The Money Mustache Community
General Discussion => Welcome and General Discussion => Topic started by: CCCA on December 30, 2020, 02:47:07 PM
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I made a stimulus check calculator/visualizer here:
https://engaging-data.com/stimulus-check-calculator-dec-2020/ (https://engaging-data.com/stimulus-check-calculator-dec-2020/)
It includes the $600 payment that has currently been passed and signed into law, and the $2000 payment that was being discussed (passed by the house but not yet the senate).
I'd be interested in hearing how much others are expecting and what they plan to do with it.
I'll go first:
Family of four, $1490, we don't need it but might buy more takeout just to spread the money around (since that's the point of the stimulus).
Updated to include the new American Rescue Plan (in March 2021) $1400 plan with quicker phase out schedule
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$0, but of course I'm spending it exactly according to my IPS. ;^)
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We received our $1200 today.
Some will go to take-out to support local restaurants and the rest will go to local charities.
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Family of 5, shows $5,800, but that, of course, requires the $2k to be approved. We'll get $3,000 when we get it, and it'll sit in our savings account most likely.
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$1800 for a family of 3. It will eventually be invested.
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Cool calculator! We are DINKS and expecting the full amount. It will all go into our savings.
For anyone interested, I started reading this paper today on how people in the U.S. used the first stimulus payment:
https://bfi.uchicago.edu/insight/finding/how-did-us-consumers-use-their-stimulus-payments/
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Family of 8 so $4,800 or $6,400. It will go into savings to buy a business, along with what should be a very nice tax refund in a couple of months (+1 for combat zone tax exclusion).
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Based on what I'm reading, we won't receive anything, but instead will have it as a tax credit. From what I understand anyone that doesn't receive it by January 15th won't receive it as a payment at all, but instead has to claim it come tax time. Since we don't have banking info on file with gov't, we won't get direct deposit and it's looking impossible for checks to go out in just a couple weeks...
That's just details though... On the spending part, not planning to. I've got a few repair parts I'd like to get, but they're not hinging on the stimulus (I'm deferring buying because of A) ordering online is such a trainwreck right now that I won't do it and B) buying in person is risk to life and limb best saved for actual important thing). There's nothing extra I want, so it'll just get banked.
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It will go to savings or a pricey piece of exercise equipment that I'm finally desperate enough to buy now that the cold weather is here.
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It will be either $600 or $0.
I made too much to qualify in 2019, but not in 2018. I filed an extension in April and filed in Oct. The IRS sent a notice last week that I need to confirm the return is actually from me before they will process, with a deadline of Jan 8th. So, I'm hoping I will get the stimulus just as I got the first one, based off my 2018 income since they haven't processed my 2019 return, yet.
If I get it, it's not enough to make much of difference in my spending. So, I'll try to stimulate the economy with it, eat at some restaurants after I've had my second dose of the vaccine, and donate more to the local food pantry.
Edit: After looking into it further, I found that they are not using 2018 returns for people whose 2019 have not been processed, which differs from the first stimulus. And I won't be able to claim anything on my 2020 return, either. So I won't be getting anything. My 2019 and 2020 AGI's are both above the $0 phase out.
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U$600 and I'll use it buy more ammo.
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The timing works out well for maxing out our 2021 Roth IRAs and 529 plans (up to tax break max) as fast as possible.
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Expecting $1800, but hesitant to do anything but invest it, as I know tnstaafl and without a better view as to where this money is magically coming from, I’m expecting I’ll pay for it down the road
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U$600 and I'll use it buy more ammo.
If you can find some. And when you do, its like 3x the normal price.
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U$600 and I'll use it buy more ammo.
If you can find some. And when you do, its like 3x the normal price.
Indeed, my preferred calibers are totally unavailable. Even the firearms themselves are unavailable. My old CCW piece has become unreliable so I want to replace it. Replacement that I want is not going to happen anytime soon. Demand far outstripping supply. Production decreased due to COVID and demand seems to be way up as well. All the firearms stores have been VERY busy.
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U$600 and I'll use it buy more ammo.
Is there a shortage?
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Expecting $1,800 for two adults and a child. Also have a child in college that doesn't qualify. We have had some recent medical bills and have a high deductible health care plan so will use a big portion of it to pay the medical bills. Will use what is left after the medical expenses on supporting local restaurants, new shoes for my teen son and a sweater I have been wanting.
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$2,400 is pending in my bank account. Haven't decided what to do with it yet, but will probably add it to the down payment for our next house.
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Family of 6 so $3,600 right now and it will got towards a roof repair.
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The $600 will get shoveled into either my Roth IRA or cryptocurrency (for speculation and tax loss harvesting), depending on when it gets here.
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$0, family of 4. If I got any it would also go to repairing the roof.
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We got $1000, just in time for my dental crown in January... fun stuff.
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$1200, Food bank, chocolate.
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Which check? the one from earlier this year? I think I got $600, and it just got rolled into the budget/savings. Though I did make a couple extra donations, which totalled maybe $300?
This upcoming one? I have no idea what Congress is doing. If money shows up in my account, great! I'll make a donation to the local food bank and a donation to the animal shelter, the throw the rest into savings.
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Bought Bitcoin and Ether the first time around and tripled it. Sent the profit to my parents for Christmas to (hopefully) make extra mortgage payments.
This time around I will get $1200 and will use most of it to buy all the stuff we need for our first baby who will arrive in March. Have about $600 worth of stuff picked out on Amazon - stroller, car seat, bottles, diapers, etc.
If we get more than $1200 ($4000) then I will set that aside to pay my mom to come stay with us for a month to help us out. DW’s parents cannot travel to the US and were planning on coming for 6 months. My mom is going to take a month off of work to fill in, would be awesome to replace her lost income, if she will let me.
Otherwise, will make sure DW has a pile of $10s and $20s so she can order lots of take out when my mom leaves and I have to go back to work.
Still not 100% sure how my company will handle the PFML - if they will give me my full salary or just the state minimum. By state law they have to give me 12 weeks at ~50% pay, but taking that kind of pay cut would not be great. Maybe I can negotiate a 12-week WFH setup with half days to get full pay.
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We got the first one, because we hadn't filed our 2019 taxes yet. Score one for procrastination. This round, because we had an earned windfall in 2019 that's now been reported, we get zip. Oh, well. I'd rather have experienced the huge bump once in our lives, and I'm super grateful we are financially okay in these trying times. Most of the first $1200 went to the Food Bank, plus I co-chaired a massive Food Bank drive that netted 19 tons of food and nearly $19k in cash donations.
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Update: 2018 AGI is irrelevant, even though my 2019 return hasn't been processed, yet.
After looking into it further, I found that they are not using 2018 returns for people whose 2019 returns have not been processed, which differs from the first stimulus. And I won't be able to claim anything on my 2020 return, either. My 2019 and 2020 AGI's are both above the $0 phase out.
So I won't be getting anything. Oh well, I won't be stimulating the economy any extra after-all.
For the first stimulus, it just became part of my cash flow and was never designated for anything specific.
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Most of the first $1200 went to the Food Bank, plus I co-chaired a massive Food Bank drive that netted 19 tons of food and nearly $19k in cash donations.
Way to go there Dicey.
We are due to get 3600 or 6400, depending. We will do as we did last time- donate half, save the rest.
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We received our $1200 today. As of right now, it will just be used to pay monthly bills.
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Expecting $600. Tentative plan is to donate $200-300, spend ~$200 at local restaurants and stores that I'm hoping to see survive the pandemic, and save $100-200.
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If we get $1200 that's rent and groceries taken care of for January. Huzzah
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From the $600 one, I'm getting something like $350. I'm going to donate that to my hometown foodbank.
If the $2000 one comes through, I may spend part of it on gift cards to some local restaurants/business and then save the rest.
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I haven't earmarked money since I was 15 years old, so IDK, probably whatever is on sale at the grocery store that week.
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We won’t be receiving any and that’s perfectly fine by me. We’ll still contribute to help others in our area, especially locally owned restaurants and businesses.
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Family of 4. With the $2400 we will spend $400 now on an inexpensive home improvement project and a mirror replacement on our car. The other $2000 will go into a vacation fund to help expand the vacation that was canceled this summer.
If we move up to the $5200 mark, DH and I would have to discuss where to put the extra $2800. Likely split it into Roth or the kids’ college savings. Or maybe for the medical bills I see headed our way this spring.
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Donation to a food bank. $1800 from our 3 checks.
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WA Food fund. I've been lucky enough not to need the help, and it doesn't feel right to keep it when others are in desperate straits.
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We are going to hard quarantine and then go stay with relatives for a few weeks. Stimulus $ will pay a pet sitter during this trip. I cringe at how much that will cost.
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Judging by the last check, I guess we'll get half that, so $375 or so. I plan to throw it in the street.
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$1200. We gave the first round away, but we’ll probably buy new house stuff with this one.
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I've never received any stimulus in my life (in Australia we had one round in around 2009 for the GFC and multiple rounds this year and I received nil) and if I got anything I wouldn't spend it anyway...so I guess you could say our stimulus has been "well targeted"
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I'm getting nothing. I'm just a useless medical provider risking my life every day to save other people's lives, so it's not like I'm doing anything valuable enough to merit a stimulus check.
Then you or your spouse are apparently paid very well or otherwise you would be getting one. Be happy, you could be losing your home or business to this pandemic instead.
You may be a useless medical provider but you're apparently not a poor medical provider. :)
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For those who wonder - "when do I end up paying for this free money?" or "I work hard, where's my handout?" - I've been given some hope by learning about MMT.
https://en.wikipedia.org/wiki/Modern_Monetary_Theory
Maybe this doesn't manifest in inflation or some other devaluation of assets currently held. Maybe it actively keeps people off their couches, contributing to GDP. Understanding the underlying economic strategy reduced my concerns.
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I'm getting nothing. I'm just a useless medical provider risking my life every day to save other people's lives, so it's not like I'm doing anything valuable enough to merit a stimulus check.
Then you or your spouse are apparently paid very well or otherwise you would be getting one. Be happy, you could be losing your home or business to this pandemic instead.
You may be a useless medical provider but you're apparently not a poor medical provider. :)
The amount of people losing jobs and businesses to the pandemic is greatly exaggerated. Unemployment is up about 3% higher than its record low. The percentage of people who are small business owners is also low, and of those some are not affected or their business has increased. None of this helps the people who are greatly affected, but still I would estimate that number to be under 10%. Thank you medical providers for your service!
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$600. Will make its way into stock etfs in taxable account same day.
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U$600 and I'll use it buy more ammo.
Is there a shortage?
Very much so. Biden is going to compete with Obama for gun/ammo salesman of the century.
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I'm getting nothing. I'm just a useless medical provider risking my life every day to save other people's lives, so it's not like I'm doing anything valuable enough to merit a stimulus check.
Then you or your spouse are apparently paid very well or otherwise you would be getting one. Be happy, you could be losing your home or business to this pandemic instead.
