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Stimulus checks and July 15 tax due date
Old 03-30-2020, 05:14 PM   #1
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Stimulus checks and July 15 tax due date

As I understand it the stimulus checks will be based on the 2018 income tax filing if you have not yet filed the 2019 income tax. If you filed the 2019 taxes then they will use that tax return to figure your stimulus check. Also the date for filing and paying is now extended to July 15 (was April 15).

So it appears that if one has a much bigger income tax to pay for 2019 then 2018, they should file and pay it later after the stimulus checks are mailed out. This would be the case if your income for a couple shot above $150000 for 2019. Some people with special circumstances might fall into this category. An example would be having large capital gains in 2019.

Does this reasoning sound right?
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Old 03-30-2020, 11:06 PM   #2
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Yes, but it depends on AGI in 2018 and 2019, not on "a higher income tax to pay". The two are often correlated, but there are plenty of situations where they are not correlated.

So if your AGI in 2019 is higher than it is in 2018 and you have not filed, it does behoove you to wait and get the higher stimulus check.

An article I saw today said they plan to do the stimulus checks in the next three weeks, so the timing definitely is doable if that plan actually comes to fruition.
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Old 03-31-2020, 06:00 AM   #3
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someone on this site said there was a spot where you could sign up for the stimulus checks to have them sent electronically. the government does not have my account numbers because I usually end up owing something at the end of the year or just apply to the next years anyone know this site?
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Old 03-31-2020, 06:41 AM   #4
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someone on this site said there was a spot where you could sign up for the stimulus checks to have them sent electronically. the government does not have my account numbers because I usually end up owing something at the end of the year or just apply to the next years anyone know this site?


Nothing posted yet. Check IRS.gov/Coronavirus for updates. This is all being thrown together on the fly and IRS just mandated everyone to work from home.
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Old 03-31-2020, 06:45 AM   #5
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Originally Posted by Lsbcal View Post
As I understand it the stimulus checks will be based on the 2018 income tax filing if you have not yet filed the 2019 income tax. If you filed the 2019 taxes then they will use that tax return to figure your stimulus check. Also the date for filing and paying is now extended to July 15 (was April 15).

So it appears that if one has a much bigger income tax to pay for 2019 then 2018, they should file and pay it later after the stimulus checks are mailed out. This would be the case if your income for a couple shot above $150000 for 2019. Some people with special circumstances might fall into this category. An example would be having large capital gains in 2019.

Does this reasoning sound right?
I always owe money in April because I have zero withholding during the year. I make some estimated tax payments in the 4th qtr and pay the rest in April. But I accidentally paid more in 4th qtr than I meant to, leaving me owing only $31 in April. Owing so little, I just filed my return in early March to get it out of the way. My 2019 income, thanks to some big cap gains, is a hair over $99k, while my 2018 income is much lower, under $75k, so no check for me now. My 2020 income will be much lower, lower than in 2018, so from what I have read here I will be able to get the stimulus check equivalent early next year when I file my 2020 taxes.
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Old 03-31-2020, 06:57 AM   #6
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Nothing posted yet. Check IRS.gov/Coronavirus for updates. This is all being thrown together on the fly and IRS just mandated everyone to work from home.
Right, and apparently some scammers picked up on this and made fake web sites for you to conveniently enter your bank information or ask for a small payment to help you get your check earlier. Sheesh!

https://www.forbes.com/sites/kellyph.../#1b6aaf874730

Scammers have time on their hands too.
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Old 03-31-2020, 08:11 AM   #7
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Right, and apparently some scammers picked up on this and made fake web sites for you to conveniently enter your bank information or ask for a small payment to help you get your check earlier. Sheesh!

https://www.forbes.com/sites/kellyph.../#1b6aaf874730

Scammers have time on their hands too.
I saw recently that a guillotine can be built for $1,200. Perhaps a less needy recipient of the stimulus check will donate the money to construct one to use on the scammers.
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Old 03-31-2020, 08:52 PM   #8
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.................................................. .. My 2020 income will be much lower, lower than in 2018, so from what I have read here I will be able to get the stimulus check equivalent early next year when I file my 2020 taxes.
Hoping you are right here. That's my impression too. No RMDs, TLH, and hopefully much smaller DIV and CG distributions.
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Old 03-31-2020, 09:01 PM   #9
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We received ours today - 10 days after filing our income taxes.
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Old 03-31-2020, 09:58 PM   #10
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A stimulus check?
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Old 03-31-2020, 10:27 PM   #11
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A stimulus check?
Probably a federal refund for their 2019 taxes which were e-filed. That's a pretty typical response time for a normal return this time of year.

Stimulus checks won't be going out for a few weeks yet. The Treasury Secretary set a goal of 3 weeks for the stimulus direct deposits, but that seems pretty aggressive and challenging to me.

I would imagine an actual stimulus check would be even after / slower than the stimulus direct deposits.
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Old 04-01-2020, 01:01 AM   #12
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We received ours today - 10 days after filing our income taxes.
No way am I filing my taxes yet! We just got a reprieve until July and I know I'll be paying a bunch this year - might as well receive the interest AND the stimulus!
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Old 04-01-2020, 01:41 AM   #13
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What about the 1st installment payment of the estimated tax - are they also delayed to July 15?
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Old 04-01-2020, 03:16 AM   #14
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As I understand it the stimulus checks will be based on the 2018 income tax filing if you have not yet filed the 2019 income tax. If you filed the 2019 taxes then they will use that tax return to figure your stimulus check.
Oh I hope so. I got married last year. If they use the 2018 return then I am single and make slightly more than $75,000 and would get a reduced stimulus check. For 2019 I filed married jointly so my AGI is well within the limits for a married couple.

I couldn’t file electronically this year. I sent in my paper 1040 a month ago. I hope it get entered into the computer soon enough for the bigger stimulus check.
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Old 04-01-2020, 05:00 AM   #15
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What about the 1st installment payment of the estimated tax - are they also delayed to July 15?
anyone know about this?
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Old 04-01-2020, 05:20 AM   #16
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No way am I filing my taxes yet! We just got a reprieve until July and I know I'll be paying a bunch this year - might as well receive the interest AND the stimulus!
I went ahead and filed now and set up my payment date for July 15.
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Old 04-01-2020, 07:22 AM   #17
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anyone know about this?
Q1 est tax normally due 4/15 delayed until 7/15 this yr.
AFAIK, Q2 est tax normally due 6/15 still due on that date.
Your state may vary.
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Old 04-01-2020, 09:34 AM   #18
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Q1 est tax normally due 4/15 delayed until 7/15 this yr.
AFAIK, Q2 est tax normally due 6/15 still due on that date.
Your state may vary.
+1. Correct on all three points.
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Old 04-09-2020, 08:51 PM   #19
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Things change.......now Q2 est tax previously due 6/15 has also been delayed to 7/15

https://www.irs.gov/newsroom/irs-ext...ons-and-others
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Old 04-09-2020, 08:54 PM   #20
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I went ahead and filed now and set up my payment date for July 15.
+1

Just remember to enter the payment in your checkbook now with a date of 7/15/20. If you actually use a checkbook - I'm talkin to you millenial!
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