Corona stimulus bill money

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You shall know the Truth

You shall know the Truth

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In looking at the preliminary bill, you had to have made at least 2500 dollars in taxable income to receive any money from the government And be a US citizen. So I think many medical students will miss this.
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Agreed, I think most med students will miss this. I don't think it was really intended for students though... We aren't really being financially burdened by COVID-19 like many others are. Still sucks though, I'd love a check!
 
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M1s and M2s still have the potential to benefit, since they’re using 2018 taxes. Assuming you had a job prior to matriculation.
 
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spancs said:
Agreed, I think most med students will miss this. I don't think it was really intended for students though... We aren't really being financially burdened by COVID-19 like many others are. Still sucks though, I'd love a check!
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The thing that sucks is that there are so many other factors other than just loss of income that go into whether someone is being financially burdened by the situation. Some people are splitting bills with non-med students who are now losing their incomes. Some people took on bills or living situations that were only possible with the assistance of family members, who may now be unable to provide the financial assistance they had been providing due to COVID-related changes in their finances. Some people will have family members get sick, which can present its own set of financial hardships. I hope the final bill is more inclusive of all Americans. That said, I got laid off from my job in 2018 a few months before I started med school but made just slightly enough to qualify for the current bill being proposed, so I am hopeful I will receive at least something. It would certainly be a huge help given that I barely make it with my loan money now.
 
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Socialism at its finest... but I will take the money if I get it.
 
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So, can I pull $2500 from my IRA account and qualify since IRA withdrawals are counted as income and aren't taxed as long as the money is used for education?
 
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You shall know the Truth said:
In looking at the preliminary bill, you had to have made at least 2500 dollars in taxable income to receive any money from the government And be a US citizen. So I think many medical students will miss this.
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This thread walks a pretty narrow line of being relevant to medical students. The first couple of responses seem appropriate for this forum, but it quickly took a turn strictly into political discourse, which is outside the scope of this forum.

Let's try to keep this thread related to how the bill affects medical students/residents, otherwise the thread will likely be closed.
 
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GoSpursGo said:
This thread walks a pretty narrow line of being relevant to medical students. The first couple of responses seem appropriate for this forum, but it quickly took a turn strictly into political discourse, which is outside the scope of this forum.

Let's try to keep this thread related to how the bill affects medical students/residents, otherwise the thread will likely be closed.
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So you threaten to close it and instead move it here.

Bad mod, bad!

tenor.gif
 
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VA Hopeful Dr said:
So you threaten to close it and instead move it here.

Bad mod, bad!

tenor.gif
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Huh. *I* did not, but it looks like someone else and I were working at the same time.

Moving this back to med students. If this thread continues going off the rails (as I think is pretty likely), we'll just close rather than move somewhere else.
 
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I’m an MS4 with young children, living on student loans and what I have made working every weekend since I started in 2016. I depend on my extra income to buy my kids clothes. I’m still lucky to have loan money to pay the bills. Literally most of the work force has zero income if they want to abide by the rules that have any potential of keeping our hospitals afloat and keep us as healthcare professionals from deciding who gets to be on a ventilator and who dies. Anyone who calls this “socialism” or argues that they somehow deserve this money needs to rethink everything that is wrong with their mentality.
 
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Does the 2500 dollar stipulation apply to our 2018 taxes? If so then I guess all of us M2s who worked before med school are golden....
 
IIRC people without tax liabilities may recieve 600 dollars?
 
Dantrolene FC said:
Nobody knows anything unless both the house and senate pass a bill and Trump signs it. Until then, it is all speculation.
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Well, we have the actual text of the bill so we actually know quite a bit and it's not really just speculation.
www.congress.gov

Text - S.3548 - 116th Congress (2019-2020): CARES Act

Text for S.3548 - 116th Congress (2019-2020): CARES Act
www.congress.gov

Here's the relevant section:

'SEC. 6428. 2020 RECOVERY REBATES FOR INDIVIDUALS.

“(a) In General.—In the case of an eligible individual, there shall be allowed as a credit against the tax imposed by subtitle A for the first taxable year beginning in 2020 an amount equal to the lesser of—
“(1) net income tax liability, or
“(2) $1,200 ($2,400 in the case of a joint return).
“(b) Special Rules.—
“(1) IN GENERAL.—In the case of a taxpayer described in paragraph (2)—
“(A) the amount determined under subsection (a) shall not be less than $600 ($1,200 in the case of a joint return), and
“(B) the amount determined under subsection (a) (after the application of subparagraph (A)) shall be increased by the product of $500 multiplied by the number of qualifying children (within the meaning of section 24(c)) of the taxpayer.
“(2) TAXPAYER DESCRIBED.—A taxpayer is described in this paragraph if the taxpayer—
“(A) has qualifying income of at least $2,500, or
“(B) has—
“(i) net income tax liability which is greater than zero, and
“(ii) gross income which is greater than the basic standard deduction
“(c) Treatment Of Credit.—The credit allowed by subsection (a) shall be treated as allowed by subpart C of part IV of subchapter A of chapter 1.
“(d) Limitation Based On Adjusted Gross Income.—The amount of the credit allowed by subsection (a) (determined without regard to this subsection and subsection (f)) shall be reduced (but not below zero) by 5 percent of so much of the taxpayer’s adjusted gross income as exceeds $75,000 ($150,000 in the case of a joint return).
 