You may be a useless medical provider but you're apparently not a poor medical provider. :)
With the income threshold being location-agnostic, that's not really a fair perspective to hold.
$600 wouldn't even cover two weeks of my property taxes, though, so even without an income cap it wouldn't do much for me if I were jobless.
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I was amused to see that my bank’s log in page this morning said (and I paraphrase) - “Direct deposited stimulus money will show up NEXT week! Don’t ask us any questions about this!”
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I was amused to see that my bank’s log in page this morning said (and I paraphrase) - “Direct deposited stimulus money will show up NEXT week! Don’t ask us any questions about this!”
One of my bank accounts had a similar message that payments are supposed to start arriving on January 4th but they may show as pending earlier than that. Makes sense since tomorrow is a bank holiday, and for whatever reason in this country it takes multiple days to transfer money from one institution to another. I mean, it's not like there's some bank clerk manually approving each of these transactions - still not sure why things aren't any faster than they were decades ago.
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First go round we received $1200 and gave it to charity.
If we get any more we will also donate to charitable causes.
We are fortunate, I don't like the idea of a government hand out, and there are people out there that need it more.
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ah ha, my stepdad asked me yesterday what we planned to spend it on. I'm pretty sure he was joking. We get zip.
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We should get $2400 I think. That plus my payout for unused pto from my job should be enough to max both of our IRAs for 2021.
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First go-around, we received $2400 and we used it to pay taxes. Second go-around, we are receiving $1200 and we're going to use it to pay taxes. So, our stimulus came from our taxes and went back to our taxes. Hooray!
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Recieved $1200
Donated it to the local food bank.
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First $1200 went to family support except for $200 for charity.
Second go around - just sent $300 to local food bank/charities, the other $300 will probably end up for family support again.
Ditto for Mr. R.
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I was stunned to find $2300 in our bank account. I gave some to local food banks today, but I think I'll sign a kid or two to take Zoom music lessons... I am connected through a musician friend and a dancer friend to a network of unemployed performers in NYC. Also may branch out to give to musician and actor relief funds. We need to keep those lights on!
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Don’t think we’ll get any, but if we do we’ll donate it all.
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For those who wonder - "when do I end up paying for this free money?" or "I work hard, where's my handout?" - I've been given some hope by learning about MMT.
https://en.wikipedia.org/wiki/Modern_Monetary_Theory
Maybe this doesn't manifest in inflation or some other devaluation of assets currently held. Maybe it actively keeps people off their couches, contributing to GDP. Understanding the underlying economic strategy reduced my concerns.
All MMT does is it artificially boosts demand, thereby attenuating gaps in supply/demand and making a more, in theory, equal - but less, in theory, productive - society.
"Keeping people off their couches contributing to GDP" can also be phrased as "producing goods and services at above their true market value".
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Reloading the emergency fund that my wife and I spent on a second car, which we've benefited from owning once in the 6 weeks since I bought it. I fucked up.
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$3K for family of 5. Probably a couple of things... tree house for my kids, shed, rest towards a re-roof project coming up.
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Probably going to get 1,200 and there are no specific plans. I have some extra time in my days since I am still WFH and I can fill the commute time with projects. So probably some DIY updates to the house that would otherwise take longer.
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$600 showed up in my account Thursday morning, I sent it on its merry way to Vanguard.
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We aren't getting anything which is as it should be.
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First time around we got $3,400 I think. Some of that went to work from home stuff: laptop for wife (her work didn't provide one), chromebook for the kid, noise-canceling head phones. We sent a good portion to help out DW's family in South America. The rest was added to the emergency fund.
$2,400 showed up as pending in the account this morning.
We don't really have it earmarked for anything in particular right now. We do have an aging water heater that we should replace before it explodes though.
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Which check? the one from earlier this year? I think I got $600, and it just got rolled into the budget/savings. Though I did make a couple extra donations, which totalled maybe $300?
This upcoming one? I have no idea what Congress is doing. If money shows up in my account, great! I'll make a donation to the local food bank and a donation to the animal shelter, the throw the rest into savings.
Money showed up in my account. $600. Will be donating at least half, probably more.
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We got $1200. I need a new work computer and desk chair. The local food bank could also use some help.
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I made a stimulus check calculator/visualizer here:
https://engaging-data.com/stimulus-check-calculator-dec-2020/ (https://engaging-data.com/stimulus-check-calculator-dec-2020/)
It includes the $600 payment that has currently been passed and signed into law, and the $2000 payment that was being discussed (passed by the house but not yet the senate).
I'd be interested in hearing how much others are expecting and what they plan to do with it.
I'll go first:
Family of four, $1490, we don't need it but might buy more takeout just to spread the money around (since that's the point of the stimulus).
Just received ours, and exactly as I calculated. Already got some takeout and donated to some charities.
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Oh man! I’ve been impatiently reloading my checking account, wanting to see how much stimulus I’d be getting.
Reload
Reload
Reload.
Only to suddenly remember 10 minutes ago that the IRS has my savings account as my direct deposit info. I hadn’t noticed the bump in the savings acct, because my stimulus was for....$38.20.
It made me laugh. A little tinge of ‘why bother,’ but mostly amused at myself.
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Interesting article about this year and spending. https://www.nytimes.com/2021/01/01/upshot/why-markets-boomed-2020.html
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Ours just hit the checking account. I had calculated $1800 (2 parents plus one 14 year old kid) but we got $2400.
Looks like they included both of our kids, even though the oldest turned 17 over the summer. Not sure how they calculated the 17 year old limit. This could be a straight up mistake I guess. We'll see if they correct it when we file our taxes.
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We had a baby in August, so didn't get anything for her from either stimulus bill, but should get the $500 + $600 from the stimulus checks when we do our tax return. I'm curious to see how easy that will be to figure out.
As for how we are spending this latest one, we are doing some chimney repairs that should take care of pretty much all of it.
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If the calculator is correct we should get $1,200 based on our AGI, but the actual amount we received is $500. Anyone else seeing a discrepancy?
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Expecting $3k which will go towards a down payment on the house we're buying, or to float costs for the house we have to sell after we relocate.
I hadn't read the fine print about the increased $2k payments and had assumed they would include kids, and envisioned myself receiving $10k instead of $5800 if its increased. Bummer!
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I get nothing. My income was above the phase out for 2019 and 2020 both.
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We spent $200 of it on a new kitchen faucet today. ;-)
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Interesting article about this year and spending. https://www.nytimes.com/2021/01/01/upshot/why-markets-boomed-2020.html
That was pretty good. Bottom line: higher wages + reduced spending = higher savings that got invested pushing up asset prices.
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I've given half of my check away already. I don't actually need it but it would get me closer to FIRE. So many people in my community are hurting so I've given my money to the local homeless shelter, the food pantry and to World Kitchen.
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$1,800 hit the account yesterday. $600 to kid's 529, $600 to CC debt payoff and $600 for slush fund, some of which was spent on cheeseburgers and fries last night.
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Old retired folks here.
All of our free gubmnt money goes to bulldog rescue this year. The rescue group has not been able to hold any fundraisers.
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We got $1200 and will be using it to repair our (very unmustashian) in ground pool and some tree trimming.
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Family of 6 so $3,600 right now and it will got towards a roof repair.
Any stimulus money goes to replenish savings after a roof repair a couple of months ago.
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We received $1800. Split $300 a piece for my son's UGTMA account (VTSAX) and $300 to second son's Special Needs Trust (VTSAX).
My wife and I split the rest to donate to charity as we see fit.
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$600 wouldn't even cover two weeks of my property taxes, though, so even without an income cap it wouldn't do much for me if I were jobless.
Ouch. Ours are about the same, but I always think of it as a lump sum amount. I also equate it with the salary of my first real job out of college, which just means I'm old. The property taxes on our rentals are about the same number again, but those come out of the rental income, so they sting less. Gotta love HCOLA living!
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I'm getting nothing. I'm just a useless medical provider risking my life every day to save other people's lives, so it's not like I'm doing anything valuable enough to merit a stimulus check.
Then you or your spouse are apparently paid very well or otherwise you would be getting one. Be happy, you could be losing your home or business to this pandemic instead.
You may be a useless medical provider but you're apparently not a poor medical provider. :)
With the income threshold being location-agnostic, that's not really a fair perspective to hold.
$600 wouldn't even cover two weeks of my property taxes, though, so even without an income cap it wouldn't do much for me if I were jobless.
?? If it doesn't cover your property taxes, you could just spend it on something else. It would only be a fraction of my property taxes also in an otherwise lower cost of living area, but I could find other ways to spend or donate it. But, I get nothing. The phase out threshold is very low for single people.
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$600 wouldn't even cover two weeks of my property taxes, though, so even without an income cap it wouldn't do much for me if I were jobless.
Ouch. Ours are about the same, but I always think of it as a lump sum amount. I also equate it with the salary of my first real job out of college, which just means I'm old. The property taxes on our rentals are about the same number again, but those come out of the rental income, so they sting less. Gotta love HCOLA living!
Yup, my taxes alone here vastly exceed my total mortgage/insurance/tax amount for my last house in Phoenix, which is just mind-boggling (I even have a volunteer fire department, vs the full time fire department out west), but salaries are higher here so it balanced out well enough (plus I rent the 2nd floor of my house, which covers the taxes anyway).
I'm getting nothing. I'm just a useless medical provider risking my life every day to save other people's lives, so it's not like I'm doing anything valuable enough to merit a stimulus check.
Then you or your spouse are apparently paid very well or otherwise you would be getting one. Be happy, you could be losing your home or business to this pandemic instead.
You may be a useless medical provider but you're apparently not a poor medical provider. :)
With the income threshold being location-agnostic, that's not really a fair perspective to hold.
$600 wouldn't even cover two weeks of my property taxes, though, so even without an income cap it wouldn't do much for me if I were jobless.
?? If it doesn't cover your property taxes, you could just spend it on something else. It would only be a fraction of my property taxes also in an otherwise lower cost of living area, but I could find other ways to spend or donate it. But, I get nothing. The phase out threshold is very low for single people.
Well yes, that's my point. The threshold is fine if someone lives in Kentucky, but if they live in Manhattan it's effectively pointless. $600 is not going to make that much of a difference in HCOL housing expenses (my taxes alone are $14.5k / yr for a 1900 sq ft house built in the 40's), whereas in flyover country it might cover a month or more of total housing costs.
I didn't get any stimulus checks in any phase, so I have not bothered to pay attention to what the phase out levels are.
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Already received $2400 on 12/31. $1500 going to a circular driveway extension, very much needed. After that, first grandchild is due in April. We were already planning on getting some of the big ticket items on the registry. Will also probably give the new parents some additional cash for when the baby arrives. After that putting money aside for our rescheduled vacation in late April. Will spend on local restaurants while in Florida to help keep our local businesses going. We are military family that are FL residents living out of state. Really looking forward to getting back to FL to see family and friends.
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Expecting $3k which will go towards a down payment on the house we're buying, or to float costs for the house we have to sell after we relocate.
