Corona Virus: It's a Marathon, Not a Sprint

[malchior]

What I'm interested in is how they'll do the credit for people with no tax liability.

Isn't that what this Section basically takes care of? (Page 154)

(d) EXCEPTION FROM REDUCTION OR OFFSET.—
10 Any credit or refund allowed or made to any individual
11 by reason of section 6428 of the Internal Revenue Code
12 of 1986 (as added by this section) or by reason of sub
13 section (c) of this section shall not be—
14 (1) subject to reduction or offset pursuant to
15 section 3716 or 3720A of title 31, United States
16 Code,
17 (2) subject to reduction or offset pursuant to
18 subsection (d), (e), or (f) of section 6402 of the In
19 ternal Revenue Code of 1986, or
20 (3) reduced or offset by other assessed Federal
21 taxes that would otherwise be subject to levy or col22 lection.

Doesn't that basically mean that even if they have no tax liability, this credit stands?

Yes and that is why I'm curious because I am wondering about it mechanically. How are they going to identify them/validate them/send them checks.

[Octavious]

That is my interpretation as well. The Act creates a credit for the 2020 tax year and gives it to you in advance even if you ordinarily wouldn't be eligible for a credit. FWIW the UI stuff in section A has a ton of pitfalls by my reading. It is a minefield of conditions. Now to read how the Plutocrats are raiding the public coffers.

So wait you're saying that for next tax year if you were getting back 2900 you will now get zip? I withhold pretty much exactly what I need to do I usually owe a tiny bit. This works in my favor while fucks anyone that uses it as a kickback every year. Especially as Trump won't point this out for obvious reasons.

No.

So say your tax liability is 7000. You arrange it so that you get back 3000 (using round numbers for easy math), meaning the tax you paid through the year was 10,000.

This is a tax credit. It comes right off your tax liability. So now you still paid 10,000 throughout the year but your tax bill is only 4000 (assuming 2 adults and 2 kids - 3000 stimulus check now). So next year they will say "Hey, you only owe 4000 and paid 10,000. You are due 6000 back, but we already gave you 3000 so here is the other 3000."

I kind of get it... But still trying to wrap my head around it... I still don't get the logic of people would overpay so much that they get like 5K back at the end. These are generally people that don't have that much money each month...

[Scraper]

So lets say that someone is married with 2 kids and they filed jointly in 2018. If their AGI was $170,000 how much would they actually get under this act? (I'm asking for a friend )

[El Guapo]

So lets say that someone is married with 2 kids and they filed jointly in 2018. If their AGI was $170,000 how much would they actually get under this act? (I'm asking for a friend )

0, I think? I think these checks cap out at an income of $99,000ish?

edit: never mind, looks like the phase out is much higher than I thought. Maybe I was thinking of the initial Republican bill?

[stessier]

So lets say that someone is married with 2 kids and they filed jointly in 2018. If their AGI was $170,000 how much would they actually get under this act? (I'm asking for a friend )

From Page 145

10 ‘‘(c) LIMITATION BASED ON ADJUSTED GROSS IN
11 COME.—The amount of the credit allowed by subsection
12 (a) (determined without regard to this subsection and sub13 section (e)) shall be reduced (but not below zero) by 5
14 percent of so much of the taxpayer’s adjusted gross in15 come as exceeds—
16 ‘‘(1) $150,000 in the case of a joint return,
17 ‘‘(2) $112,500 in the case of a head of house18 hold, and
19 ‘‘(3) $75,000 in the case of a taxpayer not de20 scribed in paragraph (1) or (2).
21 ‘‘(d) ELIGIBLE INDIVIDUAL.—For purposes of this
22 section, the term ‘eligible individual’ means any individual
23 other than—
24 ‘‘(1) any nonresident alien individual,

You start with 1000 per adult and 500 per kid - so 3000 for your friend.

So I think this means you calculate how much you exceed the limit (170-150 = 20,000) and take 5% of that (20,000*0.05 = 1,000). So $1000 is taken away from your amount.

Your friend should get 2000.

It also means for that family, it would totally phase out at 210,000.

[Scraper]

So lets say that someone is married with 2 kids and they filed jointly in 2018. If their AGI was $170,000 how much would they actually get under this act? (I'm asking for a friend )

From Page 145

10 ‘‘(c) LIMITATION BASED ON ADJUSTED GROSS IN
11 COME.—The amount of the credit allowed by subsection
12 (a) (determined without regard to this subsection and sub13 section (e)) shall be reduced (but not below zero) by 5
14 percent of so much of the taxpayer’s adjusted gross in15 come as exceeds—
16 ‘‘(1) $150,000 in the case of a joint return,
17 ‘‘(2) $112,500 in the case of a head of house18 hold, and
19 ‘‘(3) $75,000 in the case of a taxpayer not de20 scribed in paragraph (1) or (2).
21 ‘‘(d) ELIGIBLE INDIVIDUAL.—For purposes of this
22 section, the term ‘eligible individual’ means any individual
23 other than—
24 ‘‘(1) any nonresident alien individual,

You start with 1000 per adult and 500 per kid - so 3000 for your friend.

