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Originally Posted by ChicagoNative
The latest info is that the stimulus is based on 2018 filing. If you’ve already filed 2019, they will use those those more current figures.
Ours is a situation that I’ve not seen discussed so far: We sold our longtime northern home in 2019 and downsized to a small condo. We made a profit which artificially inflated our 2019 income and resulted in a huge tax amount due. We already filed and paid, so we will not qualify. $2400 isn’t going to make or break us, but it would’ve been nice to have, because we certainly don’t make what our 2019 return shows.
At this point, we’re thankful for our health and praying for the whole world.
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Our son has a similar situation. Because his company was bought by a competitor, each person who had been there a number of years received two shares of stock, resulting in his making $1 over the amount. That was just a one time deal.
When I learned they would base the stimulus check on the last income tax return you filed, I emailed him. He was set to push the button to send his tax return in but will now wait until the July deadline in hopes that he might receive a stimulus check.
He is hardworking and frugal, never bought a new car in his life, makes ends meet on his normal income, put his windfall in savings. If he doesn't get a check and I do, he will get mine. We don't need the money, and he could use it. We already give a generous portion of our earnings to charity and spend a boatload of our income locally.
I am so tired of the last two "tax reforms" benefiting the wealthy and taking it out on the middle class.