I hadn't read the fine print about the increased $2k payments and had assumed they would include kids, and envisioned myself receiving $10k instead of $5800 if its increased. Bummer!
Every source I read says it includes kids.
https://www.kiplinger.com/taxes/602024/second-stimulus-check-update-senate-kills-2000-payments
It was McConnell's alternative bill that did not include kids.
All bills, however, died today (Sunday), so any bill to do this will be new. Once it is introduced and voted upon, you will need to do your research all over, since it can say literally anything and need not resemble any of the two prior bills that expired today.
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$600 wouldn't even cover two weeks of my property taxes, though, so even without an income cap it wouldn't do much for me if I were jobless.
Ouch. Ours are about the same, but I always think of it as a lump sum amount. I also equate it with the salary of my first real job out of college, which just means I'm old. The property taxes on our rentals are about the same number again, but those come out of the rental income, so they sting less. Gotta love HCOLA living!
Yup, my taxes alone here vastly exceed my total mortgage/insurance/tax amount for my last house in Phoenix, which is just mind-boggling (I even have a volunteer fire department, vs the full time fire department out west), but salaries are higher here so it balanced out well enough (plus I rent the 2nd floor of my house, which covers the taxes anyway).
I'm getting nothing. I'm just a useless medical provider risking my life every day to save other people's lives, so it's not like I'm doing anything valuable enough to merit a stimulus check.
Then you or your spouse are apparently paid very well or otherwise you would be getting one. Be happy, you could be losing your home or business to this pandemic instead.
You may be a useless medical provider but you're apparently not a poor medical provider. :)
With the income threshold being location-agnostic, that's not really a fair perspective to hold.
$600 wouldn't even cover two weeks of my property taxes, though, so even without an income cap it wouldn't do much for me if I were jobless.
?? If it doesn't cover your property taxes, you could just spend it on something else. It would only be a fraction of my property taxes also in an otherwise lower cost of living area, but I could find other ways to spend or donate it. But, I get nothing. The phase out threshold is very low for single people.
Well yes, that's my point. The threshold is fine if someone lives in Kentucky, but if they live in Manhattan it's effectively pointless. $600 is not going to make that much of a difference in HCOL housing expenses (my taxes alone are $14.5k / yr for a 1900 sq ft house built in the 40's), whereas in flyover country it might cover a month or more of total housing costs.
I didn't get any stimulus checks in any phase, so I have not bothered to pay attention to what the phase out levels are.
There are plenty of actually poor people who live in NYC, though.
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$600 wouldn't even cover two weeks of my property taxes, though, so even without an income cap it wouldn't do much for me if I were jobless.
Ouch. Ours are about the same, but I always think of it as a lump sum amount. I also equate it with the salary of my first real job out of college, which just means I'm old. The property taxes on our rentals are about the same number again, but those come out of the rental income, so they sting less. Gotta love HCOLA living!
Yup, my taxes alone here vastly exceed my total mortgage/insurance/tax amount for my last house in Phoenix, which is just mind-boggling (I even have a volunteer fire department, vs the full time fire department out west), but salaries are higher here so it balanced out well enough (plus I rent the 2nd floor of my house, which covers the taxes anyway).
I'm getting nothing. I'm just a useless medical provider risking my life every day to save other people's lives, so it's not like I'm doing anything valuable enough to merit a stimulus check.
Then you or your spouse are apparently paid very well or otherwise you would be getting one. Be happy, you could be losing your home or business to this pandemic instead.
You may be a useless medical provider but you're apparently not a poor medical provider. :)
With the income threshold being location-agnostic, that's not really a fair perspective to hold.
$600 wouldn't even cover two weeks of my property taxes, though, so even without an income cap it wouldn't do much for me if I were jobless.
?? If it doesn't cover your property taxes, you could just spend it on something else. It would only be a fraction of my property taxes also in an otherwise lower cost of living area, but I could find other ways to spend or donate it. But, I get nothing. The phase out threshold is very low for single people.
Well yes, that's my point. The threshold is fine if someone lives in Kentucky, but if they live in Manhattan it's effectively pointless. $600 is not going to make that much of a difference in HCOL housing expenses (my taxes alone are $14.5k / yr for a 1900 sq ft house built in the 40's), whereas in flyover country it might cover a month or more of total housing costs.
I didn't get any stimulus checks in any phase, so I have not bothered to pay attention to what the phase out levels are.
There are plenty of actually poor people who live in NYC, though.
Yes! If $600 for someone in a HCOL area is "nothing" then give it to the minimum wage earners who's still slinging your hash during the pandemic. It might not pay their rent but it'll put some food on their table for a couple of months.
Y'all are missing my point, but ok.
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How does this one work compared to the last? We received a tiny bit for each adult and the full amount for each kid last time. I just looked it up and we got $1440 from the first one.
According to your graphic it looks like we'll receive about half of each kids or about $600 total. Haven't received anything yet though, so I may not get anything.
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I got $47! I guess buy a weeks worth of groceries with it.
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I usually wait until the end of they year or early the next year to max out my SAHM wife’s spousal IRA before tax time. This will be part of that. $2400 received for a family of four.
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We have $3,000 pending from the IRS today
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$600 wouldn't even cover two weeks of my property taxes, though, so even without an income cap it wouldn't do much for me if I were jobless.
Ouch. Ours are about the same, but I always think of it as a lump sum amount. I also equate it with the salary of my first real job out of college, which just means I'm old. The property taxes on our rentals are about the same number again, but those come out of the rental income, so they sting less. Gotta love HCOLA living!
Yup, my taxes alone here vastly exceed my total mortgage/insurance/tax amount for my last house in Phoenix, which is just mind-boggling (I even have a volunteer fire department, vs the full time fire department out west), but salaries are higher here so it balanced out well enough (plus I rent the 2nd floor of my house, which covers the taxes anyway).
I'm getting nothing. I'm just a useless medical provider risking my life every day to save other people's lives, so it's not like I'm doing anything valuable enough to merit a stimulus check.
Then you or your spouse are apparently paid very well or otherwise you would be getting one. Be happy, you could be losing your home or business to this pandemic instead.
You may be a useless medical provider but you're apparently not a poor medical provider. :)
With the income threshold being location-agnostic, that's not really a fair perspective to hold.
$600 wouldn't even cover two weeks of my property taxes, though, so even without an income cap it wouldn't do much for me if I were jobless.
?? If it doesn't cover your property taxes, you could just spend it on something else. It would only be a fraction of my property taxes also in an otherwise lower cost of living area, but I could find other ways to spend or donate it. But, I get nothing. The phase out threshold is very low for single people.
Well yes, that's my point. The threshold is fine if someone lives in Kentucky, but if they live in Manhattan it's effectively pointless. $600 is not going to make that much of a difference in HCOL housing expenses (my taxes alone are $14.5k / yr for a 1900 sq ft house built in the 40's), whereas in flyover country it might cover a month or more of total housing costs.
I didn't get any stimulus checks in any phase, so I have not bothered to pay attention to what the phase out levels are.
There are plenty of actually poor people who live in NYC, though.
Yes! If $600 for someone in a HCOL area is "nothing" then give it to the minimum wage earners who's still slinging your hash during the pandemic. It might not pay their rent but it'll put some food on their table for a couple of months.
Y'all are missing my point, but ok.
No, we’re just not being very sympathetic to your point.
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If the calculator is correct we should get $1,200 based on our AGI, but the actual amount we received is $500. Anyone else seeing a discrepancy?
Just checked mine with my AGI from TurboTax - calculator was accurate to what I received.
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But, unfortunately, dear old Uncle Sam would have to spend an even huuger amount of money doing a means and asset test along with COL tests.
Why not just lower the gross income threshold for receiving a stimulus payment?
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But, unfortunately, dear old Uncle Sam would have to spend an even huuger amount of money doing a means and asset test along with COL tests.
Why not just lower the gross income threshold for receiving a stimulus payment?
Cost of living is a big issue in why they have set thresholds high. Dropping the MFJ limit to say $75k would still send money out to many families in LCOL areas that weren’t financially affected (yet) by COVID but would cut out a huge swath of people in HCOL areas that had significant financial ramifications. And limiting any stimulus to unemployment payments misses the large population that had their hours cut back or lost a second job but would not qualify for unemployment. Or what about people that voluntarily quit jobs because they now had to virtually school their children and their job wasn’t a WFH option?
I don’t know what the right answer is here but getting help to the people that truly need it quickly is a big concern. This is one of the many reasons I will never hold any sort of office or leadership. There just really isn’t a right answer that is also quick and effective.
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We got $1200 and it went straight to Vanguard.
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$1,800
My wife and I each added $300 to our personal spending money. $300 went into charity fund, and the remaining $900 will go into investments.
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As expected...crickets. Bonus Kid, who lives with us and is still furloughed from his job, did receive $600.
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Received $4,800 on Monday morning. Transferred it to our emergency fund.
With the Democrats now looking like they will effectively control the Senate I guess another couple thousand bucks of helicopter money may be landing in the near future. That will go to the same purpose.
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Received $4,800 on Monday morning. Transferred it to our emergency fund.
With the Democrats now looking like they will effectively control the Senate I guess another couple thousand bucks of helicopter money may be landing in the near future. That will go to the same purpose.
Put $10 toward the prophylactic aisle!
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We are a family of 5, but oldest child is 18. So I expect $2400. Last time the money showed up in our checking account very quickly, but so far, nothing yet. We saved all of the last payment and we are planning on spending on a car for our 16 year old to drive. But I can't decide if we should get yet another super cheap beater or splurge on a well used but nicer car with good gas mileage for one of the adults and move the current car down to the kids.
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We are a family of 5, but oldest child is 18. So I expect $2400. Last time the money showed up in our checking account very quickly, but so far, nothing yet. We saved all of the last payment and we are planning on spending on a car for our 16 year old to drive. But I can't decide if we should get yet another super cheap beater or splurge on a well used but nicer car with good gas mileage for one of the adults and move the current car down to the kids.
Yeah, I haven't received anything yet either. I was wondering if that meant we weren't getting anything.
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As of today, I am expecting another $4000 stimulus check coming out way soon.
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My family will get the same "zero" that we got from the first stimulus package, but I understand that this is a great "problem" to have.
I try to remind myself to be grateful that we don't need the money. I don't even mind that I will probably still have to pay it back in future taxes. I just hope that those who are truly in need get enough that they will eventually get back on their feet again.
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Nothin yet. Expecting $600 via paper check, since I got a paper check last time.
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My family will get the same "zero" that we got from the first stimulus package, but I understand that this is a great "problem" to have.
I try to remind myself to be grateful that we don't need the money. I don't even mind that I will probably still have to pay it back in future taxes. I just hope that those who are truly in need get enough that they will eventually get back on their feet again.
