Stimulus-Will you save or spend it?

[gauss]

No check expected for this 2018 Roth Converter.

-gauss

 

[JoeWras]

Based on 2018, we wouldn't get anything. So, yesterday, this discussion lit a fire under me and I completed and submitted our 2019 taxes which will easily qualify. The return has been accepted by the IRS.

What to do with it? What we always do. Give some away, save some, spend some. I voted "spend" since that's where most of it will go. We have a dead tree needing removal. The money will go back local.

As for "giving it away," well, we already give well over 10% of our income to our DAF. I see no reason to treat this special. It will just be part of our income for the year.

 

[tdv2]

Based on 2018, we wouldn't get anything. So, yesterday, this discussion lit a fire under me and I completed and submitted our 2019 taxes which will easily qualify. The return has been accepted by the IRS.

What to do with it? What we always do. Give some away, save some, spend some. I voted "spend" since that's where most of it will go. We have a dead tree needing removal. The money will go back local.

As for "giving it away," well, we already give well over 10% of our income to our DAF. I see no reason to treat this special. It will just be part of our income for the year.

Same here. I would not have received anything based on 2018 return. I submitted my 2019 return last night and got a response that my return was accepted by the IRS. DW and I are going to spend a large chunk of it at our favorite restaurants.....hopefully most of them survive.

 

[kareninthecity]

Spending it

We are fortunate to have quite a few restaurants within walking distance that are doing take-out presently. If we receive anything, we are planning to divide it up and give to the owners for their staff.

 

[scrabbler1]

Is there still an earned income minimum to qualify for it?


If they will use my 2019 return (which I filed 10 days ago and whose check was cashed), I won't get a check anyway because my AGI is a hair over $99k due to liquidating a stock fund in late December for a large cap gain. But my 2020 AGI will be about 1/3 of that so I might get something back next year (if there is no earned income requirement).

 

[Ready-4-ER-at-14]

We also filed early based on this incentive and slightly higher income in 2018 and knowing I was already getting a decent refund.

May have shot self in foot a little on return as had a "basis not known" bankruptcy in stock broker acquire by a broker who acquired a broker.. Think there were some reverse splits but to simplify it, just went with end of day price of the remaining one share of stock on day they said acquired for no cost basis.. Broker said they were too busy to get to this until probably late April.. worst case is they deny the small credit and I dig and get even more back..

We are not giving it all away but know some of it will be. I will probably directly help people rather than donate to large charities. Also am making sure any family is helped if needed.

 

[SecondCor521]

Is there still an earned income minimum to qualify for it?


If they will use my 2019 return (which I filed 10 days ago and whose check was cashed), I won't get a check anyway because my AGI is a hair over $99k due to liquidating a stock fund in late December for a large cap gain. But my 2020 AGI will be about 1/3 of that so I might get something back next year (if there is no earned income requirement).

The earned income requirement was removed from the bill sometime early this week.

 

[Steevo]

If you don’t need it, give it to a charity

Since I am retired and my “wages” aren’t affected by the closing of businesses or staying at home, I feel it is my responsibility to give any “stimulus” check I might receive to a charitable organization that is helping those that have been negatively affected.

My towns local food bank is my choice.
What’s yours?

I have also visited the restaurants we normally frequent and dropped off cash for the wait staff tip fund to help the folks missing out on hours and tip money.

 

[Michael Moore]

This week we've already sent probably more than we'd get as "stimulus" to the local food bank, which is already seeing large increases in demand. Their admin costs are low and they do a good job of leveraging (about 6X I think) donated money, so they've been our main charity for some time. There are so many (who have no cash reserves even in good times) that are caught out by this situation that aren't going to be able to wait for help to "trickle down" from official sources. People need to eat.

 

[NameTaken2]

Save-
Expect to return to govt by paying rising taxes that result from Helicopter $.

 

[Helen]

We sold stock in 2018 with hefty capital gains. We did not sell stock in 2019, but we have not filed yet. Our tax accountant thinks we will get a tax credit in 2020.

We are going to divvy up the $2,400 and give it to friends who have lost work because of the virus. One friend is our former pet sitter. With everyone sheltering in place she is out of work. Another is a server in a restaurant who probably won't get much in the way of unemployment money.

Tough times for a lot of people. I feel stressed enough with the virus, having financial uncertainty and hardship on top of the health risk must be very stressful. This is truly a time for kindness.

 

[bclover]

any windfalls we always split. I'll save 1/2 of it and support local eateries with the other 1/2

 

[Mansderm]

Won't get much. Doubly screwed myself. Did a Roth conversion, which has lost value, counted as income, I already filed 2019, and owe taxes on it. If I hadn't filed yet, used 2018 income, I would have been fine. Not expecting much, if anything.

 

[molly312]

Likely we won't get one. Haven't checked with my book-keep (spouse). Doesn't make any difference. We plan on donating a substantial amount to families that fall through the cracks - and there are many.

Everybody stay safe and wash your hands.

 

[Breaks]

I will save it in order to pay back the government when they eventually send the bill for it.

 

[Brat]

I'm self employed and unable to work for the forseeable future and am not eligible for Unemployment so I will use the check to pay the mortgage and utilities for one month. It won't go very far for people like me who don't qualify for the usual benefits.

Actually you may qualify if you are not working. Look online at your state employment service in a few days.

 

[CaptTom]

I already plowed a bit more than I expect to get back into local businesses.

While that sounds pretty noble, it was for a couple of projects I'd had on the back burner to do eventually anyway. But this did feel like the right time.

Seriously, consider supporting the local economy, whether you get a check or not!

 

[ghh101]

Won’t get one.

 

[Rustic23]

I have a someone that needs the money far more than we do.

 

[kimcdougc]

We just closed on our retirement home on a lake. The master shower has to be replaced, so this check will go a long way to support the local community when we can finally get some quotes for the work.

 

[troutnut1]

We will redistribute it in checks to our still struggling friends and relatives. We sent the first check today to a good friend who is still working, but has large veterinary expenses on a horse. Another check will go to our daughter who broke her kneecap on the job and has been out of work for a while and is support two teens. We plan on giving all of our $2400 (and any subsequent funds) away in smaller gifts of $500-$1,000 to those less fortunate than we are.

 

[teejayevans]

So the lesson is Never do a Roth conversion until December.

 

[Hermit]

No stimulius money for me. My income is too high. I don't think I want to trade places with those who will get it.

 

[IMATERP]

Our stimulus payment will cover the balance owed for our Fall 2021 Greek Island Cruise.

I

 

[Old Microbiologist]

We are giving it to my kids both of whom are out of work because of the virus. We don't need the money (or even want it) but they can both use it. One is in Beersheva, Israel and the other is in Manhattan. Both are under shelter in place orders.