With the changes to the cut off, I was wondering how many on ERA are getting or not getting the $1400 stimulus check? Please vote yes if you're getting above or below $1400. Thanks.
If you vote No, please answer these additional questions:
What's your filing status? Single, Head of Household, Married, Adult Dependent
Are you unemployed at the moment?
(Optional) How much over the cut off were you?
Which Tax Year Is Used To Determine Eligibility?
The IRS will use the most recent tax return on file (2019 or 2020 tax return).
If your income has fluctuated during the pandemic, consider whether you want to file your 2020 taxes now or wait until this bill passes to do so. For example, if your income in 2019 was too high to receive a stimulus payment up front, but your 2020 income decreased to a level that would make you eligible to receive a full or partial payment, it may benefit you to submit your tax return ASAP so your payment is based on that most recent tax return.
On the other hand, if you think your adjusted gross income (AGI) increased in 2020 beyond the point of eligibility for this stimulus payment but you would benefit from the financial relief, you may want to hold off on filing until after the payments are distributed. You won’t have to pay your stimulus check back to the government if you ended up making too much money in 2020 or 2021. (Just keep in mind that Tax Day is April 15, and the IRS has not announced that it will delay that deadline.)
In any case, it’s always important to file your tax return as soon as possible. Make certain to consider the pros and cons before deciding to delay your tax filing; you may want to consult a tax professional.
If you receive Social Security (either retirement or disability) but didn’t file a return in 2019 or 2020 (because you earn too little to be required to file), you’ll also receive a stimulus check, based on the information sent to the IRS on forms SSA-1099 and RRB-1099.
How Much Would Each Person Receive?
- Up to $1,400 for qualifying individuals
- $2,800 for qualifying couples who file a joint tax return
- $1,400 for each dependent child under the age of 17
- $1,400 for each qualifying adult dependent
If you’re a single filer, your payment is reduced if your adjusted gross income (AGI) is above $75,000. For married couples filing jointly, the phaseout begins at an AGI of $150,000. If you file as head of household, the reductions begin at $112,500 (if you are single, widowed or divorced and claim a child as a dependent, you probably have been filing as head of household.)
According to new information reported on March 3, these payments will phase out completely at the following income levels:
- $80,000 AGI for single taxpayers
- $160,000 AGI for married filing jointly taxpayers
- $120,000 AGI for heads of household
Individuals earning $80,000 or more, married couples filing jointly earning $160,000 or more and heads of households earning $120,000 or more will not receive a stimulus payment. So far, there have not been any changes to adult dependents receiving the full $1,400 (if the taxpayer claiming them qualifies).
Source: https://www.forbes.com/advisor/personal-finance/1400-stimulus-check-calculator-new-income-limits/How Much Will Adult Dependents Receive?
Adult dependents, including college students and disabled adults, are slated to receive $1,400. But that amount could be reduced depending upon the adjusted gross income of the person claiming them on their taxes.
If you vote No, please answer these additional questions:
What's your filing status? Single, Head of Household, Married, Adult Dependent
Are you unemployed at the moment?
(Optional) How much over the cut off were you?
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