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

[DreamyCy]

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

I don’t think you understand what is happening.

 

[isufbcurt]

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.

The way I see it working is this:

On your 2020 tax return there is going to be a question "did you recieve a "stimulus check" during 2020? If so how much?
- If you check yes and the check amount is correct for your current situation then you don't get the tax credit on your tax return
- If you check yes and the check amount is not correct for your current situation (ex. you had a kid in 2020) then you will get the difference between the correct credit amount and the check amount as a tax credit on 2020.
- If you check no and you should have got a check then you will get a tax credit based on your 2020 situation.
- If you check no and you should not have gotten a check then you don't get the tax credit.

This isn't gospel but it is similar to how things have previously been handled.

 

[Dingus]

Who cares?? They’ll be paying it back in taxes anyway

Hadn’t realized that. Haven’t been following this too closely.

 

[Cyclonepride]

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.

It's like getting a fresh paint job on a car with no wheels right now.

 

[Urbandale2013]

It's like getting a fresh paint job on a car with no wheels right now.

I don’t disagree but I am taking it as you are painting it now to prevent it from rusting away. It isn’t going to make it drivable but it will give you an opportunity to get wheels in the future.

 

[Cyclonepride]

I don’t disagree but I am taking it as you are painting it now to prevent it from rusting away. It isn’t going to make it drivable but it will give you an opportunity to get wheels in the future.

Might be able to build a car out of all that paper they're printing. That's going to have consequences.

 

[SayMyName]

Hope this is allowed to be posted (as I believe the site is not behind a paywall), but I found this to be helpful not only as a hypothetical calculator, but it also answers many of the questions being asked in this thread.

https://www.washingtonpost.com/graphics/business/coronavirus-stimulus-check-calculator/

 

[wxman1]

Hope this is allowed to be posted (as I believe the site is not behind a paywall), but I found this to be helpful not only as a hypothetical calculator, but it also answers many of the questions being asked in this thread.

https://www.washingtonpost.com/graphics/business/coronavirus-stimulus-check-calculator/

The taxable question is what I had so that was good to see answered.

 

[Sparkplug]

I've got my eye on a new duvet and throw pillows. Lots of throw pillows