[Government stimulus payments]

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Just sayin...
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Re: just got my $1200 stimulus payment

Post by Just sayin... »

Thanks for the great ideas! I’m going to give 50% of whatever I receive to local charities and spend the remainder locally at some small businesses.
srt7
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Re: just got my $1200 stimulus payment

Post by srt7 »

Sheepdog wrote: Sat Apr 11, 2020 8:58 am Not yet, but waiting to give it to our Council on Domestic Abuse shelter home as soon as received. The physically and mentally abused residents there plus some kids need so much stuff. The money will be spent and will assist the economy somewhat,
I was going to give half away but your post changed my mind. I'm going to give it all away. Thanks!
Bratbill
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Re: just got my $1200 stimulus payment

Post by Bratbill »

Thinking of giving half to charity and the other half we’ll buy gift cards to our local bar/restaurant or Pizza joint.
To get them some income ...then give the gift cards to local Police, grocery workers, etc
Don’t live in an area where health care workers are struggling.but would give to them as well in larger cities !
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TheTimeLord
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Re: just got my $1200 stimulus payment

Post by TheTimeLord »

arcticpineapplecorp. wrote: Fri Apr 10, 2020 4:59 pm just checked my bank acct because I heard the stimulus payments could be as early as today. Sure enough $1200 dumped in savings. Not sure how to make this actionable other than to say I plan to invest it.

anyone else get theirs today?
Donating it to charity?
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mbcruiser
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Re: just got my $1200 stimulus payment

Post by mbcruiser »

dabrian wrote: Fri Apr 10, 2020 11:46 pm My son is 17 and will be turning 18 years old in November. Will we receive $500 for him or is he considered an adult at this point? Total household income of just under 100k..
The rules of dependency aren't always a simple yes or no proposition.

IRS definition of a "dependent":
"To claim your child as your dependent, your child must meet either the qualifying child test or the qualifying relative test:
- To meet the qualifying child test, your child must be younger than you and either younger than 19 years old or be a "student" younger than 24 years old as of the end of the calendar year."
------------
To qualify as a student, your child must be, during some part of each of any 5 calendar months of the year:
- A full-time student at a school that has a regular teaching staff, course of study, and a regularly enrolled student body at the school; or
- A student taking a full-time, on-farm training course given by a school described in (1), or by a state, county, or local government agency.
-The 5 calendar months don't have to be consecutive.

Full-time student. A full-time student is a student who is enrolled for the number of hours or courses the school considers to be full-time attendance.
School defined. A school can be an elementary school, junior or senior high school, college, university, or technical, trade, or mechanical school. However, an on-the-job training course, correspondence school, or school offering courses only through the Internet doesn't count as a school.
Vocational high school students. Students who work on "co-op" jobs in private industry as a part of a school's regular course of classroom and practical training are considered full-time students.

Also, there is a support test that says that the child cannot be claimed as a dependent if he/she provided more than one-half of his/her own support for the year.

See Pages 27-32, https://www.irs.gov/pub/irs-pdf/p17.pdf
Xrayman69
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Re: just got my $1200 stimulus payment

Post by Xrayman69 »

yohac wrote: Sat Apr 11, 2020 8:28 am
tj218 wrote: Sat Apr 11, 2020 8:08 am Just remember the stimulus is just a forward credit and will be taken out of your standard deduction next year. Regardless of your means to spend, save, donate, I would set aside some of it to pay a potentially higher tax bill next year or less of a refund than you typically expect.
https://www.snopes.com/fact-check/covid-stimulus-check/

"the CARES Act’s use of the Internal Revenue Service’s (IRS) tax infrastructure to facilitate these payments has caused substantial confusion. That’s because legally the payment is considered a tax credit advanced to the recipient from the (future) 2020 tax return — that is, the return the recipient will file in 2021. This has led some to believe that the payment either needs to be paid back in full in 2020, or that the payment is considered taxable income, or that the payment counts against one’s 2020 tax refund. None of these conclusions, however, is true."

What specifically is a tax credit in advance? I’m truly curious and don’t understand the implications in the future if any.
MJS
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Re: just got my $1200 stimulus payment

Post by MJS »

Fortitude wrote: Sat Apr 11, 2020 3:54 am
MJS wrote: Sat Apr 11, 2020 3:00 am Curious: are the people who got their checks born in the first week of the month? That's how Social Security checks are staggered and it might account for some getting earlier checks.
You might find this link from the Ways and Means Committee helpful.

https://waysandmeans.house.gov/sites/de ... cle_inline
Thank you. Paying those with the lowest AGI first is very sensible.
Candor
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Re: just got my $1200 stimulus payment

