Government Checks

[Doobs41378]

Originally Posted by Descant

So, if my income varies from year to year and I get paid mostly on 1099 how does the treasury know what to send? I haven't filed my 2019 return yet. What about folks who got new, better paying, jobs in 2019. Will they pay me and then take it back when I file my 2020 return?
Complex stuff. No need to answer. We'll wait and see if Congress ever gets it in gear and passes the bill. And then maybe some follow up bills to fix and tweak. "Do it right, do it once.," is not applicable to Congress.

Based off your 2018 return if you haven’t filed 2019 yet I believe.

[Rich]

My tax accountant sent me the following summary today after this passed the house. Maybe this will help to answer someone's questions:

Recovery Rebates

The measure would provide refundable tax credits of as much as $1,200 per individual or $2,400 for couples who file joint tax returns. An additional $500 would be provided for each child.

The credit would be reduced by 5% for the amount a taxpayer’s income exceeds $150,000 for joint returns, $112,500 for heads of household, and $75,000 for other filers.

The rebate would completely phase out for incomes exceeding $198,000 for joint filers, $146,500 for heads of household, and $99,000 for individual filers, according to a summary from the Senate Finance Committee.

The rebate would be based on 2019 taxes, or for individuals who haven’t filed, against their 2018 taxes or 2019 Social Security statements.

Payments would be made through Dec. 31, 2020. They could be delivered electronically to accounts where a taxpayer had authorized deposit of a tax refund or other federal payment on or after Jan. 1, 2018. Notice would have to be sent to the taxpayer within 15 days of sending the payment. Treasury Secretary Steven Mnuchin said during a March 25 White House virus briefing that the department could begin sending payments in as little as three weeks.

A Social Security number would be required to claim the credit, although only one number would be required if one spouse was a member of the Armed Forces.

The measure would establish rules for the credit to be provided in U.S. territories.

The Treasury Department, in coordination with the Social Security Administration, would have to conduct a public awareness campaign.