How are you going to use your stimulus money?

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bigtex
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How are you going to use your stimulus money?

Post by bigtex » Wed Mar 25, 2020 2:30 pm

How are you going to use your stimulus money?

livesoft
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Re: How are you going to use your stimulus money?

Post by livesoft » Wed Mar 25, 2020 2:30 pm

Sorry, but I don't think I'm getting any.
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Tigermoose
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Re: How are you going to use your stimulus money?

Post by Tigermoose » Wed Mar 25, 2020 2:31 pm

Can you link me to a description of what is in the stimulus? Are there income based caps on the individual stimulus check?
Institutions matter

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oldcomputerguy
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Re: How are you going to use your stimulus money?

Post by oldcomputerguy » Wed Mar 25, 2020 2:35 pm

The legislation proposing stimulus checks for Americans has not yet been signed into law. This topic is therefore locked as a discussion of pending legislation.
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Ana-Maria57
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Stimulus Payments

Post by Ana-Maria57 » Wed Mar 25, 2020 4:28 pm

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

I understand that the stimulus payments in the new bill will go to families with income less than $75,000. Does this include retirees with social security, pension or RMD income?

Thanks for any info or link!

The Broz
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Re: Stimulus Payments

Post by The Broz » Wed Mar 25, 2020 4:37 pm

I thought the payments were NOT in addition to SS payments, but I could be wrong. Actually - even if I am right at the moment, I could end up being wrong since the bill hasn't even been passed in the Senate yet and looks like it will be delayed in the House.

student
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Re: Stimulus Payments

Post by student » Wed Mar 25, 2020 4:38 pm

This thread will likely be locked by the moderators soon as we are not allowed to talk about pending bills. We have to wait until the President signs it into law before we can discuss it.

CMD1
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Re: Stimulus Payments

Post by CMD1 » Wed Mar 25, 2020 4:43 pm

It is for individuals under $75k, couples double that. Plus each child gets $500. Phase outs up to 90k/180k couples. These are likely AGI, not gross income.

raveon
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Re: Stimulus Payments

Post by raveon » Wed Mar 25, 2020 4:44 pm

Net or gross? 8-)

keith1660
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Re: Stimulus Payments

Post by keith1660 » Wed Mar 25, 2020 5:10 pm

It will be based on 2019 Tax Return AGI.

Tigermoose
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Re: Stimulus Payments

Post by Tigermoose » Wed Mar 25, 2020 5:13 pm

keith1660 wrote:
Wed Mar 25, 2020 5:10 pm
It will be based on 2019 Tax Return AGI.
I heard it was 2018 tax return, since many Americans have not filed the 2019.
Institutions matter

Bogle_Bro
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Re: Stimulus Payments

Post by Bogle_Bro » Wed Mar 25, 2020 5:15 pm

I hope it's 2018 agi, as thats the most optimal for me.

Also hoping my unborn daughter, due in a few weeks, counts.

the way
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Re: Stimulus Payments

Post by the way » Wed Mar 25, 2020 5:24 pm

Am I mistaken or were past stimulus checks like this simply advance tax refunds? eg. if you get $1200 now, that gets added to your tax bill next year.

keith1660
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Re: Stimulus Payments

Post by keith1660 » Wed Mar 25, 2020 5:27 pm

Tigermoose wrote:
Wed Mar 25, 2020 5:13 pm
keith1660 wrote:
Wed Mar 25, 2020 5:10 pm
It will be based on 2019 Tax Return AGI.
I heard it was 2018 tax return, since many Americans have not filed the 2019.
The IRS will use the most recent filed tax return either 2019 or 2018.

keith1660
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Re: Stimulus Payments

Post by keith1660 » Wed Mar 25, 2020 5:29 pm

the way wrote:
Wed Mar 25, 2020 5:24 pm
Am I mistaken or were past stimulus checks like this simply advance tax refunds? eg. if you get $1200 now, that gets added to your tax bill next year.
No. There is no obligations. If you owe the IRS from 2018 and have not paid yet, the maximum amount will be $600.00 per person.