BoneWizard said:
Well, we have the actual text of the bill so we actually know quite a bit and it's not really just speculation.
www.congress.gov

Text - S.3548 - 116th Congress (2019-2020): CARES Act

Text for S.3548 - 116th Congress (2019-2020): CARES Act
www.congress.gov

Here's the relevant section:

'SEC. 6428. 2020 RECOVERY REBATES FOR INDIVIDUALS.

“(a) In General.—In the case of an eligible individual, there shall be allowed as a credit against the tax imposed by subtitle A for the first taxable year beginning in 2020 an amount equal to the lesser of—
“(1) net income tax liability, or
“(2) $1,200 ($2,400 in the case of a joint return).
“(b) Special Rules.—
“(1) IN GENERAL.—In the case of a taxpayer described in paragraph (2)—
“(A) the amount determined under subsection (a) shall not be less than $600 ($1,200 in the case of a joint return), and
“(B) the amount determined under subsection (a) (after the application of subparagraph (A)) shall be increased by the product of $500 multiplied by the number of qualifying children (within the meaning of section 24(c)) of the taxpayer.
“(2) TAXPAYER DESCRIBED.—A taxpayer is described in this paragraph if the taxpayer—
“(A) has qualifying income of at least $2,500, or
“(B) has—
“(i) net income tax liability which is greater than zero, and
“(ii) gross income which is greater than the basic standard deduction
“(c) Treatment Of Credit.—The credit allowed by subsection (a) shall be treated as allowed by subpart C of part IV of subchapter A of chapter 1.
“(d) Limitation Based On Adjusted Gross Income.—The amount of the credit allowed by subsection (a) (determined without regard to this subsection and subsection (f)) shall be reduced (but not below zero) by 5 percent of so much of the taxpayer’s adjusted gross income as exceeds $75,000 ($150,000 in the case of a joint return).
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Ah,I had a suspicion they were trying to do this. It is just uncle Sam forwarding some of your tax return. Essentially some of the money they were going to withdraw from your paycheck or have already withdrawn.
 
It always will. I appreciate the update. Has anyone looked at the AMA website regarding the stimulus. They are trying to lobby for doctors to have access to funds for their practices.
 
When this pandemic is all said and done, and the dust settles, all residents and practicing physicians should get federal loans waived completely.

1584971425520.png
 
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stickgirl390 said:
M1s and M2s still have the potential to benefit, since they’re using 2018 taxes. Assuming you had a job prior to matriculation.
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Wait are you sure it’s 2018 taxes and not 2019? Because I had a job last year but not 2018.
 
initialize said:
Wait are you sure it’s 2018 taxes and not 2019? Because I had a job last year but not 2018.
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Honestly, means testing should be retroactive for this situation in my opinion. The situation is dire enough for many Americans that they should just start handing out money then tax the ones who didn't need it when this is over to get it back. Time is money right now and lawmakers bickering about exactly which Americans should qualify for what is really not necessary. Especially with multiple senators now quarantined and literally no way to govern remotely for the House and Senate.

That and hella federal loans for small businesses, not the cruise ship industry. Offer significant financial help (i.e, waive) for residents and physicians with federal student loans. It's clear the federal government failed (is failing) them.
 
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Espressso said:
When this pandemic is all said and done, and the dust settles, all residents and practicing physicians should get federal loans waived completely.

View attachment 299456
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No they shouldn’t. You’re doing the job you signed up to do.

You’re post came off extremely entitled. I don’t know you’re specialty or stage of training, but dude, you’re gonna make $200k minimum. Why should we be forgiving your loans when other people are going to lose their jobs and be in poverty?
 
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Dantrolene FC said:
No they shouldn’t. You’re doing the job you signed up to do.

You’re post came off extremely entitled. I don’t know you’re specialty or stage of training, but dude, you’re gonna make $200k minimum. Why should we be forgiving your loans when other people are going to lose their jobs and be in poverty?
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I'm a third year. I won't benefit at all. Unlike some federal leaders who have significant stake in the hotel industry that is being bailed out. But hey.

We should forgive residents and physicians loans because the federal government is failing them. Armchair admins are expecting residents to go in with 5 day old PPE in NYP hospital to see the COVID-19 positive patient. And the federal government is still lagging on ensuring proper PPE for hospitals across the country. This isn't really arguable IMO.

allantois said:
At least freeze interest rates on student loans at 0
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At a bare minimum.
 
