AGI. I also think that if your 2020 AGI is lower you will eventually get a credit.
I think it’s structured as a 2020 tax credit advance. So for an extreme if your 2019 incomes was disqualifying but in 2020 you do fully qualify, you will get a 1200 credit.
The bonus is that if your 2020 income is the higher disqualifying one, you get to keep whatever you get. No take backsies.
Can anyone confirm the above?
Congrats guys. Hopefully eventually my day will come. Still get the same error on the website. To add insult to injury my dead grandmother apparantly received her check yesterday according to my mom.
This breakfast/brunch spot I take my kid to every year for the holidays (they go all out with the decorations it’s really insane) just shut their doors for good and cited SBA on their farewell address: “thanks for nothing SBA” :(
That was my original understanding, but there seems to be a lot of confusion around that (and same if the stimulus was determined based on 2018 income, like mine) with no clear answers at this time. [2020 I wouldn’t qualify at all, 2019 I would have a much reduced check, 2018 I get a slightly reduced check - so I guess I’ll see what happens eventually.]
NPR has a story about exactly this situation
Treasury Secretary Steven Mnuchin told The Wall Street Journal one week ago that heirs should return the money sent to deceased individuals. But people who talked to NPR said they had more questions than answers.
…
Mark Everson, who served as IRS commissioner from 2003 to 2007, says that the IRS has generally been doing a good job, “but there’s a real trade-off of speed versus accuracy in the processing,” he says. “There’s a lot of pressure to move quickly, and in the past Treasury and the IRS have been criticized because they haven’t moved quickly enough.”
Everson says that people in this situation should rely on official guidance from IRS.gov.
…
After multiple requests, the IRS declined to answer questions and directed them to the Treasury Department.
The Treasury Department has not responded to questions about what the IRS is doing to address the issue and what families should do if a deceased loved one has received a payment.
I am going to argue they are not moving quickly enough as they are closing in on one month and they still haven’t even hit all first time direct deposit targets yet.
Sorry to hear that. I think you can at least stop worrying about the address until you get the red error message.
I’d keep entering if you care about whether you have a shot at direct deposit. I was not given one.
For those of us that are fortunate enough to not need the $1200, can we come up with a list of charities to donate to that would cause maximum triggerage on the right?
I’m thinking:
What else? It might be fun to come up with a full-spectrum troll package and brand it with some clever name. Get it to go viral and enjoy the show (while doing some good).
Like the sentiment, I would suggest looking up local food banks and trying to help your community. All good options though.
We donated half our stimulus to:
Yes, that’s probably what I’ll actually end up doing (my girlfriend got her payment a while back and has already donated most of it).
But it was amusing to me to imagine making Trumpers mad about their tax dollars going to causes they hate, like I get mad about most of my tax money going to fund the military industrial complex, etc.
This is a good candidate. Some of my girlfriend’s stimulus went there already.
Got my stimulus this morning. Received 500 for my kid that just turned 18 this year. I assume that will be clawed back at the end of the year
I will accept $30/hour and a two-week pre-entry quarantine to be your kids nanny and teacher. I assume I am invited to all family activities. I will cook as well if you don’t mind endless hamburgers and protein bars. Milk is running short, but a little water+whipped cream, stir and enjoy.
We also got paid today
+500 for our 18 year old daughter
Thanks for that.
This country is always looking out for the people that matter
Hmm
There is new guidance from the SBA that says you can keep a laid off/furloughed employee on your FTE employee count if you formally offer them their job back, even if they don’t accept it. Of course you will still have to find a way to actually spend 75% of your loan on payroll.
I did the app for an EIDL loan for a friend’s business about 3 weeks ago. Haven’t heard a thing yet. We do have an application number of 3303438138. Anyone have one around that number that has been funded? Just trying to figure out where it is in the queue.
They just processed April 10 and I got paid on Monday.
I just looked. I sent him the screenshot of the finalized app number on April 9. 