Last year, I earned more than $ 75,000 and reported that amount in my 2019 taxes. I understand that for millions of people around the world, $ 75,000 is a lot of money. In my city, I am lucky to be paid $ 75,000 a year.
I still have a job. But if I lose my job due to the pandemic but earned more than $ 75,000 in adjusted gross income last year, that means I won’t get any stimulus money. How can they get out of last year’s numbers when so many lives were affected this is Public?
This doesn’t sound ethical or reasonable to me.
Puzzled in Boston
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Dear at a loss,
I remember a sinister day in elementary school when a student from the class was called early, and another boy asked the teacher, “Miss, why didn’t he get any homework and do we have to do our homework? That’s not fair.” The teacher said to the class, “Be grateful you have a home and family to go home tonight.” The boy’s parents had a serious traffic accident. They survived, but hardly any.
Your message reminds this angry student and the boy who has been called out of class. Of course, we must question the system and invoke inequality where we think it exists. As the government prepares for the second round of Economic Impact Payments (EIPs), many people will have healthy beds to return to, homes and financial security, while others will teeter on the edge.
You are Will be Get a check if you lost your job this year, filed your taxes last year and made no more than $ 75,000. But you’re right: you will Not Receive the check this year. It is a sharp object. For those people who did not file their taxes for 2019 by the time the first $ 2.2 trillion stimulus program was announced last March, the government used tax returns for 2018.
The Internal Revenue Service does not have the manpower for individual auditing of the more than 160 million Americans who would potentially qualify for stimulus screening. The IRS is a convenient source of data on the incomes of millions of Americans, and if people’s conditions deteriorate over the past twelve months, they will receive a stimulus boost in their tax return for 2020 next year.
People who have not received a check this year, or who only received a small amount and believe that their income will drop below the threshold for checks in the next year, can still receive a stimulus payment next year. Technically, the EIP is a down payment on the tax credit on your 2020 return. The IRS uses 2019 tax returns to measure individual income; 2018 tax returns are used as plan B.
The most recent $ 900 billion stimulus program – $ 600 checks are slated to be distributed, half the amount allocated in the first round of stimulus payments – is a bridge to putting food on the table for millions of people, helping keep the economy afloat until vaccination rates near herd immunity, according to By Richard Moody, Chief Economist, Financial Districts.
“It is clear that the pace of economic growth has slowed, and the questions now are to what extent is this the case and how long will this slowdown last?” Modi wrote in a note. Is it an artificial boost to the faltering economy? Yeah. Is it a shot in the arm for the millions of people who have lost their pay off the street? Yes again. Will it work? Probably. Could. Hopefully.
It didn’t make any sense to this boy at school that day, and it might not seem reasonable to you now. But for those who do not qualify for checks and are able to manage, there is much to be grateful for.
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