Pacun

So, you REALLY think that the IRS will be checking and comparing for the rest of 2020? In December, most systems are down for testing and maintenance. According to the information posted here, if I don't file for 2019, but in 2018 I reported $175K, I will get a check for 600. A week later (let's say) I file for 2019 and I made only $140K, I will get a second check for $600. Let's say that this emergency last ONLY 2 months and the economy goes back to normal, why will the IRS have to bother sending a check in December... six months after the emergency? If I am not mistaken, that's the interpretation of the instructors but reality might be a bit different. I do believe the IRS will run a report this month. If 2019 has been filed, they will get a check based on the income reported on that return (or not get a check). If 2019 was not reported, then they system will check 2018 and will send a check accordingly. If someone has not filed for both years, they will get their check when they file their 2020 return.

If you have F1 visa, you don't exist in the US... basically you are invisible. You don't accumulate physical presence in the US for the first 5 years, provided you stay within the requirements of the visa. For example, if I come and study and don't violate the visa requirement, I am invisible. On the other hand, if I start working in the U.S. in violation of the visa status, I am technically not covered under the visa and I should accumulate physical presence. As you stated, in 2020 you should be able to file 1040, so the question is only for 2019. See if there is a difference in tax due or refund before you dig more.

No need to file in a hurry. They will get the check next year when we do their taxes. I am pretty sure that the IRS and Congress know that the situation changes from 2019 to 2020... and changes are bigger if you consider 2018 vs 2020. This is what will happen and I hope I am wrong: I have five MFJ couples all of them will a refund of $3K when I prepare their 2020 return. This is their situation in March 2021: MFJ 1. Filed 2018 and earned $140K. They got $2,400. In 2020 they earned $250K. I believe their refund of $3k will be reduced to $600 MFJ 2. Filed 2018 and earned $200K. They filed in February, 2020 their 2019 tax return and earned $300K. They will not get a stimulus advance payment. When I prepare their 2020 return, they earned $100K, so they will get $3K of their regular refund plus $2,400 for a total $5,400. MFJ 3. Has not filed for 2018 or 2019. They are trying to rush the returns but the IRS will run the report tomorrow, so their returns got 2 hours too late. They will not get a check. In 2020 they earned $300K. Their refund will be $3K... no harm no foul. MFJ 4. Same situation as above, except that they came to Pacun enterprises and their 2019 return was two hours before the IRS run the report. Their income in 2019 was $140K. They got the stimulus check. In 2020 their refund will be $600 because they have to return that money. MFJ 5. Filed 2019 in Feb 2020 and reported $175K. Got a check for $1,200. Their income in 2020 was $140K, so their refund will be $4,200.

If you marry someone and you happen to know his/her name and date of birth, you can get a divorce whether they are alive in cabo verde or dead in La Patagonia. All the court will do is to publish it on a local newspaper and voila you are free to remarry in 30 days after the decree.

It depends on what kind of visa he had prior to H1B and how many days was in the USA in 2019 and possible 2018 or 2017.

Interesting that you can start a new topic and that you are blocked on other areas.

Interesting. Thank you for sharing. When the standard deduction is so close I asked people if they donated to church, children with cancer, world vision, etc.

1.- Maryland has declared tax preparation as essential 2.- State refunds are barely taxable because of the 10K limitation on Sch A 3.- ATX is not allowing me to select a date after April 15 to pay 1040 amount due, despite the fact that due data is July 15.

Maybe your state has mandated that all non-essential businesses be closed? Maybe you owe ATX for efiling prior year returns? Maybe your efile number is blocked? I have not tried to efile today so I don't know if mine would work too. I am In DC and we are shut down. MARYLAND said that all preparers are essential and they are opened while most businesses are closed.

It looks like you have to report 3K in taxable income. I would report maybe 5K as taxable and then use $2K for AOC and also use the books and computer expenses when calculating AOC.

You are correct, it is not a business.

Has anyone heard that a HH can make up to $112 and still get the stimulus?

It depends upon what the meaning of the word 'is' is. The student could perfectly be a full time student but last semester only took 5 credits.

Close the bank account and open a new one. Wait for the IRS to send you a bill and pay it on July 4th. Make a stop payment at your bank. I guess calling and talking to someone who can change the payment date is the only elegant option. An amended return will be process around July 24th.

they are not from the service. They are scammers.

