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Do you qualify for a stimulus check in Senate’s coronavirus response bill?

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Here's who would get a stimulus check in Senate's coronavirus response bill
DO I QUALIFY?

Who is eligible?

 

The bill makes clear that everyone is eligible except for nonresident aliens and those who can be used as the basis for deductions for another person.

"Seniors, veterans, the unemployed and low-income Americans would be eligible too," Senate Finance Committee Chairman Chuck Grassley said Wednesday.

The bill text indicates those who receive social security can collect checks: For those not required to file 2018 or 2019 tax returns because of social security benefits, tax returns aren’t required to claim the money -- the government can use information from a Form SSA-1099, Social Security Benefit Statement, or Form RRB-1099, Social Security Equivalent Benefit Statement.

With that in mind, here is how much people can expect to get.

People filing individually

People who file their taxes as individuals are eligible for payments up to $1,200, but that decreases for people who earn more than $75,000 a year. The bill says that the payment is reduced by five percent of every dollar above that mark, or $50 for every $1,000 above $75,000.

What that ultimately means is that for people who make more than $75,000 the payment is less the higher their earnings are, with it being reduced to zero for those who make $99,000 or more.

People filing jointly

Couples who file a joint tax return are eligible for a payment of up to $2,400, plus and additional $500 per child. However, that amount decreases for couples who earn more than $150,000 in a year at the same rate of 5 percent of every dollar above that mark.

This translates to less money the more people make, with it being reduced to zero for joint filers without children who earn $198,000 or more.

People filing as heads of households

People who file as heads of households are eligible for payments of up to $1,200, but that amount is increased by $500 per child. That amount is reduced for people who earn more than $112,000 a year. The extent to which it is decreased, of course, depends on how many children they have, as illustrated by the chart above.

The following chart, courtesy of the Tax Foundation, illustrates how it all works.

Image courtesy of the Tax Foundation

Image courtesy of the Tax Foundation

Income is based on people's tax filings for 2019, but they have not filed for that year, then their filing for 2018 applies.

"f the individual has not filed a tax return for such individual's first taxable year beginning in 2018," the bill says, the information should be used for 2019 provided in their SSA-1099 or RRB-1099 Social Security Benefit Statements.

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When and how are payments made?

Payments, according to the bill, will be made “as rapidly as possible” and no later than Dec. 31, 2020. They will be made via direct deposit to an account that the person has authorized for tax refunds or federal payments on or after Jan. 1, 2018.

Notice will be sent to the person’s last known address within 15 days of payment informing them of the method and amount of payment. A phone number will also be provided so people can call the IRS in the event they did not receive it.

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I feel kind of guilty accepting the check seeing as I'm not affected at all by the layoffs, etc.  My wife works in a essential job so has not been laid off.  

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Double or nothin' on the pass line 🎲🎲at the Winstar Casino once it's open for business again. 🤵007

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38 minutes ago, DieHardBrownsFan said:

I feel kind of guilty accepting the check seeing as I'm not affected at all by the layoffs, etc.  My wife works in a essential job so has not been laid off.  

I feel the exact same why DieHard. I am still working. I don't need my check (whatever exactly it is). I feel compelled to donate it. Or at the very least tip very well for a few week.s

 

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I'm very fortunate.  I make an ok living, have some money saved, no real debt to speak of.  My car is paid off, phone is paid off, my rent, utilities and insurance are 2 months ahead.  Toss in that I'm working 1/2 my time at home the other 1/2 on site.   Income still being made.

Honestly I know a few people who are going to be going through a rough patch sooner rather than later. So I will more than likely put it to some good use and try to help them out.  

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Of course I qualify.  What red blooded American liberal doesn't think they're qualified for free stuff?

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23 minutes ago, Gorka said:

Of course I qualify.  What red blooded American liberal doesn't think they're qualified for free stuff?

well if you listen to some of the posters on this board...two in this thread already

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I'm fine. Oh I will take it and blow it on something if they're passing it out like drunken sailors on sure leave but I don't need it.

WSS

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We qualify.. Who doesn't?  We own and operate a number of small local businesses. Two have been seriously impacted already. One has not, as of yet. The global one plods along unchanged. So,, right here right now, I don't feel good about taking what we apparently qualify for.. However, my thinking may change in two weeks.

