How are you going to spend (or not) your stimulus check?

[HenryD]

We're not getting one, and nor should we. This year has been as good as any recent ones to us financially.

 

[scrabbler1]

Because my 2019 income was too big, I won't get a check. However, because my 2020 income is much lower, small enough to qualify for a check, I will receive it in the form of a tax credit on my 2020 taxes. I do expect to owe some money with my 2020 taxes, so the $600 "check" will be used to turn that tax bill into a tax refund (which I will save or invest somewhere TBD).

Thankfully, they used my 2018 income to determine I should get a check back in May even though I had just filed my 2019 taxes.

 

[Andre1969]

It will go into our checking account and sit there like the first stimulus payment did.

That is the philosophical issue I have with the stimulus payments... most people I know, even our kids, don't really need the money (they have not lost their jobs). I would prefer that the stimulus be targeted to those who need it more... people who have lost their jobs as a result of covid, are behind on their rent or mortgage, etc. But I guess that would be too complicated.

That's actually my sentiment, as well. When the first one came through, mine was reduced, because my AGI was in the phaseout threshold. But honestly, I didn't care. I wasn't hurting, and I didn't need it.

My housemate, who has been working through this whole period, got the full amount. It was definitely helpful for him, as he had some bills, but he wasn't experiencing any kind of hardship from COVID, as he never got laid off. So he wasn't any worse off financially, than before it.

My uncle, who's retired and on SS, got the full amount. Again, it was helpful for him, but he was another one...not affected by COVID, at least from a monthly income standpoint. Now his IRA took a hit when the market dipped, but he's not old enough to start his RMDs yet, so he never had to touch it. And it's come back since, and then some.

Likewise, my Mom and stepdad are long since retired, and drawing pensions. I think they actually got the full amount, because their AGI was just under the phase out threshold. But again, no financial hardship on their part.

But, I think they were in a rush to get some kind of package out, and this was the quickest way to go. The cruel irony though, is that you could have had someone who had AGI of over $99K in 2018, got laid off in early 2019, but didn't get around to filing their 2019 taxes until late. The IRS would have based the stimulus on their 2018 taxes, and with their AGI being too high, they'd get nothing. Yet they're currently unemployed, hurting for money, and the very poster child for someone who would need the stimulus.

I wonder, in a situation like that, if this hypothetical person filed their 2019 taxes, and it now showed they qualified, if they could apply and get that first stimulus check sent to them?

 

[audreyh1]

I wonder, in a situation like that, if this hypothetical person filed their 2019 taxes, and it now showed they qualified, if they could apply and get that first stimulus check sent to them?

Yes, they get it as a refund on their 2020 taxes.

 

[ocean view]

Ours was just deposited about an hour ago. DH asked what were doing with it. Last time we donated half to the food bank. I imagine we’ll probably give all of it to the food bank this time. So many folks need it more than us.

 

[RetireAge50]

Got $1,200 today. Gonna use it for gasoline, heading out on a long RV trip next month.

 

[athena53]

That is the philosophical issue I have with the stimulus payments... most people I know, even our kids, don't really need the money (they have not lost their jobs). I would prefer that the stimulus be targeted to those who need it more... people who have lost their jobs as a result of covid, are behind on their rent or mortgage, etc. But I guess that would be too complicated.

Totally agreed. I don't get one but it would have been fairly easy to target those who have been on the unemployment rolls for the past X months (casting a wide net because even those who found jobs recently may need to catch up). I don't get sending it to people on SS, which certainly hasn't been affected by COVID, or those whose jobs haven't been affected.

If I had gotten a check it would have gone to charity.

 

[Extra Medium]

Ours will go to our niece. She’s a college student, trying hard to avoid debt. Works almost 30 hours/week in school full time with no help from her parents (neither would even agree to fill out the FAFSA for aid). Has a longer intensive student-teaching gig coming up in which her advisor has warned her she won’t be able to work, and was planning to sell her little nest egg of Starbucks stock. Maybe this will keep her from further debt and eliminating her only investments.

This will do a lot more good for someone on the brink of poverty than for us.

 

[travelover]

Buying new underwear.

 

[rodi]

I just saw that ours are 'pending' in our checking account.

Will probably deploy similar to last time - targeted take-out restaurant food with larger than normal tips - want to keep our small, independently owned restaurants in business. No chain restaurants - just 3 local, family owned joints that would make me sad if they went out of business.

