CARES Act - if someone didn't file for 2018 or 2019 should they file $1 AGI now?

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arcticpineapplecorp.
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CARES Act - if someone didn't file for 2018 or 2019 should they file $1 AGI now?

Post by arcticpineapplecorp. » Thu Mar 26, 2020 9:36 pm

I read today on a site (think it might have been a motley fool link off yahoo) that if someone hasn't filed taxes for 2018 or 2019 because their AGI was too low (say under standard deduction) they should now file a 2019 tax return (and if had no income, should file with $1 AGI) to get the $1200 stimulus package? The article said this was how it was done for the 2008 stimulus check. Is this right?

I know someone who lives and is supported by his father. The son had no income and didn't file tax returns 2018-2019.

FWIW, the father claimed the son as dependent and father claimed as head of household. I assume neither matters.

Should I instruct the son to file a 2019 tax return with $1 AGI to get the $1200 stimulus money (he and his father can use it since they're low income folks).

Saw this link on another post at bogleheads (https://www.omnicalculator.com/finance/stimulus-payment) and it goes from $0 to $1200 stimulus if you change income from $0 to $1, which confirmed what I read on the motley fool article earlier.

Thanks!
"May you live as long as you want and never want as long as you live" -- Irish Blessing | "Invest we must" -- Jack Bogle

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rob
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Re: CARES Act - if someone didn't file for 2018 or 2019 should they file $1 AGI now?

Post by rob » Thu Mar 26, 2020 9:39 pm

I have not read anything... but I would check that a person that is claimed as a dependant would be eligible for the cash?
| Rob | Its a dangerous business going out your front door. - J.R.R.Tolkien

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willthrill81
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Re: CARES Act - if someone didn't file for 2018 or 2019 should they file $1 AGI now?

Post by willthrill81 » Thu Mar 26, 2020 9:39 pm

This is pending legislation and not yet law.
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings

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Re: CARES Act - if someone didn't file for 2018 or 2019 should they file $1 AGI now?

Post by runner3081 » Thu Mar 26, 2020 9:44 pm

Sigh. People don't get it. We can't post about this.

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arcticpineapplecorp.
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Re: CARES Act - if someone didn't file for 2018 or 2019 should they file $1 AGI now?

Post by arcticpineapplecorp. » Thu Mar 26, 2020 9:46 pm

sorry, thought it was passed into law. jumped the gun.
"May you live as long as you want and never want as long as you live" -- Irish Blessing | "Invest we must" -- Jack Bogle

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Re: CARES Act - if someone didn't file for 2018 or 2019 should they file $1 AGI now?

Post by Alex Frakt » Thu Mar 26, 2020 11:51 pm

Locked. The main reason we don't allow discussions of non-enacted legislation or regulations is because these are always subject to last minute changes. Relying on someone's interpretation of a draft law or regulation could be financially harmful.

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