Government financial aid during pandemic

[Doublepike 53]

1 hour ago, Loren Y said:

Believe it when the check shows up. Voted on and approved is a long way from checks printed. If anything shows up, it won't be till early June at the earliest. Everyone on this forum should be really familiar with how fast the government processes things. Not to be a negative Nancy, but Don't start buying houses and cars just yet....

I am blown away by the speed of the IRS here in the US. Coming from Croatia, you file your taxes in February and you get money back in September lol. You guys are fast as hell, but people are not really patient. Instant gratification. 

[Loren Y 2,756]

7 minutes ago, JonMarta said:

I am blown away by the speed of the IRS here in the US. Coming from Croatia, you file your taxes in February and you get money back in September lol. You guys are fast as hell, but people are not really patient. Instant gratification. 

I agree, normally they are fast, my transcript was available less than 3 days after the return was accepted. My refund was maybe a week later via direct deposit. We're not talking tax returns though, they have been doing tax returns since the beginning of time with very little change in the process, honestly they should be really good at them, they have the practice. This is what, the 2nd time in history they have paid out money in an emergency situation. I hope the money shows up next week, I have no problems saying I was wrong and I would be very impressed with them pulling it off quickly, I hate to think about it because the majority of people don't have more than a weeks pay in their account, look at this statistic from just last month...

78% Of Workers Live Paycheck To Paycheck

Not a good thing when something like this happens. 

[geowrian 22,337]

4 hours ago, ajay007 said:

hi i have question which im not sure.my wife is a usc and im on green card holder will gonna apply for removal of condition end of this year.im out of work because of market closedown im out from work now. employer suggest me to apply for unemployment benefit.i am not sure if i apply for it.that will gonna count against me or that will be alright to obtain unemployment benefits?

Unemployment is akin to an insurance program. You and/or your employer pay into it, and you earn benefits from it.

No public charge issue.

Public charge is not an issue for ROC. ROC is about the marriage.

 

3 hours ago, Stark44 said:

So will green card holders be eligible for the stimulus check?

Immigration status is not a factor for eligibility. What will matter is the information from your tax return.

2 hours ago, Kerri and Myles said:

me and my wife filed jointly already this year(first time filing), so does this mean we will get $1.2k each?

How much you'll get depends on your AGI. If it's under $150k, then yes. If it's over that, it will be reduced by $5 per $100 over.

2 hours ago, Visitor User said:

Green Card holders will get it? 
 

I got my GC on 2/26/19 and had my EAD from 8/8/18. Am I qualified to get $1,200? Will it hinder my chances of obtaining USC in the future?

Depends on how you filed your taxed, but being an LPR is not an issue for being eligible, and not a factor for naturalization.

[K + M 47]

5 minutes ago, geowrian said:

 

How much you'll get depends on your AGI. If it's under $150k, then yes. If it's over that, it will be reduced by $5 per $100 over.

Depends on how you filed your taxed, but being an LPR is not an issue for being eligible, and not a factor for naturalization.

What are the categories on taxes that determine if people are eligible is it just if made under the amount, so if married filing joint, no matter the immigration status, aslong as made under the amount and filed taxes will get the benefit? 1.2k$ per adult?

[Prizm123 1,086]

from the article i linked on page 1:

 

The plan’s provisions are very simple. Adults would get $1,200 each and children $500 each. At higher incomes, the checks would get smaller: The benefit would start decreasing at a rate of $5 for every additional $100 in income. The phaseout starts at $75,000 in adjusted gross income for singles, $112,500 for heads of household, and $150,000 for married couples filing jointly; it would phase out entirely by $99,000 for singles and $198,000 for couples (with no children).

[K + M 47]

6 minutes ago, Prizm123 said:

from the article i linked on page 1:

 

The plan’s provisions are very simple. Adults would get $1,200 each and children $500 each. At higher incomes, the checks would get smaller: The benefit would start decreasing at a rate of $5 for every additional $100 in income. The phaseout starts at $75,000 in adjusted gross income for singles, $112,500 for heads of household, and $150,000 for married couples filing jointly; it would phase out entirely by $99,000 for singles and $198,000 for couples (with no children).

In retrospect that is very simple, but they left out 1 thing to blanket cover one of the main concerns here on VJ, is what they mean exactly by the term "adult"  or "children" , what I mean here is adult anyone who is 18+ and filed taxes and immigration status doesn't matter at all, or does adult mean 18+ filed taxes and have to be at least a certain immigration status, same kind of logic can be held to the children category.

