civilservant

Concur. You were not a resident for in 2019, let alone a tax resident, unless you spent 6 months in the US during 2019 preparing for the move?

steveyell

Yeah that was my take on it as well - thanks for that - just thankful I work for a Global Company with thoughtful leadership right now, and that their approach has been to approach everybody to take a smaller percentage salary cut (10-20% on average, varies by job type, region and some also taking sabbaticals (20% salary paid but no working hours)), so that no-one needs to be made unemployed at least for the next 6 months, with further cuts depending on how long this takes which is the unanswerable question.

Much harder for Airlines I'm sure and Leisure Services like hotels.

LouisB

What’s the threshold for joint filing income? I don’t currently need but if it comes anyway I think it’s best to find some way to donate to frontline staff, for medical supplies, PPE or any other way it can best be used for the common good.

Nutmegger

From my accountant:

Who is eligible?
U.S. citizens and residents are eligible for a full payment if their adjusted gross income (AGI) is under $75,000 (singles or marrieds filing separately), $122,500 (heads of household), and $150,000 (joint filers). The individual must not be the dependent of another taxpayer and must have a social security number that authorizes employment in the U.S.

Phaseout based on income.
For individuals whose AGI exceeds the above thresholds, the payment amount is phased out at the rate of $5 for each $100 of income. Thus, the payment is completely phased out for single filers with AGI over $99,000 and for joint filers with no children with AGI over $198,000. For a married couple with two children, the payment will be completely phased out if their AGI exceeds $218,000.

SpoogleDrummer

You're probably better off keeping it in case you get sick as people are reporting getting 9K+ bills with insurance and 34K without.

spouse of scouse

Those amounts are frightening. This whole thing's bad enough without having to worry about huge medical bills

LouisB

thanks, good point. I’m saving all unspent money in a sort of hibernation mode in case needed later. Must be horrible for those losing jobs and getting sick, really really difficult and sad times.

Jerseygirl

Just stated on CNN...some folk will have to wait approx 20 weeks for the cheque to arrive.

Edit: Although during the White House briefing just on TV...it will be sent out within weeks...not months.

civilservant

Like who?

SpoogleDrummer

People getting a paper check rather than direct deposit as they won't start issuing them until May and will only do 5 million per week.

ss120396

Everyone should know their own insurance plan and the maximum they would be required to pay, rather than relying on random people's reports online. Insurance plans vary drastically. Worth noting, some insurers have waived cost sharing for coronavirus treatment, more will probably follow suit. Definitely check if yours is.

tht

thats not what I read here in terms of how it works:
https://taxfoundation.org/cares-act-senate-coronavirus-bill-economic-relief-plan/

“

• The proposed recovery rebates will use 2019 tax returns (2018 if the taxpayer has not filed in 2019) to determine the advanced rebate amount and reconcile the rebate based on 2020 income. This means that taxpayers who receive a smaller rebate than they are eligible for based on 2020 income will receive the difference after filing a 2020 tax return, but overpayments of rebates due to a higher income in 2020 will not be clawed back.”

civilservant

I didn't say he wouldn't get a payment (or rebate in this case) at all. He asked if he could file a 2019 return.

SpoogleDrummer

I haven't heard of any waivers on treatment just testing. I already know my limits, like many people I have a high deductible/max out of pocket as even worst case scenario it still works out cheaper than paying the premium for 12 months for the plans with co-pays and lower deductibles.

tom169

Cigna has done so from what I've read.

Many large employers self fund their health plans and only have an external company to administer it. My company has waived all of testing and treatment, so it is something to check up on as a case by case basis.