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cowdogman
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Re: Stimulus Payments

Post by cowdogman » Wed Mar 25, 2020 5:32 pm

keith1660 wrote:
Wed Mar 25, 2020 5:27 pm
Tigermoose wrote:
Wed Mar 25, 2020 5:13 pm
keith1660 wrote:
Wed Mar 25, 2020 5:10 pm
It will be based on 2019 Tax Return AGI.
I heard it was 2018 tax return, since many Americans have not filed the 2019.
The IRS will use the most recent filed tax return either 2019 or 2018.
For checks cut using 2018 returns, will there be an adjustment for 2019 returns when filed, with it all sorted out on 2020 returns?

keith1660
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Re: Stimulus Payments

Post by keith1660 » Wed Mar 25, 2020 5:34 pm

cowdogman wrote:
Wed Mar 25, 2020 5:32 pm
keith1660 wrote:
Wed Mar 25, 2020 5:27 pm
Tigermoose wrote:
Wed Mar 25, 2020 5:13 pm
keith1660 wrote:
Wed Mar 25, 2020 5:10 pm
It will be based on 2019 Tax Return AGI.
I heard it was 2018 tax return, since many Americans have not filed the 2019.
The IRS will use the most recent filed tax return either 2019 or 2018.
For checks cut using 2018 returns, will there be an adjustment for 2019 returns when filed, with it all sorted out on 2020 returns?
No. The IRS will use your 2018 AGI to qualify the amount. A very simple no strings attached deal.

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tennisplyr
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Re: Stimulus Payments

Post by tennisplyr » Wed Mar 25, 2020 5:44 pm

I keep hearing them use the word that "workers" will get it. To be clear, what if you and your spouse are both retired and who's income is solely SS, interest income, dividends, cap gains? Does your income need to include income from working?
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Re: Stimulus Payments

Post by bob60014 » Wed Mar 25, 2020 5:57 pm

tennisplyr wrote:
Wed Mar 25, 2020 5:44 pm
I keep hearing them use the word that "workers" will get it. To be clear, what if you and your spouse are both retired and who's income is solely SS, interest income, dividends, cap gains? Does your income need to include income from working?
It sounds as if they are using "workers" as a generic term to focus on the hardest hit.
I haven't read anything that indicates otherwise, but it seems for the purpose of this payout, taxable income, regardless of source = check.

And those that are very low income and do not need to file a return, they will receive a check too, though likely not as fast as others.

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Re: How are you going to use your stimulus money?

Post by LadyGeek » Wed Mar 25, 2020 6:11 pm

I merged Ana-Maria57's thread into the on-going discussion. As noted in: Political comments and proposed tax plan remain off-topic
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Re: How are you going to use your stimulus money?

Post by LadyGeek » Fri Mar 27, 2020 4:22 pm

The bill has been signed into law. This thread is reopened to continue the discussion.
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nascar090210
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Re: How are you going to use your stimulus money?

Post by nascar090210 » Fri Mar 27, 2020 4:25 pm

Not expecting to receive anything.

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watchnerd
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Re: How are you going to use your stimulus money?

Post by watchnerd » Fri Mar 27, 2020 4:29 pm

Disqualified from getting any.
70% Global Market Weight Equities | 15% Long Treasuries 15% short TIPS & cash || RSU + ESPP

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whodidntante
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Re: How are you going to use your stimulus money?

Post by whodidntante » Fri Mar 27, 2020 4:30 pm

nascar090210 wrote:
Fri Mar 27, 2020 4:25 pm
Not expecting to receive anything.
A lot of Bogleheads won't.

quantAndHold
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Re: How are you going to use your stimulus money?

Post by quantAndHold » Fri Mar 27, 2020 4:34 pm

Washington Post stimulus calculator

It looks like they take AGI from either 2018 or 2019, depending on whether or not you’ve filed 2019 taxes yet.
Yes, I’m really that pedantic.

dboeger1
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Re: How are you going to use your stimulus money?

Post by dboeger1 » Fri Mar 27, 2020 4:35 pm

I'm confused. I was under the belief it would be based on 2018 tax returns, with the potential to result in adjustments in a year's time to base it on 2019. This is the first time I've heard it suggested that it would be based on the latest filed return at the time the money is issued. I know the purpose of the legislation is to help those in need, and I don't need it so much, but even so, that would be kind of a bummer for me. Our 2018 income would have qualified, but I don't think our 2019 will, and we already filed 2019 taxes early. I also already paid a larger tax bill than anticipated with penalties, only to find out that I could have deferred filing taxes for longer with no additional interest. Again, I'm not in any dire need and many people are, so I get that it's not about me, but I'm just kind of like, really? The corporations are getting billions in bailouts, but I get nothing because I filed my taxes early? How's that for luck?

Does anyone have any definitive sources on this? I wouldn't actually know where to even look.

