How much of a stimulus check are you expecting and how are you going to spend i?

[Michael in ABQ]

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.

[Roland of Gilead]

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!

[Spiffy]

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.

[mizzourah2006]

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.

[WhiteTrashCash]

As of today, I am expecting another $4000 stimulus check coming out way soon.

[ROF Expat]

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.   

[slackmax]

Nothin yet. Expecting $600 via paper check, since I got a paper check last time.

[charis]

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. 

[ROF Expat]

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. 

[effigies]

VTI

[Morning Glory]

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.

[Spiffy]

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.

[zygote]

@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.

[Spiffy]

@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.

[CCCA]

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.

[Michael in ABQ]

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.

[Trifle]

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. 

[Zamboni]

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.

[Trifle]

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 !

[Steeze]

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.

[HPstache]

If we actually get $7K for our family of 5, we are buying a US made travel trailer, forget my MMM training!

[Dicey]

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.

[DadJokes]

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.

[fuzzy math]

$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).

[Wolfpack Mustachian]

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?

[fuzzy math]

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...

[Trifle]

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. 

[Wolfpack Mustachian]

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

[Michael in ABQ]

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!

[slappy]

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.

[Optimiser]

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.

[slappy]

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.

[American GenX]

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.

[American GenX]

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.

[slappy]

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!

[Paul der Krake]

Yes, plenty. of. politicians. 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.

[ontheheel]

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.

[Turnbull]

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.

[Trifle]

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.   

[Turnbull]

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.

[Optimiser]

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.

[Michael in ABQ]

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.

[Turnbull]

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.

[CCCA]

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.

[American GenX]

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

[Sydney9]

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.

[ohio4life]

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.

[SomedayStache]

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).

[DadJokes]

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.

[CCCA]

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.