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Your amount is reduced by $5 for every $100 over $75k
The phase-out provisions reduce your stimulus check by $5 for every $100 you make over the lower thresholds. So a single person with $75,100 in income will see their check reduced by $5, while someone with $75,200 will get a $10 reduction, and so on. The IRS numbers are correct for those who don't have eligible children. But for those who do, the maximum income limitations are incorrect. You could make more and still get a partial payment. For example, take a married couple with two children who file jointly. They would expect total payments of $3,400. If they make $200,000, then they'd be $50,000 over the lower threshold. They'd therefore see their check fall by $5 for each $100 of that $50,000. That adds up to a $2,500 reduction. But because their kids entitle them to a $3,400 payment, they'd still get a reduced stimulus check in the amount of $900.
Tonight my husband talked to a few people on the phone and several people said they received a coronavirus stimulus check. Hopefully we will get ours soon because everyone in my house was laid off from work. What really amazed me is everyone who got one of those checks mentioned Cuomo took taxes out of it. I think that is lousy. While most of the people he spoke to said the taxes taken out were only around $60, that is a real underhanded thing to do to people that are struggling during this pandemic.
Have any of you received a check yet and did you notice the taxes were taken out too?
It’s a redistribution of wealth and simple. All the retirees who are minimally to not impacted at all are rubbing their hands together waiting for that deposit to hit their account.
Which has always been stupidity. No reason to penalize those who work hard and do well for themselves.
Hold on there a minute, not sure what you are saying, but to suggest as you did, that retirees were minimally impacted is false. It is equally impossible for anyone, not just retirees, who have a retirement account invested in anything other than cash to be minimally impacted by this. Are some people in better shape than others? Sure. But we are all impacted.
What he posted was "All the retirees who are minimally to not impacted at all..." He did not say all retirees, he was speaking only about the ones who were not heavily impacted.
And nobody with money invested in anything but cash lost anything at all, except on paper, unless they sold in the decline. Some will view this as a buying opportunity, the market will bounce back. And no, I'm not promising when.
What he posted was "All the retirees who are minimally to not impacted at all..." He did not say all retirees, he was speaking only about the ones who were not heavily impacted.
And nobody with money invested in anything but cash lost anything at all, except on paper, unless they sold in the decline. Some will view this as a buying opportunity, the market will bounce back. And no, I'm not promising when.
Correct. If a retiree doesn’t go to work (obvious), on Medicare (no impact) receives SS (payments not impacted) and is drawing a pension (not impacted) or 401K (short term impact) the only real effect is not being able to socialize, dine out in a restaurant or do some activities.
Contrast that with someone who in 2019 earned more than the cutoff but who now is facing a layoff or major salary reduction, loss of bonus, 401K impact for retirement savings (likely short term), is stuck home with the kids and having to basically home school them while working, and also having all the other restrictions.
I’m sorry but I feel little empathy for retirees at the moment.
At the same time, people getting these checks are also buying iphones and PC video cards with it...
The irony of indirectly sending money back to China...with money borrowed from China.
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