So I think this means you calculate how much you exceed the limit (170-150 = 20,000) and take 5% of that (20,000*0.05 = 1,000). So $1000 is taken away from your amount.

You should get 2000.

It also means for that family, it would totally phase out at 210,000.

Makes sense, I'll tell my friend.

[Skinypupy]

These are based off the 2018 tax returns, right?

EDIT: NVM, figured it out. This link at WaPo supposedly tells you how much you'll be getting.

The fun part for me, since my income fluctuates wildly year to year, is this:

It is possible that someone may have to pay back some of the money if his or her income this year turns out to be significantly more than it was in 2019 or 2018.

This is an entirely feasible scenario for me. My 2019 income was about half of my 2018 income. Before all this, 2020 was looking to get things back up to to 2018 levels, although I have no idea what's going to happen now.

[stessier]

These are based off the 2018 tax returns, right?

EDIT: NVM, figured it out. This link at WaPo supposedly tells you how much you'll be getting.

Drat, adults get 1200, not 1000, so I was off by $400 for his friend. So close.

[Blackhawk]

These are based off the 2018 tax returns, right?

I read somewhere last night that it is your 2019 tax returns if they're already filed, or your 2018 returns if you haven't.

Also, this entire conversation makes my head spin. I read it all and still have no idea how it works.

[Defiant]

https://twitter.com/kennwhite/status/12 ... 1139784711
https://twitter.com/kennwhite/status/12 ... 7001147392

[wonderpug]

These are based off the 2018 tax returns, right?

I read somewhere last night that it is your 2019 tax returns if they're already filed, or your 2018 returns if you haven't.

Also, this entire conversation makes my head spin. I read it all and still have no idea how it works.

You’re getting $1200 per adult and $500 per kid. Doing taxes in the spring will be a little funky but you’re allowed to spend your $1200 when you get it.

[Daehawk]

Its based on 2019 returns. If you did not file in 2019 then they use 2018.

What you can get.
https://www.cnn.com/videos/business/202 ... ot-vpx.cnn

6 key questions
https://www.cnn.com/2020/03/25/politics ... index.html

[Skinypupy]

https://twitter.com/kennwhite/status/12 ... 1139784711
https://twitter.com/kennwhite/status/12 ... 7001147392

Is literally anyone surprised by this?

My initial assumption was that Trump invested in the company of whatever drug he was pushing as the "cure" and that he stood to profit from it somehow.

My second assumption was that it was either junk science, or a completely unproven and untested theory that someone mentioned to him in passing and he immediately started pushing as "fact" (as he is wont to do).

[IceBear]

Reports that the streak for longest demilitarized border in the world maybe ending

[Defiant]

https://twitter.com/Redistrict/status/1 ... 3235790850

Relevant as U.S. death toll hits four digits: by my calc, counties that voted for Trump in 2016 account for 45% of the U.S. population but so far just 19% of all U.S. #COVID19 deaths, per JHU data.

Why relevant? It's helping drive the partisan, urban/rural gulf in public opinion on the severity of the crisis. The question is whether public opinion changes when, as most experts expect, the latter % rises over next few weeks.

[Blackhawk]

You’re getting $1200 per adult and $500 per kid. Doing taxes in the spring will be a little funky but you’re allowed to spend your $1200 when you get it.

Maybe. My situation's a little convoluted. Does anyone who can translate that gibberish know how they're defining 'kid'? I've got an 18-year-old still in high school and has never earned income. Does he count as an adult ($1200), a child ($500), or nothing ($0?)

[Jaymann]

Reports that the streak for longest demilitarized border in the world maybe ending

What, those pesky Swedes are at their neighbors throats?

[stessier]

You’re getting $1200 per adult and $500 per kid. Doing taxes in the spring will be a little funky but you’re allowed to spend your $1200 when you get it.

Maybe. My situation's a little convoluted. Does anyone who can translate that gibberish know how they're defining 'kid'? I've got an 18-year-old still in high school and has never earned income. Does he count as an adult ($1200), a child ($500), or nothing ($0?)

I am not an accountant, but if you claimed him as a dependent, you'll be getting something. I would bet the child level.

Edit: Here are the rules for claiming dependents from Turbotax. It looks like he'll be considered a child.

[Daehawk]

Reports that the streak for longest demilitarized border in the world maybe ending

What, those pesky Swedes are at their neighbors throats?

I think that would be the US and UK in the Great Lakes.

[Daehawk]

Got a postcard sized thing in the mail today that says in large letters 'President Trumps Coronavirus Guidelines for America.' Then on the other side lists a lot of stuff we already knew with every one of them saying STAY HOME...even when you are sick and stuff. It even says one line on 'if you testing positive' hahaha like anyone gets tested.

[Smoove_B]

https://twitter.com/NYCComptroller/stat ... 5767957505

South Dakota has 40 cases—and gets $1.25 billion from the state relief fund—$30 million per case.

New York has 35,000 cases—and the most we could get is $5.1 billion—​$155,000 per case.

What's wrong with this math?

[Zaxxon]

Has to do with colors, I think.