You shall know the Truth said:
why do you believe this to be true? I disagree, but I’m curious your ratiocination.
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We don't send our soldiers out to the battlefield without proper weapons, etc etc. We're currently expecting residents and docs to go and use cloth face masks in COVID hot spots. Federal government still not doing enough to fix this shortage. We have SDN docs asking SDN members to help donate PPE to their local hospital. All in the best country on earth. At the VERY least, you can forgive these doctors loans. They shouldn't pay back a dime if they make it out of this. Godspeed to all of them.
 
initialize said:
Wait are you sure it’s 2018 taxes and not 2019? Because I had a job last year but not 2018.
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It's either, I believe. It's based off of 2018 by default, but you can go ahead and file your 2019 taxes if you want them to go off of what you made in 2019. In my case, I'm going to hold off on filing 2019 (tax day has been postponed 'til July!) because I made enough to qualify in 2018 but don't think I did with my summer job between M1 and M2 in 2019.
 
I've removed a few posts that were strictly political.

This will be the last warning for everyone. There are plenty of places you can go online to have these kinds of broader political discussions, but this part of SDN isn't one of them. Let's please keep the scope of this thread within the context of medical students and trainees.
 
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GoSpursGo said:
I've removed (and am in the process of removing) a few posts that were strictly political.

This will be the last warning for everyone. There are plenty of places you can go online to have these kinds of broader political discussions, but this part of SDN isn't one of them. Let's please keep the scope of this thread within the context of medical students and trainees.
Click to expand...
My post was extremely political, thank you very much for deleting it.
 
BoneWizard said:
So, can I pull $2500 from my IRA account and qualify since IRA withdrawals are counted as income and aren't taxed as long as the money is used for education?
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It's from 2018 income, so anything you do in the 2021 FY is not applicable
 
naway said:
It's either, I believe. It's based off of 2018 by default, but you can go ahead and file your 2019 taxes if you want them to go off of what you made in 2019. In my case, I'm going to hold off on filing 2019 (tax day has been postponed 'til July!) because I made enough to qualify in 2018 but don't think I did with my summer job between M1 and M2 in 2019.
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As I understand it, it's only 2018 returns in the Senate proposal. If so, the plan would not cover many PGY-1s either. I don't think many of us were in a position to meet the filing requirements during MS-4. PGY-2+ should be able to partake just fine though.

I hear negotiations are ongoing for the Senate plan. Meanwhile, House dems supposedly working on a proposal as well. I'm hearing $1500 for anyone w/ a Tax ID number. I believe that one would include med students.
 
Wah wah Uncle Sam pay my loans I’m a poor baby Med student....
 
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Espressso said:
We don't send our soldiers out to the battlefield without proper weapons, etc etc. We're currently expecting residents and docs to go and use cloth face masks in COVID hot spots. Federal government still not doing enough to fix this shortage. We have SDN docs asking SDN members to help donate PPE to their local hospital. All in the best country on earth. At the VERY least, you can forgive these doctors loans. They shouldn't pay back a dime if they make it out of this. Godspeed to all of them.
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But we do send soldiers into battle without proper gear all the time. In Iraq they lacked proper body armor, vehicle armor (or proper vehicles for that matter). Our soldiers lost blood, arms, mental stability, and maybe their lives. Certainly they lost more than the average physician an or RN will with COVID-19.

I am quite fortunate compared to most. I am still working. I am drawing essentially my normal salary. I am not worried at all that I will get laid off. I am not worried about losing my home, or buying groceries.

That is all a lot more than many can say. A lot of my neighbors, like dentists, aren’t working at all. Others are worried what’ll happen to their job with the recession (or possible depression), like a number of finance folks, certain engineers. Yes, I’m more exposed to the virus than most, but so are delivery men/women and grocery clerks.
 
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Yeah everyone is getting a $1,200 check if you have filed tax for 2018 or 2019.
 
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Epilepsy365 said:
Yeah everyone is getting a $1,200 check if you have filed tax for 2018 or 2019.
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Is it still just fronting tax returns for 2020? Or is it a one time payment due to loss of income?
 
libertyyne said:
Is it still just fronting tax returns for 2020? Or is it a one time payment due to loss of income?
Click to expand...

one time payment to everyone that makes less than a certain point. You don’t need to have any working income to qualify. This is actually more generous than my original thought. I personally would be more in favor of cutting that check only for working family and extending unemployment benefits to min of 6 months.

It can be a direct deposit to your bank or just a check cut to your mailing address.
 
So to clarify: if I file a return this week listing $0 in income, I will qualify?
 
aymar said:
So to clarify: if I file a return this week listing $0 in income, I will qualify?
Click to expand...

Depends on what Pelosi does. Never know with Crazy Nancy.
 
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Final wording: CARES ACT FINAL TEXT

It's an advance tax credit, whatever that means. It's not clear if we'll have to give it back if we owe no taxes this year.
 
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