 

[RobbieB]

Just picked up 2 orders of Wor Wonton soup for lunch. Twenty dollars and 45 cents. Gave 'em $25, keep the change!

 

[garyt]

It will go into our checking account and sit there like the first stimulus payment did.

That is the philosophical issue I have with the stimulus payments... most people I know, even our kids, don't really need the money (they have not lost their jobs). I would prefer that the stimulus be targeted to those who need it more... people who have lost their jobs as a result of covid, are behind on their rent or mortgage, etc. But I guess that would be too complicated.

Agree totally. We are going to give one to a food bank and one to a nephew who lost his job. Makes no sense why we, or I'd bet anyone on this board got money

 

[GenXguy]

I won't get it if they go off my 2019 income, but my return still hasn't been processed based on the notice I got from the IRS, so I may still get this stimulus.


If so, I'll stimulate the economy and eat out again about two weeks after my second dose of the vaccine in January, and donate more to the food pantry.

 

[CardsFan]

Not sure we will get it, but it was an excuse for DW to donate $800 to the local no-kill animal shelter. If we do get it, think we will just send the rest there.

 

[Dog]

We donated to food banks and once our local small businesses were allowed to open in the summer, we made an effort to dine at small local restaurants and gave substantial tips to staff. Also very large tips to our dog groomer, hair stylist and local coffee shops/bakeries. Also paid 1/2 of check to an out of work friend (mountaineer) to lead an 8-day backpack trip in the Olympic mountain wilderness.

Will do similar with the upcoming stimulus.

 

[PatrickA5]

Going to my kids. One lost a job. Another, will be out soon. Both due to Covid.

 

[FREE866]

Like I did with the first one I'll give to people in need and some individuals that do heroic work for animals. I think part of me feels weird about getting checks to be honest.



I like this board because I can say this here, but the fact that I have over 7 figures in investments and the government is giving me money is just wrong
Look forward to passing it on.

 

[rk911]

I'm going to use mine to pay most of my monthly expenses for January, 2021. What will you do with yours?

we likely do not qualify but if we get anything it will all go to a local charity.

 

[Sunset]

Guess I'll have to check the bank account, although I don't expect anything due to high roth conversions last year.
This year when we do taxes it will get us some.

I just sent off a $1,000 check to my personal charity, but I would have without any stimulus anyways.

 

[grasshopper]

I have always believed that the free flow of money is important. The harder you try to hold on to a buck, means it is harder for a buck to flow to you. I miss travel because I was always personally able to improve the lives of folks who assisted us on our journeys. On my last trip to Zambia I know my gifts/tips were helping the communities with clean water projects that were badly needed.

 

[Zona]

It is uplifting to see all the generosity on this thread! Like many here, we gave our first stimulus checks to local food banks. I think our income qualifies us for the recent stimulus payments, but I have not seen anything in our checking account yet. My mom will need to move to assisted living in the next few months so I will probably use anything we get this time around to help her with that. I wish the payments could be targeted more to those most in need, but I’m so encouraged to see that many here are already using theirs to help others in some way.

 

[skipro33]

I am hiring a machinist to build me some motorcycle parts to restore a classic I've had for years. Then I'm hiring a landscaper to install an irrigation system for the new lawn I want in next spring. I figure that'll burn through all that easy. I'd rather see the stimulus money go towards labor than goods. Means more ends up in the small businessman's pocket. Plus I'll pay in cash. NOT for political reasons mind you. Heaven forbid anyone cheat the governor from his fair share.

 

[skipro33]

Like I did with the first one I'll give to people in need and some individuals that do heroic work for animals. I think part of me feels weird about getting checks to be honest.



I like this board because I can say this here, but the fact that I have over 7 figures in investments and the government is giving me money is just wrong
Look forward to passing it on.

I don't think it's wrong. They are putting it into the hands of someone who understands the value of a dollar and how to put it to the best use and that's what is happening here with you, right?

 

[FREE866]

I don't think it's wrong. They are putting it into the hands of someone who understands the value of a dollar and how to put it to the best use and that's what is happening here with you, right?

I know. It just feels odd getting free money given my total financial situation.

 

[Mulligan]

The good news is I wont get a smaller amount than the last stimulus check. The bad news is I got $0.00 the first go around.