Post by Candor »

arcticpineapplecorp. wrote: Sat Apr 11, 2020 10:38 am
Candor wrote: Fri Apr 10, 2020 5:22 pm Mine (less than the $1200) is showing pending with a post date of 4/15. I want to move it all to savings but I feel somewhat obligated to spend part of it so maybe I'll go 50/50.
mine wasn't pending. it was actually deposited. But it was deposited into savings (where I had my refund go). Could it be your bank's procedure to put a hold on it for some reason?
That may be the case because my refund was the same. I noticed a couple of other posts say they are seeing the same so I'm not sure if it's standard with some financial organizations. My CU also shows my paycheck as pending the day before I get paid which is a relatively recent thing.
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watchnerd
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Re: just got my $1200 stimulus payment

Post by watchnerd »

arcticpineapplecorp. wrote: Fri Apr 10, 2020 4:59 pm just checked my bank acct because I heard the stimulus payments could be as early as today. Sure enough $1200 dumped in savings. Not sure how to make this actionable other than to say I plan to invest it.

anyone else get theirs today?
-$15k withdrawal on the same day by the IRS for me instead.

Ahh, the circle of life....

But instead of investing it, isn't the $1200 stimulus supposed to be spent so that it stimulates?
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Rainmaker41
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Re: just got my $1200 stimulus payment

Post by Rainmaker41 »

Ours will go straight to a food bank.
Candor
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Re: just got my $1200 stimulus payment

Post by Candor »

MJS wrote: Sat Apr 11, 2020 11:38 am
Fortitude wrote: Sat Apr 11, 2020 3:54 am
MJS wrote: Sat Apr 11, 2020 3:00 am Curious: are the people who got their checks born in the first week of the month? That's how Social Security checks are staggered and it might account for some getting earlier checks.
You might find this link from the Ways and Means Committee helpful.

https://waysandmeans.house.gov/sites/de ... cle_inline
Thank you. Paying those with the lowest AGI first is very sensible.
I'm in the upper end of the phase-out category and my deposit is pending and noted to be posted on 4/15.
Time is your friend, impulse is your enemy. - John C. Bogle
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Sheepdog
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Re: just got my $1200 stimulus payment

Post by Sheepdog »

Rainmaker41 wrote: Sat Apr 11, 2020 11:48 am Ours will go straight to a food bank.
Thank you and to the rest of the Bogleheads for giving.
Last edited by Sheepdog on Sat Apr 11, 2020 11:53 am, edited 1 time in total.
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anon_investor
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Re: just got my $1200 stimulus payment

Post by anon_investor »

Bratbill wrote: Sat Apr 11, 2020 11:14 am Thinking of giving half to charity and the other half we’ll buy gift cards to our local bar/restaurant or Pizza joint.
To get them some income ...then give the gift cards to local Police, grocery workers, etc
Don’t live in an area where health care workers are struggling.but would give to them as well in larger cities !
That is a great idea! Helps double the people!
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arcticpineapplecorp.
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Re: just got my $1200 stimulus payment

Post by arcticpineapplecorp. »

TheTimeLord wrote: Sat Apr 11, 2020 11:15 am
arcticpineapplecorp. wrote: Fri Apr 10, 2020 4:59 pm just checked my bank acct because I heard the stimulus payments could be as early as today. Sure enough $1200 dumped in savings. Not sure how to make this actionable other than to say I plan to invest it.

anyone else get theirs today?
Donating it to charity?
I donated blood about a week or so before we started sheltering in place (good timing).

And I donate my time every year (from Oct-April) by doing taxes for VITA through the United Way.

As I said earlier, I'm a median earner, but as jharkin suggested...
I read that IRS is processing them in reverse order of AGI (lowest to highest) for direct deposits then moving to paper checks.
So since I must be in the group of lowest AGI, I think it's imperative for me to save and invest.

Unlike many bogleheads who maxed their Roth IRAs on January 2 of this year, I have not been able to do so because of my income which is clearly lower than many bogleheads. So this money is going towards that goal of maxing out my Roth IRA.

Building enough resources so as to not rely on social services in my later years (aside from SS and medicare), is another way of giving to charity...by not drinking at that trough and ensuring through my responsible actions that there may be enough for others who are more in need than me.

I plan to continue to give through volunteering for the rest of my life and into my retirement, through donating blood, doing taxes for VITA and many other volunteer opportunities in my local community. If I achieve financial independence and/or have more than enough, I will certainly donate monetarily. In addition, my will specifies a portion of my remaining assets to go to three of my favorite charities.
It's "Stay" the course, not Stray the Course. Buy and Hold works. You should really try it sometime. Get a plan: www.bogleheads.org/wiki/Investment_policy_statement
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arcticpineapplecorp.
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Re: just got my $1200 stimulus payment

Post by arcticpineapplecorp. »

watchnerd wrote: Sat Apr 11, 2020 11:47 am
arcticpineapplecorp. wrote: Fri Apr 10, 2020 4:59 pm just checked my bank acct because I heard the stimulus payments could be as early as today. Sure enough $1200 dumped in savings. Not sure how to make this actionable other than to say I plan to invest it.

anyone else get theirs today?
-$15k withdrawal on the same day by the IRS for me instead.

