Amethyst
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Dec 21, 2008
- Messages
- 12,713
Meh. Didn't get one last time; won't get one this time.
So, any amount I receive which is less than $600 I can definitely claim as a credit on a future return. Will that be the 2020 return, as you speculate, or will I have to wait for the 2021 return?
Is the criteria for qualifying any different now then last spring? I thought both programs stipulated $150,000 AGI for MFJ in 2020.Other - didn't qualify last time. Probably won't this time.
According to page 1,966 of the 5,593 page bill (assuming it passes as is and is not amended further), you should be able to claim it on the 2020 tax return: https://rules.house.gov/sites/democrats.rules.house.gov/files/BILLS-116HR133SA-RCP-116-68.pdf
The IRS will probably have to modify the worksheet related to line 30 and the Recovery Rebate Credit on Form 1040. *Draft* 2020 Form 1040 instructions are here: https://www.irs.gov/pub/irs-dft/i1040gi--dft.pdf
To my sister-in-law who lives on $900/mth in disability and has no savings, this is a big deal. It's a semi-big deal to my daughter since her husband (breadwinner) is getting ready to get laid off next month. The $300/week extended unemployment is a huge deal to my daughter who's store closed due to the pandemic.
My son, who just graduated college (with no job) could use the money, but he doesn't qualify because he is a "adult" dependent.
It's no big deal for me. I'm sure I'll give it to my kids like I did the last stimulus.
My understanding of the spring stimulus and the "about to be passed stimulus" is your 2020 AGI is the governing factor if you have not received any checks. Line 30 of the 2020 Form 1040, will be used to claim the tax credit if your AGI is less than 75K for singles or 150K for MFJ. We did not receive a stimulus check earlier this year based on 2019 income and we don't expect a check next week either, but we confirmed with our CPA today that we will get a credit of $3600 when we file our 2020 return, as our AGI will be less than 150K for 2020 because we elected not to take RMD's this year.Thanks for your reply. Based on 2018 or 2019 taxes I was ineligible. I did not receive a check earlier in the year from the CARES act. So, I guess that means I’m likely ineligible for this $600 check. My 2020 income would make me eligible, so that’s why I was asking.
I’m not following your last sentence regarding 2020 credits. I don’t understand. Sorry. Can you elaborate?
Muir
Is the criteria for qualifying any different now then last spring? I thought both programs stipulated $150,000 AGI for MFJ in 2020.
Is the criteria for qualifying any different now then last spring? I thought both programs stipulated $150,000 AGI for MFJ in 2020.
Meh. Didn't get one last time; won't get one this time.
Zero
When we got the last stimulus check in the spring we felt so good to be able to give half of it to our son and daughter-in-law. They also got stimulus money, including for their baby. Our son had been furloughed for 6 weeks and while his employer reopened, it was scary times. They were very surprised and appreciative.
I never asked what they used it for. But my son told me what they did with it and I was surprised and realized that they didn’t need it as bad as we thought! And I decided then that I would not be repeating that gift if any more stimulus money came our way.
Maybe it’s time to gift our other son, who lives far below his means, saves and invests and will get his own stimulus to add to his nest egg.