 

 

Edited March 26, 2020 by Kerri and Myles

[geowrian 22,337]

23 minutes ago, Kerri and Myles said:

What are the categories on taxes that determine if people are eligible is it just if made under the amount, so if married filing joint, no matter the immigration status, aslong as made under the amount and filed taxes will get the benefit? 1.2k$ per adult?

Main item for eligibility here would be having filed the tax return and having done so as a resident alien. If you filed jointly, then both of those must have occurred already.

Filing status (MFJ here) + income are the ones relevant to how much of a check you will get. The thresholds are noted previously.

17 minutes ago, Kerri and Myles said:

In retrospect that is very simple, but they left out 1 thing to blanket cover one of the main concerns here on VJ, is what they mean exactly by the term "adult"  or "children" , what I mean here is adult anyone who is 18+ and filed taxes and immigration status doesn't matter at all, or does adult mean 18+ and have to be at least a certain immigration status, same kind of logic can be held to the children category.

I don't know if this was changed in the agreement this morning as I do not have that text. Maybe it did...I do not have any info on these changes.

The CARES act text published from the 19th used the definition of "qualifying child" from the IRS for purposes of the child tax credit. So under age 17 is the main factor, plus must have been claimed as a dependent, been a USC or resident alien, and must have lived with you for more than half of the tax year.

Edited March 26, 2020 by geowrian

[tiyyo 68]

wasn't earlier in the years the stimulus package that was available had to be paid back? I know I ended up paying it back.

[Sarge2155 4,590]

2 hours ago, tiyyo said:

wasn't earlier in the years the stimulus package that was available had to be paid back? I know I ended up paying it back.

They will add it on to your annual incomes that tax year so in essence you are paying it back. What IRS won't tell you is that if you owe Back child support or any BACK loans and your pay is garnished already it will come out of this stimulus check!!!! Imagine the heartache when you find out your ex got your stimulus check. It happened last time so I'm sure it will happen this time!!!

[geowrian 22,337]

The text as passed by the Senate defines it as a credit against any tax liability, with advance payment. As such, it is not considered taxable income.

https://www.congress.gov/bill/116th-congress/senate-bill/3548/text

 

And yes, if the IRS would normally withhold - in part or in full - a refund due to certain legal obligations, the wording suggests they will do so here as well.

Good. I'm not sure why there would be heartache if money somebody owes their child would be issued to the parent taking care of the child and ordered by a court to do so. If getting the money they are legally owed is a concern, take it up in family court. Otherwise, don't be a deadbeat.

It's not quite the same for, say, past due student loans, but that's the way it is.

 

Edit: For some more background info...

Since this is a refundable tax credit with advance payment, this technically is something that will be completed on the 2020 tax returns.

If you received a reduced (or no) rebate due to your 2018-2019 income but your 2020 income does qualify for a larger rebate, you will get the difference back as a credit on your 2020 return. Cool...so if you are single and made $100,000 (meaning no rebate now) last year but get laid off due to this event, you may get the $1200 credit at that point.

If you received a rebate but your 2020 tax returns result in an income that would have resulted in a lower (or no) rebate, the overpayment of the rebate is forgiven. So earning more income in 2020 will not penalize anybody.

Edited March 26, 2020 by geowrian

[Sarge2155 4,590]

@geowrian

Hopefully you were posting that in general as I was doing. My child rearing days are longgggg gone!😄

[cyclone27 710]

10 hours ago, Loren Y said:

Believe it when the check shows up. Voted on and approved is a long way from checks printed. If anything shows up, it won't be till early June at the earliest. Everyone on this forum should be really familiar with how fast the government processes things. Not to be a negative Nancy, but Don't start buying houses and cars just yet....

Not with direct deposit - most will see it in April or May.

[geowrian 22,337]

3 hours ago, Sarge2155 said:

@geowrian

Hopefully you were posting that in general as I was doing. My child rearing days are longgggg gone!😄

I figured that was the case and worded it appropriately as to not direct it at any particular individual.   Yes, general.

[Unlockable 7,315]

Just a heads up.

 

This stimulus is treated like a "loan", so to speak. Everybody will pay it back in future tax deductions. Do not treat this as free money. For example, if you typically receive $2,000 for your annual tax refund and you get a stimulus check this year for $1200, you next year's tax refund will be $800.

[Crazy Cat 41,984]

13 minutes ago, Unlockable said:

Just a heads up.

 

This stimulus is treated like a "loan", so to speak. Everybody will pay it back in future tax deductions. Do not treat this as free money. For example, if you typically receive $2,000 for your annual tax refund and you get a stimulus check this year for $1200, you next year's tax refund will be $800.

and what if I typically break even after filing.......I will have a $1200 tax liability in 2020?