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Update on the Additional Corona grants for 2021

Update on the Additional Corona grants for 2021

Not yet officially a LAW but has already passed the House of Representatives and Senate and is expected to be signed by the President:

 

What you need to know: $600 per person and $600 per child up to age 17

 

Number of comments and highlights:

 

1. It is given to someone who is considered American for tax purposes (and for that matter the determination is correct for the tax year 2020. Anyone who came to the US on a J / F visa and is considered a foreign resident is Not eligible)

 

2. It is given to anyone who has a valid SSN for working in the US

 

3. The $600 amounts are for a child who is actually dependent and their age by the end of the year will not pass the age of 17.

 

4. Here, too, it is given according to your  income- that is, for a family (couple) - up to an income level of 150,000 dollars and for an individual up to an income level of 75,000 dollars

**(it is also possible to go beyond - the grant amount is reduced and disappears completely when reaching income levels of 87,000 dollars per individual Or $ 174,000 per couple)

 

5. Here too there is a planning element and it is important - the grant payments are now made immediately based on data from 2019. If in 2019 your income was below the threshold that's mentioned above, and in 2020 your income levels are above the threshold - then the right act is to receive the grant first and only then submit the 2020 reports (well - there is time).

 

6. If it turns out in the 2020 report that you received less than you should have received (when the income checkup is in accordance with the 2020 data) - it will be possible to claim the gap in the 2020 report.

But it is not the other way around: if you have now received an advance and it turned out according to the 2020 report that there was no eligibility - then there will be no need to return.

Similar to the previous comment - it requires planning: for example - I have a child who is not 17 by the end of 2019 but will pass the age of 17 by the end of 2020 - it is worth first to get the $600 for him and only then submit the report.

 

7. Payments are made automatically and do not require action.



Credit: Touriel US Tax Advisory LTD (Tax Experts on homeis)

3 Saved
9 Comments
Babush· Dec 23, 18:57
Don't know
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Olatunji· Dec 23, 18:58
It’s now $2000 per adult
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2 Likes
Olufemi· Dec 23, 19:01
That’s only a speculation
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1 Like
Olatunji· Dec 23, 19:02

Olufemi it real! President Trump said that late last night... that was the reason he refused to signed $600 per person

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Aledi· Dec 23, 19:03
No it is not, they are TRYING TO MAKE IT BUT THEY ALREADY VOTED NO SO TRUMP IS ASKING THEM TO RETHINK THAT DECISION
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Olufemi· Dec 23, 19:03

Olatunji the house need to agreed on it but a good move by him

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Olatunji· Dec 23, 19:04

Olufemi Pelosi said they can do it... hopefully it will happen!

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1 Like
Olufemi· Dec 23, 19:05

Olatunji u right

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1 Like
Teye Reuben · Dec 23, 21:11

Olatunji Trump position is a total luck of utmost good faith. He couldn't do that when he was a president. $2000/adult may hurt the economy

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3 Likes
Angel· Dec 23, 21:35

Teye Reuben it actually will hurt the economy

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2 Likes
Teye Reuben · Dec 23, 22:18

Angel yeah President Trump is only doing damage control

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5 Likes
Angel· Dec 23, 22:19

Teye Reuben Yeap it doesn’t seem like he is doing it out of good faith. Politics is a dirty game

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1 Like
Teye Reuben · Dec 23, 22:37

Angel Pandering as usual

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Olufemi· Dec 23, 22:47

Teye Reuben what will you say about Canada that is giving them for 4months

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Folu· Dec 23, 22:52

Teye Reuben exactly

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Teye Reuben · Dec 24, 10:26

Olufemi how much is Canada paying and the population ain't the same?

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Olufemi· Dec 24, 13:01

Teye Reuben Canada paying same 2000 and forget about the population, we far richer here.

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Owens· Dec 25, 16:19

Olatunji Trump said a lot of things, that never saw the light of the day.😆😁😅

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2 Likes
Neyo· Dec 25, 21:20

Teye Reuben Right. He knows what he’s doing cos he already knew he won’t be back to office.

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1 Like
Bolaji· Dec 26, 00:55
Trump wants it like that but democrats are now playing us. Irony of life.
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Neyo· Dec 26, 01:53

Bolaji both Republicans and Democrats are all birds of a feather. They’re just like the APCs’ PDPs’ we have in 🇳🇬.

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1 Like
Olufemi· Dec 26, 02:24

Neyo I disagreed!!!!! What they practice in Nigeria is not politics. Those guys lack IQ. Politics is practice here with intelligent

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Neyo· Dec 26, 16:32

Olufemi 😆 Well all the same they still all play d game dirty

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Bolaji· Dec 26, 23:49

Neyo 🤣🤣🤣🤣😇

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Sandra· Dec 23, 18:58
The discrimination against J/F visa holders😭.. Even though we pay taxes just like everyone else... May God help us
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1 Like
Daniel· Dec 23, 19:02
If you filed your taxes you will get
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2 Likes
Sandra· Dec 23, 20:26

Daniel oh really.. will be on the look out

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1 Like
Kingsley· Dec 23, 22:19

Daniel that’s not what the report said, if you’re an alien you don’t get nothing

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J
Jude· Dec 23, 23:08
You are right
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Daniel· Dec 24, 02:50

Kingsley It does not matter what the report said. They report also said US citizens. As far as I am concerned I got it the last time and so did all my colleague international students here

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Lade· Dec 23, 19:00
What if the account details on IRS that I used for tax returns last year as been closed. How can I update it for the purpose of the stimulus checks
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David · Dec 23, 19:19
Call IRS. It might take time before they take the call but they will eventually. They probably might have you go to their nearest office.
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Bunmi· Dec 23, 19:46
You can go to the irs website to put in your new account details. Go to the"get my payment" tab on the irs website
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Lade· Dec 23, 22:12

Bunmi I think that option is no longer available until the payment begins or do you have any specific website TIA

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Bunmi· Dec 23, 22:53

Lade oh yes! Looks like it's not available at the moment. But if payment do go out I believe that feature will get turned back on

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1 Like
Toikumo Pete· Dec 23, 19:11
This, at a time when Nigerian lawmakers are buying themselves new SUV, and all sorts of allowances. Yet common food parliatives are hidden from the people...
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Samuel· Dec 23, 19:16
i received $1200 earlier...
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Mohammed · Dec 23, 19:52
I will follow up and keep you posted on this
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Sandra· Dec 23, 23:09
*whew*😞
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Ulrich· Dec 23, 23:10
Trump didn't signed
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