$2T bill just passed what are stimulus checks

What does this mean? I've heard $1K per adult income less than 85K or joint filers less than 200K.

What am I missing? There seems to be a 15K gap for single vs joint filers.

Is this just essentially an early tax refund without having to file. In other words, is this a faux gift which in reality it is a refund in advance.

Why does some of this not make sense?

Here is one article less than 50% of research I just did online.
Sorry to waste time here.

[link to thecollegeinvestor.com (secure)]


The 2020 Covid-19 Stimulus Checks
Here's what they are as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

The stimulus check amount for 2020 is adults would get $1,200 each (so $2,400 for couples filing jointly) and children $500 each (children are qualifying children according to IRS rules claimed in the household under 17 years old). The benefit would start to phase out at a rate of $5 for every additional $100 in income.

You also cannot be claimed as a dependent on someone else's return.

The benefit phaseout starts at:

$75,000 in adjusted gross income for singles
$112,500 for heads of household
$150,000 for married couples filing jointly
Completely phase out at $99,000 for singles and $198,000 for couples (with no children)
The current bill as written requires you to have filed a 2019 tax return or a 2018 return if you haven't filed your 2019 return yet by the time the checks go out, and it would send the benefit checks to the address listed on the tax return. See below for updating your information with the IRS.

If you're not required to file a tax return due to being on Social Security, the government will use the information on your Form SSA-1099, Social Security Benefit Statement, or Form RRB-1099, Social Security Equivalent Benefit Statement.

For Those On Social Security, SSDI, or SSI

For those on Social Security as part of retirement or through the Social Security Disability Insurance program can have their Social Security Administration data used directly to claim the stimulus check - no tax return will be required.

This law will also include payments to those whose income comes entirely from non-taxable benefits, such as SSI benefits.


Is This Income, A Tax Credit, Or What?

This stimulus check is a refundable tax credit for 2020, being paid to you early. You will have to claim in on your 2020 taxes, but there is nothing to pay back... unless:

You received an incorrect amount based on household or filing (such as you're now divorced and should have received just a single check, etc.)
We are currently uncertain what happens if your earnings in 2020 exceed the AGI limits

Last Edited by uhftx on 03/29/2020 09:33 AM