Step one:
Page 781 of the bill provides $25 million to the Democratic-controlled House of Representatives to cover "salary and expenses."
This is called a payoff. Pure and simple.
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Step one:
Page 781 of the bill provides $25 million to the Democratic-controlled House of Representatives to cover "salary and expenses."
This is called a payoff. Pure and simple.
New tax credit based on 2020 taxable income.
Amounts are $1,200 for individual, $2,400 per couple and $500 per dependent.
Income limits are $75,000 for individuals, $112,500 for head of household, and $150,000 for joint returns before a phase out begins. You are completely phased out ($0 credit) at around $99,000 for an individual. Since this is based on adjusted gross income for 2020, your tax planning should start now. If you are right around the cusp of $75-$100k (individual) you may want to consider putting more money into your 401k this year to reduce your tax income and make sure you get more benefit from the credit.
You will receive an advance on your 2020 tax credit based on your 2019 tax income as an estimate for your 2020 tax year. If you haven’t filed 2019 taxes yet you may use your 2018 tax year. If you don’t have either, social security benefits records can be used. No interest will be charged if they overpay you with your advanced payment.