Is it 2018 they're using and not the choice of 2018 or 2019? If so, DW and I are out because of the taxable capital gains on our CA house sale late in 2018. It's just as well anyway. We're retired, drawing one SS check and one modest pension check each month. The crisis has not changed that one bit. The money would be better spent on those individuals and families that can really use the money.Since they are using 2018 income, which was pre-retirement, won’t get any. Not understanding the logic of this action based on income from 2 years ago. Why not give it, then qualify it at 2021 tax time. Make it clear that too much income means returning it.
Is it 2018 they're using and not the choice of 2018 or 2019? If so, DW and I are out because of the taxable capital gains on our CA house sale late in 2018. It's just as well anyway. We're retired, drawing one SS check and one modest pension check each month. The crisis has not changed that one bit. The money would be better spent on those individuals and families that can really use the money.
True, although in our case, we've already filed and received a small refund. If they decide on using the last filed return to make a decision and we somehow end up with a stimulus check, we won't bank it. We'll either help out people directly who could use the extra food or supplies, or we'll donate to a local charity helping people out.It's 2018 since 2019 has not been filed for a lot of people yet (and now won't be for a while). But that's the proposal - not yet passed. And I do worry how many folks are getting left behind in that, especially anyone who lost their job last year.
DW and I were discussing this yesterday. Our plan is to spend the money at local small businesses and restaurants if we can.
Good sized Roth conversions in both 2018 and 2019 will certainly reduce or eliminate our stimulus. Whoda thunk back then?