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Re: How are you going to use your stimulus money?

Post by Blueskies123 » Fri Mar 27, 2020 4:37 pm

Since no one has actually answered the question I am going to use some of it to pay my 2019 taxes and the rest I will try to spend at local restaurants, services, and business. I do not want to waste the money on toys or try to save any of it.
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stoptothink
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Re: How are you going to use your stimulus money?

Post by stoptothink » Fri Mar 27, 2020 4:40 pm

We're just under the cap (AGI $146k for '19) and because we already filed we'll get an extra $500 (alternate claiming my daughter with her deadbeat birth father). We don't "need" it by any stretch of the imagination, but I won't feel an ounce of guilt depositing the check because the reason we don't need it is we are financially responsible. Probably being thrown straight at the mortgage principal.

Hyperchicken
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Re: How are you going to use your stimulus money?

Post by Hyperchicken » Fri Mar 27, 2020 4:40 pm

dboeger1 wrote:
Fri Mar 27, 2020 4:35 pm
I'm confused. I was under the belief it would be based on 2018 tax returns, with the potential to result in adjustments in a year's time to base it on 2019. [...]

Does anyone have any definitive sources on this? I wouldn't actually know where to even look.
From what I gathered -
  • The final amount is calculated based on 2020 AGI.
  • Since 2020 AGI is not available yet, 2019 AGI is used as a substitute and the best estimate
  • If 2019 AGI is not available either, 2018 AGI is used
  • If you are overpaid, you get to keep the overpayment
  • If you are underpaid, you get the rest when you file your 2020 taxes

dknightd
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Re: How are you going to use your stimulus money?

Post by dknightd » Fri Mar 27, 2020 4:41 pm

Probably donate. Some to food bank. Not sure about the rest yet.
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Jags4186
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Re: How are you going to use your stimulus money?

Post by Jags4186 » Fri Mar 27, 2020 4:42 pm

I’m not going to lie I’m royally pissed. I got bored this week and did my taxes Monday night. Had I not done them I would have been on my 2018 return and received the full $2400. Since I did them they will use my 2019 taxes and I will get $0. With the announcement that they won’t claw back any money given it really is a punch in the gut.

dboeger1
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Re: How are you going to use your stimulus money?

Post by dboeger1 » Fri Mar 27, 2020 4:45 pm

quantAndHold wrote:
Fri Mar 27, 2020 4:34 pm
Washington Post stimulus calculator

It looks like they take AGI from either 2018 or 2019, depending on whether or not you’ve filed 2019 taxes yet.
Just saw this. Thanks for the link. So apparently, had I not filed 2019 taxes yet, I would've gotten the full payment, but because I did, I'll only get about half. The frustrating part is that, at least according to that link, people won't have to pay back any extra for 2020. So if your income increased from 2018 to 2019, you can potentially get more money by not filing taxes. That's ridiculous if you ask me. And so is the inverse, where you make less money and qualify for more in 2019 but can't file your taxes yet for whatever reason. I really hope either that page is incorrect or Congress fixes that before the end of the year. There shouldn't be any situation where filing and paying your taxes earlier reduces your eligibility for money like this.

Hyperchicken
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Re: How are you going to use your stimulus money?

Post by Hyperchicken » Fri Mar 27, 2020 4:45 pm

Jags4186 wrote:
Fri Mar 27, 2020 4:42 pm
I’m not going to lie I’m royally pissed. I got bored this week and did my taxes Monday night. Had I not done them I would have been on my 2018 return and received the full $2400. Since I did them they will use my 2019 taxes and I will get $0. With the announcement that they won’t claw back any money given it really is a punch in the gut.
You can still get your money this year. How? Reduce your tax withholdings by $2400 / 12 = $200 per month. On your 2020 tax return which you file in 2021, you will be eligible for the full amount ($2400) of the tax credit, since you did not receive its advance payment in 2020.

Jags4186
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Re: How are you going to use your stimulus money?

Post by Jags4186 » Fri Mar 27, 2020 4:46 pm

Hyperchicken wrote:
Fri Mar 27, 2020 4:45 pm
Jags4186 wrote:
Fri Mar 27, 2020 4:42 pm
I’m not going to lie I’m royally pissed. I got bored this week and did my taxes Monday night. Had I not done them I would have been on my 2018 return and received the full $2400. Since I did them they will use my 2019 taxes and I will get $0. With the announcement that they won’t claw back any money given it really is a punch in the gut.
You can still get your money this year. How? Reduce your tax withholdings by $2400 / 12 = $200 per month. On your 2020 tax return which you file in 2021, you will be eligible for the full amount ($2400) of the tax credit, since you did not receive its advance payment in 2020.
So I want to arrange it so I will owe $2400 in 2020?

