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Pacun

New Stimulus check

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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.

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I really doubt it will be as early as 4/7. The last stimulus checks took much longer, in fact several months to be issued.

Anyone know yet if these are to be an advance on the 2020 returns? Will this decrease refunds or cause an increase in balances owed similar to what happened with the $500 checks issued under GW Bush administration? 

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I heard there will be a credit available on the 2020 federal return. We'll reconcile that credit with any amount received by check. If so, there should not be a decrease in a refund or an increase in balance due, just get him back to where he should be -- but with $1,200 or whatever amount in his pocket this year instead of waiting until he files his return. (Unless a client is expecting a credit when he already received a check! You know we'll get some of those.)

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