self-employed and stimulus package?

[keziak]

I tried to look up whether we can get a stipend from the stimulus package. What I read seemed to be saying we need to file for unemployment. Is there something else we should be doing, do you know? Do we have to reach the point of no sales to be eligible?

[luckythewinner]

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I have a few issues with this, she's 16 she doesn't need the money so I see no reason for her to get it

The reason for her to get it is because she was paying into the unemployment system and deserves it.

It would be different if she was working FOR something... ie college savings, a car, insurance, bills ect.

So collect it and save it for the future. Or donate it to charity.

[keziak]

thanks!

[membersinceaug2001]

She could spend it online instead of going out to blow it.

[cynthealee2]

to all:

She's worked there for all of 2 months before this started. If she files a claim and keeps it up as long as I think she's going to be out of work the system will pay her way way more money that she has paid into it. 

LOL she has bigger better grudges against me that she will "hate" me for till she's in her 30's, no phone service, no dating till she's 18, making her do chores ect ect.

She already shops on-line... wish is her favorite place to shop... she'll die before she touches eBay (sorry y'all years of having to work on eBay stuff and welllllllll she hates ebay lol).

If she has access to the money it will get spent on junk food delivery, and **bleep** coming from China (and since it's hers and goes into HER account told her when she got the job that it was HER money, but if she wanted college or a car she'd have to save for it, cause I'm not paying for either.  My only rule was she may NOT get phone service till she turns 18 same as her siblings), ... either way more germs coming into my house.

Again the only reason this was an issue is because the pizza place filed for the entire store Adults and the teens (must be easier in mass I guess).  If she wants it that badly I'll tell her I won't stop her but I'm not going to help her figure it out, nor am I going to fill it out for her.   I personally don't think she needs it, has 'earned' it, or aught to fool with it.

 I will let her know she can donate it to charity she may do that if I catch her in the right mood (she can be really sweet when she wants to).

PS  College is paid for IF she does it right... Hope Scholarship and Pell grants will pay the entire first 2 years at any of the local community colleges with no debt (with money left over), and G'pa has a college fund for the last 2 years.

[chapeau-noir]

@cynthealee2  LOL - the Teen stuff doesn't change!  With me it was Wise potato chips and cheap krap from the local 5 and dime.  But I did have to do chores as well.  

[mam98031]

Someone that only worked for 2 months and has no other employment during other months would not qualify for unemployment.  If she had previous employment prior to this job then if it was for a long enough period, she may qualify.  Unemployment determination doesn't run on current quarter information.  It is always older so that employers have their quarterly tax reports filed.

@cynthealee2 

[bar-29368]

There are special unemployment benefits in the stimulus package.

[mam98031]

Yes I know.  But not likely to cover a 16 year old that is laid off her first job.

[cynthealee2]

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@mam98031 wrote:

Someone that only worked for 2 months and has no other employment during other months would not qualify for unemployment.  If she had previous employment prior to this job then if it was for a long enough period, she may qualify.  Unemployment determination doesn't run on current quarter information.  It is always older so that employers have their quarterly tax reports filed.

@cynthealee2 

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THANK YOU.... I was looking for facts before I told her yes or no flat out... and she got her hopes up... she's under the impression (wicked grins all teens can do) that "ooooo I'll get paid and I don't even have to show up... I love this".

[mam98031]

For those getting really excited about this stimulus check, it is really important to realize that it is an ADVANCE, NOT free money.

What if my recent income made me ineligible, but I anticipate being eligible because of a loss of income in 2020? Do I get a payment?

The bill does not help people in that circumstance now, but you may benefit once you file your 2020 taxes. That’s because the payment is technically an advance on a tax credit that is available for the entire year. So it will depend on how much you earn.

Meanwhile, there are many other provisions in the legislation. You may be able to file for unemployment or for one of the new loans for small-business owners or sole proprietors.

https://www.nytimes.com/article/coronavirus-stimulus-package-questions-answers.html

[bar-29368]

Actually I would classify a tax credit as "free money" being that a. it's not taxable (when you receive it as part of a stimulus payment) and b. unlike a deduction, it actually is a credit against any tax you owe dollar for dollar.

The only people who won't benefit from it should they receive it as a tax credit rather than the stimulus payment is low income earners who don't owe enough tax in that year to be able to offset with the credit.

[prettywoman-2012]

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@luckythewinner wrote:

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@andrew547 wrote:

I believe every taxpayer is going to receive a check.

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Keep in mind the bill has not even been passed by the house yet. 

I believe the current version will pay $1200 per adult for those who had adjusted gross income of less than $75k on their last tax return (either 2018, or 2019 if they have already filed). 

It tapers gradually to zero from $75k to $99k; i.e. over $99k you get nothing. 

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Yes, you are correct. And now they are saying, give the checks about 3-4 weeks to arrive (if you qualify) - the originally issued date of April 6th 2020 is no longer on the table. There could also be individual differences, because in some cases, people will qualify but they did not file a "normal" tax return, for example, they got social security benefits for which they do not need to pay taxes - but receive a form, annually, sent to them in the mail. Other people may have to wait a bit longer, for example, if they were issued a non-citizen tax payer ID. 

This link explains it all: 

https://www.wfmynews2.com/article/news/health/coronavirus/heres-who-gets-what-in-the-2-trillion-coro...

PW🐿

[bar-29368]

Only those with a valid SSN will get the stimulus payment. Those who use an ITIN won't get it. Same as the 2008 stimuls payments.

[equid0x]

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@nc-daydreamer wrote:

I hope you are mistaken about the date of 12/31/20.  I was o f the understanding it is by 4/6/20.  And even then, that's a long time to make the rent and lights wait.

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Its just what I saw quoted in what I read. Supposedly quoted from the bill. I have not actually read the bill myself, so I cannot confirm this. 

[mam98031]

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@bar-29368 wrote:
Actually I would classify a tax credit as "free money" being that a. it's not taxable (when you receive it as part of a stimulus payment) and b. unlike a deduction, it actually is a credit against any tax you owe dollar for dollar.

The only people who won't benefit from it should they receive it as a tax credit rather than the stimulus payment is low income earners who don't owe enough tax in that year to be able to offset with the credit.

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OK when you do next year's taxes we will see if you are of the same opinion.