The Senate Bill and possible financial assistance

I doubt the Dems forgot, T. As the old saying goes, politics is the art of the possible.

I read the story you linked, and you're right. Insane.

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Are you talking about capital gain distributions? You only get capital gains when you sell something. If you're not selling your portfolio you won't have any capital gains to be taxed.
@Jbrz123 wrote:

Are you talking about capital gain distributions? You only get capital gains when you sell something. If you're not selling your portfolio you won't have any capital gains to be taxed.

You do get taxed on dividends if they’re in a taxable account, regardless if you DRIP or not.

Shopping the Greater Denver Area, Colorado Springs and in-between in Colorado. 30 year old male and willing to travel! Badged for Denver International Airport.
@Tarantado wrote:

@Jbrz123 wrote:

Are you talking about capital gain distributions? You only get capital gains when you sell something. If you're not selling your portfolio you won't have any capital gains to be taxed.

You do get taxed on dividends if they’re in a taxable account, regardless if you DRIP or not.

I'm talking about capital gain distributions not plain dividends. They're in box 2a on your 1099-Div. I think the original poster might be confusing capital gain distributions with capital gains.

Edited 1 time(s). Last edit at 03/29/2020 04:45AM by Jbrz123.
@Jbrz123 wrote:

@Tarantado wrote:

@Jbrz123 wrote:

Are you talking about capital gain distributions? You only get capital gains when you sell something. If you're not selling your portfolio you won't have any capital gains to be taxed.

You do get taxed on dividends if they’re in a taxable account, regardless if you DRIP or not.

I'm talking about capital gain distributions not plain dividends. They're in box 2a on your 1099-Div. I think the original poster might be confusing capital gain distributions with capital gains.

For sure. I agree with you on that statement as well, where you won’t be taxed on the capital gains unless you sell.

Shopping the Greater Denver Area, Colorado Springs and in-between in Colorado. 30 year old male and willing to travel! Badged for Denver International Airport.
I sold some stocks from an old Employee Stock Purchase Plan this past year. I recently did my taxes, and had to report the sold shares dollar amount (Form 1099-cool smiley. It was taxed. I saw my refund reduce when I reported the information. However, my scenario (Employee Stock Purchase Plan) might be different from an individual stock purchase and sell.

No edit... Saw a smiley face in my text... Don't know how it got there... Don't know how to remove it. It should say form 1099-b

Edited 3 time(s). Last edit at 03/29/2020 04:57AM by 1forum1.
Does anyone know where to find this actual bill? Searches only turn up media interpretations such as, "what it means for you." I want to read exactly what it says, what the requirements are and mostly what the catch is, from the document itself. A link would be appreciated. TIA

sestrahelena
I would also like to read it myself. I tried to navigate my state's UE website and I don't see any way to sign up as an IC. I haven't completed the application, but I thought there would be some info. I hope it's just that they haven't updated yet. It's terribly confusing as to who will be eligible. My gross income is negligible after deductions, but I'm missing out that income before deductions. I hope I will still be able to collect something. Has anyone completed their application yet and what is required to prove work..will 1099's be accepted? Tax returns? Logs? I'm lost here.

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A flower does not think of competing with the flower next to it. It just blooms.

Zen Shin Talks
@JeanPotter25314 wrote:

Did you apply in YOUR state despite the MS companies being in a variety of states?

I applied only in my state even though I shop in multiple states for MSCs in multiple states . MY business is based at my home, where i do my scheduling and record keeping. That's my interpretation, which is in line with IRS guidance on how to define my tax home for purposes of business travel.
Your state is your "tax home" and also where you apply for Unemployment Insurance.

Based in MD, near DC
Shopping from the Carolinas to New York
Have video cam; will travel

Poor customer service? Don't get mad; get video.
I guess I used the wrong terminology in the original post. I am taxed on the dividends not the capital gains. Sorry for the confusion.
My income from MS was only about $6000 last year and I do not know if I am able to collect any of the gig payments. I will need to speak with the CPA
Your CPA may not know Unemployment insurance. It is not ordinarily in their province.

Based in MD, near DC
Shopping from the Carolinas to New York
Have video cam; will travel

Poor customer service? Don't get mad; get video.
Every state is different. Go here and click on your state to see how to file, and the latest on CV and unemployment for that state.

[www.careeronestop.org]
@Mert wrote:

[www.congress.gov]

Thanks Mert! it is not as convoluted as I expected it to be but maybe I am not reading it correctly. From what I am understanding the one-time payment that they would offer is simply a credit against whatever tax refund you would be getting when you file next year, or this year. So they would get it back from you anyway eventually.

Maybe someone with a higher education level than I have or someone proficient in legalese could chime in and let me know if I have interpreted this correctly?

sestrahelena
LOL -- the happy face appears when you don't space between the B and ).

So just edit in a space.

smiling smiley

@1forum1 wrote:

I sold some stocks from an old Employee Stock Purchase Plan this past year. I recently did my taxes, and had to report the sold shares dollar amount (Form 1099-cool smiley. It was taxed. I saw my refund reduce when I reported the information. However, my scenario (Employee Stock Purchase Plan) might be different from an individual stock purchase and sell.

No edit... Saw a smiley face in my text... Don't know how it got there... Don't know how to remove it. It should say form 1099-b
They will not get it back. The one time payment is not a credit "against" what your refund is. It is literally a refundable tax credit. It does not have to be repaid. If you are eligible you receive the credit ($1200 before phase outs). It is akin to getting 1200 cash and it's non taxable.

Edited 1 time(s). Last edit at 03/30/2020 08:34PM by Jbrz123.
It starts phasing out at 75K for single filers, 150K for joint. By the time you get to 99/198 it's all gone.
In Idaho, the said that they are waiting on the feds guidelines, before they add the IC unemployment paperwork to their website for filing. And they said it would be at least another week or longer until IC's will be able to apply.
Yea I just went through all of the filing rigamarole and I did not get squat because I haven't filed last year's taxes yet. So, as usual, the government screws me again.
That seems odd. You just filed and already got an answer? I filed over the weekend and have gotten no response other than a "your claim is being processed" email. I fully expect to be declined because it takes some time for the new guidelines to trickle down into the system. Also the act clearly states if you have not filed 2019 taxes they will use 2018.

There are reasons that a body stays in motion
At the moment only demons come to mind
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