Anonymous
Post 04/10/2020 18:11     Subject: Did anyone who was NOT expecting a stimulus check receive one?
PP here. I was wrong. Student loan interest repayment is a special category and does lower your AGI.

So yes, OP that probably counted toward it. Do you have a lot of loans you are paying off slowly?
Anonymous
Post 04/10/2020 18:09     Subject: Did anyone who was NOT expecting a stimulus check receive one?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:How much over $100k? It’s based on AGI not gross salary.


Oh okay... I don't know what our AGI was, but my gross salary was a hair over 100k in 2018- Like 101k and my husband's was about 118k. But again, I don't know what his AGI was. Now I'll go and look at the tax documents. I didn't look before because I assumed that we weren't getting anything. I literally just check my account to pay other bills and saw the surprise direct deposit


At 101K assuming you aggressively did things like fund your 401k you should get something.


So maybe 401k and student loan interest deductions? Still a mystery, but I'll take it!


Student loan interest deductions are a deduction and have no impact on your AGI.

The ways to reduce AGI are:
Pre tax 401k or 403b deductions
Tax loss harvesting/losses on investments
If you have your own business, you take a loss on it (e.g., you have a farm that you take a loss on)


Okay, then only 401k applies in my case and in 2018 I think I contributed no more than 6k. I am not aggressive with it at all. My employer contribution is fairly generous.
Anonymous
Post 04/10/2020 18:06     Subject: Did anyone who was NOT expecting a stimulus check receive one?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:How much over $100k? It’s based on AGI not gross salary.


Oh okay... I don't know what our AGI was, but my gross salary was a hair over 100k in 2018- Like 101k and my husband's was about 118k. But again, I don't know what his AGI was. Now I'll go and look at the tax documents. I didn't look before because I assumed that we weren't getting anything. I literally just check my account to pay other bills and saw the surprise direct deposit


At 101K assuming you aggressively did things like fund your 401k you should get something.


So maybe 401k and student loan interest deductions? Still a mystery, but I'll take it!


Student loan interest deductions are a deduction and have no impact on your AGI.

The ways to reduce AGI are:
Pre tax 401k or 403b deductions
Tax loss harvesting/losses on investments
If you have your own business, you take a loss on it (e.g., you have a farm that you take a loss on)
Anonymous
Post 04/10/2020 18:05     Subject: Did anyone who was NOT expecting a stimulus check receive one?
Did you get any self-employed/self-owned-business income and claim a loss on your business?
Anonymous
Post 04/10/2020 18:04     Subject: Did anyone who was NOT expecting a stimulus check receive one?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:How much over $100k? It’s based on AGI not gross salary.


Oh okay... I don't know what our AGI was, but my gross salary was a hair over 100k in 2018- Like 101k and my husband's was about 118k. But again, I don't know what his AGI was. Now I'll go and look at the tax documents. I didn't look before because I assumed that we weren't getting anything. I literally just check my account to pay other bills and saw the surprise direct deposit


Really weird-even if you maxed a 401k and an HSA it is still a stretch to get AGI down to that much. But maybe you have something you were able to do in addition that is a rarer filing situation.


You can tax loss harvest another 3000.


But still, it would be impossible (unless there is some tax situation I’m missing) to get a $118k income down to $75k AGI. They shouldn’t be getting the full $1700 for anything over $75k AGI, at least based on what has been widely publicized.


There's an additional $500 for each kid.


$1200 per adult and $500 per kid are the amounts ($1700 total for someone claiming one kid at or below $75k AGI, supposedly). It is supposed to go down from there up to $99k AGI where it phases out entirely.
Anonymous
Post 04/10/2020 18:00     Subject: Re:Did anyone who was NOT expecting a stimulus check receive one?
Anonymous wrote:Haven't gotten my direct deposit yet - but I've heard the pending IRS stimulus checks are in at credit unions for friends.

Perhaps the big banks are taking longer to process as they have more accounts.


Yes, I have a credit union account
Anonymous
Post 04/10/2020 17:59     Subject: Did anyone who was NOT expecting a stimulus check receive one?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:How much over $100k? It’s based on AGI not gross salary.


Oh okay... I don't know what our AGI was, but my gross salary was a hair over 100k in 2018- Like 101k and my husband's was about 118k. But again, I don't know what his AGI was. Now I'll go and look at the tax documents. I didn't look before because I assumed that we weren't getting anything. I literally just check my account to pay other bills and saw the surprise direct deposit


Really weird-even if you maxed a 401k and an HSA it is still a stretch to get AGI down to that much. But maybe you have something you were able to do in addition that is a rarer filing situation.