Ahh, the circle of life....

But instead of investing it, isn't the $1200 stimulus supposed to be spent so that it stimulates?
1. You assume that investments don't stimulate the economy. Is this true?

If money goes into businesses, don't those businesses have more money to research/develop/bring products to market? Don't they then hire employees to research/develop/bring those products to market? If people want/need those products, don't they put up their hard earned dollars which provides profit for the company which is both returned (in part) to shareholders by dividends and/or reinvested in the businesses to further grow? Doesn't further growth mean that sometimes more employees will be hired to research/develop/bring new products to market? Virtuous cycle.

2. Are there stated preconditions on the money that was given by the government? Are they tracking or are we required to report what we did with the money? If not, how is it different from a relative who gives you money? You're free to spend it how you want. Once the money leaves the gift giver's hand, they no longer have any say in how the recipient uses it. If you demand one use it the way you want, it would have to go through a trust.

3. While some are referring to it as "stimulus" others are saying this is more of a disaster/recovery type payment (like those made/given during natural disasters). Because this isn't really going to stimulate the economy. It's only an attempt to make people whole based on what they've lost. It's designed to bring people back to the level they were at before they were asked to stop working. They have lost income due to no fault of their own. And the goverment feels responsible on some level in this situation to make them whole, because the government is asking us to stay at home. The CARES act does not have the word "stimulus" in it at all. That's not what the "S" stands for. It stands for: Coronavirus Aid, Relief, and. Economic Security Act.
It's "Stay" the course, not Stray the Course. Buy and Hold works. You should really try it sometime. Get a plan: www.bogleheads.org/wiki/Investment_policy_statement
mnsportsgeek
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Re: just got my $1200 stimulus payment

Post by mnsportsgeek »

RadAudit wrote: Fri Apr 10, 2020 5:09 pm If they can dump it in to your account, they can take it out of your account. :wink:

Best of luck
I'll assume you're being sarcastic, but in case you aren't... that's not how that works.
tj218 wrote: Sat Apr 11, 2020 8:08 am Just remember the stimulus is just a forward credit and will be taken out of your standard deduction next year. Regardless of your means to spend, save, donate, I would set aside some of it to pay a potentially higher tax bill next year or less of a refund than you typically expect.
Also incorrect.
mnsportsgeek
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Re: just got my $1200 stimulus payment

Post by mnsportsgeek »

NotWhoYouThink wrote: Fri Apr 10, 2020 5:37 pm Spend it all at once!! Someone's business needs your money to stay afloat!
At first I thought I would just pour my stimulus back into the economy, but now I'm starting to worry the government is gonna hold the economy closed for way too long. This may put my short term income at risk, so I'll be saving mine to replace potential lost income in May/June. If I get through the next 6 months without a loss in income, I'll go spend it somewhere.
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Re: just got my $1200 stimulus payment

Post by ScoobyDoo »

MJS wrote: Sat Apr 11, 2020 3:00 am Curious: are the people who got their checks born in the first week of the month? That's how Social Security checks are staggered and it might account for some getting earlier checks.
Nope. Got my check and bday 9/19....
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Raymond
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Re: just got my $1200 stimulus payment

Post by Raymond »

Caduceus wrote: Sat Apr 11, 2020 10:05 am Good! Now go stimulate someone or something. :P
Oh, I'll stimulate them all right...

My favorite locally-owned restaurants, that is :happy
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CurlyDave
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Re: qw

Post by CurlyDave »

MikeG62 wrote: Sat Apr 11, 2020 10:03 am
Northster wrote: Fri Apr 10, 2020 5:33 pm I guess mine will come as a check. I plan to give it all to charity.
+2 (me and the DW).
Sheepdog wrote: Sat Apr 11, 2020 8:58 am Not yet, but waiting to give it to our Council on Domestic Abuse shelter home as soon as received. The physically and mentally abused residents there plus some kids need so much stuff. The money will be spent and will assist the economy somewhat,
Love this Sheepdog.

