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$2T fiscal stimulus - How does it affect you

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  • #16
    Originally posted by lordosis View Post
    this is likely based on last years salary correct?
    2019 agi.

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    • #17
      I read that it is based on 2018 if you haven't filed. So if you made resident salary in 2018, then became attending in 2019 but don't file your taxes until July, do you have to pay back the check? Does it go on your 2020 taxes somehow?

      Either way, I don't get a dime from this. Just more wealth redistribution.

      Comment


      • #18
        I'm married filing jointly and make >200K. So obviously won't get the $1200 for me or my wife. My question is if the $500 per child is also dependent on income? Or do you get that money per child no matter what the income is? I couldn't find the answer to that anywhere.

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        • #19
          Originally posted by Lithium View Post
          I read that it is based on 2018 if you haven't filed. So if you made resident salary in 2018, then became attending in 2019 but don't file your taxes until July, do you have to pay back the check? Does it go on your 2020 taxes somehow?

          Either way, I don't get a dime from this. Just more wealth redistribution.
          This is correct. Since my wife hasn’t filed taxes she will technically be regarded at her full residency salary. HOWEVER, reading more about it she will have to pay that back in all likelihood when we file 2020 taxes next yr. The payment is really just a “credit” or “advance” on 2020 taxes, with most people not having to pay back that credit (assuming no major changes in 2018/2019 AGI vs. 2020)

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          • #20
            wonder how they are going to get those who don't need to file taxes the $$. My adult son didn't need to file - wondering how he qualifies. We're out. Good quesiton on the child for $500. Probably not either though is my assumption

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            • #21
              [QUOTE=StateOfMyHead;n195155
              Yep, pretty much. I can't imagine regretting my career in medicine but I am getting more bitter by the day. [/QUOTE]

              What is embittering you?

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              • #22
                Originally posted by Good Life View Post
                I'm married filing jointly and make >200K. So obviously won't get the $1200 for me or my wife. My question is if the $500 per child is also dependent on income? Or do you get that money per child no matter what the income is? I couldn't find the answer to that anywhere.
                Great question. My kids are unemployed.

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                • #23
                  Originally posted by StarTrekDoc View Post
                  wonder how they are going to get those who don't need to file taxes the $$. My adult son didn't need to file - wondering how he qualifies. We're out. Good quesiton on the child for $500. Probably not either though is my assumption
                  There may be a better answer, but I wonder if he can still receive it if he files late (now).

                  What a mess for the IRS. Just goes to show why using our tax system to change social and economic policy is so ludicrous.

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                  • #24
                    Originally posted by snowcanyon View Post

                    What is embittering you?
                    The delay in accepting what was happening elsewhere and acting on it in a reasonable fashion, that staff continues to be considered disposable by admin particularly with the PPE restrictions, the absurd amount of money our government is throwing at this which I suspect as in the past will include frivolous expenditures. I could go on....You?

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                    • #25
                      Originally posted by Kamban View Post
                      Does the direct money to people of $1200 have an income threshold?

                      I also heard that small business loans may be waived if I continue to pay my employees through the lockdowns. I may have to get more details on that.
                      The devil is in the details. No guarantees.
                      I heard Mnuchin on a brief presser:
                      Private business goes to local authorized bank.
                      You get a loan (guaranteed) and keep paying staff
                      The loan turns into a grant. It is forgiven if you kept employees. A lot of wiggle room there.

                      This sounded exactly like what would allow you to pay employees using this as a grant to cover the payroll and potentially some operating expenses. Supposedly, his goal was available at your local bank next week. Designed exactly to help a business retain employees and keep the business viable.

                      This should be way up on your priorities Call your banker, tell them to sign up and you will be #1.
                      The impression was it was basically a signature loan. Max it out, read the “details” later (next day).
                      If you don’t like the “grant forgiveness terms”, pay it back. Treasury supposedly has been already working with banks. Good luck and update if you find out more. This might be different than the SBA loans.

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                      • #26
                        As an owner of a private dental practice with 12 employees, who is shut down until at least April 16, this looks like it could be a win for me. We will see what the details are, but I would retain all my employees regardless, so this should help offset the lost revenue which is significant.
                        As of now I am not in a dire situation, but this will be better for our team and hopefully at minimum a wash for me.
                        I am curious if I will be able to pay myself as well and what the limitations are in that.

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                        • #27
                          Kamban RDB

                          For those in PP, you might be able to get funding to pay staff or even stay open to some extent. It’s a long one.

                          https://www.documentcloud.org/docume...CARES-ACT.html

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                          • #28
                            Originally posted by Tim View Post
                            Kamban RDB

                            For those in PP, you might be able to get funding to pay staff or even stay open to some extent. It’s a long one.

                            https://www.documentcloud.org/docume...CARES-ACT.html
                            Thanks. I will not get individual handouts but hopefully will get something for the business.

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                            • #29
                              Yikes, 880 Pages.

                              As a small business in the financial services industry we have been able to stay opened. My income last year was close so I would have to check to see if anything is coming. At the moment, we don't need it. At the moment, the company doesn't need it. I applied for an SBA Loan in case our sales went down. That was about a week ago. Haven't heard yet.

                              I don't think any loans should be forgiven. If they want to extend payment terms, that is fine. And it would seem that the way it is written, people may take advantage of it. But just remember, it isn't free $. Although I support the stimulus package, I know full well taxes will have to be increased at some point to pay for it.

                              So keep that in mind if you think it is free.

                              I had sent a plan to my senators that included a mix of stimulus, but also had ways for people and companies that didn't need the help, to send funds back to the Gov't and there were incentives in place. Doing something like that would reduce the overall cost of the package.

                              cd :O)
                              Yet those who wait for the LORD Will gain new strength; They will mount up with wings like eagles, They will run and not get tired, They will walk and not become weary. -- Isaiah 40:31

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                              • #30
                                Originally posted by Lordosis View Post
                                If it keeps my hospital system from going under then I will be happy.
                                Same, this is the only concern I have, that it keeps systems from going under during this.

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