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About Pacun

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    ATX Supreme Guru

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  1. Exactly, this is a one time event and the IRS will run the report and send the money. After the report is run and checks are sent, the IRS will say "Finito la musica.... if we made a mistake, it will be corrected when you file your 2020 return".
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. 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.
  7. Interesting that you can start a new topic and that you are blocked on other areas.
  8. 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.
  9. 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.
  10. 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.
  11. 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.
  12. You are correct, it is not a business.
  13. Has anyone heard that a HH can make up to $112 and still get the stimulus?
  14. 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.
  15. 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.
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