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Re: How are you going to use your stimulus money?

Post by Hyperchicken » Fri Mar 27, 2020 4:48 pm

Jags4186 wrote:
Fri Mar 27, 2020 4:46 pm
So I want to arrange it so I will owe $2400 in 2020?
Exactly. And then your $2400 tax credit cancels your tax liability.

Jags4186
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Re: How are you going to use your stimulus money?

Post by Jags4186 » Fri Mar 27, 2020 4:49 pm

Hyperchicken wrote:
Fri Mar 27, 2020 4:48 pm
Jags4186 wrote:
Fri Mar 27, 2020 4:46 pm
So I want to arrange it so I will owe $2400 in 2020?
Exactly. And then your $2400 tax credit cancels your tax liability.
But would I be eligible since my AGI will be over just over $199,000 both in 2019 and 2020 (assuming I don’t get canned this year.). It was $139,000 in 2018. For 2019 I was in between 199 and 200 :oops:

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Re: How are you going to use your stimulus money?

Post by Dottie57 » Fri Mar 27, 2020 4:51 pm

If I get money, I plan to give it away. There are people in true need so all I need to do is figure out where it will doo the most good.

Hyperchicken
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Re: How are you going to use your stimulus money?

Post by Hyperchicken » Fri Mar 27, 2020 4:52 pm

Jags4186 wrote:
Fri Mar 27, 2020 4:49 pm
But would I be eligible since my AGI will be over $199,000 both in 2019 and 2020 (assuming I don’t get canned this year.)
Oh. Okay. I assumed your AGI > $199K was a one-time thing in 2019. If your 2020 AGI is also above $199K then what I proposed isn't going to work.

Well, I do hope that does not happen, but if you do lose your income in 2020, at least you can count on $2400.

Still sucks though since you could have received it had you not filed your 2019 return... I see why you're pissed.

dboeger1
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Re: How are you going to use your stimulus money?

Post by dboeger1 » Fri Mar 27, 2020 4:52 pm

Hyperchicken wrote:
Fri Mar 27, 2020 4:48 pm
Jags4186 wrote:
Fri Mar 27, 2020 4:46 pm
So I want to arrange it so I will owe $2400 in 2020?
Exactly. And then your $2400 tax credit cancels your tax liability.
Wait, I'm really confused by this. Can you explain like I have no idea what's going on? I owed quite a bit in taxes on my 2019 return because my wife and I both changed jobs and increased our income substantially, and I followed some guides to set our W-4 allowances but our withholding came up quite a bit short. I have yet to change them this year, and now you're suggesting that by owing tax, we can get the full payment? If so, should I keep my withholding low? Can you cite where I might confirm this? Because you're the first one I've heard mention anything related to withholding for 2020 taxes.

student
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Re: How are you going to use your stimulus money?

Post by student » Fri Mar 27, 2020 4:53 pm

I think many bogleheads won't qualified. I hope the people who are in need will get the money soon. I won't comment on the merit of the stimulus money since it will probably violate forum rules.
Last edited by student on Fri Mar 27, 2020 4:55 pm, edited 1 time in total.

dboeger1
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Re: How are you going to use your stimulus money?

Post by dboeger1 » Fri Mar 27, 2020 4:54 pm

Hyperchicken wrote:
Fri Mar 27, 2020 4:52 pm
Jags4186 wrote:
Fri Mar 27, 2020 4:49 pm
But would I be eligible since my AGI will be over $199,000 both in 2019 and 2020 (assuming I don’t get canned this year.)
Oh. Okay. I assumed your AGI > $199K was a one-time thing in 2019. If your 2020 AGI is also above $199K then what I proposed isn't going to work.

Well, I do hope that does not happen, but if you do lose your income in 2020, at least you can count on $2400.

Still sucks though since you could have received it had you not filed your 2019 return... I see why you're pissed.
Never mind, just saw this again. Thanks for explaining. I'm in the same boat as the other guy, lol. Now my wife is saying, "I TOLD YOU NOT TO FILE TAXES EARLY!" Haha, yeah, as if she knew this was going to happen.

Eyeski
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Re: How are you going to use your stimulus money?