Do you really think $600/pp is enough to anyone back on their feet if they are struggling right now? We get the full amount even though we don't technically "need" it, just have a low enough AGI. I used part of it toward the 10k+ that we've already had to shell out in part time child care and tutoring for our elementary school children so that we could keep working during the pandemic. We are super lucky to have access to child care and that we could "afford" to pull this off. As we've seen, parents and grandparents around the county have had to leave the workforce in droves to care for children.
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My family will get the same "zero" that we got from the first stimulus package, but I understand that this is a great "problem" to have.
I try to remind myself to be grateful that we don't need the money. I don't even mind that I will probably still have to pay it back in future taxes. I just hope that
Do you really think $600/pp is enough to anyone back on their feet if they are struggling right now? We get the full amount even though we don't technically "need" it, just have a low enough AGI. I used part of it toward the 10k+ that we've already had to shell out in part time child care and tutoring for our elementary school children so that we could keep working during the pandemic. We are super lucky to have access to child care and that we could "afford" to pull this off. As we've seen, parents and grandparents around the county have had to leave the workforce in droves to care for children.
I would guess that how much any given family needs will depend on their own situation. I'm sure there are some families for whom $600 pp will be enough. I am also sure there are many (probably many more) for whom it will not be enough. I expressed my hope that those who are truly in need get enough that they will eventually get back on their feet again, and I still feel that way.
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VTI
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We should get $2400 I think. That plus my payout for unused pto from my job should be enough to max both of our IRAs for 2021.
Never mind. We paid a medical bill with most of the Covid bucks and will be using most of the vacation payout for a new furnace. The rest will go in the emergency fund to replace one of our cars later this year. We well get to the IRAs eventually.
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I still have not received the payment and when I used the "get my payment" IRS tool to check, it says Payment #2 status- not available. Anyone else have this problem? I know that we qualify and we got a direct deposit for payment #1 and we have not changed our bank accounts. I guess I should just be glad that I am not waiting on that check to go grocery shopping. But if I have to claim it on our taxes and wait to get a refund, I will be annoyed.
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@Spiffy Any chance something changed between your 2018 and 2019 taxes?
We hadn't filed 2019 yet when the first stimulus payments went out, so ours was based on 2018. We got a refund in 2018, so they had our direct deposit info and used that. But now obviously everyone has filed 2019, so all payments are based on 2019. We owed a little for 2019, so they didn't have our direct deposit info anymore and we got a check for payment number two.
I can't say why your status is not available (ours indicated a check would be mailed, and it was). But depending on the timing of when you filed 2019, any difference between your 2018 and 2019 could give you a hint.
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@Spiffy Any chance something changed between your 2018 and 2019 taxes?
We hadn't filed 2019 yet when the first stimulus payments went out, so ours was based on 2018. We got a refund in 2018, so they had our direct deposit info and used that. But now obviously everyone has filed 2019, so all payments are based on 2019. We owed a little for 2019, so they didn't have our direct deposit info anymore and we got a check for payment number two.
I can't say why your status is not available (ours indicated a check would be mailed, and it was). But depending on the timing of when you filed 2019, any difference between your 2018 and 2019 could give you a hint.
I had not filed 2019 before the first payment, either. We got small refund in 2018 and owed a small amount for 2019. No other change.
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I updated the calculator to include the new $1400 payments that seem likely to go through. It has lower thresholds $50k for single, $75k for head of household and $100k for married filing jointly.
https://engaging-data.com/stimulus-check-calculator-dec-2020/
Looks like we are getting another ~$2200 in addition to the $1400 from the earlier round.
We have been getting take out more than normal. Probably donate more to the food bank as well.
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I updated the calculator to include the new $1400 payments that seem likely to go through. It has lower thresholds $50k for single, $75k for head of household and $100k for married filing jointly.
https://engaging-data.com/stimulus-check-calculator-dec-2020/
Looks like we are getting another ~$2200 in addition to the $1400 from the earlier round.
We have been getting take out more than normal. Probably donate more to the food bank as well.
Your calculator doesn't go past 4 kids (it does if you type it manually). Looks like $11,200 for us if this goes through.
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I updated the calculator to include the new $1400 payments that seem likely to go through. It has lower thresholds $50k for single, $75k for head of household and $100k for married filing jointly.
https://engaging-data.com/stimulus-check-calculator-dec-2020/
Looks like we are getting another ~$2200 in addition to the $1400 from the earlier round.
We have been getting take out more than normal. Probably donate more to the food bank as well.
According to the Washington Post the current framework includes dependent kids over 17 (a change from the last round). So if that goes through the calculator will need a tweak.
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Thank you for updating the calculator, CCCA. Having the phase out curve on there is very useful for those of us who will fall somewhere between the full payment and 0.
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Thank you for updating the calculator, CCCA. Having the phase out curve on there is very useful for those of us who will fall somewhere between the full payment and 0.
+1. Thank you @CCCA !
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Looks like I’ll have to do this the old fashioned way and let the stimulus money trickle up into equities. Calc says $25 for me now.
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If we actually get $7K for our family of 5, we are buying a US made travel trailer, forget my MMM training!
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We flipped a house in 2019 for a fat profit, so we got the first check because we hadn't filed our taxes yet. We didn't get the last one and we won't qualify for this one either. MPP of the best kind.
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We're looking at getting another $4,200. I know a lot of people are suffering out there, though I can't say I know any. It feels silly to get that much money from the government when I don't need it. If we exclude FICA, we haven't paid a combined $4,200 in income taxes in the last three years combined, thanks to keeping our AGI low with pre-tax contributions.
I don't have any big items in mind that I want to buy, so we'll probably do the same thing we did for the $1,800 we got last round...keep $600 to blow and throw the rest in savings.
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$6851.
Another thanks for @CCCA ! I was just above the AGI limit and was wondering how that would affect us (ie, adults only, adults + kids amounts reduced).
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I updated the calculator to include the new $1400 payments that seem likely to go through. It has lower thresholds $50k for single, $75k for head of household and $100k for married filing jointly.
https://engaging-data.com/stimulus-check-calculator-dec-2020/
Looks like we are getting another ~$2200 in addition to the $1400 from the earlier round.
We have been getting take out more than normal. Probably donate more to the food bank as well.
So, just so I'm clear, I've already received a check - so given the proposal, I would receive a check for the amount the calculator said (which if clicking married filing jointly would include two adults and any kids in it), minus the latest check I already received?
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I updated the calculator to include the new $1400 payments that seem likely to go through. It has lower thresholds $50k for single, $75k for head of household and $100k for married filing jointly.
https://engaging-data.com/stimulus-check-calculator-dec-2020/
Looks like we are getting another ~$2200 in addition to the $1400 from the earlier round.
We have been getting take out more than normal. Probably donate more to the food bank as well.
So, just so I'm clear, I've already received a check - so given the proposal, I would receive a check for the amount the calculator said (which if clicking married filing jointly would include two adults and any kids in it), minus the latest check I already received?
No its round 3, completely separate. The $1400 came about because there had been talk of giving out $2k a month or so back and instead only $600 was approved...
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Looks like we will either get $4200 or $5600 (if they decide to include 17 year olds this time around). We need to buy some windows for our house renovation, so the timing is great.
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I updated the calculator to include the new $1400 payments that seem likely to go through. It has lower thresholds $50k for single, $75k for head of household and $100k for married filing jointly.
https://engaging-data.com/stimulus-check-calculator-dec-2020/
Looks like we are getting another ~$2200 in addition to the $1400 from the earlier round.
We have been getting take out more than normal. Probably donate more to the food bank as well.
So, just so I'm clear, I've already received a check - so given the proposal, I would receive a check for the amount the calculator said (which if clicking married filing jointly would include two adults and any kids in it), minus the latest check I already received?
No its round 3, completely separate. The $1400 came about because there had been talk of giving out $2k a month or so back and instead only $600 was approved...
Thank you for the clarification. That is....well....just wow
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I updated the calculator to include the new $1400 payments that seem likely to go through. It has lower thresholds $50k for single, $75k for head of household and $100k for married filing jointly.
https://engaging-data.com/stimulus-check-calculator-dec-2020/
Looks like we are getting another ~$2200 in addition to the $1400 from the earlier round.
We have been getting take out more than normal. Probably donate more to the food bank as well.
So, just so I'm clear, I've already received a check - so given the proposal, I would receive a check for the amount the calculator said (which if clicking married filing jointly would include two adults and any kids in it), minus the latest check I already received?
No its round 3, completely separate. The $1400 came about because there had been talk of giving out $2k a month or so back and instead only $600 was approved...
Thank you for the clarification. That is....well....just wow
Helicopter Money, come and get it!
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Has anyone heard how the 2020 income would play into this? If someone qualified based on 2019 income, but not 2020, would they have to pay back the amount they receive? This is assuming that they don't file 2020 taxes until after they receive the stimulus. I know the other two amounts did not have to be paid back if the income was higher once the taxes were filed. Not sure how many people were actually in that situation though.
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Has anyone heard how the 2020 income would play into this? If someone qualified based on 2019 income, but not 2020, would they have to pay back the amount they receive? This is assuming that they don't file 2020 taxes until after they receive the stimulus. I know the other two amounts did not have to be paid back if the income was higher once the taxes were filed. Not sure how many people were actually in that situation though.
My understanding is that that 3rd round of stimulus will be an advance credit to your 2021 taxes based on your 2019 or 2020 tax return. Like the previous rounds you will not have to pay it back if overpaid.
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Has anyone heard how the 2020 income would play into this? If someone qualified based on 2019 income, but not 2020, would they have to pay back the amount they receive? This is assuming that they don't file 2020 taxes until after they receive the stimulus. I know the other two amounts did not have to be paid back if the income was higher once the taxes were filed. Not sure how many people were actually in that situation though.
My understanding is that that 3rd round of stimulus will be an advance credit to your 2021 taxes based on your 2019 or 2020 tax return. Like the previous rounds you will not have to pay it back if overpaid.
Coincidentally, I just saw a Yahoo finance article about people not filing their 2020 returns if the 2020 income was higher. It was actually interesting because it also mentioned that many people will file ASAP because they rely on the refund, and if those people don't qualify for the stimulus based on their 2020 income, it could actually cause them to lose some of the stimulus.
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I've seen a lot of new articles/stories saying the stimulus is based on your 2019 or 2020 income, depending on the latest return filed when the stimulus gets doled out. However, what I've read most places is sorely lacking in completeness.
The bill actually says it's a tax credit for the 2021 tax year, for which you would file your return in 2022.
The advanced payments are based on 2019 and 2020 tax returns.
Government Reference:
https://waysandmeans.house.gov/sites/democrats.waysandmeans.house.gov/files/documents/7.%20Tax_sxs.pdf
"Treasury is directed to issue this credit as an advance payment based on the information on 2019 or 2020 tax returns."
"Taxpayers receiving an advance payment that exceeds their maximum eligible credit based on 2021 tax return information will not be required to repay any amount of the payment to the Treasury. If a taxpayer’s 2021 tax credit exceeds the amount of the advance payment, taxpayers can claim the difference on their 2021 tax returns."
