Last edited Thu Mar 26, 2020, 04:53 PM - Edit history (1)

if your *only* income is social security, chances are you don't have any federal tax liability, so no check.

if you do have only social security income and did manage to owe something in federal income taxes, then yes, you would get a check, up to the amount of your federal income tax liability or $1200, whichever is less.


in the article, when it says most social security recipients will get a check, that's in large part because many social security recipients also have some other income.


on edit: people are saying this has been changed since the original bill, hopefully this is true, you aren't limited by your federal income tax liability if you receive social security.

Table 1. Conventional Distributional Effect of the Proposed Recovery Rebates (Revised) in the CARES Act

% change
Income level After-Tax Average
Income Rebate Share of Filers with a Rebate
0% to 20% 16.33% $1,436 100%
20% to 40% 6.73% $1,579 100%
40% to 60% 4.33% $1,642 100%
60% to 80% 3.00% $1,865 99.9%
80% to 90% 1.89% $1,727 98.9%
90% to 95% 0.67% $844 62.2%
95% to 99% 0.02% $45 8.7%
99% to 100% 0.00% $0 0.1%
Total 2.59% $1,523 93.6%

good to hear. hope donnie doesn't ruin it....

hopefully he's too obsessed with the daily stock market movements to try that, because any hint of a possible veto will send the dow down about 1500 points....

but it needs a two thirds majority.

The President also has a time constraint on his veto power.

O https://history.house.gov/Institution/Presidential-Vetoes/Presidential-Vetoes/

House hasn't acted yet, of course, but if they pass it with 350 or so on the plus side all Trump could do would be to delay things, which is certainly something I wouldn't put past him.

It’s really helping to finally see something concrete about addressing the Social Security questions!

a 1099 form will get a check. Higher income people will be limited.

My check, whether I get it because of my 2018 income tax return or my 2019 SS form 1099 will be going right back into the economy.

he's originally Canadian (born in Kenya IIRC) and I think his background is in financial reporting like Stephanie Ruhle.

Generally I like him. He's especially good on medical issues with his Canadian familiarity with a real Universal Healthcare System.

I seems to have his own show but he subs for everyone who is out on MSNBC. I like him so much that I’d love to see him replace Chuck Todd! He’s down to earth, charming, no nonsense, very informative on financial issues, and pushes back on bullshitters.

And in the heat of tax season, you don't get a lot of chances to catch up on the news. I'm not surprised that the OP's accountant didn't know about the NYT article.

over the phone, through email, etc. The pushed off filing date will help even out the workload.

But I can tell you it’s not really happening

Clients are even less interested than we are

It’s all about survival of their businesses right now

most of my clients were non-business folks. Of course, that was during the 1980's, when you could actually do something with people besides hold hands and cry with them after TEFRA.

could you please post it here?

I hate the fog of uncertainty in such important times as these.

Several who have not filed, or had too much income for stimulus last year but now earn less so they are eligible, are giving me info for 2019 returns.

Plus others laid off are anxious to get refunds.

I’m as busy as ever.

Last edited Thu Mar 26, 2020, 04:54 PM - Edit history (1)

first and foremost, the money you get is limited by that amount you owed (based on 2018 income) or will owe (based on 2019 income).

so the roughly 50% of the country with no federal tax liability doesn't get any help (they may get help from the unemployment provisions, but not from this).

on the other side of the income spectrum, singles will get reduced checks, which become zero by $99k for singles or $198k for couples. certainly bill gates doesn't need a $1200 check, but $198k for a couple isn't exactly the upper crust, and definitely not in expensive cities.

personally, i won't get any, and i'm perfectly fine with that.

but i know i'm going to hear about checks going to "every american", and that's far from true.



on edit: people are saying this has been changed since the original bill, hopefully this is true, you aren't limited by your federal income tax liability if you receive social security.

You do NOT need to have had federal tax liability in 2018 or 2019 if you receive Social Security. For those who have not filed taxes because they owed nothing, but received a Social Security 1099, they will receive a payment of $1,200.

The ORIGINAL bill which was first proposed, reduced the amount to $600 for those who did not file taxes because they were on Social Security. This has now been corrected thanks to the Democrats.

somewhat amazed republicans allowed this.

well it's not over yet i guess, donnie can still throw a tantrum, and probably will....

My mom lives with me and rents her home out in Memphis. We are worried the renters are not going to be able to pay. There is a property management group who will be dealing with that. But there is a good chance she won't get that income.

Otherwise, all she has is SS. I do her taxes, and she has never made enough from the rental and SS to owe any taxes, and she doesn't get a refund either.

I haven't done her taxes for 2019 yet, I need to get on that (even though it is 0 owed, and 0 refund)

I hope she gets the stimulus check.

I am one of the fortunate who still has a job, and I am able to telework, and I won't qualify for it.

Re-read the above posts.

I chose the prepaid Visa card for my tax refund, which I got a couple weeks ago. I wonder if they’ll just add the $1200 to that card? That would be great.

I have a feeling this is going to be a total CF.

like a CF to me!

if you had setup someplace to direct deposit your tax refund, then that is where this would go. Otherwise it will go out as a paper check.

you get exactly what, the one person on SS gets the 1200 and the other person doesn't get anything..............or is it combined so that with every 100 above the 75000 brings it down ....................really, can someone check my math...................

87000-75000 =79500
79500/ 100 = 795
1200-795= 405 dollars

that a couple of posters submitted might help clarify your questions.

It should simply be your combined income under the couple’s limits we’ve seen

Eta, under your scenario of a couple with 87k of income, each should receive the 1200 dollars

I haven’t seen anything that contradicts that yet

Also, until it’s passed and signed, we’re just speculating 🤔

For instance, is this taxable as income for 2020? Is the benefit deducted from future tax refunds, etc.?

But how it's actually accounted for, no idea

some of the stimulus back.

The payment you get now is based on your 2018 reported income or 2019 if you file. That is used as the estimate of your 2020 income.

Say you’ve filed 2019’s return with an income less than $75K, you’ll get $1200 in a few weeks.

If you make more than $75K in 2020, you will have to pay some back.

And I am perfectly content with that fact. No way folks like us should get help we don’t need.

Not really happy about it.

UI is my only hope.

Do you still have your job?

Looks like they won't be back any time soon, so no income for company.
100% lockdown won't help either.