 

 There needs to be ZERO pork in this bill for either side. NONE!  This needs to be about people..

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1 hour ago, MLD Woody said:

I feel the exact same why DieHard. I am still working. I don't need my check (whatever exactly it is). I feel compelled to donate it. Or at the very least tip very well for a few week.s

 

Considering the hit my 401 took Woody- I'll take it. 

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The minimal hit we've taken in the market is a non factor for us

 

1) It will be back.

 

2) We divested 90+% long ago

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9 hours ago, Axe said:

The minimal hit we've taken in the market is a non factor for us

 

1) It will be back.

 

2) We divested 90+% long ago

I'm staying in, it will be back. If it's not the Chinese will take over the world. By then I'll be dead and the Millennials can look at each other and wonder why they were so worried about the ruskies.

🤗

WSS

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11 hours ago, tiamat63 said:

I'm very fortunate.  I make an ok living, have some money saved, no real debt to speak of.  My car is paid off, phone is paid off, my rent, utilities and insurance are 2 months ahead.  Toss in that I'm working 1/2 my time at home the other 1/2 on site.   Income still being made.

Honestly I know a few people who are going to be going through a rough patch sooner rather than later. So I will more than likely put it to some good use and try to help them out.  

Over the years, we worked hard - paid off our home, and our entire farm and barn.

Being retired, we're great. Helping others with worse situations sounds good.

Since we can't go out and buy a little camper for going out west anyways. lol

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10 hours ago, Axe said:

The minimal hit we've taken in the market is a non factor for us

 

1) It will be back.

 

2) We divested 90+% long ago

I assume by "divested" do you mean you sold and have it in cash? Maybe its in your mattress now? lol

At the advice of our financial advisor based on my and the ol lady's age, we have 50% of our investments in stocks (IRA mutual funds), and 50% that is not affected by stock market hits. So half our stuff is getting beat up.

The wife just retired less than a year ago, I'm still at it.

Just a month ago we were feeling "rich". By all means we are not what you would call rich but we had plenty to retire comfortably on.

Don't feel so rich anymore.

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My wife is a chef.  No money coming in from her.  I am working from home and she is home and driving my up the Wall.  Want them to open things up soon!!!!!!  I care about that more than money.  For my sanity.

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We're both retired and we're just ready to start remodeling our upstairs bathroom with a walk in tub and the works, already plunked down over $7,000 down on the job. We are on hold !

I'm now stressed out and depressed..... maybe the money would make me feel better.

.........ok so it won't but being retired don't retired people want everything free parking by the door, discounts on coffee at McDonalds, the blue plate special by 4 pm at Perkins ?

Actually I would write a nice check out to our church and sleep well.

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2 hours ago, LBC mike said:

My wife is a chef.  No money coming in from her.  I am working from home and she is home and driving my up the Wall.  Want them to open things up soon!!!!!!  I care about that more than money.  For my sanity.

Careful there. She'll be having you for dinner with some fava beans and a nice Chianti.🍷😋

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22 hours ago, Axe said:

We qualify.. Who doesn't?  We own and operate a number of small local businesses. Two have been seriously impacted already. One has not, as of yet. The global one plods along unchanged. So,, right here right now, I don't feel good about taking what we apparently qualify for.. However, my thinking may change in two weeks.

Not a business owner, but heard what sounded like some very smart advice from Mack Cuban last night...

Get with your bank(s) ASAP and press them for the funds that the bill has earmarked for you. Mark even recommended taking a copy of the Bill.... at least the applicable section(s)... with you. I assume google can help ID the section(s).

The jist of his case was there is no reason a well capitalized bank cannot front you the money that the SBA will ultimately deliver to the bank to backstop the loans. If you wait for the funds to reach the bank, your businesses and employees may suffer needlessly.

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One other general note:

If the IRS does not already have your bank info on file.... get online and get it to them.

Electronically transferred funds should be deposited in a couple weeks. If they have to cut you a check, those weeks may becomes months.

However, they are also looking at mailing preloaded debit cards, which they believe may speed the process.

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