COVID-19 - 3/18 - Poll #4 - What will you do with your $1,200?

[stevew]

Originally Posted by HerRealName

Does anyone have any idea how young adults would be treated? It wouldn't be cool if we get means tested out of a check while our older kids also were excluded. We're having to pay unexpected living costs for them due to dorm closures, dining hall closures, etc.

Assuming they’d be a dependent? I’ve got one home on permanent spring break.

[Danny]

Looks like the payment is an advance based on filing taxes for 2020. I think this was the best way to do it. So people who may have earned more last year but were significantly effected may not get a check this year but they will get credit for it in their 2020 taxes.

Didnt see details if they will force people to pay back money received on their taxes if they somehow earned more this year but they could based on how it works

[Subby]

pay someone to administer this board so you can't post any more insipid polls

[panerd]

Originally Posted by Danny

Looks like the payment is an advance based on filing taxes for 2020. I think this was the best way to do it. So people who may have earned more last year but were significantly effected may not get a check this year but they will get credit for it in their 2020 taxes.

Didnt see details if they will force people to pay back money received on their taxes if they somehow earned more this year but they could based on how it works

So family of 5 here, any thought if we just get a check for $3900 and should plan ourselves to set $x amount aside or will this basically be figured in where I will have no tax liability on the $3900? (In this scenario let's just keep in simple and say my income and withholdings etc are exactly the same as last year)

So plan as $3900 gift from the government or winning $3900 on the Price is Right?

[bob]

Originally Posted by panerd

So plan as $3900 gift from the government or winning $3900 on the Price is Right?

Or is it an advance of your 2020 tax refund?

[Edward64]

Originally Posted by bob

Or is it an advance of your 2020 tax refund?

But what happens if you don't get a 2020 tax refund (in 2021)?

[panerd]

Originally Posted by bob

Or is it an advance of your 2020 tax refund?

Yeah that would be pretty bad, I'm pretty sure that isn't the case but I could be wrong. I think this is similar to the checks from 2008.

EDIT: And I say pretty bad because people spend their refunds like it's lottery money, never really understanding that is their money they are getting back. Can't imagine what will happen when they spend that money now and then don't get it next year. I guess the elections will have ended right? :-)

[bob]

I just hope they are very clear with what this money really is. I don't expect they will be. Honestly I can't tell from what I have read.

[Edward64]

More info.

https://www.cnn.com/2020/03/25/polit...rus/index.html

Under the plan as it was being negotiated, single Americans would receive $1,200, married couples would get $2,400, and parents would see $500 for each child under age 17.

However, the payments would start to phase out for individuals with adjusted gross incomes of more than $75,000, and those making more than $99,000 would not qualify at all. The thresholds are doubled for couples.

About 90% of Americans would be eligible to receive full or partial payments, according to estimates by the Tax Policy Center. Lawmakers set aside $250 billion for the so-called recovery rebates.

Qualifying income levels will be based on 2019 federal tax returns, if already filed, and otherwise on 2018 returns. (Treasury Secretary Steven Mnuchin earlier this month delayed the filing deadline until July 15.)

[Danny]

Originally Posted by bob

Or is it an advance of your 2020 tax refund?

I think the money is an additional credit towards your 2020 taxes that is paid out in advance. It's not a replacement for money youd already be getting based on your taxes.

So if you earned 200k last year and get no money but this year earned 50k, you can still get the payment as a refund applied to your 2020 taxes. If you earned 50k last year and still earned 50k this year, youd still get to keep all the money since it's an additional credit.

The question is if you earned 50k last year big earn 200k this year is will they make you pay that back in filing your 2020 taxes

[INDalltheway]

Low cost of living area folks rejoice.

[stevew]

Originally Posted by INDalltheway

Low cost of living area folks rejoice.

Yeah. It’s basically 6 months of my mortgage payment. (2 adults, 2 dependents)

[Danny]

Originally Posted by stevew

Yeah. It’s basically 6 months of my mortgage payment. (2 adults, 2 dependents)

Wow! We live in Northern California, if my wife and I got the full amount for us plus our daughter (which she isnt include d since shes 5 weeks old) wed need another 2 kids to cover one month.

