be done

over the phone, through email, etc. The pushed off filing date will help even out the workload.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to customerserviceguy (Reply #21)

Thu Mar 26, 2020, 05:43 PM

24. True

But I can tell you itís not really happening

Clients are even less interested than we are

Itís all about survival of their businesses right now

Reply to this post

Back to top Alert abuse Link here Permalink


Response to stopwastingmymoney (Reply #24)

Thu Mar 26, 2020, 05:44 PM

25. Hadn't thought of that

most of my clients were non-business folks. Of course, that was during the 1980's, when you could actually do something with people besides hold hands and cry with them after TEFRA.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to stopwastingmymoney (Reply #20)

Thu Mar 26, 2020, 06:12 PM

34. When you do get the definitive answer

could you please post it here?

Reply to this post

Back to top Alert abuse Link here Permalink


Response to lunatica (Reply #34)

Thu Mar 26, 2020, 06:16 PM

35. I will


Reply to this post

Back to top Alert abuse Link here Permalink


Response to stopwastingmymoney (Reply #35)

Thu Mar 26, 2020, 06:17 PM

36. Thanks!

I hate the fog of uncertainty in such important times as these.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to stopwastingmymoney (Reply #20)

Thu Mar 26, 2020, 06:24 PM

37. I am busy doing tax returns so govt knows you exist

Several who have not filed, or had too much income for stimulus last year but now earn less so they are eligible, are giving me info for 2019 returns.

Plus others laid off are anxious to get refunds.

Iím as busy as ever.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Cicada (Reply #37)

Thu Mar 26, 2020, 06:37 PM

41. Yes


We are definitely still working for the few who want to file now

I donít do returns myself but work closely with a CPA for my clients

Most of mine are Corps and were already done before this started. Owners have individual returns of course but I only had one who wanted to finish now

The CPA office is working on shifts of one person in at a time to receive documents but that business is slow

Reply to this post

Back to top Alert abuse Link here Permalink


Response to lunatica (Original post)

Thu Mar 26, 2020, 04:19 PM

2. yeah this leaves quite a lot of people out.

Last edited Thu Mar 26, 2020, 04:54 PM - Edit history (1)

first and foremost, the money you get is limited by that amount you owed (based on 2018 income) or will owe (based on 2019 income).

so the roughly 50% of the country with no federal tax liability doesn't get any help (they may get help from the unemployment provisions, but not from this).

on the other side of the income spectrum, singles will get reduced checks, which become zero by $99k for singles or $198k for couples. certainly bill gates doesn't need a $1200 check, but $198k for a couple isn't exactly the upper crust, and definitely not in expensive cities.

personally, i won't get any, and i'm perfectly fine with that.

but i know i'm going to hear about checks going to "every american", and that's far from true.



on edit: people are saying this has been changed since the original bill, hopefully this is true, you aren't limited by your federal income tax liability if you receive social security.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to unblock (Reply #2)

Thu Mar 26, 2020, 04:41 PM

6. Please read the bill

You do NOT need to have had federal tax liability in 2018 or 2019 if you receive Social Security. For those who have not filed taxes because they owed nothing, but received a Social Security 1099, they will receive a payment of $1,200.

The ORIGINAL bill which was first proposed, reduced the amount to $600 for those who did not file taxes because they were on Social Security. This has now been corrected thanks to the Democrats.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to cmb1729 (Reply #6)

Thu Mar 26, 2020, 04:51 PM

8. ah, hadn't heard this. good to hear!

somewhat amazed republicans allowed this.

well it's not over yet i guess, donnie can still throw a tantrum, and probably will....

Reply to this post

Back to top Alert abuse Link here Permalink


Response to lunatica (Original post)

Thu Mar 26, 2020, 04:19 PM

3. I wonder if that includes rental income

My mom lives with me and rents her home out in Memphis. We are worried the renters are not going to be able to pay. There is a property management group who will be dealing with that. But there is a good chance she won't get that income.

Otherwise, all she has is SS. I do her taxes, and she has never made enough from the rental and SS to owe any taxes, and she doesn't get a refund either.

I haven't done her taxes for 2019 yet, I need to get on that (even though it is 0 owed, and 0 refund)

I hope she gets the stimulus check.