It's disappointing to see so many posts here with people planing to invest it. Invest it, really? If one has enough free cash flow that they don't need the money, how can any response other than giving it to people (or organizations) who truly need it to meet their acute financial needs in this genuine time of crisis be the right thing to do? :(
From my perspective, investing the stimulus money is a perfectly reasonable thing to do. There are a lot of people hurting because their 401(k) or IRA are at a low point. Helping the market rebound will help these people.
paltroon
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Re: just got my $1200 stimulus payment

Post by paltroon »

Odd thing happened to me last night. I receive Social Security retirement benefits and my SS direct deposit happens on the third Wednesday of each month. I have been receiving SS retirement payments for the last seven years and like clockwork, every third Wednesday. However, last night my April SS deposit went into my credit union checking account. It should have been deposited next Wednesday, but it went in early. I am wondering if this has anything to do with the stimulus. I haven't received my stimulus payment yet so possibly things got fouled up (who could imagine such a thing) and instead of my stimulus being deposited, my monthly SS deposit was done instead. Maybe I'll get my stimulus funds next Wednesday, when I normally would be getting my SS deposit. Or not. (refer to above comment about fouling things up).
Johnny Thinwallet
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Re: just got my $1200 stimulus payment

Post by Johnny Thinwallet »

Nothing yet in our bank account, though we're expecting $2,900 for a family of three w/one child. If 4/15 is an anticipated deposit day, then I might see the "pending" line item listed on Monday night.

The $500 we get for our son will go in our son's savings account. He'll be 3 this summer, and my wife and I agreed to save that amount for him in his account so he can enjoy it later when he's older.

The remaining $2,400 is going in our savings for now. We have some home projects we'd like to get started on once the pandemic is over so it'll likely go toward that later in the year or sometime in 2021. Or if the job situation takes a bad turn it'll be transferred into our emergency fund.
Mars9800
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Re: just got my $1200 stimulus payment

Post by Mars9800 »

mbcruiser wrote: Sat Apr 11, 2020 11:34 am
dabrian wrote: Fri Apr 10, 2020 11:46 pm My son is 17 and will be turning 18 years old in November. Will we receive $500 for him or is he considered an adult at this point? Total household income of just under 100k..
The rules of dependency aren't always a simple yes or no proposition.

IRS definition of a "dependent":
"To claim your child as your dependent, your child must meet either the qualifying child test or the qualifying relative test:
- To meet the qualifying child test, your child must be younger than you and either younger than 19 years old or be a "student" younger than 24 years old as of the end of the calendar year."
------------
To qualify as a student, your child must be, during some part of each of any 5 calendar months of the year:
- A full-time student at a school that has a regular teaching staff, course of study, and a regularly enrolled student body at the school; or
- A student taking a full-time, on-farm training course given by a school described in (1), or by a state, county, or local government agency.
-The 5 calendar months don't have to be consecutive.

Full-time student. A full-time student is a student who is enrolled for the number of hours or courses the school considers to be full-time attendance.
School defined. A school can be an elementary school, junior or senior high school, college, university, or technical, trade, or mechanical school. However, an on-the-job training course, correspondence school, or school offering courses only through the Internet doesn't count as a school.
Vocational high school students. Students who work on "co-op" jobs in private industry as a part of a school's regular course of classroom and practical training are considered full-time students.

Also, there is a support test that says that the child cannot be claimed as a dependent if he/she provided more than one-half of his/her own support for the year.

See Pages 27-32, https://www.irs.gov/pub/irs-pdf/p17.pdf
The CARES Act gives $500 for each “qualifying child”, not to all dependents. A “qualifying child” is under the age of 17. So any dependent 17 years old and above would not receive any money, unfortunately :(
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watchnerd
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Re: just got my $1200 stimulus payment

Post by watchnerd »

arcticpineapplecorp. wrote: Sat Apr 11, 2020 12:14 pm
watchnerd wrote: Sat Apr 11, 2020 11:47 am
arcticpineapplecorp. wrote: Fri Apr 10, 2020 4:59 pm just checked my bank acct because I heard the stimulus payments could be as early as today. Sure enough $1200 dumped in savings. Not sure how to make this actionable other than to say I plan to invest it.

anyone else get theirs today?
-$15k withdrawal on the same day by the IRS for me instead.

Ahh, the circle of life....

But instead of investing it, isn't the $1200 stimulus supposed to be spent so that it stimulates?
1. You assume that investments don't stimulate the economy. Is this true?

If money goes into businesses, don't those businesses have more money to research/develop/bring products to market? Don't they then hire employees to research/develop/bring those products to market? If people want/need those products, don't they put up their hard earned dollars which provides profit for the company which is both returned (in part) to shareholders by dividends and/or reinvested in the businesses to further grow? Doesn't further growth mean that sometimes more employees will be hired to research/develop/bring new products to market? Virtuous cycle.

2. Are there stated preconditions on the money that was given by the government? Are they tracking or are we required to report what we did with the money? If not, how is it different from a relative who gives you money? You're free to spend it how you want. Once the money leaves the gift giver's hand, they no longer have any say in how the recipient uses it. If you demand one use it the way you want, it would have to go through a trust.