[El Guapo]

Has to do with colors, I think.

To be fair, it probably also has to do with how much each state likes Trump.

[Smoove_B]

I was feeling hopeful for a few days. Now I'm leaning back towards thinking we're not going to collectively survive this.

[malchior]

Has to do with colors, I think.

To be fair, it probably also has to do with how much each state likes Trump.

I think the colors he was thinking about were red and blue. But yes we all agree. It's odd though considering the main negotiator is repping the most affected state.

[Defiant]

Got a postcard sized thing in the mail today that says in large letters 'President Trumps Coronavirus Guidelines for America.' Then on the other side lists a lot of stuff we already knew with every one of them saying STAY HOME...even when you are sick and stuff. It even says one line on 'if you testing positive' hahaha like anyone gets tested.

So you got free toilet paper, you say?

[Smoove_B]

It's the same with the stockpile. Its should be allocated to where it's needed - that's how it was designed. The idea that the federal government is sitting on ventilators right now while NJ/NY is trying to source refrigerated trucks for corpse transport is unthinkable.

[Daehawk]

[GungHo]

It's the same with the stockpile. Its should be allocated to where it's needed - that's how it was designed. The idea that the federal government is sitting on ventilators right now while NJ/NY is trying to source refrigerated trucks for corpse transport is unthinkable.

This is the idea I'm having to explain to my reddest of red co-workers who of course think trump has been great in all of this while simultaneously blaming the governors of NY and CA for not being better.

We're just too dumb for this moment.

I'm curiously dreading the moment in a couple of weeks when numbers spike in Texas what their responses will be about our governor not having done anything.

[Paingod]

I'm curiously dreading the moment in a couple of weeks when numbers spike in Texas what their responses will be about our governor not having done anything.

Print off a document that says "Today, March 26th, I believe Trump is handling this situation perfectly. I'm proud of my choice to support him."

Ask them to sign it. Remind them that you'll give it back to them when their grandparents and/or parents and/or spouse and/or children succumb to COVID-19.

[raydude]

It's the same with the stockpile. Its should be allocated to where it's needed - that's how it was designed. The idea that the federal government is sitting on ventilators right now while NJ/NY is trying to source refrigerated trucks for corpse transport is unthinkable.

This is the idea I'm having to explain to my reddest of red co-workers who of course think trump has been great in all of this while simultaneously blaming the governors of NY and CA for not being better.

We're just too dumb for this moment.

I'm curiously dreading the moment in a couple of weeks when numbers spike in Texas what their responses will be about our governor not having done anything.

You should be puffing them up. Tell them Trump wants them to kick start the economy by going out and point them to the nearest hospital. I'm sure they'll be looking for volunteers soon.

[ImLawBoy]

I'm curiously dreading the moment in a couple of weeks when numbers spike in Texas what their responses will be about our governor not having done anything.

Print off a document that says "Today, March 26th, I believe Trump is handling this situation perfectly. I'm proud of my choice to support him."

Ask them to sign it. Remind them that you'll give it back to them when their grandparents and/or parents and/or spouse and/or children succumb to COVID-19.

Generally not a good idea to taunt someone who just lost a loved one.

[Paingod]

Generally not a good idea to taunt someone who just lost a loved one.

Hopefully obvious I wouldn't ask anyone to honestly do that, but it's the kind of wake up they need before it happens.

[El Guapo]

I'm curiously dreading the moment in a couple of weeks when numbers spike in Texas what their responses will be about our governor not having done anything.

Print off a document that says "Today, March 26th, I believe Trump is handling this situation perfectly. I'm proud of my choice to support him."

Ask them to sign it. Remind them that you'll give it back to them when their grandparents and/or parents and/or spouse and/or children succumb to COVID-19.

Generally not a good idea to taunt someone who just lost a loved one.

Easy for you to say, Mr. Perfect.

[stessier]

This is the data NC presents at it's daily briefings. I wish SC did the same.

637 cases of COVID-19 in 57 counties across North Carolina
Average age is 41 for people with confirmed cases
50 current hospitalizations
2 deaths for people with COVID-19
15K+ tests are pending
More than 10k inpatient hospital beds, more than 5k empty
Information is Based on 75% of hospitals reporting

The only thing I'd change is either report the Median Age of confirmed cases or break it out by age ranges.

[Formix]

If we can only get about 2,004 more confirmed cases, we can beat Gyna and be #1! USA! USA!

[coopasonic]

If we can only get about 2,004 more confirmed cases, we can beat Gyna and be #1! USA! USA!

In this I have no doubt we will be #1!

[Daehawk]

Trumps ratings are going up up up. Im reminded of the Green Day song American Idiots.

https://www.cnn.com/2020/03/26/opinions ... index.html

[El Guapo]

Trumps ratings are going up up up. Im reminded of the Green Day song American Idiots.

https://www.cnn.com/2020/03/26/opinions ... index.html

FYI Trump's approval ratings are creeping up, but just for context this piece was written by a former campaign manager for McConnell and GWB, and its basically conservative hackery.

[Daehawk]

Didn't know that. its strange to see that on CNN. Musta mistyped Fox.