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Questions about historic stimulus bill

Video Credit: WKBW Buffalo - Duration: 02:28s - Published < > Embed
Questions about historic stimulus bill
Questions about historic stimulus bill
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Questions about historic stimulus bill

THE PANDEMIC HASLEFT MANYAMERICANS OUT OFWORK....MORE THAN THREEMILLION PEOPLE FILEDFOR UNEMPLOYMENTLAST WEEK.IN WASHINGTON - THESENATE HAS PASSEDAN HISTORICSTIMULUS PACKAGE -THE LARGESTEMERGENCY AIDBAIL-OUT IN U.S.HISTORY.BUT THERE ARE STILLMANY QUESTIONSABOUT THE FINANCIALRELIEF.... ANDEXACTLY WHO WILLBENEFIT FROM IT.TONIGHT, 7EYEWITNESS NEWSSENIOR REPORTEREILEEN BUCKLEY ISGETTING ANSWERS.ESTHER GUYLAS.

"ITHINK PEOPLE NEEDTO BE HOPEFUL.

A LOTOF PEOPLE ARE GOINGTO BE GETTING SOMEMONEY."YOU HAD STIMULUSQUESTIONS - SO WEASKED THE WOMANKNOW FOR YEARS ASTHE TAXLADY...ESTHERGULYAS OF EG TAX.THE SENATE PASSED ABILL THAT'S DESIGNEDTO HELP ALLAMERICANS.FOR AN INDIVIDUALEARNING LESS THAN75-THOUSANDDOLLARS - THEYWOULD RECEIVE AONE-TIME PAYMENT OF12-HUNDREDDOLLARS.

ONEVIEWER ASKS - "DOESTHIS APPLY TO ONLYWORKINGAMERICANS?ESTHER GULYAS.

"IFYOU'RE UNEMPLOYED -THERE'S 13 EXTRAWEEKS IN THIS BILL.13EXTRA WEEKSUNEMPLOYMENT ANDAN ADDITIONAL 600DOLLAR S PER WEEKON TOP OF THEREGULARUNEMPLOYMENT."A VIEWER ALSO ASKED"WILL PEOPLE THATARE RETIRED OR ONDISABILITYBE ELIGIBLETOO?"ESTHER GULYAS."SOCIAL SECURITYWOULD COUNT - BUTONE OF THE CAVEATSIN THERE LOOK LIKEYOU HAD TO PAY SOMEINCOME TAXES INORDER TO QUALIFY -SO THEY MAY BE THESOCIAL SECURITY - IFIT'S TAXABLE BECAUSEYOU HAVE OTHERSOURCES OF INCOME -AND YOU ARE ATAXPAYER - YOUWOULD GET IT"ANOTHER QUESTIONCOMES FROM TODDKLEOTZER OF WESTSENECA...TODD KLEOTZER.

"MYQUESTION IS THE 75-THOUSAND DOLLARSTHAT THEY'VE BEENQUOTING FOR THE 12-HUNDRED - IS THATYOUR W-2 WAGES ORIS THAT ADJUSTEDGROSS INCOME ONYOUR TAXRETURN.WHICH THISYEAR'S TAX RETURNWOULD BE LINE 11-B."===BUTT===ESTHER GULYAS.

"IT'SWAGES - ALL TAXABLEINCOME - LESSADJUSTMENTS.YOUCOME UP WITHADJUSTED GROSSINCOME - FURTHERDOWN IS YOURSTANDARD DEDUCTION- ITEMIZED DEDUCTIONSO THIS WOULD BEJUST BEFORE YOU GETTO ITEMIZED ANDSTANDARDDEDUCTION."===BUTT===TODD KLEOTZER."WHICH TAX RETURNARE THEY GOING TOUSE?."===BUTT===ESTHER GULYAS "IFYOU DIDN'T FILE A '19RETURN - THEY'RELOOKING AT '18 - SO IT'S'18 OR '19 AND THEY'REEVEN SAYING THATMAYBE - IF THEYMISSED YOU - IT WILLBE A CREDIT THAT WILLBE AVAILABLE ON NEXTYEAR'S TAX RETURN."EILEEN BUCKLEY.

"BUTAN IMPORTANTFOOTNOTE - ANSWERSTO YOUR QUESTIONSARE BASED ONLY ONTHE SENATE VERSIONOF THE BILL ALREADYAPPROVED.

IT COULDCHANGE WHEN THEHOUSE FINALIZES THETHE PACKAGE FRIDAY.EILEEN BUCKLEY, 7EWN."




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