Stimulus Checks

phxmrc — Thu, 26 Mar 2020 19:27:53 GMT

So I'm guessing I know the answer to this one...... Ref the pending Stimulus checks the media is saying that if you made less than $150,000 as a couple you will qualify for the full amount and that will be based on either your 2018 or 2019 tax returns. In 2018 shortly after retirement I took a fairly hefty chunk out of my 401K for a house. In 2019 I took out more from my 401K when refinancing the house and in addition, my father passed away and left His IRA to us. Since the 401K withdrawals and IRA cash-out count as earned income they put us over the $150,000 threshold in both years for earnings. Had it not been for these withdrawals and inheritance we would have been well below the that amount. So the end result will be no stimulus check for us due to bad timing???

Be safe everyone!

Mike

Re: Stimulus Checks

robtm — Tue, 31 Mar 2020 04:44:47 GMT

That appears to be right - you had over $150,000 income and thus do not qualify for a stimulus check.

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Stimulus Checks

Re: Stimulus Checks