Deduct $2500 From Monthly Spending?

[rk911]

April 30th we'll receive the generous gift from Uncle Sam of $2500. Do we take that off the top of our monthly spending? It's not like we've earned it by CG or interest. It's not like profit from anything we've done. That would make our monthly expenses ~ $1000.



How are you accounting for this $$ ?

did i miss a memo or meeting? we're retired and have received our stimulus, federal and state tax refunds. what is this $2500 for?

 

[Rianne]

did i miss a memo or meeting? we're retired and have received our stimulus, federal and state tax refunds. what is this $2500 for?

You missed the memo in post #30, error corrected. $2400 not $2500.

 

[rk911]

You missed the memo in post #30, error corrected. $2400 not $2500.

okee dokee...stimulus payment. uncle sam has been giving it away like, well, uncle sam. thanks.

 

[Live And Learn]

I count both the inflow and outflow as 'other expense' with opposite signs. I include a comment so that I remember what it was. This way they offset with no impact on my WR for the year.

 

[jollystomper]

I record the check as "Miscellaneous Income" in Quicken, just as we record any other unexpected inflow. Since our current withdrawals come from cash already on hand, there is no impact. It will show a cash flow tracking bump this month but that is being drawn down primarily with more charity and gift giving.

 

[Retired Expat]

Have yet to receive ours but there are many of our people going hungry now so any money we get from the government that we don’t need will go to a local food bank. How many of you who are saying you don’t need it will join us?

 

[Rambler]

We won’t get one. If we did, I’d be using it for what it was meant for...stimulating the economy. We’ve been ordering out once a week or so, which would be about as much as we’d been going out to eat. If I had some stimulus money, I’d probably double that, and go to the range once a week, just to help these mom and pop places stay afloat.

 

[street]

It is like we never got a check. We gave back to others that are not a fortunate as we are during this pandemic.

Spending it for the economy stimulus is the purpose and we don't need so it is being spent to help many in many different ways.

 

[BADGERWIN]

Use it as you want. Relax.

 

[rk911]

Have yet to receive ours but there are many of our people going hungry now so any money we get from the government that we don’t need will go to a local food bank. How many of you who are saying you don’t need it will join us?

we’ve given ours to our housekeeper.

 

[Jotterb]

We have decide to convert it all to $100 bills and use it as tips/bonus for the staff that serves us at our local restaurants etc.. As soon as we get to go back.

 

[Buckeye]

We believe it needs to go into the local community soon, especially smaller businesses. We don't really think of the money as ours. It's a tool we have been given to help our community.

We still haven't gotten ours yet because we rolled over our refund the last 2 years and had to input banking info.

 

[PaunchyPirate]

I won't be getting the stimulus (yet), but if I did, it would get categorized in Quicken as negative "Income Taxes" since it really going to be a tax credit for the year 2020. If I keep my income low enough (as I hope to do for ACA tax credits), I should get my $1200 stimulus credit paid when I file taxes next spring. That is if I'm interpreting what I read correctly and it doesn't change.

 

[themillerman]

If you don't "need" it, donate some of it to your needy neighbors through a food bank, etc.

 

[goingoodsofar]

From Traditional to Roth

We'll be utilizing our 2.4K to pay the tax on transferring some of our Traditional IRA bucks to Roth IRA bucks. Uncle Sam is paying me to save on future taxes and, as a bonus, lower my RMD. Gift horse for us. My kids don't need it.

 

[goingoodsofar]

Response to Rex "spend it....on anything not made in China!



Here, here....doing the same, although it isn't always easy to find what you want/need.

 

[audreyh1]

I won't be getting the stimulus (yet), but if I did, it would get categorized in Quicken as negative "Income Taxes" since it really going to be a tax credit for the year 2020. If I keep my income low enough (as I hope to do for ACA tax credits), I should get my $1200 stimulus credit paid when I file taxes next spring. That is if I'm interpreting what I read correctly and it doesn't change.

If I were going to get it, that would be an OK way to characterize it, which for me simply increases my available income for spending.

 

[Koolau]

I hope it doesn't sound too flippant, but I just no longer consider $2500 a "significant" change to (even) my checking account, let alone my NW. We gave our son 4 times that (just before Covid19) to help him move. If $2500 were significant (in the real sense of the word) I probably would still be w*rking, heaven forbid! Obviously, I understand that I (and many here) are very unique in having put our financial houses in order. I actually stand to come out ahead (on a monthly inflow/outgo) basis. First, there's the $2500 in and practically nothing going out for fuel, restaurant meals, toys, junk, travel, stuff, etc. etc. The only thing we've bought in the past 2 months (other than utilities) is groceries. I feel for pay-check-to-pay-check folks. I haven't been one of those folks for 50 years (THANK GOD! - Seriously!) YMMV

 

[MrsHaloFIRE]

We split ours. Mine I added to savings acct and spreadsheet for a house project. DH wanted his for hobbies so I journaled it for him to charges hobby expenses against

 

[Duke of Sands]

If you don't "need" it, donate some of it to your needy neighbors through a food bank, etc.

Gave some to college headed GKs and donated the rest. Good feeling!