Government Reference:
https://waysandmeans.house.gov/sites/democrats.waysandmeans.house.gov/files/documents/7.%20Tax.pdf
"8 ‘‘SEC. 6428B. 2021 RECOVERY REBATES TO INDIVIDUALS. 9‘‘(a) IN GENERAL.—In the case of an eligible individual, there shall be allowed as a credit against the tax imposed by subtitle A for the first taxable year beginning in 2021 an amount equal to the 2021 rebate amount de-termined for such taxable year."
Questions and answers - non-government reference:
https://www.forbes.com/sites/anthonynitti/2021/02/09/democrats-propose-round-three-of-covid-related-stimulus-checks-what-you-need-to-know/
Q: Is it determined based on our 2021 tax returns, because if so, we’re going to be waiting awhile, and I’d like that cash ASAP.
A: It works like this, we will all ultimately claim a “credit” equal to the stimulus payments we are owed based on our 2021 tax information, on our 2021 tax returns. But to speed up that process, the checks you receive if the bill becomes law will be based on either your 2019 or 2020 tax return.
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Coincidentally, I just saw a Yahoo finance article about people not filing their 2020 returns if the 2020 income was higher. It was actually interesting because it also mentioned that many people will file ASAP because they rely on the refund, and if those people don't qualify for the stimulus based on their 2020 income, it could actually cause them to lose some of the stimulus.
This happened with me for the first $1200 stimulus in early 2020. If you had not filed your 2019 return yet, they used your 2018 return. My AGI in 2019 would have disqualified me, but I got the stimulus because I didn't file my 2019 return until much later, so they used my 2018 return info, when I had much higher retirement plan contributions and a considerably lower AGI that allowed me to get the full stimulus.
I didn't get the $600 stimulus - no way around that one.
Now for this $1400 stimulus, since it will be a tax credit for the 2021 tax year, I should ultimately be able to get the full stimulus because I stepped up my retirement contribution at the beginning of this year, even more than I had in 2018, thereby reducing my AGI significantly for 2021. I'll just have to wait a year to get it after I file my 2021 return, which is fine.
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I've seen a lot of new articles/stories saying the stimulus is based on your 2019 or 2020 income, depending on the latest return filed when the stimulus gets doled out. However, what I've read most places is sorely lacking in completeness.
The bill actually says it's a tax credit for the 2021 tax year, for which you would file your return in 2022.
The advanced payments are based on 2019 and 2020 tax returns.
Government Reference:
https://waysandmeans.house.gov/sites/democrats.waysandmeans.house.gov/files/documents/7.%20Tax_sxs.pdf
"Treasury is directed to issue this credit as an advance payment based on the information on 2019 or 2020 tax returns."
"Taxpayers receiving an advance payment that exceeds their maximum eligible credit based on 2021 tax return information will not be required to repay any amount of the payment to the Treasury. If a taxpayer’s 2021 tax credit exceeds the amount of the advance payment, taxpayers can claim the difference on their 2021 tax returns."
Government Reference:
https://waysandmeans.house.gov/sites/democrats.waysandmeans.house.gov/files/documents/7.%20Tax.pdf
"8 ‘‘SEC. 6428B. 2021 RECOVERY REBATES TO INDIVIDUALS. 9‘‘(a) IN GENERAL.—In the case of an eligible individual, there shall be allowed as a credit against the tax imposed by subtitle A for the first taxable year beginning in 2021 an amount equal to the 2021 rebate amount de-termined for such taxable year."
Questions and answers - non-government reference:
https://www.forbes.com/sites/anthonynitti/2021/02/09/democrats-propose-round-three-of-covid-related-stimulus-checks-what-you-need-to-know/
Q: Is it determined based on our 2021 tax returns, because if so, we’re going to be waiting awhile, and I’d like that cash ASAP.
A: It works like this, we will all ultimately claim a “credit” equal to the stimulus payments we are owed based on our 2021 tax information, on our 2021 tax returns. But to speed up that process, the checks you receive if the bill becomes law will be based on either your 2019 or 2020 tax return.
Good info, thanks!
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Yes, plenty (https://twitter.com/AOC/status/1358214660634406912). of (https://twitter.com/RepJayapal/status/1358155661905903619). politicians (https://twitter.com/RashidaTlaib/status/1357407189812588552). are purposely being obtuse about the checks eligibility criteria.
It's really annoying how so much time and effort is being spent on what's really just a tiny piece of the overall relief package, and people act like it's the only thing they're getting.
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First round (last spring), we got $4,200, which paid for most of a new (to us) 2012 Toyota Sienna to replace the 2004 Honda Odyssey that was a pain in the butt.
Second round (most recent), we got $3,000, of which 80% went to savings, 10% was given away, and 10% was spent on discretionary items.
This round, we'll likely get $7k, of which $5,000 will go towards an engine rebuild on my Jeep, $1,300 will go to savings, and $700 will be given away.
On top of this, my income tax refund will be about $3k (negative liability). Last year it was nearly $4k (again negative liability). Both of these have gone/will go to savings. If it weren't for the FIRE community, I'd still be paying income taxes right now, and not maxing out tax-advantaged accounts.
I'll certainly take and use the money, but holy crap. In the span of 12 months, the federal govt will have given me over $20k. This is getting ridiculous. My only hope is that it allows us to save and invest so that when it comes time for my kids to pay back the federal debt, they've got a nest egg to draw from to keep them afloat.
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We still haven't gotten our second round stimulus money. Any ideas what I can do at this point? We're well within the income limits so I'm not sure what's going on.
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We still haven't gotten our second round stimulus money. Any ideas what I can do at this point? We're well within the income limits so I'm not sure what's going on.
It might still show up -- check for it in the mail. My brother weirdly just got his as a paper check, even though he got the first payment as direct deposit.
I believe the IRS has an online checker to see what your status is, and you can also just claim it when you do your 2020 taxes.
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We still haven't gotten our second round stimulus money. Any ideas what I can do at this point? We're well within the income limits so I'm not sure what's going on.
It might still show up -- check for it in the mail. My brother weirdly just got his as a paper check, even though he got the first payment as direct deposit.
I believe the IRS has an online checker to see what your status is, and you can also just claim it when you do your 2020 taxes.
I check the "getmypayment" site every day and it still says "Payment status not available." They were supposed to go out by January 15th.
We had to file a late amendment on our taxes in 2020 that made the IRS owe us a refund of $556. We still haven't gotten that either, so I'm not real keen on using the stimulus as a credit right now. They already owe me about $3000. If that creates a refund on this year's tax return then I'm still in the same boat, just waiting for money from them. Not sure what to do now. I don't like them owing me money.
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We still haven't gotten our second round stimulus money. Any ideas what I can do at this point? We're well within the income limits so I'm not sure what's going on.
Claim it on line 30 of your 2020 1040.
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First round (last spring), we got $4,200, which paid for most of a new (to us) 2012 Toyota Sienna to replace the 2004 Honda Odyssey that was a pain in the butt.
Second round (most recent), we got $3,000, of which 80% went to savings, 10% was given away, and 10% was spent on discretionary items.
This round, we'll likely get $7k, of which $5,000 will go towards an engine rebuild on my Jeep, $1,300 will go to savings, and $700 will be given away.
On top of this, my income tax refund will be about $3k (negative liability). Last year it was nearly $4k (again negative liability). Both of these have gone/will go to savings. If it weren't for the FIRE community, I'd still be paying income taxes right now, and not maxing out tax-advantaged accounts.
I'll certainly take and use the money, but holy crap. In the span of 12 months, the federal govt will have given me over $20k. This is getting ridiculous. My only hope is that it allows us to save and invest so that when it comes time for my kids to pay back the federal debt, they've got a nest egg to draw from to keep them afloat.
If we get this next round of $1,400 each plus our estimated tax refund we'll be close to $40k since the pandemic began. That's with 6 kids and spending most of a year deployed to a tax-free combat zone. Still, stimulus payments alone will end up being $20k for our household. Well, that covers in-person private school for a year and change.
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We still haven't gotten our second round stimulus money. Any ideas what I can do at this point? We're well within the income limits so I'm not sure what's going on.
Claim it on line 30 of your 2020 1040.
They already owe me a refund from last year that I haven't gotten so I feel like I'm just kicking the can down the road if I do that. I want to owe them money instead of the other way around.
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I just filed our household taxes yesterday and TurboTax asked about the stimulus amounts we’d received so far. It then said since our 2020 AGI was lower than our 2019 AGI, we’d get a larger stimulus and our tax return increased by the difference.
I assume it’ll also be used for the upcoming $1400 stimulus. So I guess if you have the opposite situation 2020 income > 2019 income you might want to wait to file since they might base the latest stimulus on your 2020 income if they know what it is when the checks are issued.
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I just filed our household taxes yesterday and TurboTax asked about the stimulus amounts we’d received so far. It then said since our 2020 AGI was lower than our 2019 AGI, we’d get a larger stimulus and our tax return increased by the difference.
I assume it’ll also be used for the upcoming $1400 stimulus. So I guess if you have the opposite situation 2020 income > 2019 income you might want to wait to file since they might base the latest stimulus on your 2020 income if they know what it is when the checks are issued.
Yes, I linked to a question/answer article that addresses some of these questions in my earlier post:
https://forum.mrmoneymustache.com/welcome-to-the-forum/how-much-of-a-stimulus-check-are-you-expecting-and-how-are-you-going-to-spend-i/msg2790570/#msg2790570
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As of now, I'm expecting $1400 direct deposit, but who knows. I live abroad and have received the last 2 rounds of stimulus checks, but they may figure out the "loophole" expats get with the foreign earned income exclusion. We shall see! If I do get this 3rd round, it's going toward some bills first, and then maybe a few more Paypal shares.
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I delayed filling my taxes until Monday. Looks like I should have waited longer as my AGI in 2019 was just under 75k and just over 75k in 2020.
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If we get an additional $1400 / person, that would be a sweet $7000 coming my way soon.
After the events of the last week in Oklahoma/Texas, I may be looking at hiring an electrician to wire a switch for a generator into our electric panel. We've had rolling blackouts and historically low temperatures. If we lose power we lose water (on an electric well here).
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If we get an additional $1400 / person, that would be a sweet $7000 coming my way soon.
After the events of the last week in Oklahoma/Texas, I may be looking at hiring an electrician to wire a switch for a generator into our electric panel. We've had rolling blackouts and historically low temperatures. If we lose power we lose water (on an electric well here).
I was originally planning to invest almost all of our check, but I too am planning to be ready for the next power outage (we had a couple in 2020). I'll be getting a generator & a transfer switch.
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Updated to include the details and new phase out schedule of the just passed American Rescue Plan. The phase out is quite different from the last stimulus checks.
Oops just fixed a big in the calculator. should be correct now.
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^Thank you for updating it!
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Ditto, thanks for updating! Whether based on 2019 or 2020 I should be getting $1400. I guess I'll sock it away in case I need to pay additional taxes in 2021.