I am one of the fortunate who still has a job, and I am able to telework, and I won't qualify for it.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Nictuku (Reply #3)

Thu Mar 26, 2020, 04:55 PM

11. A few people above have posted information and links that might answer your question

Re-read the above posts.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to lunatica (Original post)

Thu Mar 26, 2020, 05:02 PM

13. Wondering about the delivery method?

I chose the prepaid Visa card for my tax refund, which I got a couple weeks ago. I wonder if theyíll just add the $1200 to that card? That would be great.

I have a feeling this is going to be a total CF.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to happybird (Reply #13)

Thu Mar 26, 2020, 05:10 PM

16. Well judging by the confusion regarding SS it already looks

like a CF to me!

Reply to this post

Back to top Alert abuse Link here Permalink


Response to happybird (Reply #13)

Thu Mar 26, 2020, 06:07 PM

32. I saw an article earlier this afternoon that said

if you had setup someplace to direct deposit your tax refund, then that is where this would go. Otherwise it will go out as a paper check.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to BumRushDaShow (Reply #32)

Thu Mar 26, 2020, 10:09 PM

46. Thanks! nt

Reply to this post

Back to top Alert abuse Link here Permalink


Response to lunatica (Original post)

Thu Mar 26, 2020, 05:09 PM

15. So lets use this example if you made 87000 one person on SS and the other from work................

you get exactly what, the one person on SS gets the 1200 and the other person doesn't get anything..............or is it combined so that with every 100 above the 75000 brings it down ....................really, can someone check my math...................

87000-75000 =79500
79500/ 100 = 795
1200-795= 405 dollars

Reply to this post

Back to top Alert abuse Link here Permalink


Response to turbinetree (Reply #15)

Thu Mar 26, 2020, 05:14 PM

17. The links to the New York Times and Vox above

that a couple of posters submitted might help clarify your questions.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to turbinetree (Reply #15)

Thu Mar 26, 2020, 05:32 PM

19. I think for marrieds

It should simply be your combined income under the coupleís limits weíve seen

Eta, under your scenario of a couple with 87k of income, each should receive the 1200 dollars

I havenít seen anything that contradicts that yet

Also, until itís passed and signed, weíre just speculating 🤔

Reply to this post

Back to top Alert abuse Link here Permalink


Response to lunatica (Original post)

Thu Mar 26, 2020, 05:20 PM

18. Does anyone yet know if there are any "strings attached"?

For instance, is this taxable as income for 2020? Is the benefit deducted from future tax refunds, etc.?

Reply to this post

Back to top Alert abuse Link here Permalink


Response to unitedwethrive (Reply #18)

Thu Mar 26, 2020, 05:56 PM

29. Supposedly not taxable

But how it's actually accounted for, no idea

Reply to this post

Back to top Alert abuse Link here Permalink


Response to unitedwethrive (Reply #18)

Thu Mar 26, 2020, 05:57 PM

30. It is not taxable. If your income goes up substantially in 2020, you might have to pay

some of the stimulus back.

The payment you get now is based on your 2018 reported income or 2019 if you file. That is used as the estimate of your 2020 income.

Say youíve filed 2019ís return with an income less than $75K, youíll get $1200 in a few weeks.

If you make more than $75K in 2020, you will have to pay some back.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to lunatica (Original post)

Thu Mar 26, 2020, 06:24 PM

38. My wife and I will get nothing. We both earn too much.

And I am perfectly content with that fact. No way folks like us should get help we donít need.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to lunatica (Original post)

Thu Mar 26, 2020, 06:31 PM

40. Wife and I won't get any;I am now furloughed and wife at 50% salary...so we are properly fucked.

Not really happy about it.

UI is my only hope.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to jmg257 (Reply #40)

Thu Mar 26, 2020, 06:40 PM

42. I'm so sorry! That is just awful!

Do you still have your job?

Reply to this post

Back to top Alert abuse Link here Permalink


Response to lunatica (Reply #42)

Thu Mar 26, 2020, 06:47 PM

43. Thanks. Supposedly - but 50/50 company will survive. We are entertainment/Broadway OEM...

Looks like they won't be back any time soon, so no income for company.
100% lockdown won't help either.

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread