Politics And Current Events

Morkle
Posts: 23026
Joined: Wed Mar 25, 2015 4:09 pm
Location: Pittsburgh

Politics And Current Events

Postby Morkle » Thu Mar 26, 2020 9:07 am

Unemployment Benefit Claims skyrockets to 3.2mm. Yowza.

https://finance.yahoo.com/news/coronavi ... 36254.html

Freddy Rumsen
Posts: 35313
Joined: Wed Mar 25, 2015 11:50 am
Location: "Order is the only possibility of rest." -- Wendell Berry

Politics And Current Events

Postby Freddy Rumsen » Thu Mar 26, 2020 9:26 am


NAN
Posts: 11563
Joined: Wed Mar 25, 2015 6:26 pm
Location: shoeshine boy is a lady

Politics And Current Events

Postby NAN » Thu Mar 26, 2020 9:38 am

Unemployment Benefit Claims skyrockets to 3.2mm. Yowza.

https://finance.yahoo.com/news/coronavi ... 36254.html
There will be more to come for sure as this goes on. Sucks. I'm just hoping companies will hire back their laid off employees when doors do open again.

Freddy Rumsen
Posts: 35313
Joined: Wed Mar 25, 2015 11:50 am
Location: "Order is the only possibility of rest." -- Wendell Berry

Politics And Current Events

Postby Freddy Rumsen » Thu Mar 26, 2020 9:47 am

I know about a dozen folks who got laid off in the last week and outside of one person every one of them received assurances that they would be rehired when things settled down. All of them were told they were being laid off primarily so that they could file for unemployment.

I wonder how common that is?

Troy Loney
Posts: 27518
Joined: Wed Mar 25, 2015 3:03 pm

Politics And Current Events

Postby Troy Loney » Thu Mar 26, 2020 9:48 am

Unemployment Benefit Claims skyrockets to 3.2mm. Yowza.

https://finance.yahoo.com/news/coronavi ... 36254.html
There will be more to come for sure as this goes on. Sucks. I'm just hoping companies will hire back their laid off employees when doors do open again.
It seems like the measures taken by the FED address any potential concerns RE: corporate debt. Basically, they learned the lessons from 2008 and there won't be any widescale defaults. I think that kind of highlights the problem though, the majority of the relief efforts are focused on preventing corporations from going bankrupt, which is good of course, but this is a massive demand shock that will escalate as unemployment across the globe rises, so then, companies will ultimately scale back operations as demand shrinks. Basically we will have to do more to boost consumer spending.

count2infinity
Posts: 35613
Joined: Tue Mar 24, 2015 2:06 pm
Location: All things must pass. With six you get eggroll. No matter how thin you slice it, it's still baloney.
Contact:

Politics And Current Events

Postby count2infinity » Thu Mar 26, 2020 9:50 am

I know about a dozen folks who got laid off in the last week and outside of one person every one of them received assurances that they would be rehired when things settled down. All of them were told they were being laid off primarily so that they could file for unemployment.

I wonder how common that is?
I know a lot of restaurants in this area did the layoffs immediately so people could apply for unemployment. They too were told they'd have a job once things got back to normal.

robbiestoupe
Posts: 11556
Joined: Thu Apr 30, 2015 3:27 pm

Politics And Current Events

Postby robbiestoupe » Thu Mar 26, 2020 9:57 am

If all of this is based off 2019 tax returns, looks like I won't get credit for our 3rd child. Not that big of a deal for me but I'm sure it would affect others that are in the same boat.

faftorial
Posts: 14820
Joined: Tue Nov 05, 2019 10:35 pm
Location: Lengeschder

Politics And Current Events

Postby faftorial » Thu Mar 26, 2020 9:58 am

I know about a dozen folks who got laid off in the last week and outside of one person every one of them received assurances that they would be rehired when things settled down. All of them were told they were being laid off primarily so that they could file for unemployment.

I wonder how common that is?
Logically it would make sense that they would bring back their experienced workers.

Morkle
Posts: 23026
Joined: Wed Mar 25, 2015 4:09 pm
Location: Pittsburgh

Politics And Current Events

Postby Morkle » Thu Mar 26, 2020 10:01 am

If all of this is based off 2019 tax returns, looks like I won't get credit for our 3rd child. Not that big of a deal for me but I'm sure it would affect others that are in the same boat.
So what is the official run-down of what we should get?

dodint
Posts: 59160
Joined: Wed Mar 25, 2015 1:39 pm
Location: Cheer up, bіtch!
Contact:

Politics And Current Events

Postby dodint » Thu Mar 26, 2020 10:04 am

Tree-fiddy.

Beveridge
Posts: 5357
Joined: Wed Mar 25, 2015 6:17 pm
Location: 8-8-1

Politics And Current Events

Postby Beveridge » Thu Mar 26, 2020 10:05 am

If all of this is based off 2019 tax returns, looks like I won't get credit for our 3rd child. Not that big of a deal for me but I'm sure it would affect others that are in the same boat.
From what I'm reading and how it's being laid out, this is an advance of a 2020 credit. So based on that, if you have a child in 2020 you would be eligible for an extra 500 since it won't come now. Not to say they may roll out for those who are having kids in 2020 to do something now before filing taxes next year.

If it does work like this, someone like me would show your credit is x you were paid x; you're now even and carry on your way. It's a refundable tax credit paid in advance.

You might end up with credit should be x, you got y, now we will pay you x - y.

I've also read that if your AGI would go up in 2020 over the threshold, you won't be penalized. Didn't read anything on if they paid you for 2 kids but you only had 1 then you would have to pay back. I would assume that would cause a payback.

This is how I'm seeing explained but it's all subject to change and the house still needs to pass it and Trump sign it and then clarification from IRS.

Morkle
Posts: 23026
Joined: Wed Mar 25, 2015 4:09 pm
Location: Pittsburgh

Politics And Current Events

Postby Morkle » Thu Mar 26, 2020 10:06 am

Do I have the option to defer? I just don't want an interest free loan, essentially.

Beveridge
Posts: 5357
Joined: Wed Mar 25, 2015 6:17 pm
Location: 8-8-1

Politics And Current Events

Postby Beveridge » Thu Mar 26, 2020 10:08 am

You won't have to pay anything back based on the information so far. It's an advancement of a refundable tax credit. Just like 2008/2009 300/600 refundable credit.

Instead of claiming your 1,200 credit when you file your 2020 tax return (or 2,400 if married or more with kids) and getting your money then, you're getting it ahead of time.

The ones who may have to pay it back are ones who filing status changes from 2019 to 2020 downward, ones who have kids who turn 17 in 2020. But I don't know. It's been said that an increase in AGI won't cause a payback but again, not all clear.
Last edited by Beveridge on Thu Mar 26, 2020 10:12 am, edited 1 time in total.

count2infinity
Posts: 35613
Joined: Tue Mar 24, 2015 2:06 pm
Location: All things must pass. With six you get eggroll. No matter how thin you slice it, it's still baloney.
Contact:

Politics And Current Events

Postby count2infinity » Thu Mar 26, 2020 10:12 am

Right, but come tax time, that tax credit will no longer be there, so for those of us who owe money or come out close to even come tax time, you'll have to pay it then.

Beveridge
Posts: 5357
Joined: Wed Mar 25, 2015 6:17 pm
Location: 8-8-1

Politics And Current Events

Postby Beveridge » Thu Mar 26, 2020 10:14 am

Right, but come tax time, that tax credit will no longer be there, so for those of us who owe money or come out close to even come tax time, you'll have to pay it then.
I don't think so because it's a refundable tax credit. It's below the line like child tax credit.

If at tax time, you are set to get 500, you'll get 500. If you owe 500, you'll pay 500. It won't be 500 less/plus the money you got. You won't have to pay this back based off of information as of now.

Beveridge
Posts: 5357
Joined: Wed Mar 25, 2015 6:17 pm
Location: 8-8-1

Politics And Current Events

Postby Beveridge » Thu Mar 26, 2020 10:18 am

If you still have your 2009 returns when they had the Making Work Pay Credits, it's going to work like that. But you're getting the money upfront. So on your tax return if the stimulus money equals what it would be if you waited until you filed your 2020 return, it will zero out and have no impact on your return.

MrKennethTKangaroo
Posts: 12408
Joined: Sat Mar 28, 2015 3:50 pm

Politics And Current Events

Postby MrKennethTKangaroo » Thu Mar 26, 2020 10:20 am

I know about a dozen folks who got laid off in the last week and outside of one person every one of them received assurances that they would be rehired when things settled down. All of them were told they were being laid off primarily so that they could file for unemployment.

I wonder how common that is?
There are a lots of businesses (golf courses, landscaping contractors, blah blah) that lay employees off every winter then rehire the same employees in the next spring. The tradeoff is that the employers pay higher state unemployment taxes (state unemployment tax rates depend on how frequently you have employees that file for unemployment)

robbiestoupe
Posts: 11556
Joined: Thu Apr 30, 2015 3:27 pm

Politics And Current Events

Postby robbiestoupe » Thu Mar 26, 2020 10:44 am

If all of this is based off 2019 tax returns, looks like I won't get credit for our 3rd child. Not that big of a deal for me but I'm sure it would affect others that are in the same boat.
From what I'm reading and how it's being laid out, this is an advance of a 2020 credit. So based on that, if you have a child in 2020 you would be eligible for an extra 500 since it won't come now. Not to say they may roll out for those who are having kids in 2020 to do something now before filing taxes next year.

