What Will You Spend Your $1,000 Stimulus On?

Discussion in 'Off-Topic' started by Remo Gaggi, Mar 17, 2020.

  1. Dingus

    Dingus Well-Known Member

    May 23, 2013
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    If they’re not giving the money to everyone, the income threshold needs to be a lot lower than $150,000 for a couple. Why does a couple making $150k who continues to make their paycheck while working from home deserve $2400?
     
  2. Macloney

    Macloney Well-Known Member

    Feb 28, 2014
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    Maybe some of them aren't working from home.

    Maybe $150,000 for a couple isn't that much in some places.

    Maybe you don't know people's situations and they could use the money.
     
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  3. BikeSkiClone

    BikeSkiClone Well-Known Member

    Jul 25, 2014
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    *Cries in Denver rent*

    I told a co-worker today that if I wasn't working and got a $1200 check....I'd still be $10 short on rent, if I had only that check to rely on. In reality, I have a small cushion (thanks, YNAB!)

    I'm considering whatever check I get as hazard pay for working in a hospital these days.
     
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  4. SayMyName

    SayMyName Active Member

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    #464 SayMyName, Mar 25, 2020
    Last edited: Mar 25, 2020
    Voting currently underway in the Senate, largely expected to pass and head to the House.

    "The final bill text will use 2019 tax returns, if available, or 2018 tax returns to assess income for determining how much aid individuals receive. Those who did not file tax returns can use a Form SSA-1099, Social Security Benefit Statement or Form RRB-1099, a Social Security Equivalent Benefit Statement, per Page 149 of the bill.

    The legislation would provide one-time direct payments to Americans of $1,200 per adult making up to $75,000 a year, and $2,400 to a married couple making up to $150,000, with $500 payments per child. After $75,000 for individuals, the benefit would be reduced by $5 for each $100 the taxpayer makes, per Page 145 of the bill. A $150,000 limitation applies to couples, and a $112,500 limit for heads of households."
     
  5. BCClone

    BCClone Well-Known Member

    Sep 4, 2011
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    That is for children 16 and u set right? Anything about dependents who are 17+? My son should make some decent coin this year so maybe he will get a kickback.
     
  6. CyArob

    CyArob Designator Of Dumb
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    Apr 22, 2011
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    I just hope everyone is ready to pay it back when they add it to our 2020 taxes
     
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  7. DreamyCy

    DreamyCy Active Member

    Nov 13, 2013
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    Who cares?? They’ll be paying it back in taxes anyway
     
  8. SayMyName

    SayMyName Active Member

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    Correct - well, mostly. The payments are an advance on the current tax year's credit or refund, meaning if your income is severely impacted due to this situation, you could be getting cash now (thanks, J.G. Wentworth!) instead of ~1yr from now. It won't be "added" as income, as @isufbcurt has been pointing out.

    But yes, as most things related to the tax man goes, it's pay him now or pay him later.
     
  9. simply1

    simply1 Rec Center HOF
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    Jun 10, 2009
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    I don’t believe that’s accurate. It’s a tax credit that won’t otherwise affect what you owe, unless your income changed enough that you might have to send some back. Even if your income isn’t severely impacted, as long as you’re in a similar threshold you’re not paying anything back.
    https://www.forbes.com/sites/kellyphillipserb/2020/03/25/all-you-wanted-to-know-about-those-tax-stimulus-checks-but-were-afraid-to-ask/#7617f931f9c9
     
  10. NorthCyd

    NorthCyd Well-Known Member

    Aug 22, 2011
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    So if it's a tax credit does that mean you will eventually get credit on your 2019 taxes for a child you didn't claim in 2018? Just curious because as I explained earlier in the thread I'm divorced. I claimed my daughter in 2018, but I already filed 2019 last month. My ex claims my daughter in 2019, but she has not filed hers yet. So will she get the credit for my daughter when she eventually does file for 2019? I'm honestly not worried about it. We are both financially secure. Just more curious because there has to be a lot of people in this situation.
     
  11. DreamyCy

    DreamyCy Active Member

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    I don’t know if if this is true or not but I believe it ultimately comes down to your 2020 tax return income. So if your 2020 income is under the threshold you will be able to claim it when you file regardless if your 2018/2019 income was too high.
     
  12. 06_CY

    06_CY Well-Known Member

    Apr 11, 2006
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    Oh yeah! Domino!
     
  13. brianhos

    brianhos Moderator
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    Meh, this is a refund in advance. So it is just a loan against yourself, people should not get excited at all about this.
     
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  14. Clonehomer

    Clonehomer Well-Known Member

    Apr 11, 2006
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    So it's not an additional tax credit for 2020 as being reported? An advance wouldn't be referred to as a credit.
     
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  15. ISUAgronomist

    ISUAgronomist Well-Known Member

    Nov 5, 2009
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    You're telling me it didn't just come from the money tree.

    I'm shocked. [​IMG]
     
  16. Urbandale2013

    Urbandale2013 Well-Known Member

    Jan 28, 2018
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    The way I understand it is this is an advance/loan in the sense that all money from the federal government is an advance/loan. I’m sure we will have to pay it back someday but not directly.
     
  17. brianhos

    brianhos Moderator
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    $2T in additional deficit, so our kids and grandkids will pay it back.
     
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  18. Cyched

    Cyched Minister of Culture
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    May 8, 2009
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    Boober Eats
     
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  19. peteypie

    peteypie Well-Known Member

    Jun 20, 2007
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    Ok, but what about sister wives? Is it $2400 for every wife because every wife is a married couple, or just $1200?

    These are the important questions.
     
  20. Urbandale2013

    Urbandale2013 Well-Known Member

    Jan 28, 2018
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    Exactly. Someday someone will pay it back. You are acting like we are all going to have to pay it back next year which doesn’t appear to be the case.

    I won’t get into my thought of kicking it down the road but this is a good thing to stimulate the economy for now.
     
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