3. While some are referring to it as "stimulus" others are saying this is more of a disaster/recovery type payment (like those made/given during natural disasters). Because this isn't really going to stimulate the economy. It's only an attempt to make people whole based on what they've lost. It's designed to bring people back to the level they were at before they were asked to stop working. They have lost income due to no fault of their own. And the goverment feels responsible on some level in this situation to make them whole, because the government is asking us to stay at home. The CARES act does not have the word "stimulus" in it at all. That's not what the "S" stands for. It stands for: Coronavirus Aid, Relief, and. Economic Security Act.

Money that goes into stocks doesn't go into businesses unless those stocks are new issues.
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JonnyB
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Re: just got my $1200 stimulus payment

Post by JonnyB »

mbcruiser wrote: Sat Apr 11, 2020 11:34 am
dabrian wrote: Fri Apr 10, 2020 11:46 pm My son is 17 and will be turning 18 years old in November. Will we receive $500 for him or is he considered an adult at this point? Total household income of just under 100k..
The rules of dependency aren't always a simple yes or no proposition.

IRS definition of a "dependent":
"To claim your child as your dependent, your child must meet either the qualifying child test or the qualifying relative test:
- To meet the qualifying child test, your child must be younger than you and either younger than 19 years old or be a "student" younger than 24 years old as of the end of the calendar year."
------------
To qualify as a student, your child must be, during some part of each of any 5 calendar months of the year:
- A full-time student at a school that has a regular teaching staff, course of study, and a regularly enrolled student body at the school; or
- A student taking a full-time, on-farm training course given by a school described in (1), or by a state, county, or local government agency.
-The 5 calendar months don't have to be consecutive.

Full-time student. A full-time student is a student who is enrolled for the number of hours or courses the school considers to be full-time attendance.
School defined. A school can be an elementary school, junior or senior high school, college, university, or technical, trade, or mechanical school. However, an on-the-job training course, correspondence school, or school offering courses only through the Internet doesn't count as a school.
Vocational high school students. Students who work on "co-op" jobs in private industry as a part of a school's regular course of classroom and practical training are considered full-time students.

Also, there is a support test that says that the child cannot be claimed as a dependent if he/she provided more than one-half of his/her own support for the year.

See Pages 27-32, https://www.irs.gov/pub/irs-pdf/p17.pdf
Unfortunately, there is more than one definition of dependent child used for different purposes. The definition above is for the ordinary Family Tax Credit of $500 for dependents. That is for children under the age 19 and other dependents as you described above.

However, for the CARES Act, they are using the same definition of dependent child as for the Child Tax Credit, which is different from the Family Tax Credit. That is, the child must be under the age of 17.

So if your child is 17 or older, you won't get an additional $500 stimulus check for them. Cut off is age at the end of the tax year 2020. But you can still take the regular $500 Family Tax Credit.

(On the other hand, if your stimulus calculation is based on your 2018 tax return instead of 2019, your child would have been 16. I don't know if the IRS software will calculate the age as of end of 2020 or not. They have the social security numbers of dependents so they can conceivably do the calculation. I presume they do this routinely for the Child Tax Credit as well.)
bdpb
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Re: just got my $1200 stimulus payment

Post by bdpb »

nedsaid wrote: Sat Apr 11, 2020 9:00 am
arcticpineapplecorp. wrote: Fri Apr 10, 2020 4:59 pm just checked my bank acct because I heard the stimulus payments could be as early as today. Sure enough $1200 dumped in savings. Not sure how to make this actionable other than to say I plan to invest it.

anyone else get theirs today?
They call it a stimulus payment for a reason. Now go forth and do your patriotic duty and stimulate the economy! :wink: I will be on the lookout for mine too.
Who is they? Congress didn't call it a stimulus.

SECTION 1. SHORT TITLE.

"This Act may be cited as the ‘‘Coronavirus Aid, Relief, and Economic Security Act’’ or the ‘‘CARES Act’’. "


Stimulus is not used anywhere in the act. I will be securing mine until November.
Last edited by bdpb on Sat Apr 11, 2020 2:26 pm, edited 1 time in total.
SevenBridgesRoad
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Re: just got my $1200 stimulus payment

Post by SevenBridgesRoad »

paltroon wrote: Sat Apr 11, 2020 1:06 pm Odd thing happened to me last night. I receive Social Security retirement benefits and my SS direct deposit happens on the third Wednesday of each month. I have been receiving SS retirement payments for the last seven years and like clockwork, every third Wednesday. However, last night my April SS deposit went into my credit union checking account. It should have been deposited next Wednesday, but it went in early....
Same thing with wife's SS check. Usually third Wednesday (the schedule is based on birthday) but usual SS amount direct deposited yesterday (Friday).
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Re: just got my $1200 stimulus payment

Post by LadyGeek »

I don't see anything in my bank account yet. I filed my 2019 taxes electronically, but filed a 1040-X correction a few weeks later (don't ask, missed something obvious... :oops: ).