Sleep well and if they call again, ask them to send you a letter. Don't give them any information over the phone. I usually ask them if they will do any sexual favors for me because they are scammers. My conversation becomes demanding and with examples... all the time they hang up and don't bother me again.

I would like to concentrate on the personal portion of the bill and leave the business portion for later. This is what I understand: People with Social Security numbers who filed for 2018 will get a check. Head of house with 2 children will get $2,200 and all checks will be printed on April 7. Provided he/she made less than $75K in 2018 Single with 2 children will also get $2,200. Single or HH without children will get $1,200 MFJ with 2 children will get $3,400 provided they made less than $150K in 2018. MFS without no children will get $1,200 MFS with one child will get $1,700 Both taxpayers with ITIN with 4 US citizen children will get $0. I wonder what happens if a US citizen got married and wife had an ITIN in 2018... Will that couple get $0, $1,200 or $2,400. I am also guessing that a child is: Any age if permanently and completely disable, Under 19, under 24 if full time student.

Let's pick a country: Venezuela US citizen works for Oil excavation sociedad anonima, and makes $200K. Does he have to pay federal taxes and SE taxes? Same situation except that he is the single owner of the company? Profits for the company were $200K. Does he have to pay federal taxes and SE taxes? How about if this person has his family in PA, owns a house, has a drivers license and comes to PA to vote whenever there are local, state or federal voting events? Does he have to pay State Taxes to PA? If PA is not a good state, let's switch it to VA, NC or Oregon.

I guess it has been too long that one corrected me. I was Obama in 2009 that sent the stimulus.

The good thing is that we don't need to know until we file 2020. If people get the check, they get the check.... if people moved after they filed 2018 and have not updated the address or filed for 2019, too bad. Nothing we can do. All I tell my people when they say "Pacun when will I get my stimulus check and for how much?"... my answer is ... "this is my phone number 202-999-3333, call me when you get the check and tell me how much they sent you". I also tell them, if you don't receive the check by October, let me know when you come and prepare your taxes next April. Gail, I think we will need to reconcile but if I recall correctly, payers didn't have to return money last time if their children were no longer their dependents, but they could claim extra stimulus if a child was born. I don't remember for unmarried taxpayer in the case the mother claimed their 4 year old child in 2018 and the father will claim it in 2020... but again, I have a whole year to worry about that situation and be ready to answer when they come to file 2020.

Another thing to keep in mind is: If you have a couple who will make $170K in 2020, ask they to deposit 21K on their 401k so that their salary for 2020 is $149k. IRAs will be another way to reduce their income if they qualify.

George W Bush did something similar. Sent a check but at the time of doing your taxes, you had to reconcile. If you didn't get a check but you deserved one based on your income, you would request that amount on your return. So, the IRS needs to know names and address to send the checks to people and since not everybody has filed for 2019, they are using 2018 to get that information. Of course they don't want give the benefit to those who had a bad year in 2018 but rather to those who have or will have a bad 2020. Rushing the 2018 return at this time, might make little or no difference since the IRS will send out checks quickly and your return will not be processed in time. If I am not mistaken, the IRS will run the report soon and tag those people as "send this person a check" based on 2018 income. Another thing that you have to consider, I have people that in 2018 had ITINs and for 2019 they are green card holders with SS#s. Let's say in 2018 they made $200K, but in 2020, they will make only $50K, I am sure they will not receive a check but when I prepare their 2020 return, I will request them their $2,400. There is no way they will do differently since it worked perfectly under W's administration.

Don't do anything. I had a client who told me. "Today is Feb 10, 2017, I want the IRS to take out the money from my account in a Month (March 10, 2017)". I went ahead and I entered March 10, 2016. When the IRS received the return it took out the money immediately. In your situation, everything will be taken out this week.

Besides charging upfront 50% if you are on your 60s, 75% if you on your 70s, and 100% if you are 80 or above... I am planning to close my office for two weeks after Tuesday. In the meantime, I will wash my hands constantly and have the people sit 6 feet away from my desk, along with other precautions.

If you know what line 21 was a few years ago, you will find it on the new form. I know it is not line 21... hence the quotes. Line 7a on the new 1040.