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Thanks for the calculator! Based on that, for our family of three we'll get $678, which will make up for the $443 I just paid the IRS because TurboTax did some funky calculation on our 2017 tax return.
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when it says that it's based on your 2019 or 2020 AGI, is it taking the higher of the two, or whichever one is most current at the time of stimulus being provided?
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when it says that it's based on your 2019 or 2020 AGI, is it taking the higher of the two, or whichever one is most current at the time of stimulus being provided?
It takes the latest data that the IRS has, so if you've already filed 2020, it'll use that.
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if you haven't filed 2020 returns, and you qualify for full stimulus payment, but your 2020 returns indicate that you would not qualify for the full amount, will 2021 returns subtract out the balance?
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if you haven't filed 2020 returns, and you qualify for full stimulus payment, but your 2020 returns indicate that you would not qualify for the full amount, will 2021 returns subtract out the balance?
As I understand it, they'll base your stimulus payment on 2020 if it's been filed, otherwise they'll base it on 2019. If your 2021 income qualifies for a larger payment than you received (regardless of whether it was based on 2019 or 2020) then you'll you'll receive the difference as a tax credit when you file next year. If 2021would qualify you for a lower payment then you wouldn't pay back the difference.
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We each get $1,400
- I plan to save mine to finish up a long-anticipated savings goal.
His will go toward my new TV (b-day present) and new lighting in the kitchen and dining area.
All other checks went to donations and to help family - so I do not feel guilty about spending some on us in this last round.
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More ammo
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More ammo
You'd better have a lot of dependents otherwise your stimulus won't get you very far!
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Yeehaw the $150k limit in the final bill assures that my family will get the entire $7k.
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We should get $5600. Hopefully half to the kids’ college funds and the other half to some upcoming medical expenses.
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Nothing directly but it will go towards this year's goals.
Vacation, new car, renovation.
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All into the taxable account to buy stonks.
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We expect to receive the full amount for two adults. My check will go towards new laundry appliances. Husband’s will be invested.
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More ammo
You'd better have a lot of dependents otherwise your stimulus won't get you very far!
Har. My husband is thinking about selling his 17 and the ammo is now going for $22 per box. He paid $12 per box a couple years ago and has a ton of boxes because he overbuys everything. The ammo turned out to be a good investment!
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More ammo
You'd better have a lot of dependents otherwise your stimulus won't get you very far!
Har. My husband is thinking about selling his 17 and the ammo is now going for $22 per box. He paid $12 per box a couple years ago and has a ton of boxes because he overbuys everything. The ammo turned out to be a good investment!
My husband just sold some excess ammo-related stuff he had for $960. He bought it for well less than a third of that price. He made quite the return on his initial investment, although I’m sure it would have done much better over the years in some VTSAX. This is definitely the time to clear out stuff one won’t use, as it is bringing in a profit. I’m a minimalist at heart, so I hope he’ll keep clearing the shelves. ;)
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Hmmm, new answer for "what are you going to do with all this extra money?":
Hookers & blow, guns & ammo
Looky there, it even rhymes!
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Looks like we'll be expecting 2800 this time around. It'll go toward some electrical work we need to have done, instead of pulling from savings.
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Expecting the $5600 direct deposit, and then the additional $1600 per under-5 child on top of the existing $2000 per child tax credit. We have two kids under 5.
So, $8800 ($1400*4) + ($1600*2) total windfall due to this latest legislation. Last I heard, they want to pay the Child Tax credit out at a rate of $300 a month (for under 5yo) from July-December. Anyone confirm?
So at the the end of year tax time, I would end up with a $1800 deduction per child on my taxes instead of the regular $2000, but I would have $1800 cash in hand per child.
I will likely be investing a significant portion of the $8800. Some VTI and Bitcoin. For sure an additional $1600 will be going into each child's 529 this year.
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Looks like I am down to about 800 now due to filling my 2020 taxes already. It would have been the full 1400 if I didn't do my 2020 taxes. Whoops.
I will be buying nothing with the 800. I already have too much cash, so I should probably figure something out. I do better on a budget. I am wrapping up a bathroom renovation and may start on the other one or another house project when this is over. I probably don't need any extra cash on hand for renovations and seem to have enough cash flow to keep these projects rolling without hitting savings much. I never really have plans for extra cash because I typically don't ever have any. I should probably up my contributions and get into a negative cash flow situation for a bit to deplete my extra cash. The market seems a little volatile to push it all in at once. I don't like money just sitting as cash, but I don't want to get into a selling of brokerage shares situation again. That was a common problem for me a few years ago, when my spending creeped up on me. I have a separate and growing emergency fund account (cash) that I would tap into now, so I am not sure what I am worried about. I've been holding cash for too long because these renovation projects have taken so long to start.
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While we planned on using a chunk of this for rebuilding my Jeep's engine, we ended up fully funding it already, so the $7k will go to:
$700 - fun money (saving up for a Vortex Razor 22-48x65 spotting scope)
$700 - give away
$5600 - invest
As for the $9600 we'll receive in child tax credit, that will all get invested and given away (90% & 10%, respectively)
The irony of all this is that the helicopter money is going straight into maxing our tax-advantaged accounts, which will increase our helicopter money next year, which will also go into tax-advantaged accounts, promoting a virtuous circle.
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Last I heard, they want to pay the Child Tax credit out at a rate of $300 a month (for under 5yo) from July-December. Anyone confirm?
That's what I read on WaPo, but I've not read the bill text yet.
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I think we get $0
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I updated the calculator to include the new $1400 payments that seem likely to go through. It has lower thresholds $50k for single, $75k for head of household and $100k for married filing jointly.
https://engaging-data.com/stimulus-check-calculator-dec-2020/
Looks like we are getting another ~$2200 in addition to the $1400 from the earlier round.
We have been getting take out more than normal. Probably donate more to the food bank as well.
I think the calculator's thresholds are incorrect:
The latest Senate bill would provide direct payments worth up to $1,400 per person to families earning less than $160,000 a year and individuals earning less than $80,000 a year.
The payments will phase out faster than they would have under the House version of the bill, which set the income caps at $200,000 for couples and $100,000 for individuals.
That means that not everyone who was eligible for a check earlier will receive one now -- but for those who do qualify, the new payments will top up the $600 checks approved in December, bringing recipients to a total of $2,000 apiece.
Individuals earning less than $75,000 would receive the full $1,400.
Married couples earning less than $150,000 a year would receive $2,800 -- and families with children would be eligible for an additional $1,400 per dependent.
https://www.wvtm13.com/article/third-stimulus-check-calculator-how-much-will-i-get/35770186#
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I've seen a lot of new articles/stories saying the stimulus is based on your 2019 or 2020 income, depending on the latest return filed when the stimulus gets doled out. However, what I've read most places is sorely lacking in completeness.
The bill actually says it's a tax credit for the 2021 tax year, for which you would file your return in 2022.
The advanced payments are based on 2019 and 2020 tax returns.
Government Reference:
https://waysandmeans.house.gov/sites/democrats.waysandmeans.house.gov/files/documents/7.%20Tax_sxs.pdf
"Treasury is directed to issue this credit as an advance payment based on the information on 2019 or 2020 tax returns."
"Taxpayers receiving an advance payment that exceeds their maximum eligible credit based on 2021 tax return information will not be required to repay any amount of the payment to the Treasury. If a taxpayer’s 2021 tax credit exceeds the amount of the advance payment, taxpayers can claim the difference on their 2021 tax returns."
Government Reference:
https://waysandmeans.house.gov/sites/democrats.waysandmeans.house.gov/files/documents/7.%20Tax.pdf
"8 ‘‘SEC. 6428B. 2021 RECOVERY REBATES TO INDIVIDUALS. 9‘‘(a) IN GENERAL.—In the case of an eligible individual, there shall be allowed as a credit against the tax imposed by subtitle A for the first taxable year beginning in 2021 an amount equal to the 2021 rebate amount de-termined for such taxable year."
Questions and answers - non-government reference:
https://www.forbes.com/sites/anthonynitti/2021/02/09/democrats-propose-round-three-of-covid-related-stimulus-checks-what-you-need-to-know/
Q: Is it determined based on our 2021 tax returns, because if so, we’re going to be waiting awhile, and I’d like that cash ASAP.
A: It works like this, we will all ultimately claim a “credit” equal to the stimulus payments we are owed based on our 2021 tax information, on our 2021 tax returns. But to speed up that process, the checks you receive if the bill becomes law will be based on either your 2019 or 2020 tax return.
So - wait.
Plain English - If my 2019 income was less than $150k, and I am married filing jointly, then I get $1400 per adult and child dependent under 17. 2 little kids and a 17 year old means $5600.
Then, assume I earn $175k this year (2021).
I am going to owe the entire $5600 back come April 15 of 2022??????
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AH, wait, I see it says "not be required to repay . . ." Whew!
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We put a deposit down on a US-built travel trailer. We will be spending all of our stimulus money (we did not use either of the earlier two rounds for anything either) to buy it. I'm starting to lose track, but I think we're at $13,900 total, and that does not include the CTC early payments starting in July. I think that's $900/mo? Seems like too much money to me... but if that's what the government thinks it will take to stimulate our economy, I'll spend it like a good citizen.
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Engagingdata calculator looks right to me - are you sure the '$1400 per adult' checkbox was marked when you ran it?
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Taxes. Giving it right back to pay taxes...
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The not requiring it to be paid back thing is super weird.
It seems to be rewarding procrastination or prognostication
Either you were lazy and didn't file your 2020 taxes yet and qualify or you were prescient and harvested some losses so you qualify. Doesn't matter how much you made in 2020 or make in 2021.
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The not requiring it to be paid back thing is super weird.
It seems to be rewarding procrastination or prognostication
Either you were lazy and didn't file your 2020 taxes yet and qualify or you were prescient and harvested some losses so you qualify. Doesn't matter how much you made in 2020 or make in 2021.
Yeah, I don't get it, but it's hard to complain if you made more in 2020 than 2019 when so many were struggling. I explained the whole delaying 2020 tax return filling to my GF and she went ahead and did her taxes anyways. She didn't get it, obviously, and now she will be getting $0. She seriously filed yesterday and her AGI is just above 80k. She made significantly under 75k in 2019. We are trying to figure out ways to live with or come to grips with our mistakes. I think we have landed on just being thankful we are way better off than most and thinking about it as an unexpected bill. We really don't need the 2k, but we are on the path like all of you so it stings a bit.
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Either you were lazy and didn't file your 2020 taxes yet and qualify or you were prescient and harvested some losses so you qualify. Doesn't matter how much you made in 2020 or make in 2021.
Or you owe money and don't want to pay until April. :) We are WELL below the threshold so will get the full stimulus again but I haven't filed our 2020 taxes because I like to keep my money until April.
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Last I heard, they want to pay the Child Tax credit out at a rate of $300 a month (for under 5yo) from July-December. Anyone confirm?
That's what I read on WaPo, but I've not read the bill text yet.
