Now here's an interesting situation perhaps. (Always something with Fed taxes)
Gov't is going to send money to lots and lots of people. Apparently the amount depends on your Adjusted Gross Income. There's a cutoff point AGI, where, if you (you and spouse) are above it, you get nothing.
Ah, but what AGI? If you haven't filed yet, Feds will use 2018 reported numbers (I'm assuming you filed in 2018.)
But if you've filed already this year for 2019, they'll use 2019 AGI.
So, for some people who haven't yet filed and they're sort of in the $200K area or below, they better figure out quickly which year is the better AGI for them to file with. If it's 2018, I guess those folks should wait to file 2019 taxes.
I could be wrong about all this, but for me, I see my AGI seems to be substantially lower for 2019 than 2018, so I want the Feds to use my 2019 AGI. So I'm filing asap (like within 48 hours).
Aside: If your tax return is by TT, I found I could get my 2019 AGI number at the section that calculates estimated payments for next year. Of course income and deductions have to have been previously entered to get that number..
How do I know if I will get the full amount?It depends on your income. Single adults with Social Security numbers who have an adjusted gross income of $75,000 or less would get the full amount. Married couples with no children earning $150,000 or less would receive a total of $2,400. And taxpayers filing as head of household would get the full payment if they earned $112,500 or less.Above those income figures, the payment decreases until it stops altogether for single people earning $99,000 or married people earning $198,000. All jmo, I could be wrong, and I've been wrong many, many times. |