If it does work like this, someone like me would show your credit is x you were paid x; you're now even and carry on your way. It's a refundable tax credit paid in advance.

You might end up with credit should be x, you got y, now we will pay you x - y.

I've also read that if your AGI would go up in 2020 over the threshold, you won't be penalized. Didn't read anything on if they paid you for 2 kids but you only had 1 then you would have to pay back. I would assume that would cause a payback.

This is how I'm seeing explained but it's all subject to change and the house still needs to pass it and Trump sign it and then clarification from IRS.
Looks like you read into this more than me. What I've seen is that they are going to look at your 2019 tax filing and base the refund off that. That's why some folks are going to see their credit immediately - they've already filed for 2019 and have given their bank info for direct deposit/withdrawal.

For those that haven't filed 2019 taxes, they'll get a refund based off 2018 taxes for now, but may have it adjusted if their 2019 tax filing shows they should have received a different refund.

If ttrue, my 2019 filing did not show 3 children, only 2. I don't know how they'd know I have 3 kids unless they looked at the census we just completed.

Beveridge
Posts: 5357
Joined: Wed Mar 25, 2015 6:17 pm
Location: 8-8-1

Politics And Current Events

Postby Beveridge » Thu Mar 26, 2020 10:52 am

If it truly is an advance on a 2020 refundable credit, I think you'll get the extra 500 next year when you file at the latest.

However, I would look for them to put something in place sooner because there are going to be a bunch of people who have had kids already here in 2020.

NAN
Posts: 11563
Joined: Wed Mar 25, 2015 6:26 pm
Location: shoeshine boy is a lady

Politics And Current Events

Postby NAN » Thu Mar 26, 2020 11:08 am

I don't qualify so hopefully I get nothing deposited.

Morkle
Posts: 23026
Joined: Wed Mar 25, 2015 4:09 pm
Location: Pittsburgh

Politics And Current Events

Postby Morkle » Thu Mar 26, 2020 11:19 am

I don't qualify so hopefully I get nothing deposited.
I don't think we do either, I wonder though - if having a kid means we're getting the $500 no matter what.

NAN
Posts: 11563
Joined: Wed Mar 25, 2015 6:26 pm
Location: shoeshine boy is a lady

Politics And Current Events

Postby NAN » Thu Mar 26, 2020 11:25 am

I don't qualify so hopefully I get nothing deposited.
I don't think we do either, I wonder though - if having a kid means we're getting the $500 no matter what.
That's my question as well. Does the kid money fall under the AGI limitations.

Beveridge
Posts: 5357
Joined: Wed Mar 25, 2015 6:17 pm
Location: 8-8-1

Politics And Current Events

Postby Beveridge » Thu Mar 26, 2020 11:29 am

No idea how accurate this is but https://www.washingtonpost.com/graphics ... alculator/

I got to 207,990 before it said too much with one kid.

Also
Are the checks taxable? No, they are not taxable. The only catch is that technically a person’s 2020 income is what qualifies them for the payment. Since no one knows their total 2020 income yet, the government is using tax returns from 2019 and 2018 to figure out who qualifies for a check. It is possible that someone may have to pay back some of the money if his or her income this year turns out to be significantly more than it was in 2019 or 2018. That’s expected to be a relatively small share of people, and the money would not have to be paid back until April 15, 2021.
I've read that if 2020 is more, you won't be penalized, so more conflicting info since it hasn't been approved / detailed out yet.

faftorial
Posts: 14820
Joined: Tue Nov 05, 2019 10:35 pm
Location: Lengeschder

Politics And Current Events

Postby faftorial » Thu Mar 26, 2020 11:40 am

No idea how accurate this is but https://www.washingtonpost.com/graphics ... alculator/

I got to 207,990 before it said too much with one kid.

Also
Are the checks taxable? No, they are not taxable. The only catch is that technically a person’s 2020 income is what qualifies them for the payment. Since no one knows their total 2020 income yet, the government is using tax returns from 2019 and 2018 to figure out who qualifies for a check. It is possible that someone may have to pay back some of the money if his or her income this year turns out to be significantly more than it was in 2019 or 2018. That’s expected to be a relatively small share of people, and the money would not have to be paid back until April 15, 2021.
I've read that if 2020 is more, you won't be penalized, so more conflicting info since it hasn't been approved / detailed out yet.
No corona cash for me according to that calculator.

shoeshine boy
Posts: 4964
Joined: Wed Apr 22, 2015 4:53 pm

Politics And Current Events

Postby shoeshine boy » Thu Mar 26, 2020 12:48 pm

I find it more than just a coincidence that the gubmint is giving me $1200 at the same time I'm looking at new MacBooks..... :pop:

Who is online

Users browsing this forum: Bing [Bot] and 135 guests