I just read about this but don't really get it. If we are MFJ with <$150 AGI and two kids 5+ years, we will start getting $500/month in July?
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Last I heard, they want to pay the Child Tax credit out at a rate of $300 a month (for under 5yo) from July-December. Anyone confirm?
That's what I read on WaPo, but I've not read the bill text yet.
I just read about this but don't really get it. If we are MFJ with <$150 AGI and two kids 5+ years, we will start getting $500/month in July?
That's correct. I agree the info out there is kind of sporadic, so it's difficult for me to say for certain, but the way I understand it is that the Child Tax Credit for 2021 filing is increasing from $2000 to $3600 / $3000 depending on if your child is over or under the age of 6. They are paying 1/2 the CTC as an advance starting in July split into 6 payments... so either $1800 or $1500 divided by 6 payments. That's where the $300 or $250/mo per child comes from as I understand it.
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So, if i understand it correctly if you were part of the phase out for the 2nd stimulus check you're getting nothing for the third? Need to decide if I should wait a bit to file my 2020 taxes or just go ahead and do it. We got about half of the children's portion of the 2nd stimulus check.
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So, if i understand it correctly if you were part of the phase out for the 2nd stimulus check you're getting nothing for the third? Need to decide if I should wait a bit to file my 2020 taxes or just go ahead and do it. We got about half of the children's portion of the 2nd stimulus check.
The phaseout range is much more narrow at AGI of $75-80k single, $150-160k married this time.
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So, if i understand it correctly if you were part of the phase out for the 2nd stimulus check you're getting nothing for the third? Need to decide if I should wait a bit to file my 2020 taxes or just go ahead and do it. We got about half of the children's portion of the 2nd stimulus check.
The phaseout range is much more narrow at AGI of $75-80k single, $150-160k married this time.
Yeah, in that case I'm completely phased out. I think we were at $185k MAGI last year for a family of 4.
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This latest one is going to be $8,400 for our little clan. Crazy money! I remember when we bought our house in 2010. We used a 10K government stimulus to pay the downpayment. I thought that was like winning the lottery!
The first Covid stimulus I used to mentally OK getting takeout to our favorite places. The next one went to braces. I'm not sure where this on will go. We have to replace our backyard deck, and the roof has 1-3 years left on it. I got a quote for $7K for the roof, which was less than I expected. We're also getting a couple of thousand back in taxes.
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I should get the full $1400. Glad I held off on filing my 2020 taxes, because I think I would have been ineligible, or in the phaseout range.
This round is going towards paying my 2020 taxes and a new mattress. Yay for upgrading from full to queen!
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Was doing my taxes on Sunday and saw that our AGI went from $90,000 in 2019 to $165,000 in 2020. Definitely going to hold off on filing our taxes as long as we can.
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We got a partial payment last year, we are both retired and have some flexibility on or income. So last year our income was below the $150,000 level and I filed as soon as I could. I see we got the $2,800 credited to our account yesterday.
I had already ordered a new gun, it was more than my share of the $2,800, but doing my part to stimulate the economy. The wife is going to blow hers.
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Last I heard, they want to pay the Child Tax credit out at a rate of $300 a month (for under 5yo) from July-December. Anyone confirm?
That's what I read on WaPo, but I've not read the bill text yet.
I just read about this but don't really get it. If we are MFJ with <$150 AGI and two kids 5+ years, we will start getting $500/month in July?
That's correct. I agree the info out there is kind of sporadic, so it's difficult for me to say for certain, but the way I understand it is that the Child Tax Credit for 2021 filing is increasing from $2000 to $3600 / $3000 depending on if your child is over or under the age of 6. They are paying 1/2 the CTC as an advance starting in July split into 6 payments... so either $1800 or $1500 divided by 6 payments. That's where the $300 or $250/mo per child comes from as I understand it.
So let's see, $3,600 x 2 + $3,000 x 4 = $19,200 total child tax credits for 2021. If they pay out 1/2 in 6 installments starting July that will be $1,600 per month. I wonder if it will be like the EITC advance payments where you have to file a form, or if they'll just use 2020 tax information and send out direct deposits like they've done with the stimulus money.
With 6 kids we'll be getting $11,200 for stimulus round 3. Right now that will go towards buying a business. That should cover all or most of the transaction costs for a lawyer, accountant, due diligence firm, etc.
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Last I heard, they want to pay the Child Tax credit out at a rate of $300 a month (for under 5yo) from July-December. Anyone confirm?
That's what I read on WaPo, but I've not read the bill text yet.
I just read about this but don't really get it. If we are MFJ with <$150 AGI and two kids 5+ years, we will start getting $500/month in July?
That's correct. I agree the info out there is kind of sporadic, so it's difficult for me to say for certain, but the way I understand it is that the Child Tax Credit for 2021 filing is increasing from $2000 to $3600 / $3000 depending on if your child is over or under the age of 6. They are paying 1/2 the CTC as an advance starting in July split into 6 payments... so either $1800 or $1500 divided by 6 payments. That's where the $300 or $250/mo per child comes from as I understand it.
So let's see, $3,600 x 2 + $3,000 x 4 = $19,200 total child tax credits for 2021. If they pay out 1/2 in 6 installments starting July that will be $1,600 per month. I wonder if it will be like the EITC advance payments where you have to file a form, or if they'll just use 2020 tax information and send out direct deposits like they've done with the stimulus money.
With 6 kids we'll be getting $11,200 for stimulus round 3. Right now that will go towards buying a business. That should cover all or most of the transaction costs for a lawyer, accountant, due diligence firm, etc.
That is probably the most "stimulating" use of the money we've seen in this thread. Congrats on your large brood that made it all possible.
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With 6 kids we'll be getting $11,200 for stimulus round 3. Right now that will go towards buying a business. That should cover all or most of the transaction costs for a lawyer, accountant, due diligence firm, etc.
I like your business plan - creating the employees before funding the business.
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With 6 kids we'll be getting $11,200 for stimulus round 3. Right now that will go towards buying a business. That should cover all or most of the transaction costs for a lawyer, accountant, due diligence firm, etc.
I like your business plan - creating the employees before funding the business.
Yeah, they think $5/hour is great pay. :)
But seriously, we will probably pay the older kids to do some of the pick and pack since it's an ecommerce business.
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Just shy of $3K. We are donating it to the regional food bank.
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DW and I get zip. Our AGI went way down compared to last year, but over $160k, so we're out. Because of the lower AGI, we did capture some of the last stimulus check via our tax returns.
On the bright side, both my kids are independent. Neither got checks before now because they had no income and did not submit tax returns. So for this year, they're getting money via their tax returns and each will get $1400.
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Getting $5,600. College daughter's $1,400 is going towards next year's tuition and books. High School junior's $1,400 is going into college savings account. We spent $800 of the remainder today on car repairs. Rest will go to a few treats, charity and savings for house repairs. Found out there are students at my daughter's college eating only one meal a day and without basics such as toothpaste and shampoo. Plan to give some of the money to a group of parents that are organizing weekly boxes of fresh food and necessities to a group of about 50 students in need.
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For probably the first time in my life, I am looking at incoming money as somehow separate. Usually, it goes into the account and I do what I always do--when the balance reaches a certain amount, I scrape off the excess and invest.
In this case, I may use this to give myself permission to buy somethings for the new house when we move. I've been stalking FB marketplace to determine prices I can expect to pay for certain items and I may splurge a little. Then the rest would go into the account as usual.
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$2800, and most of that will be going towards a new roof for our house.
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IRS Tool will show you when your payment is expected to be deposited.
https://www.irs.gov/coronavirus/get-my-payment
Looks like ours is supposed to show up on St. Patrick's Day.
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$0
I’d invest it but I’m worried about P/E ratios being high. Instead I’ll use it all to bribe my way to the top of the COVID vaccine list. Investing in myself.
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So during 2020 my total stimulus was $47 because my 2019 income was too high. However on 1/1/20 I set my 401k deduction to the max of $19,500/yr and HSA deduction to the max of $3,550. This put my AGI for 2020 below $75,000. So I got a credit for the 2020 stimulus I originally missed out on, and just got $1,400 for this round (single/no kids).
With my refund/stimulus I bought some VTIAX to balance out my 70/15/15 portfolio.
Just very thankful for MMM. I was a big spendy pants back a few years ago and this would have never happened without his blog.
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We're getting the full amount for three people. We're saving up for a (lightly used, commercial grade) lawn mower. But it seems that we may be using it to pay insurance on some rental property that we're about to acquire.
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Expecting zero, just like the previous rounds. There are worse things.
Our income will drop by at least 55-60% next year, so if we have another round of stimulus then we'll be gold!
We also didn't benefit from the student loan forbearance - not due to income, but due to the fact that we refinanced our loans way back when. Similarly, we won't benefit if they decide to go through with student loan forgiveness, since we refinanced. We'll survive just fine either way, but I do think there needs to be more conversation/awareness about the inequity of leaving the people with private or refinanced student loans out of these forgiveness plans.
Yes, I understand there are logistical considerations.
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My $7K stimulus showed up in the bank account today... holy shit!
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Our $5600 just showed up this morning too!
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My $7K stimulus showed up in the bank account today... holy shit!
Mine showed up last Friday and that was pretty much my reaction too!
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I see a pending amount of almost exactly what I assumed I would get if my 2020 return was used. I was hoping I filed late enough that they would use my 2019 return and I would get the full amount. My GF got 0 as expected. Really a bummer for her as her income was much lower prior to 2020. If she filed her 2020 return late she would have got the full 1400.
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Just got our $2800 (married no kids)... This is an awful lot of stimulus. No wonder the markets are nervous about inflation!
Won't be able to buy a TV for love nor money after this week..:)
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Just got our $2800 (married no kids)... This is an awful lot of stimulus. No wonder the markets are nervous about inflation!
Won't be able to buy a TV for love nor money after this week..:)
I would pay good money to see activation metrics for smart TVs and video game consoles this week.
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My account shows $7000 pending. I'm thinking about saving the $1400 for each of the kids for their college funds.
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Got my $1400 yesterday. Paid $901 of it back in the form of my 2020 taxes this morning. Glad to be done with that, after waiting to file until the stimulus hit.
Donated another $100 (buying books for classrooms - fun!) and the rest is merged into my March budget to help offset my mattress purchase.
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Got $5600. Will use to pay for upcoming summer camp expenses and day care expenses.
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We got our $5,600 today. The stimulus, plus taxable dividends this month, should pay for our semi-annual property tax (due next month) plus most of our other expenses in the meantime.
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5600 here. All of it will be deposited in a 529 account for the children. I was hoping to use it for some international travel, but that appears to be off the table for a while. So in the meantime, just going to invest.
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Our $2800 came through today. It's good timing, as we just finished one of the prerequisite projects for the electrical work we want done. The stimulus won't cover the cost of the work, but it'll make it hurt less!
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As lower income early retirees, we got the first two rounds deposited quickly as expected. This time, while we got our tax refund over the weekend, the stimulus check didn't arrive. We haven't moved or changed banks (in decades!)