We are not eligible based upon 2019 data but we should get some credit on our 2020 taxes as we will not earn as much this year

[stevew]

We just bought at the right time and got about half off

[Danny]

Originally Posted by stevew

We just bought at the right time and got about half off

Nice!

[Radii]

Originally Posted by Danny

plus our daughter (which she isnt included since shes 5 weeks old)

Congratulations

[JeeberD]

My father-in-law got laid off yesterday (on his fucking BIRTHDAY), and with his being 62 and overweight he better not try to pick up something temporary at the grocery store to pay the bills. If we need to, I'm sure we'll send the funds to my in-laws so that they can pay bills a little bit longer.

[PilotMan]

Stimulus Checks 2020: How Much? When? And Other FAQs

From the looks of it, our 24yr old who lives at home, is claimed as a dependent, but works, and 18yr old hs senior, also claimed, will both be excluded from payments and from the child payments. That feels like a pretty substantial loophole.

[Edward64]

Originally Posted by PilotMan

Stimulus Checks 2020: How Much? When? And Other FAQs

From the looks of it, our 24yr old who lives at home, is claimed as a dependent, but works, and 18yr old hs senior, also claimed, will both be excluded from payments and from the child payments. That feels like a pretty substantial loophole.

Darn, my son will be disappointed. He's in college and works part-time but we claim him as a dependent.

[General Mike]

Right now, plan is to put it toward credit card debt

[stevew]

Originally Posted by PilotMan

Stimulus Checks 2020: How Much? When? And Other FAQs

From the looks of it, our 24yr old who lives at home, is claimed as a dependent, but works, and 18yr old hs senior, also claimed, will both be excluded from payments and from the child payments. That feels like a pretty substantial loophole.

Yeah. It’s kinda shit

[Danny]

Originally Posted by Radii

Congratulations

Thanks!

[NobodyHere]

$1200 to Biden 2020

[Edward64]

Originally Posted by NobodyHere

$1200 to Biden 2020

I don't think the $1,200 is best spent of Biden. Go ahead and donate some to buy a t-shirt or bumper sticker but IMO money is better spent in paying off your bills, or saving it in case you need it 2-3-4 months down the road, or putting it back into the economy.

Purely self-serving rationalization, I want a new iPad or laptop this year.

[tarcone]

Originally Posted by stevew

Yeah. It’s kinda shit

Yep. And both my daughters jobs are gone. My 19 year old was a server at college and she is home now. And my 18 year old senior works at 6 flags which is shut down.

[miami_fan]

https://www.washingtonpost.com/busin...ge%2Fstory-ans

[fortheglory]

doubt I will get it.

[PilotMan]

Originally Posted by miami_fan

https://www.washingtonpost.com/busin...ge%2Fstory-ans

The Treasury announced late Treasury that Social Security beneficiaries who typically do not file a tax return will automatically get the $1,200 payment and no longer must submit anything extra.....


....More than 15 million Americans on Social Security do not file an annual tax return because their income is so low, according to the Center on Budget and Policy Priorities. During the last recession, when the U.S. government sent most Americans a stimulus check and required a filed tax return to get it, 3.5 million Social Security recipients were left out because they never sent a return, according to a 2008 Treasury Department analysis.....


....Most high school seniors and college students won’t get any money. The bill gives nothing to families for their children older than 16, a shock to many households already reeling from canceled graduations, and college students readjusting to life at home with so many universities shut down. Many immigrant families are also learning that they are ineligible. In order for anyone in the family to receive a payment, each person in the household — including children — is supposed to have a valid Social Security number.....


....“It seemed crazy to me that 17- and 18-year-olds won’t get this. We’re losing our jobs, too,” he said.

.

[Toddzilla]

Screw this - immediately tax incomes over $1Million and then give everyone making less than $85K a $10,000 check. Make this mean something.

[RainMaker]

I imagine a lot of people will use it to make a payment for one month of health insurance.

