TRUMP(ET) SOUNDS: Take the Money and Run
posted by Law | April 17, 2020 | In OpinionOn the morning of Wednesday, April 15, the sound of deposit notifications awakened American citizens across the world: “Direct deposit of $1,200.00” free and clear, or is it?
On March 27, President Trump signed off on a historic $2.2 trillion stimulus package.
Well, the wait is over for some. For others, according to U.S. congresswoman, Debbie Dingell (D.-Mich.): “approximately three weeks after the first round of payments are made (the week of May 4), the IRS is expected to begin issuing paper checks to individuals” who did not have direct deposit information on file with the IRS.
Now what? A more pressing concern: Is the one-time payment enough?
What does a college student who has filed 2018 or 2019 tax returns do with an additional $1,200.00? Many are giving this stimulus package the thumbs down, citing that it is just an advance on the 2020 tax refund.
What does this mean? Is Uncle Sam coming back for his $1,200.00 per person at the end of 2020? Yes and no, Mostly, no.
We did some digging, and while browsing 144 of 880 pages of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, we found this:
“In the case of an eligible individual, there shall be allowed as a credit against the tax imposed for the first taxable year beginning in 2020 an amount equal to the sum of $1,200 or $2,400 in the case of eligible individuals filing a joint return.”
Clear as muddy waters—right?—and just as deep, so I looked to a widely trusted source in the money industry to help make this crystal. The following is according to Forbes:
What are the income thresholds to get a stimulus check?
If your income is greater than these amounts, you will not get a stimulus check:
Single Filer: $99,000
Joint Filer (no children): $198,000
Now, the good news. If your adjusted gross income is lower than these numbers, you can qualify for a stimulus check of $1,200:
Single Filer: $75,000
Head of Household: $112,500
Married/Joint Filer: $150,000
I’m a college student. Will I get a stimulus check?
“If someone claimed you as a dependent on their federal tax return, then unfortunately, you won’t get a stimulus check.”
For those who have lost wages and are still adulting, the answer is staring us all right in the face.
The phrase “making ends meet” comes to mind. Take the money and run. Whatever is going to happen will happen in its time and likely play out on Twitter.
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