When I look on "where's my payment", it just says:
Payment Status - Not Available
We are unable to provide the status of your payment right now because:
We don't have enough information yet (we're working on this), or
You're not eligible for a payment.
This seems strange. Any ideas?
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$2800 for single mother of one landed in my account today. I'm going to live on it and save what I don't need.
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I see a pending amount of almost exactly what I assumed I would get if my 2020 return was used. I was hoping I filed late enough that they would use my 2019 return and I would get the full amount. My GF got 0 as expected. Really a bummer for her as her income was much lower prior to 2020. If she filed her 2020 return late she would have got the full 1400.
That is a bummer. I didn't file my 2020 taxes yet because my income increased. Now that the stimulus has hit my account, I can go ahead and file.
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$0
I’d invest it but I’m worried about P/E ratios being high. Instead I’ll use it all to bribe my way to the top of the COVID vaccine list. Investing in myself.
ha ha same
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We bought an Escalade !!! jk
4200 deposited today
1400 to the local food shelf, they have a March Match this month
1400 to VTSAX
1400 on a new mattress
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$0 because I’m in Canada.
I applaud those of you taking the un-mustachian approach by spending the funds and putting the money back in the economy. Given what is going on in the world it just feels right.
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Since I received $0 previously, I'm guessing I will continue to receive $0 this go round. I make roughly $115K per year, no kids, no spouse, 3 chunky pussycats. I feel fortunate to have a secure government "j-o-b" as they say.
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$2800 was deposited into one of our accounts this morning. Our window AC units are 17 years old, each summer seems to be hotter and more humid for longer stretches, and I work entirely from home. I've dealt with computers overheating the last two summers. I'd rather not worry about that anymore.
In summary, we're going to get quotes on central AC. Our house is one story, no basement, and 950 square feet so the stimulus should cover the majority of the expense. The money will go into the economy and the paychecks of a couple of contractors.
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I received a small pro-rated amount for #1 stimulus. Nothing for #2, which was odd since I thought they were using the same cutoff point. Nothing for #3 with the cutoff at 80K.
Is anyone on social security? Any word when SS folks will get their checks? My mom received direct deposits for #1 and #2. Nothing so far for #3 but thought I would check before I have any concerns.
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Is anyone on social security? Any word when SS folks will get their checks? My mom received direct deposits for #1 and #2. Nothing so far for #3 but thought I would check before I have any concerns.
My dad is on SS and got #1 and #2 by direct deposit. He hasn't gotten #3 yet.
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$5600, new windows on the house.
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I'm wondering if the stimulus contributed to the surge in interest in the used car I just sold. After a few weeks of tepid interest, I posted in a new location (FB Marketplace) and changed the price (lowered it but made the price firm rather than OBO). I was out of town for the weekend after I made those changes, so I was unable to meet with any buyers for a few days. By the time I returned, I literally had a lineup of over 50 people interested, even after subtracting the lowballers who couldn't read.
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I'm still waiting on the second payment. I had to claim it on our 2020 taxes, which I filed a few weeks ago. Have not gotten the "refund" yet. We are a family of 5 so I guess we will get $7000 for the 3rd payment. That's nuts! I am doing my bit to stimulate the economy by putting in a new garden with raised cedar beds and decomposed granite walkways.
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I would pay good money to see activation metrics for smart TVs and video game consoles this week.
This would be something interesting to see - and results that I expect turn my stomach.
The stimulus was based on the idea of helping those in dire need due to job loss, reduced hours, under-employment, etc.
If there is a surge of luxury spending, well that proves that even minor amount of money marked to help US citizens out of the 1.9 TRILLION was a lie.
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I would pay good money to see activation metrics for smart TVs and video game consoles this week.
This would be something interesting to see - and results that I expect turn my stomach.
The stimulus was based on the idea of helping those in dire need due to job loss, reduced hours, under-employment, etc.
If there is a surge of luxury spending, well that proves that even minor amount of money marked to help US citizens out of the 1.9 TRILLION was a lie.
I don't know if I agree with that... I think a stimulus is meant to stimulate the economy in addition to help those in need of help, hence the name "stimulus". Luxury spending does not prove that the spending was a lie. Money is also being pumped into the economy to prevent a recession/depression.
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I would pay good money to see activation metrics for smart TVs and video game consoles this week.
This would be something interesting to see - and results that I expect turn my stomach.
The stimulus was based on the idea of helping those in dire need due to job loss, reduced hours, under-employment, etc.
If there is a surge of luxury spending, well that proves that even minor amount of money marked to help US citizens out of the 1.9 TRILLION was a lie.
Eh? There was zero effort to target people in need due to job loss - that's what unemployment (and the enhanced covid unemployment) is for. This is a "let's help keep the economy from crashing" stimulus.
Just got our $2800 (married no kids)... This is an awful lot of stimulus. No wonder the markets are nervous about inflation!
Won't be able to buy a TV for love nor money after this week..:)
I would pay good money to see activation metrics for smart TVs and video game consoles this week.
Gaming consoles are nearly impossible to get right now (and have been since the current generation launched), so that probably won't change much :P
TVs are around, though.
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I was all happy about the stimulus check until I went to the hardware store and found out OSB is $48 a sheet (this is essentially a $8 item 2 years ago).
The high price of OSB has then caused plywood to increase.
So all of the stimulus will go into wood products for our house build. Somebody somewhere along the line is making bank though.
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I was all happy about the stimulus check until I went to the hardware store and found out OSB is $48 a sheet (this is essentially a $8 item 2 years ago).
The high price of OSB has then caused plywood to increase.
So all of the stimulus will go into wood products for our house build. Somebody somewhere along the line is making bank though.
Oh yes, lumber prices are brutal now.
https://nebldgsupply.com/strong-demand-and-tight-supply-have-caused-lumber-prices-to-soar/#:~:text=New%20numbers%20from%20the%20National,more%20than%20%2416%2C000%20on%20average.
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Side effect of pandemic, right? 2020 was an exceptionally good time to be doing construction for a lot of businesses I'd think.
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Side effect yes, but it does seem to point out a big difference in value right now between new construction and older houses.
It costs now about $20,000 to $40,000 more to build a new home. This isn't a lot in a hot market where homes go for $600,000+ but in areas where a 2000 sq-ft home sells for under $200,000 it is pretty huge.
It is at the point where I am eyeballing houses that were built in the 1990s and later which are way way cheaper than the cost to build a new home on the same lot with these higher lumber prices.
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I was all happy about the stimulus check until I went to the hardware store and found out OSB is $48 a sheet (this is essentially a $8 item 2 years ago).
The high price of OSB has then caused plywood to increase.
So all of the stimulus will go into wood products for our house build. Somebody somewhere along the line is making bank though.
Oh yes, lumber prices are brutal now.
https://nebldgsupply.com/strong-demand-and-tight-supply-have-caused-lumber-prices-to-soar/#:~:text=New%20numbers%20from%20the%20National,more%20than%20%2416%2C000%20on%20average.
This is also why the housing market is insane. Builders can't get enough to build more houses to keep supply up.
As for stimulus, I receive $0. I thought my kids got something this time, but apparently it's also $0.
For the person who asked, my parents are on SS and they got their money already.
I wish this payment was somehow means tested, because while I understand I do not "need" this money at all, they have WAY more assets than me, plus a six figure pension & SS, but still got government stimulus. I am all for helping those in need, but spending money on those who are not, it hurts...because our taxes pay for this.
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Side effect of pandemic, right? 2020 was an exceptionally good time to be doing construction for a lot of businesses I'd think.
It isn't just pandemic, though. The tariffs were already causing price increases. We replaced our roof in early 2019, and the final cost was $3000 more than the quotes we had received in 2018 because the supply costs had increased.
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As lower income early retirees, we got the first two rounds deposited quickly as expected. This time, while we got our tax refund over the weekend, the stimulus check didn't arrive. We haven't moved or changed banks (in decades!)
When I look on "where's my payment", it just says:
Payment Status - Not Available
We are unable to provide the status of your payment right now because:
We don't have enough information yet (we're working on this), or
You're not eligible for a payment.
This seems strange. Any ideas?
Mine says the same. In my case I suspect it's because I filed my 2020 return a couple of weeks ago. I'll qualify either way, but maybe there's a waiting period because 2020 is still in process? In hindsight I should have waited to file but oh well. Clearly since you already received your refund they've processed yours, but it could have put you further back in the queue.
This is where I am, too. Filed a couple of weeks ago, and I'm getting the same message.
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Side effect of pandemic, right? 2020 was an exceptionally good time to be doing construction for a lot of businesses I'd think.
I think so. One of my brothers lost his job as the pandemic began, but a month later, he had a new job in a factory making doors. I think he has gotten overtime nearly every week since then, because they have so many orders.
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I won't receive my $1,400 for a while since I still file taxes the old-fashioned way, and I don't use DD for it. Last time, I think it took four weeks. I'll probably use it for vacation.
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Side effect of pandemic, right? 2020 was an exceptionally good time to be doing construction for a lot of businesses I'd think.
I think so. One of my brothers lost his job as the pandemic began, but a month later, he had a new job in a factory making doors. I think he has gotten overtime nearly every week since then, because they have so many orders.
I believe this. We just ordered some new windows for our house renovation, and the wait time is 12 weeks. The factory is struggling to keep up. (We bought a batch of these same windows two years ago, and the turnaround was 4 weeks then.)
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Surprised this thread has been dormant the past couple of weeks. Posted earlier about my mom who is on SS and doesn't file because her income is low. She received Checks #1 and #2 via direct deposit in a timely manner.
So far, no check #3. Anyone else on SS and still waiting for #3? Who do I reach out to inquire? SS? Or IRS?
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Surprised this thread has been dormant the past couple of weeks. Posted earlier about my mom who is on SS and doesn't file because her income is low. She received Checks #1 and #2 via direct deposit in a timely manner.
So far, no check #3. Anyone else on SS and still waiting for #3? Who do I reach out to inquire? SS? Or IRS?
My dad falls into this category. In fact, he never received the first two payments, until about four weeks after we filed a 2020 return for him on 2/12. He normally doesn’t file, but we knew this would be the only way to get the initial two payments. But now, here we are a few weeks since people started getting payment number 3 and he hasn’t received it via DD, check or debit card. The Get My Payment site specifically says not to call to speak with a representative. Who the heck knows?
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There are a ton of articles about the delay. Here’s one from AARP (https://www.aarp.org/retirement/social-security/info-2021/third-stimulus-check-delivery-speed-urged.html).
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Still waiting on #3 but I got my tax refund by check around 10 days after I filed it online. It is kind of weird.
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There are a ton of articles about the delay. Here’s one from AARP (https://www.aarp.org/retirement/social-security/info-2021/third-stimulus-check-delivery-speed-urged.html).
That's exactly what I was looking for. Thank you. Looks like my mom is in the same boat with many other SS recipients. Will give it a couple of more weeks.