Which line on 1040 to qualify for Stimulus

[Octogirl]

There are many smart people on this form so I am sure someone knows the answer.
On 1040 2019

Does the amount on line 7A count for income ?
OR

the amount on Line 8 b for income ?



We are just over the $150,000 limit due to some one time income.



I read that we can ask for IRS to use the 2018 return to determine qualification. True ??



Thanks.

 

[rk911]

100% of our income comes from SS, pensions and RMD from an non-spousal inherited IRA. all dividends from post-tax investments are re-invested. not sure we qualify for stimulus payment but but i personally think we don't, shouldn't. if we get checks not sure what we'll do...charity, help family, ...

 

[IMATERP]

I just read an article claiming the number for the stimulus payments will come from Social Security Admin.

I

 

[Octogirl]

Kitces post on CARES

I found the answer .


Michael Kitces writes:


Specifically, individuals who had up to $75,000 in adjusted gross income in 2019 will receive a onetime payment of $1,200, while married couples with AGI up to $150,000 will get $2,400.

Additionally, taxpayers will receive an additional $500 for each qualified child, while individuals and families with income above their respective thresholds will see their relief payments reduced by $50 for every $1,000 in AGI.

 

[WyomingLife]

There are many smart people on this form so I am sure someone knows the answer.
On 1040 2019

Does the amount on line 7A count for income ?
OR

the amount on Line 8 b for income ?



We are just over the $150,000 limit due to some one time income.



I read that we can ask for IRS to use the 2018 return to determine qualification. True ??



Thanks.

FYI, the bill text is here: https://www.congress.gov/bill/116th-congress/house-bill/748/text

The Senate Finance Committee's report is here (see section 2201): https://www.finance.senate.gov/imo/...-by-Section (Tax, Unemployment Insurance).pdf

Here is the NYT's summary: https://www.nytimes.com/article/coronavirus-stimulus-package-questions-answers.html

 

[Ready]

I’ve seen some comments on minimum income as well but nothing definitive. For those of us who are retired and have no earned income, will we still get a check?

 

[SecondCor521]

I’ve seen some comments on minimum income as well but nothing definitive. For those of us who are retired and have no earned income, will we still get a check?

The minimum income requirement was in an early version of the bill. It was removed before passage. So a retiree whose 2019 AGI is below the thresholds should receive a stimulus check.

 

[SecondCor521]

There are many smart people on this form so I am sure someone knows the answer.
On 1040 2019

Does the amount on line 7A count for income ?
OR

the amount on Line 8 b for income ?



We are just over the $150,000 limit due to some one time income.



I read that we can ask for IRS to use the 2018 return to determine qualification. True ??



Thanks.

Octogirl, the bill refers to AGI, which is line 8b of your 2019 Form 1040.

You can't ask the IRS to use the 2018 return to determine qualification. They'll use your 2019 return if you have filed it already in order to determine whether to send you a stimulus check (and how much it will be for). If you haven't filed your 2019 return yet, then they will look at 2018.

 

[Ready]

The minimum income requirement was in an early version of the bill. It was removed before passage. So a retiree whose 2019 AGI is below the thresholds should receive a stimulus check.

Oh, that’s great! I had not heard that, thank you.

 

[jazz4cash]

Here is the stimulus calculator from the Washington Post.

https://www.washingtonpost.com/grap...id=hp_no-name_hp-in-the-news:page/in-the-news

 

[Tekward]

This is an important point for me since my consulting income is now zero:


"If your previous tax filings make you ineligible but you would be eligible for assistance based on what you earn in 2020, unfortunately you won’t be able receive a stimulus check… immediately. But the funds will be available to you when you file your 2020 taxes. Why’s that? That’s because the money received is a tax credit for the year 2020. If you are eligible for unemployment, the bill will allow for increased unemployment benefits."
https://finance.yahoo.com/news/will...ion-stimulus-package-explained-195953097.html

 

[enjoyinglife102]

The current bill is based on 2020 income, but will payout immediately based on 2019 tax returns or if not filed yet, your 2018 returns. When the 2020 returns are submitted, the amount to be paid out per the bill will be determined and sent. Importantly, there will be no requirement to pay it back if you received a check based on 2018 or 2019 returns and then your 2020 income makes you ineligible.