By IRS rules, 1040-X updates have to be done by mail. So, I sent them a check.

Now, I'm not sure if they'll go by the initial filing (direct deposit) or by the amended return (check). I'll wait until the IRS gets the portals up and running so I can check status.
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Re: just got my $1200 stimulus payment

Post by Ron »

SevenBridgesRoad wrote: Sat Apr 11, 2020 2:26 pm
paltroon wrote: Sat Apr 11, 2020 1:06 pm Odd thing happened to me last night. I receive Social Security retirement benefits and my SS direct deposit happens on the third Wednesday of each month. I have been receiving SS retirement payments for the last seven years and like clockwork, every third Wednesday. However, last night my April SS deposit went into my credit union checking account. It should have been deposited next Wednesday, but it went in early....
Same thing with wife's SS check. Usually third Wednesday (the schedule is based on birthday) but usual SS amount direct deposited yesterday (Friday).
Probably clearing the pipes for the 15th (3rd Wednesday) which was reported as the date for the first dump - regardless of the early deposits thus far.

Having 1/3rd of the SS payments on the same day as the (reported) main group of stimulus deposits might just bog things down.

BTW, wife/me (both on SS) have not seen a deposit yet; neither has our (disabled) son who is on Social Security Disability along with being very low income.

When it gets here, it gets here...

- Ron
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McGilicutty
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Re: just got my $1200 stimulus payment

Post by McGilicutty »

Are you sure you actually got a payment from the government? This guy says that some fintech companies have been fronting the money for purposes of publicity:

https://www.youtube.com/watch?v=smcREJKOl-4
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Re: just got my $1200 stimulus payment

Post by deikel »

I am wondering if I can spend it all on my local Pizzeria and get free Pizza for a year out of it (once a week, pizza night) ? Anyone planning on doing something like that ?
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LM3
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Re: just got my $1200 stimulus payment

Post by LM3 »

What if I use it to reduce the principle balance of my mortgage? Does it help the economy?
Thegame14
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Re: just got my $1200 stimulus payment

Post by Thegame14 »

I filed my 2019 return a week ago, I hope they use that for my stimulus since we had a baby in 2019 so our 2018 return would give us $500 less than we should have.
rivercrosser
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Re: just got my $1200 stimulus payment

Post by rivercrosser »

lostdog wrote: Sat Apr 11, 2020 10:41 am We had to pay in for 2019 and setup our checking account and routing numbers on the tax forms. They removed the taxes owed from our checking account.

Just as long as we have the routing and checking account numbers on our 2019 tax form we'll get the money direct deposited?
Same situation here. Paid in with account numbers on 2019 tax form. I filed with online with TurboTax. I get SS but wife does not. If they have it set up right we should get it direct deposit. Time will tell.
BrownEyedGirl_27
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Re: just got my $1200 stimulus payment

Post by BrownEyedGirl_27 »

MotoTrojan wrote: Sat Apr 11, 2020 8:40 am
BigFoot48 wrote: Sat Apr 11, 2020 8:39 am Nothing in my checking account as of this morning and I need it as I spent $1,199+tax for a new TV at Costco yesterday. Doing my part to keep the economy chugging along.
Quite the TV! In today’s age you can get a lot of TV for $500. Good on you.
Nice, we’re jealous. Bought a TV with a wedding gift card and some of our own money awhile back when really we should have bought the slightly nicer version which wouldn’t have required tons of wires to set up. It’s fun to salivate over the Costco TVs. Ehh we still love it though!
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MotoTrojan
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Re: just got my $1200 stimulus payment

Post by MotoTrojan »

BrownEyedGirl_27 wrote: Sat Apr 11, 2020 4:29 pm
MotoTrojan wrote: Sat Apr 11, 2020 8:40 am
BigFoot48 wrote: Sat Apr 11, 2020 8:39 am Nothing in my checking account as of this morning and I need it as I spent $1,199+tax for a new TV at Costco yesterday. Doing my part to keep the economy chugging along.
Quite the TV! In today’s age you can get a lot of TV for $500. Good on you.
Nice, we’re jealous. Bought a TV with a wedding gift card and some of our own money awhile back when really we should have bought the slightly nicer version which wouldn’t have required tons of wires to set up. It’s fun to salivate over the Costco TVs. Ehh we still love it though!
Been thrilled with some Hisense TVs. Chinese company that is pushing hard to compete in the high-end market. For the cost of the lowest end Samsung/LG I got one with top/middle-tier specs.
BrownEyedGirl_27
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Re: just got my $1200 stimulus payment

Post by BrownEyedGirl_27 »

