[RicKaysen]

Am I understanding this correctly? I ask because I made great money last year, but now I'm unemployed so how does that help?

[soclose]

It’s called being financially responsible...

[nickydim]

Well it's not apr 15th, july 15th this year, so they must go on last years income return.

[newopty]

If you have already filed 2019 then it is based upon 2019. If not it is based upon 2018.

"Have you filed your taxes for 2019 already? If so, the checks will automatically be based on your 2019 return. Look for your "adjusted gross income" (Line 7 on your Form 1040 tax return in 2018, or line 8B on a 2019 return.) If you haven't filed your 2019 taxes yet, it'll be based on your 2018 return"

Coronavirus checks, direct deposits are coming. Here's everything you need to know. - NBC News
https://www.nbcnews.com/politics/con...g-you-n1168936

[Packrat1]

I'm happy to hear it's on Adjusted Gross income. I am quickly trying to file before it is approved as 2019 would work better for us.

[airics]

Originally Posted by nickydim

Well it's not apr 15th, july 15th this year, so they must go on last years income return.

They are going on 2018 return unless you already filed the 2019

[ragabnh]

My bad luck, I sold my rental property 12/31/2019 and have big capital gain tax, so I dont qualify, if it was 2018 or 2020 certainly I will qualify. I already filed my 2019 taxes.

[WestieJeff]

Understand that ultimately the stimulus is a tax credit based on your income THIS YEAR (2020). The check you're receiving is an advance based upon the AGI from your 2019 or 2018 taxes. But ultimately your income for 2020 will determine if you get to keep the stimulus money (or get it later).

If your income was bad in 2018/2019 and is good this year (2020), you would have to repay the stimulus check you received when you file your 2020 taxes next year. If you had good income in 2018/2019 and bad income this year, you won't get a check now, but you will get the tax credit when you file your taxes next year.

If your job/savings are good and you're in the income phase out (based on your 2020 income), up your 401k contribution to reduce your AGI and fetch some of that sweet socialism.

[OmegaSupreme]

Originally Posted by ragabnh

My bad luck, I sold my rental property 12/31/2019 and have big capital gain tax, so I dont qualify, if it was 2018 or 2020 certainly I will qualify. I already filed my 2019 taxes.

Some people don't have rental properties, you don't hear them crying.

[Willy702]

If you are unemployed two weeks you will get the same amount of stimulus money as the checks they are sending out. Don't get too caught up on what you aren't getting and miss how lucrative an extra $600 a week is.