Post by Eyeski » Fri Mar 27, 2020 4:55 pm

I’ll be getting about 300 based on my 2019 AGI. Glad I filled 2019 early since my 2018 AGI would’ve netted me squat. Probably going to buy more VTI.

Hyperchicken
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Re: How are you going to use your stimulus money?

Post by Hyperchicken » Fri Mar 27, 2020 4:57 pm

dboeger1 wrote:
Fri Mar 27, 2020 4:52 pm
Wait, I'm really confused by this. Can you explain like I have no idea what's going on? I owed quite a bit in taxes on my 2019 return because my wife and I both changed jobs and increased our income substantially, and I followed some guides to set our W-4 allowances but our withholding came up quite a bit short. I have yet to change them this year, and now you're suggesting that by owing tax, we can get the full payment? If so, should I keep my withholding low? Can you cite where I might confirm this? Because you're the first one I've heard mention anything related to withholding for 2020 taxes.
What I was saying is specifically for a scenario where your 2019 AGI is above $199K, but your 2020 AGI is under $150K. Then you don't receive the check in 2020, but you're still eligible for the credit, so you can reduce your 2020 withholdings accordingly. Obviously simply owing taxes won't do anything if you're not eligible for the credit (e.g. your 2020 AGI is too high).

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Re: How are you going to use your stimulus money?

Post by Triple digit golfer » Fri Mar 27, 2020 5:00 pm

Putting it into savings.

Oh, was I supposed to either say I would donate it or that I wouldnt get a payment?

keith1660
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Re: How are you going to use your stimulus money?

Post by keith1660 » Fri Mar 27, 2020 5:00 pm

Eyeski wrote:
Fri Mar 27, 2020 4:55 pm
I’ll be getting about 300 based on my 2019 AGI. Glad I filled 2019 early since my 2018 AGI would’ve netted me squat. Probably going to buy more VTI.
In your situation if you had not filed your 2019, when you file your 2020 they will credit you the difference - BUT if you you made more in 2019, then you get to keep the excess - good deal!

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Re: How are you going to use your stimulus money?

Post by Halicar » Fri Mar 27, 2020 5:01 pm

Mine is going straight to savings. I fortunately do not need it now, but I can't be sure that I won't need it 6 months or a year from now.

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Re: How are you going to use your stimulus money?

Post by mrspock » Fri Mar 27, 2020 5:02 pm

I get nothing from this one, but I’m a huge fan of The Powell Muni Bond Relief Act of 2020. It paid out something like $40-50k and counting so far :) .

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El Greco
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Re: How are you going to use your stimulus money?

Post by El Greco » Fri Mar 27, 2020 5:09 pm

I'm going to use it to pay off part of my school taxes. Huzzah!

dboeger1
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Re: How are you going to use your stimulus money?

Post by dboeger1 » Fri Mar 27, 2020 5:12 pm

Jags4186 wrote:
Fri Mar 27, 2020 5:02 pm
Triple digit golfer wrote:
Fri Mar 27, 2020 5:00 pm
Putting it into savings.

Oh, was I supposed to either say I would donate it or that I wouldnt get a payment?
Had I gotten I was going to buy some toys.

What really annoys me is I always feel like I end up right on the wrong side of the best benefits. I know so many people who plan on getting laid if and then working for a reduced cash rate, under the table, for the next 4 months.
I feel the same. I know this is a personal decision in spite of the laws, but I never once filed for any benefits when I was unemployed for 18 months and trying desperately to get work, and I even paid an ACA penalty for my wife and I not having healthcare coverage during that time. Likewise, when my family fell on hard times when I was younger, my father never once applied for any benefits or school lunch subsidies for me or my siblings. When I asked him why, he said because he believes those benefits are for people who need them to survive, and he didn't. Again, I realize that's not the law's perspective, and I don't fault anyone who is less hesitant to use them, but I always felt proud of him for taking care of us any way he could without leaning on government benefits, and so I took the same stance in my own personal circumstances.

So to be effectively penalized for filing my taxes early is just a slap in the face. I certainly don't deserve that, and I don't think the people in the same situation do either.

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Re: How are you going to use your stimulus money?

Post by jjface » Fri Mar 27, 2020 5:12 pm

It is also annoying to see people complain that they won't get it because they made $100k ind/$200k family in 2019 (even though they made only up to $75k/$150k in 2018)

You don't need it be glad of that.

I have no plans to increase spending on anything in particular. Will keep tipping grocery deliveries well etc.

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