MotoTrojan wrote: Sat Apr 11, 2020 4:31 pm
BrownEyedGirl_27 wrote: Sat Apr 11, 2020 4:29 pm
MotoTrojan wrote: Sat Apr 11, 2020 8:40 am
BigFoot48 wrote: Sat Apr 11, 2020 8:39 am Nothing in my checking account as of this morning and I need it as I spent $1,199+tax for a new TV at Costco yesterday. Doing my part to keep the economy chugging along.
Quite the TV! In today’s age you can get a lot of TV for $500. Good on you.
Nice, we’re jealous. Bought a TV with a wedding gift card and some of our own money awhile back when really we should have bought the slightly nicer version which wouldn’t have required tons of wires to set up. It’s fun to salivate over the Costco TVs. Ehh we still love it though!
Been thrilled with some Hisense TVs. Chinese company that is pushing hard to compete in the high-end market. For the cost of the lowest end Samsung/LG I got one with top/middle-tier specs.
Good to know. Thanks for the tip
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LilyFleur
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Re: just got my $1200 stimulus payment

Post by LilyFleur »

srt7 wrote: Sat Apr 11, 2020 11:04 am
Sheepdog wrote: Sat Apr 11, 2020 8:58 am Not yet, but waiting to give it to our Council on Domestic Abuse shelter home as soon as received. The physically and mentally abused residents there plus some kids need so much stuff. The money will be spent and will assist the economy somewhat,
I was going to give half away but your post changed my mind. I'm going to give it all away. Thanks!
Yes, unfortunately domestic abuse is escalating right now. (My two daughters volunteer for a victims advocate organization right now.)

As for me, I will need to spend my check on my own my own health insurance premiums and co-pays ($2300 in January). Unfortunately, I have lost my spousal support (after paying a hefty attorney bill) and I am self-employed and my client will not allow me to work from home. I am self-isolating due to at-risk health conditions and my age. Things looked so different two months ago--I was much more comfortable at the prospect of living out of my savings then, and I didn't know my part-time income was going away. My state is not set up yet for me to apply for self-employment unemployment benefits. Crazy times. But still, thankful for what I have.
JonnyB
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Re: just got my $1200 stimulus payment

Post by JonnyB »

Thegame14 wrote: Sat Apr 11, 2020 4:12 pm I filed my 2019 return a week ago, I hope they use that for my stimulus since we had a baby in 2019 so our 2018 return would give us $500 less than we should have.
This is just an advance on your 2020 tax credit. If you don't get it now, you will get it when you file your 2020 return.
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tetractys
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IRS sends first stimulus checks today!

Post by tetractys »

[Thread merged into here, see below. --admin LadyGeek]

Sat April 11, 2020
The Internal Revenue Service sent out the first wave of stimulus checks to Americans today.

"#IRS deposited the first Economic Impact Payments into taxpayers' bank accounts today. We know many people are anxious to get their payments; we'll continue issuing them as fast as we can," the IRS wrote Saturday evening on Twitter.
Silk McCue
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Re: IRS sends first stimulus checks today!

Post by Silk McCue »

This thread was started yesterday with deposits already pending.


viewtopic.php?f=2&t=311519

Cheers
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Re: [Government stimulus payments]

Post by LadyGeek »

I merged tetractys's thread into the on-going discussion. I also retitled the thread for clarity.
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Helo80
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Re: just got my $1200 stimulus payment

Post by Helo80 »

stoptothink wrote: Sat Apr 11, 2020 10:15 am
Helo80 wrote: Sat Apr 11, 2020 9:42 am
Stormbringer wrote: Sat Apr 11, 2020 9:36 am As a landlord, I highly recommend that people use the money to pay their rent. As a convenience to tenants, some of us are even willing to accept advance payments for May and June for no additional charge.
Where will $1,200 cover all of May and into June's rent? Sure, if you have a single bedroom/studio in a relatively medium to low COL area, that might work...

Several municipalities have announced that they will not process evictions until a certain date.

I don't think your comment is bad --- it's also just to ensure your pockets are lined first... I also don't think that most BHs are renting. The ones who are, generally have decent salaries from what I've seen and are folks in VHCOL areas (like the Bay Area --- where many want to work a few years to get experience under their belts and then get out).
Pretty sure Stormbringer's post was in jest.

Thanks... I was dense on that one... but makes sense in context. :beer
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sergeant
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Re: just got my $1200 stimulus payment

Post by sergeant »

lostdog wrote: Sat Apr 11, 2020 10:48 am
tj218 wrote: Sat Apr 11, 2020 8:08 am Just remember the stimulus is just a forward credit and will be taken out of your standard deduction next year. Regardless of your means to spend, save, donate, I would set aside some of it to pay a potentially higher tax bill next year or less of a refund than you typically expect.
I'm trying to find information on this. Do you have a source?
I'm sure he doesn't cause it's not true.
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MikeG62
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Re: just got my $1200 stimulus payment

Post by MikeG62 »

sergeant wrote: Sat Apr 11, 2020 10:47 pm
lostdog wrote: Sat Apr 11, 2020 10:48 am
tj218 wrote: Sat Apr 11, 2020 8:08 am Just remember the stimulus is just a forward credit and will be taken out of your standard deduction next year. Regardless of your means to spend, save, donate, I would set aside some of it to pay a potentially higher tax bill next year or less of a refund than you typically expect.
I'm trying to find information on this. Do you have a source?
I'm sure he doesn't cause it's not true.
What ti218 wrote is not correct.

