Phased out over $ 75,000 and $ 150,000 for single and joint tax returns, respectively
Total eliminated at $ 99,000 and $ 198,000
Phased out over $ 75,000 and $ 150,000 for single and joint tax returns, respectively
Total eliminated at $ 99,000 and $ 198,000
Y'know, I remember people falling in love with our governor when he gave them $ 50 several years ago.
This could really benefit Trump. Not that it should, but "the greatest argument against a democratic form of government is a five minute conversation with the average voter"
I have a number of clients who have owed in years past, so IRS has no banking info. I was able to get in for them and put their bank info in.
Interestingly, for myself personally and a few clients who have not filed 2019 returns yet (because waiting to file gets a higher stimulus amount), and don't usually get refunds so there is no banking info on file, I get the dreaded "Payment Status Not Available". Not happy about this at all. They want you to put your bank info in, but yet will not allow it, probably to a glitch in the system.
I have another client who, even though hasn't filed 2019, had a refund in 2018 direct deposited, so the IRS has their banking info. They received their stimulus yesterday.
Interestingly, for myself personally and a few clients who have not filed 2019 returns yet (because waiting to file gets a higher stimulus amount), and don't usually get refunds so there is no banking info on file, I get the dreaded "Payment Status Not Available". Not happy about this at all. They want you to put your bank info in, but yet will not allow it, probably to a glitch in the system.
I have another client who, even though hasn't filed 2019, had a refund in 2018 direct deposited, so the IRS has their banking info. They received their stimulus yesterday.
A strategy for divorced or single parents that I think would work.
If you have multiple children, say 2 for discussion purposes, and you both claim one in 2019 and 2020, you both received $ 1,700 (assuming you meet all the qualifications)
If one of you claim both in 2019 and the other claims both in 2020, you both get $ 2,200.
Also, if someone's income is too high for 2019 but won't be for 2020 (I think we'll see a lot of this situation), then consider deferring your exemption claiming year to 2020, could be worth another $ 500 per child if you could afford to wait 10 or so months
If you have multiple children, say 2 for discussion purposes, and you both claim one in 2019 and 2020, you both received $ 1,700 (assuming you meet all the qualifications)
If one of you claim both in 2019 and the other claims both in 2020, you both get $ 2,200.
Also, if someone's income is too high for 2019 but won't be for 2020 (I think we'll see a lot of this situation), then consider deferring your exemption claiming year to 2020, could be worth another $ 500 per child if you could afford to wait 10 or so months
