Forum Thread

Stimulus check income threshold

25 10 March 19, 2020 at 07:12 PM
Deal
Score
0
1,412 Views

Thread Details

0 Deal Score
1,412 Views
Saw that the threshold for individual could be $75,000. How does the federal government determine income? Is it your gross income, adjusted gross income or taxable income? Thanks in advance.

29 Comments

1 2

Sign up for a Slickdeals account to remove this ad.

This comment has been rated as unhelpful by Slickdeals users
Joined Jan 2004
Here's to the future
25,103 Posts
707 Reputation
#2
What I have seen so far is that it would use adjusted gross income. An individual would receive a reduced amount for anything over 75K which would continue dropping down to zero at 99K. I have no idea if those were the final numbers decided on though.
Reply Helpful Comment? 0 0
I like what she said, not what it means.
This comment has been rated as unhelpful by Slickdeals users
Joined Sep 2007
California
1,767 Posts
207 Reputation
#3
sweet, just under $69k AGI on $120k give me them sweet welfare checks
Reply Helpful Comment? 0 0
This comment has been rated as unhelpful by Slickdeals users
Joined Dec 2019
L3: Novice
240 Posts
34 Reputation
#4
they go by your gross income 2018 tax returns
total income and revenue from all sources.
for people whose income was so low they didn't have any tax liability; those people will receive just $600 each.

industry's will get billions of dollars
U.S. Airlines: $58 Billion

Hospitals bracing for a wave of coronavirus cases in the coming weeks would get some temporary relief from Medicare cuts that have shrunk payments by 2 percent under the safety net program that covers health care costs for older Americans. Providers would also get a 15 percent Medicare payment bump for coronavirus patients.


Restaurants and Hotels: $15 Billion

https://www.reuters.com/article/u...SKBN2161I5
Reply Helpful Comment? 0 0
Last edited by justthebieber March 20, 2020 at 10:27 AM.
This comment has been rated as unhelpful by Slickdeals users
Joined Jan 2004
Here's to the future
25,103 Posts
707 Reputation
Our community has rated this post as helpful. If you agree, why not thank ?
#5
I won't get a dime and honestly I don't think I should. As of now I am still working and other than some minor inconveniences my life hasn't changed much during this event. At this early stage I think any relief should go to those who aren't able to work who have lost income. Those who are still bringing home their paychecks don't need assistance and those who weren't bringing home a paycheck previously don't need any additional assistance because of the virus.

Help the ones who are hurting now and if more are affected later then the next round could be expanded to include them. I get the desire to try to prop up the economy but how about for now just focusing on helping those who really need it and see how long this is going to last before giving away the farm?
Reply Helpful Comment? 4 0
This comment has been rated as unhelpful by Slickdeals users
Joined Dec 2005
L6: Expert
1,432 Posts
1,145 Reputation
#6
Quote from Iaaaiws
:
I won't get a dime and honestly I don't think I should. As of now I am still working and other than some minor inconveniences my life hasn't changed much during this event. At this early stage I think any relief should go to those who aren't able to work who have lost income. Those who are still bringing home their paychecks don't need assistance and those who weren't bringing home a paycheck previously don't need any additional assistance because of the virus.
Some people's paychecks are barely enough to cover their expenses. The average middle class American hasn't had a raise in over a decade when counting for inflation. My parents are living on Social Security only and were just barely making it before the virus outbreak, but I don't see how this bill helps them at all. If we are going to bail out the airlines, hotels, restaurants, etc. for mismanaging their money, I don't see why lower income individuals shouldn't get a bailout as well.

Personally, I'm not desperate for the money, but I'm noticing grocery prices are creeping up to discourage hoarding. Delivery fees and generous tips are adding up as well. I work in an essential industry, but my manager has already warned us that bonuses will be reduced, and there may be some more financial hurt on the way.
Reply Helpful Comment? 0 0
This comment has been rated as unhelpful by Slickdeals users
Joined Jan 2004
Here's to the future
25,103 Posts
707 Reputation
#7
Quote from theST0RM
:
Some people's paychecks are barely enough to cover their expenses. The average middle class American hasn't had a raise in over a decade when counting for inflation. My parents are living on Social Security only and were just barely making it before the virus outbreak, but I don't see how this bill helps them at all. If we are going to bail out the airlines, hotels, restaurants, etc. for mismanaging their money, I don't see why lower income individuals shouldn't get a bailout as well.

Personally, I'm not desperate for the money, but I'm noticing grocery prices are creeping up to discourage hoarding. Delivery fees and generous tips are adding up as well. I work in an essential industry, but my manager has already warned us that bonuses will be reduced, and there may be some more financial hurt on the way.
My problem with giving this money to so many who don't really need it at this point is that there is going to be the expectation of more and more if this continues on for a long period of time. I think it would be a lot smarter to put out the fires right now and give money where it is critically needed and get through the worst of the crisis. Then if those that know about these things feel that there is a need to flood more money into the system for economic recovery it could be done with the knowledge that the worst of the virus has passed.

Too many of the people getting this money will see it as a good excuse to splurge on things beyond necessities, as I'm sure I would do if I received a check as well. I say save some of that money and give it to the ones who will still be hurting even after they get this check. The ones who have lost their jobs. Maybe instead of a lump some make it a smaller weekly deposit to give a sense of stability rather than a temptation to just spend it.

