Things you will miss after restrictions are lifted ...

[Tapi]

I’m an airline crew member, and as much as the impact of this pandemic worries me about the future of my industry, and as much as I look forward to the day when flights are full again, I have to admit that it’s been nice to enjoy the quiet around the airports and aboard airplanes. Without long lines, crowds, and the rush normally associated with air travel, things have really slowed down to a very pleasant pace. It almost feels like a throwback to the golden days of flying. Boarding and deplaning is relaxed and takes just a few minutes. Even with the social distancing, everybody seems much more pleasant, kinder, courteous, and warm. Airplanes are the cleanest they’ve been in years, with fogging and deep cleaning performed frequently. I was concerned about going to work when this pandemic started, but now I feel less at risk on an airplane than at my local grocery store. 
 

I think that this experience is making all of us more human and less robotic. I can only hope that the lessons we are learning now are lessons that we can maintain long term, and that we won’t forget them too quickly. 

[kastke]

6 hours ago, ZoeyVictoria said:

... I read that the stimulus check is a refundable tax credit advanced from your 2020 tax return and “is similar to other refundable tax credits, like the child tax credit”.  My interpretation is that there will be a tax credit that will be calculated on our 2020 tax return because the stimulus check should be based on 2020 income.  If it is equal to your check, it is a wash.  If your check is more than you should have received because your 2020 income is higher, you do not have to repay it.  If you do not qualify for a check based on your 2019 tax return, but lose your job in 2020 and do qualify for a check based on your lower 2020 income, it will be added to your refund on your 2020 tax return.  

 

6 hours ago, Blizzard54 said:

The one-time payment — which the IRS is calling an "economic impact payment" — is technically an advanced tax credit meant to offset your 2020 federal income taxes. 

 

Based on what I found it is considered a tax credit. Does not need to be returned and not considered income.

I believe both of these statements are partially accurate. It will not be considered income, but my interpretation is there will be a true-up on 2020 tax returns to make sure you receive the correct amount based on 2020 income.
“Refundable” tax credit means if one’s income is so low that they have zero tax liability at the end of the year, they can still receive the credit. Some other credits only offset owed taxes. 
 

If your 2020 income is high enough that you will be in the phase-out portion of the credit, but you received the full $1200 payment, I believe you will have to pay back the excess you received when you file your 2020 return. On the other hand, a couple that has a baby in 2020 would be entitled to the $500 dependency payment, but won’t receive it now. That should be trued up when the couple files their 2020 return to give them the additional $500.

 

I am a recently retired accountant, more on a corporate and payroll tax level than personal income tax, but having done a lot of research in Federal tax codes, that is my best guess interpretation. 

Edited April 6, 2020 by kastke