You can tax loss harvest another 3000.


But still, it would be impossible (unless there is some tax situation I’m missing) to get a $118k income down to $75k AGI. They shouldn’t be getting the full $1700 for anything over $75k AGI, at least based on what has been widely publicized.


There's an additional $500 for each kid.
Anonymous
Post 04/10/2020 17:58     Subject: Did anyone who was NOT expecting a stimulus check receive one?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:How much over $100k? It’s based on AGI not gross salary.


Oh okay... I don't know what our AGI was, but my gross salary was a hair over 100k in 2018- Like 101k and my husband's was about 118k. But again, I don't know what his AGI was. Now I'll go and look at the tax documents. I didn't look before because I assumed that we weren't getting anything. I literally just check my account to pay other bills and saw the surprise direct deposit


At 101K assuming you aggressively did things like fund your 401k you should get something.


So maybe 401k and student loan interest deductions? Still a mystery, but I'll take it!
Anonymous
Post 04/10/2020 17:58     Subject: Re:Did anyone who was NOT expecting a stimulus check receive one?
Anonymous wrote:
Anonymous wrote:We have a pending deposit from the IRS of $171.00. AGI about $225K (married filing jointly) and 3 dependents.


So weird!


I just used the calculator on this site and it estimates we'll get $150 so I guess we are supposed to be getting something. Just wasn't expecting it! It's the 3 kids that put us above 0. When I just enter the $225k it says we'll get 0.

https://smartasset.com/financial-advisor/coronavirus-stimulus-checks-how-much-will-you-get
Anonymous
Post 04/10/2020 17:57     Subject: Did anyone who was NOT expecting a stimulus check receive one?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:How much over $100k? It’s based on AGI not gross salary.


Oh okay... I don't know what our AGI was, but my gross salary was a hair over 100k in 2018- Like 101k and my husband's was about 118k. But again, I don't know what his AGI was. Now I'll go and look at the tax documents. I didn't look before because I assumed that we weren't getting anything. I literally just check my account to pay other bills and saw the surprise direct deposit


Really weird-even if you maxed a 401k and an HSA it is still a stretch to get AGI down to that much. But maybe you have something you were able to do in addition that is a rarer filing situation.


You can tax loss harvest another 3000.


But still, it would be impossible (unless there is some tax situation I’m missing) to get a $118k income down to $75k AGI. They shouldn’t be getting the full $1700 for anything over $75k AGI, at least based on what has been widely publicized.
Anonymous
Post 04/10/2020 17:54     Subject: Re:Did anyone who was NOT expecting a stimulus check receive one?
Anonymous wrote:I thought the checks were supposed to start with the people who have the lowest incomes. Is that only for people getting actual checks vs direct deposit?


I think they're starting with those who have direct deposit info on file with the IRS.
Anonymous
Post 04/10/2020 17:53     Subject: Re:Did anyone who was NOT expecting a stimulus check receive one?
Haven't gotten my direct deposit yet - but I've heard the pending IRS stimulus checks are in at credit unions for friends.

Perhaps the big banks are taking longer to process as they have more accounts.
Anonymous
Post 04/10/2020 17:52     Subject: Re:Did anyone who was NOT expecting a stimulus check receive one?
Anonymous wrote:I thought the checks were supposed to start with the people who have the lowest incomes. Is that only for people getting actual checks vs direct deposit?


That's only for being who aren't getting direct deposit. Those physical checks will be sent in the mail in waves - I heard they'll send out 5,000 physical checks a week which is why its tiered by income.
Anonymous
Post 04/10/2020 17:52     Subject: Did anyone who was NOT expecting a stimulus check receive one?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:How much over $100k? It’s based on AGI not gross salary.


Oh okay... I don't know what our AGI was, but my gross salary was a hair over 100k in 2018- Like 101k and my husband's was about 118k. But again, I don't know what his AGI was. Now I'll go and look at the tax documents. I didn't look before because I assumed that we weren't getting anything. I literally just check my account to pay other bills and saw the surprise direct deposit


Really weird-even if you maxed a 401k and an HSA it is still a stretch to get AGI down to that much. But maybe you have something you were able to do in addition that is a rarer filing situation.


You can tax loss harvest another 3000.
Anonymous
Post 04/10/2020 17:50     Subject: Re:Did anyone who was NOT expecting a stimulus check receive one?
Anonymous wrote:We have a pending deposit from the IRS of $171.00. AGI about $225K (married filing jointly) and 3 dependents.


So weird!