And I'm not ready to make the claim that businesses suffering because of the Corona virus have "mismanaged their money". That is just an ignorant claim in most cases. This situation is far different from past government bailouts.
Reply Helpful Comment? 0 0
This comment has been rated as unhelpful by Slickdeals users
Joined Dec 2014
L3: Novice
241 Posts
64 Reputation
#8
Quote from Iaaaiws
:
I won't get a dime and honestly I don't think I should. As of now I am still working and other than some minor inconveniences my life hasn't changed much during this event. At this early stage I think any relief should go to those who aren't able to work who have lost income. Those who are still bringing home their paychecks don't need assistance and those who weren't bringing home a paycheck previously don't need any additional assistance because of the virus.

Help the ones who are hurting now and if more are affected later then the next round could be expanded to include them. I get the desire to try to prop up the economy but how about for now just focusing on helping those who really need it and see how long this is going to last before giving away the farm?
I've seen some say why don't they just extend unemployment benefits like they did in the 2008 recession. But I guess this is to be a stimulus.

But with most places closed, if you weren't affected and can pay your housing, food, and utilities, where are you supposed to spend it? It doesn't merit going to people like this, IMO.

Also many have had to utilize daycare because so many kids aren't in school until May. That's taking alot of resources to fund that and I do believe help should be provided here.

I don't know what the right answer is. But it does make me unhappy how everyone's got their hand out whether they were affected or not. (Here's especially looking at SS and Disability recipients) Confused
Reply Helpful Comment? 1 0
Last edited by BrianT1548 March 21, 2020 at 12:59 PM.

Sign up for a Slickdeals account to remove this ad.

This comment has been rated as unhelpful by Slickdeals users
Joined Feb 2004
L6: Expert
1,929 Posts
710 Reputation
#9
I've heard conflicting reports. Is this free and clear money or is this basically an advance on your 2020 tax return?
Reply Helpful Comment? 0 0
I saw that my professor had a new Inspiron 700m, so I said, "Nice computer, I just got the same one!" and he responded, "Slickdeals?...yeah, me too!"
This comment has been rated as unhelpful by Slickdeals users
Joined Jul 2014
L7: Teacher
2,961 Posts
321 Reputation
#10
Quote from jbn8
:
I've heard conflicting reports. Is this free and clear money or is this basically an advance on your 2020 tax return?
It will be taxed, like every other stimulus "gift."
Reply Helpful Comment? 0 0
This comment has been rated as unhelpful by Slickdeals users
Joined Nov 2005
L10: Grand Master
30,790 Posts
3,924 Reputation
#11
it's $75k/$150k will get $1200/$2400 with a $5 reduction for every $100 over the limit, plus $500/kid. Based off of 2018 AGI.

So if you're a couple with 2 kids and a 160k AGI you'd get:

$2400 less ((160k-150k)/100*$5 = $500) = $1900
+ (2) $500 for the kids
= $2900

https://www.nbcconnecticut.com/ne...s/2244952/
Reply Helpful Comment? 0 0
Last edited by Dr. J March 25, 2020 at 02:19 PM.
This comment has been rated as unhelpful by Slickdeals users
Joined Feb 2004
L6: Expert
1,929 Posts
710 Reputation
#12
Quote from Dr. J
:
it's $75k/$150k will get $1200/$2400 with a $5 reduction for every $100 over the limit, plus $500/kid. Based off of 2018 AGI.

So if you're a couple with 2 kids and a 160k AGI you'd get:

$2400 less ((160k-150k)/100*$5 = $500) = $1900
+ (2) $500 for the kids
= $2900

https://www.nbcconnecticut.com/ne...s/2244952/
Latest that I've read is that the child credit will be subject to reduction based on AGI, and they will also use the 2019 AGI, if filed. Since many 2019 filings are still in process, awaiting approval, not sure what date the government will use before defaulting to 2018.
Reply Helpful Comment? 0 0
This comment has been rated as unhelpful by Slickdeals users
Joined Jan 2006
L7: Teacher
2,887 Posts
9,524 Reputation
#13
Reported on CNN:

"Is the check based on my 2018 or 2019 tax return?

Under the plan, individuals who earn $75,000 in adjusted gross income or less would get direct payments of $1,200 each. But which tax return is that based on?

If you've filed for 2019, that's what it would based off of. If you haven't, it would be based off of 2018."
Reply Helpful Comment? 1 0
This comment has been rated as unhelpful by Slickdeals users
Joined Nov 2006
disgruntled caveman
33,472 Posts
2,044 Reputation
#14
Quote from pandamania
:
Reported on CNN:

"Is the check based on my 2018 or 2019 tax return?

Under the plan, individuals who earn $75,000 in adjusted gross income or less would get direct payments of $1,200 each. But which tax return is that based on?

If you've filed for 2019, that's what it would based off of. If you haven't, it would be based off of 2018."
Good to know. I'll have to do my taxes and compare to see if it's worth filing.
Reply Helpful Comment? 0 0
This comment has been rated as unhelpful by Slickdeals users
Joined Jan 2006
L7: Teacher
2,887 Posts
9,524 Reputation
#15
Quote from bonkman
:
Good to know. I'll have to do my taxes and compare to see if it's worth filing.
Ditto for us!
Reply Helpful Comment? 0 0
Page 1 of 2
1 2
Join the Conversation
Add a Comment
 
Link Copied to Clipboard