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PY Online Forums - Bringing the Pontiac Hobby Together > General Forums > THE LOBBY > What are you going to do with your $1200?
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  #1  
Old 03-28-2020, 10:01 PM
Formulabruce's Avatar
Formulabruce Formulabruce is offline
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Originally Posted by hobbygto65 View Post
I probably won't get it. Between my wife and me are Social Security isn't enough to file taxes and there going by the 2018 tax filings.
Below the 75k means you get it. My income is low too, I was told to expect it, and expect to pay taxes on it

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  #2  
Old 03-29-2020, 01:07 AM
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Jack Gifford Jack Gifford is offline
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Location: Phelps, NY 14532
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... I was told to expect it, and expect to pay taxes on it...
My understanding is that this one-time payment is not taxable.

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Anybody else on this planet campaign a M/T hemi Pontiac for eleven seasons?
... or has built a record breaking DOHC hemi four cylinder Pontiac?
... or has driven a couple laps of Nuerburgring with Tri-Power Pontiac power?(back in 1967)
... or has a Pontiac born the same year as Jim Wangers? (1926}
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Old 03-29-2020, 06:51 AM
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tigergto tigergto is offline
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Originally Posted by Formulabruce View Post
Below the 75k means you get it. My income is low too, I was told to expect it, and expect to pay taxes on it
You only have to pay taxes on it if in 2020 you go above the threshold of 75,000 for single filers and 150,000 for joint. It goes at a reduced rate of 99,000 for single and 175,000 for joint.

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