While it is true that the payments are an advance tax credit for 2020, they have nothing to do with ones standard deduction in 2020 (or any other year) and once received will not be subject to clawback in any way, shape or form. Anyone who qualifies for a payment based upon their prior year (2018/9) return, will get a payment regardless of their income level in 2020. Anyone who did not qualify for a payment based upon their prior year return, but would qualify based upon their 2020 income, will get a payment (a tax credit actually) in connection with their 2020 return. See here:

https://taxfoundation.org/cares-act-sen ... lief-plan/

Relevant section is:

"Recovery Rebate for individual taxpayers. The bill would provide a $1,200 refundable tax credit for individuals ($2,400 for joint taxpayers). Additionally, taxpayers with children will receive a flat $500 for each child. The rebates would not be counted as taxable income for recipients, as the rebate is a credit against tax liability and is refundable for taxpayers with no tax liability to offset. The rebate phases out at $75,000 for singles, $112,500 for heads of household, and $150,000 for joint taxpayers at 5 percent per dollar of qualified income, or $50 per $1,000 earned. It phases out entirely at $99,000 for single taxpayers with no children and $198,000 for joint taxpayers with no children (see Chart 1). 2019 or 2018 tax returns will be used to calculate the rebate advanced to taxpayers, but taxpayers eligible for a larger rebate based on 2020 income will receive it in the 2020 tax season. Taxpayers with higher incomes in 2020 will see the overpayment associated with their rebate forgiven. For example, a single taxpayer with $100,000 in 2019 income would not receive an advance rebate but would receive the $1,200 credit on their 2020 return if their income for the year fell below the phaseout. On the other hand, a single taxpayer with $35,000 in income receives a $1,200 advance rebate but would not have to pay the rebate back on the 2020 return if they make $100,000 this year."
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wassabi
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Re: [Government stimulus payments]

Post by wassabi »

I received notification from my bank we will have the deposit of $2400 on 4/14/2020 (1200 for each myself and spouse). However, we had a child last year, but did not file 2019 taxes until 10 days ago. Does this mean the $500 for our new dependent will be credited to us on our 2020 taxes when we file next year?
JonnyB
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Re: [Government stimulus payments]

Post by JonnyB »

wassabi wrote: Sun Apr 12, 2020 7:01 am I received notification from my bank we will have the deposit of $2400 on 4/14/2020 (1200 for each myself and spouse). However, we had a child last year, but did not file 2019 taxes until 10 days ago. Does this mean the $500 for our new dependent will be credited to us on our 2020 taxes when we file next year?
Correct. Your actual Economic Impact Payment is based on your family status at the end of 2020. The check you receive is an advance payment of your 2020 tax credit. If your advance payment is less than the actual credit, then you will receive the difference as a credit on your 2020 tax return.

The tax credit is refundable, which means that you get the credit as a refund if the credit is more than your taxes owed.

And if you have the opposite situation in which you get a bigger check now than the actual credit calculated at the end of 2020, there is no claw back of the over payment.
Valuethinker
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Re: just got my $1200 stimulus payment

Post by Valuethinker »

Rainmaker41 wrote: Sat Apr 11, 2020 11:48 am Ours will go straight to a food bank.
These are horrible times for so many families.

On behalf of them, thank you.
Valuethinker
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Re: just got my $1200 stimulus payment

Post by Valuethinker »

srt7 wrote: Sat Apr 11, 2020 11:04 am
Sheepdog wrote: Sat Apr 11, 2020 8:58 am Not yet, but waiting to give it to our Council on Domestic Abuse shelter home as soon as received. The physically and mentally abused residents there plus some kids need so much stuff. The money will be spent and will assist the economy somewhat,
I was going to give half away but your post changed my mind. I'm going to give it all away. Thanks!
It is heartwarming to see people come together like this.

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Harry Livermore
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Re: just got my $1200 stimulus payment

Post by Harry Livermore »

watchnerd wrote: Sat Apr 11, 2020 11:47 am -$15k withdrawal on the same day by the IRS for me instead.
Ahh, the circle of life....
Me too. My income at zero. Still no sign of stimulus, EIDL, PPP, or UI. I did send in my quarterly payment over the weekend though.
Cheers
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