[Arles]

Honestly, if I was a small business that was at risk of losing everything. I would just lie on my taxes, claim a ton of writeoffs and try to get a 10K+ refund. It sucks and you'd normally not want to do something like that - but if that helps you keep your business through July, it's probably worth the penalties (even if they catch it with all the IRS agents working overtime to get the subsidies out).

Of course, you could be like me and have filed back in March so you wouldn't have the option. But, if I were a business in trouble, hadn't filed and was in a dire situation, I'd think about it. Clearly you aren't getting much help from the government.

[PilotMan]

Sent a letter to my congressmen thanking them for allowing the dependent adult and 17+yr old students who are claimed as dependents to be excluded from the stimulus. As if they don't have any impact on either my or their own finances. What bullshit.

[Edward64]

Check is in the mail.

Coronavirus stimulus checks to hit US in waves, some arrive in April

Much-awaited stimulus cash will begin flooding into millions of bank accounts next week in the first wave of payouts to shore up the nation's wallets.

Millions of taxpayers will begin receiving the extra money to pay rent, groceries and other bills next week, or possibly as early as Thursday or Friday, some say.

The first group – estimated to cover 50 million to 60 million Americans – would include people who have already given their bank account information to the Internal Revenue Service.

[thesloppy]

Mine hit my bank today, FYI.

[SirFozzie]

The IRS is also building a second new tool expected to be available by April 17. The new tool, Get My Payment, will provide payment updates, including the date your payment is scheduled to be deposited into your bank account or mailed.

Story on Forbes.com

[Thomkal]

Thanks Fozzie that link helped me file for the payment

[SirFozzie]

[ISiddiqui]

We got ours today as well (well it's "Pending"). I had to wait to check because my credit union's online banking went down today (the one downside to a credit union - Wells Fargo has almost never gone down for me regardless of them being evil, while my credit union has had day long outages like 3 times in the last year).

[Brian Swartz]

I haven't gotten my stimulus payment, but in related news did my latest unemployment certification today and will begin receiving the added $600 benefit this week. What this means in brass tacks is that the act of sitting of my arse now constitutes the highest-paying job I have ever held.

Good work, if you can find it.

[tarcone]

As I just posted in another thread, Im buying guns.

[PilotMan]

Mine will go straight to savings for the possibility of a furlough in the fall.

[Edward64]

Originally Posted by tarcone

As I just posted in another thread, Im buying guns.

I would've guess you have enough guns. Maybe ammo?

[tarcone]

Originally Posted by Edward64

I would've guess you have enough guns. Maybe ammo?

My wife wouldnt allow guns in the house until this and/or her watching The Walking Dead.

Not sure which changed her mind, but a pistol and a shotgun are in my future.

[Kodos]

Originally Posted by tarcone

Not sure which changed her mind, but a pistol and a shotgun are in my future.

Well, hopefully she cools off and decides not to shoot you after all.

[GrantDawg]

Originally Posted by Kodos

Well, hopefully she cools off and decides not to shoot you after all.

*tarcone at home all the time annoying his wife* Mrs. Tarcone "You know honey, maybe it is time we had a gun."

[Edward64]

Originally Posted by tarcone

My wife wouldnt allow guns in the house until this and/or her watching The Walking Dead.

Not sure which changed her mind, but a pistol and a shotgun are in my future.

Definitely better than Daryl's crossbow.

... and welcome to the 2A. Be sure to be responsible, get a safe, some training etc.

[Lathum]

Originally Posted by GrantDawg

*tarcone at home all the time annoying his wife* Mrs. Tarcone "You know honey, maybe it is time we had a gun."

Originally Posted by tarcone

ED drugs are THE BOMB

I think we know why she wants a gun....

[ISiddiqui]

I suggested to the wife we just keep it in our account. $2400 would pay for 2+ months of day care in September/October (for our kid due in June) when presumably my wife would have to go back to work (she's a teacher) and I was planning on taking 3-4 weeks off in August to be with the kid when she goes back to work.

[NobodyHere]

So are taxes due tomorrow? Or can I procrastinate until July 15th?

[PilotMan]

Procrastinate away!