Does everybody get $1,200? I only received $203.40.

[mobeau69]

I got this in my account today:


Description:
ELECTRONIC DEPOSIT IRS TREAS 310 TAX REF XXXXXX

Statement Description:
ELECTRONIC DEPOSIT IRS TREAS 310 TAX REF XXXXXX

Date:
4/15/2020

Type:
Credit

Looks like a tax refund but I haven't filed a Federal tax form for 2019. WTF?

[mwooldri]

1. If one makes a lot of money (more than $75k single, $150k married)

.... then the amount of tax credit is reduced until one gets nothing.

Unless it's a bank error of course...

[Claustrum]

2. I got the full $1200

Maybe you are a higher income earner that doesn't qualify for the full $1200?

[Hoyt]

3. You must have made close to $95,000 on your last tax return, if filling single.

If filing single, they start cutting the payment at $75,000 and it becomes zero around $99k.

[DURHAM D]

5. Have you seen the income breakdown for this.

Unfortunately I have filed my 2019 returns and had capital gains for the one and only time in my life.

Edit: Just found the calculator. Boo

[Hoyt]

8. If I remember, the cut to $1200 starts at $75,000 taxable income. The cut is like $5 for every

hundred above $75 K.

Here’s a chart—

https://www.fool.com/retirement/2020/04/03/confused-about-your-stimulus-check-heres-what-you.aspx

[mobeau69]

11. Thanks.

[mobeau69]

9. Thanks. I took a partial distribution from my 401K in 2018.

And now I'm retired and don't even owe any taxes for 2019. I should've sent what they call a simple form showing 0 taxes owed for 2019. I did that for my states (moved) cause they have forms for this but the IRS doesn't. Fucked again!

[Hoyt]

19. There's a wrinkle where you might get your $1200. Stimulus is based on your 2020 earnings, but

they don't know what that will be. So, IRS uses your 2018, or 2019 if filed, to estimate your earnings in 2020 for purposes of the stimulus payment now. Thus, if you don't earn over $75K in 2020, or the married equivalent, you will get your $1200.

I think I read that you will be able to call or email the IRS and tell them your unique situation and they will -- if they know what they are doing -- send another payment to equal $1200. If you've filed your 2019 tax return by then, you'll be able to show that as a better estimate of your 2020 earnings.

Of course, you probably have to wait until the current chaos is over. In any event, If you make less than $75K in 2020, they will settle up when you file your 2020 return.

Hope this makes sense. They made it quite confusing, but I'm just "grateful."

[mobeau69]

21. Thanks, Hoyt.

I think I'd better send in a 1040 showing no taxable income for 2019. Then I'll follow up like you've suggested. I really appreciate your input.

I moved out of Indiana last year but had to file a part year resident form. I was surprised that they're sending me $100.00. I even called them and explained that I had no income in IN and questioned entering the $100.00 refund on my return (following their instructions) considering I had no withholding but they said yes, you can claim it. That was unexpected to say the least

[lunasun]

4. No there is an income restriction

[smirkymonkey]

6. It depends upon your income.

After $75k, it starts going down and bottoms out at $99k for a single filer. There are other similar rules for married couples and families. I got a direct deposit, but not even close to the maximum. It's ok. I didn't expect much. I prepared myself for getting nothing so getting something was a nice surprise.

Beats a sharp stick in the eye. I will make a few political donations. Try to see if I can buy a few masks and save the rest since you never know how things will play out.

Oh yeah, and try to find some paper products which I can't seem to find anywhere! I may have to crawl out of my hole, but I am going to call stores first to make sure they have items in stock. I refuse to risk my life for empty shelves.

[mobeau69]

12. Thanks and stay safe.

[smirkymonkey]

18. You too!

[Hotler]

7. The Don says that all you get. You must have picked on him at one point.

[mobeau69]

10. Another term and he'll be doing that shit!

[Shermann]

13. That's more Donnie Dollars than I got! nt

[Alex4Martinez]

14. THAT is your tax REFUND. (I think. Happened to me, too)

I just got something similar for an odd amount like that.

IMO, REF = refund from your tax return.

Check your returns for 2019, did you have a refund coming?

[mobeau69]

16. I haven't filed for 2019. See 9.

Thanks though.

[mobeau69]

17. Thanks. See 9.

[krispos42]

20. Looks like a tax refund

I got mine today, it had "STIMULUS" in the transaction. It was for $1700, myself and the kid.