Trump wants to send Americans $1,000 checks to cushion virus economic shock

[bristolboy]

Foreign Earned Income Exclusion - Physical Presence Test

You meet the physical presence test if you are physically present in a foreign country or countries 330 full days during any period of 12 consecutive months including some part of the year at issue. The 330 qualifying days do not have to be consecutive.

https://www.irs.gov/individuals/international-taxpayers/foreign-earned-income-exclusion-physical-presence-test

[Prairieboy]

5 hours ago, webfact said:

"We're asking our older generation to stay in their homes. ... We're asking the younger generation to stop going out," said Trump coronavirus adviser Deborah Birx.

Shall I stay in or shall I not go out?  Hmmmmmm, decisions, decisions.

[Cryingdick]

1 minute ago, Prairieboy said:

Shall I stay in or shall I not go out?  Hmmmmmm, decisions, decisions.

It won't matter either way. Where in Nebraska are you from?

[bristolboy]

9 minutes ago, lannarebirth said:

It doesn't include people whose income is unearned income and it does not include those who live in a foreign country who earn their money in the US.

Absolutely wrong as my post from the IRS shows. If you live outside the USA for at least 330 days per year, then you are entitled to the exclusion under the physical presence test.

[avvocato]

24 minutes ago, Cryingdick said:

 

That's only true if you make above $92,000 If so take your $1,000. You are exempt up to that amount.

Out of all the ignorant statements made in this thread (and of course there are many), this could be the prizewinner.  Ask anyone with an RMD from their 401K above the personal tax exemption amount (to the $92,000 which only applies to money "earned" outside the USA) and then also include the trigger to tax a % of SS earnings.

[bristolboy]

2 minutes ago, avvocato said:

Out of all the ignorant statements made in this thread (and of course there are many), this could be the prizewinner.  Ask anyone with an RMD from their 401K above the personal tax exemption amount (to the $92,000 which only applies to money "earned" outside the USA) and then also include the trigger to tax a % of SS earnings.

But for earned income he is correct. Well, not exactly. The ceiling is over 100,000 now.

[lannarebirth]

7 minutes ago, bristolboy said:

Absolutely wrong as my post from the IRS shows. If you live outside the USA for at least 330 days per year, then you are entitled to the exclusion under the physical presence test.

330 days is cutting things pretty thin for someone tied to the home office in the states. I would think people in that situation would qualify for the exclusion less oftrn than not.

[Ventenio]

I don't need the money, but Trump said to help "Americans".  Well, Americans live in Thailand.  This is a GLOBAL pandemic, and Americans need help everywhere around the world.  Americans in Thailand are citizens and are clearly affected by this virus.  No other countries will help expats, except their home country.  The passport is blue, not some strange "expat" passport.  Of course expats can still stimulate the American economy while living overseas, likely more than some people living state side.  Sure, I understand not to pay expats, since "ex" implies they are not as American as if they lived under the flag.  Is every student going to get 1,000 dollars even if they don't work?   

 

It's always interesting when I hear about this "free" money.   Oh, it's not free and look at mortgage rates now...going up.  $1000 in America is nothing.  

[mtls2005]

1 minute ago, bristolboy said:

But for earned income he is correct.

W-2, wages, salaries and tips. Yes.

 

Obviously there are other ways to earn income, in the U.S., while living outside the U.S. This earned income would not be subject to foreign exclusion.

 

4 minutes ago, lannarebirth said:

330 days is cutting things pretty thin for someone tied to the home office in the states. I would think people in that situation would qualify for the exclusion less oftrn than not.

 

Yes, this needs to be managed carefully, backed up by good record-keeping.

 

I think there are allowances for partial-year situations, but this does not alleviate the two "tests".

 

No clue about state and local taxes/exclusions.

 

[Berkshire]

Appears Facebook is beating the US GOV to the punch.  So FB employees will get double if the US GOV goes ahead....

 

[Facebook is giving each of its employees a $1,000 bonus to help support them during the coronavirus outbreak.

The bonus is meant to help employees who are working remotely with additional expenses, such as setting up home offices or spending on childcare, the company told CNN Business.]

 

https://edition.cnn.com/2020/03/17/tech/facebook-coronavirus-1000-dollars-employees/index.html

 

[meechai]

3 hours ago, PatOngo said:

Cool! Now EVERY American can own a gun! Yee Haa!

Umm hello we always have

[newnative]

3 hours ago, jastheace said:

public finances Trump is happy to 'promise'. but when is he going to pay back those debts he owes to the common man now that he can afford to?

the 'American Dream' that is Trump. Get rich off the poor, make the poor poorer. how the <deleted> did you guys vote for him?

The majority of the voters voted for Hillary.

[avvocato]

31 minutes ago, bristolboy said:

But for earned income he is correct. Well, not exactly. The ceiling is over 100,000 now.

But he didn't sat that. He was responding to this comment: " No way.  We expats still pay taxes unlike nearly every other nationality.  So, the tax money they will be distributing is partly our taxes.  We deserve to be included." I believe the vast majority of USA expats (like me) in Thailand are retired and not working so the Foreign Tax Exemption (available to wage earners) is meaningless to us. If we have USA investments (such as 401K  or other (previously untaxed) pension vehicles earning - or in the case of the last month, losing - money in USA) we pay taxes on our required withdrawals subject to the standard deduction, which this year is $12,200 if single and double that if married (my wife is also a USA citizen).  If, on top of this pension amount, your SS earnings exceed a stated amount, a portion of this becomes taxable as well. Anyone who had a really good paying job can easily trigger this additional income tax burden.

[newnative]

3 hours ago, Cryingdick said:

Hopefully they limit this to Americans living in the USA. If it is to provide stimulus to the USA economy doesn't make sense to give it to expats.

I disagree.  I'm an American expat, I pay my taxes like any other American and I should be entitled to any economic relief provided by the government to help mitigate the effects of the virus just like any other American.  

[bristolboy]

1 hour ago, zydeco said:

A lot more than Donald Trump's and Jeff Bezos'. 

Always a good way to argue averages by citing the extreme right end of the bell curve.

[cmarshall]

Update to graph quoted above.  The cat is truly out of the bag now that cases outside of China (yellow) have exceeded those within China (orange.)  Note how much steeper the yellow curve is than it ever became in China even though Europe and the US had a two month lead time on developing a response.  The question is will it flatten out promptly like the orange line?  I doubt it.

 

Edited March 18, 2020 by cmarshall

[Hanuman2547]

1 hour ago, newnative said:

The majority of the voters voted for Hillary.

True, but that's not how US Presidents are elected.

[bristolboy]

1 hour ago, avvocato said:

But he didn't sat that. He was responding to this comment: " No way.  We expats still pay taxes unlike nearly every other nationality.  So, the tax money they will be distributing is partly our taxes.  We deserve to be included." I believe the vast majority of USA expats (like me) in Thailand are retired and not working so the Foreign Tax Exemption (available to wage earners) is meaningless to us. If we have USA investments (such as 401K  or other (previously untaxed) pension vehicles earning - or in the case of the last month, losing - money in USA) we pay taxes on our required withdrawals subject to the standard deduction, which this year is $12,200 if single and double that if married (my wife is also a USA citizen).  If, on top of this pension amount, your SS earnings exceed a stated amount, a portion of this becomes taxable as well. Anyone who had a really good paying job can easily trigger this additional income tax burden.

Here's what he said " sHow am I wrong? If you are American you can make up to $92,000 abroad before you become taxable in the USA."

I took make to mean "earn." I think it's ambiguous.

 

[bristolboy]

56 minutes ago, newnative said:

I disagree.  I'm an American expat, I pay my taxes like any other American and I should be entitled to any economic relief provided by the government to help mitigate the effects of the virus just like any other American.  

If the epidemic has hurt your income you definitely have a point. But if not, then no.

[Emdog]

3 hours ago, bristolboy said:

If pure economic considerations were to apply the answer should be no since your spending abroad would do very little to help the American economy.

Maybe an Amazon gift certificate? I seem to recall 25% of Trumps big tax giveaway went to firms and people outside USA, so there is some precedent

[Berkshire]

1 hour ago, bristolboy said:

2 hours ago, newnative said:

I disagree.  I'm an American expat, I pay my taxes like any other American and I should be entitled to any economic relief provided by the government to help mitigate the effects of the virus just like any other American.  

If the epidemic has hurt your income you definitely have a point. But if not, then no.

I'm invested in the US stock market, so the epidemic has certainly hurt my income....even if I'm here in Thailand.  But again, that shouldn't necessarily be the criterion.  If one is paying US taxes, most definitely eligible to receive.  But pretty much every American is entitled. 

Edited March 18, 2020 by Berkshire

[cmarshall]

4 minutes ago, Berkshire said:

I'm invested in the US stock market, so the epidemic has certainly hurt my income....even if I'm here in Thailand.  But again, that shouldn't necessarily be the criterion.  If one is paying US taxes, most definitely eligible to receive.  But pretty much every American is entitled. 

Demonstration of loss or even need will certainly not be criteria for qualifying.

[WalkingOrders]

4 hours ago, zydeco said:

And if I live in Bangkok and purchase things from the US, that doesn't stimulate the US economy? BTW, I stimulate spend a lot more than $1000 every month in the US, although I'm still in Bangkok.

I see your point on buying from the USA.

[WalkingOrders]

4 hours ago, zydeco said:

Not if you support Trump, who has increased it to $23.5 trillion and when you add on what he is proposing now through QE, Repo, bailouts, and tax cuts, it could be another $8 trillion. As I said, yesterday the US debt is screaming towards $30 trillion plus and Trump did it.

The Congress of the United States is responsible for the US debt. Of both parties, I am not going to discuss further then that, as its a systemic problem.

[bristolboy]

2 minutes ago, WalkingOrders said:

The Congress of the United States is responsible for the US debt. Of both parties, I am not going to discuss further then that, as its a systemic problem.

But when Obama was in office Republicans actually pushed for austerity in the wake of the great recession!

[zydeco]

20 minutes ago, rhyddid said:

1,000 USD in US you eat for 4 days and then on anger strike

Anger strike seems like a good idea. I'll get around to it when the government stops giving bailouts to giant corporations who used loans and profits to buyback their own stock the last ten years.

[gamb00ler]

7 hours ago, rabas said:

AOC has criticized Trump for providing $1000 support to Americans, seemingly ignoring her own $93 trillion Green New Deal. Hypocrisy unchained.

Apple ...... let me introduce you to ...... orange

[WalkingOrders]

1 hour ago, bristolboy said:

If the epidemic has hurt your income you definitely have a point. But if not, then no.

I see your point on distribution of 1k by means, or to those under a certain income level. I do believe that hardship for people on min wages, paycheck to paycheck will be significant, potentially life altering. But making the determination of what that income level should be, may be difficult. Perhaps, under 100k, or even less?

[gamb00ler]

7 hours ago, rvaviator said:

As always its easy to spend what is not yours .....

or even better is to spend money that doesn't belong to anybody... just create some more.

[zydeco]

Cascade of unemployment figures starting to come in. Trump kiss Ohio good-bye in the November.  

Quote

The spokesperson also said the office received 48,640 claims over the last two days compared to 1,825 claims during the same two days last week. 

 https://www.10tv.com/article/ohio-unemployment-claims-rise-dramatically-dewine-announced-business-closures-2020-mar