Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 12-31-2020, 04:21 AM   #41
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Koolau's Avatar
 
Join Date: Jul 2008
Location: Leeward Oahu
Posts: 10,947
Quote:
Originally Posted by W2R View Post
That's a great idea!

Mine isn't even pending yet so I am practicing patience right now.
Heh, heh, short of going to my B & M bank, I wouldn't know how to check. One of the disadvantages of being a dinosaur, I guess but YMMV.
__________________
Ko'olau's Law -

Anything which can be used can be misused. Anything which can be misused will be.
Koolau is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 12-31-2020, 08:08 AM   #42
Full time employment: Posting here.
wrigley's Avatar
 
Join Date: Nov 2008
Location: Jacksonville
Posts: 557
Quote:
Originally Posted by jazz4cash View Post
I wish it would only go to folks that really need it too, but I guess we can figure out a way to donate. I’m really surprised folks are getting deposits so soon. It seems like the folks that need it the most have to wait the longest. I guess the formula is much different from the first time. We don’t get much this time around.

IMPOSSIBLE for the government to weed out only the people that truly need the money. There are SOOOOOOO many scammers out there that would ruin it for the needy!


Mike
wrigley is offline   Reply With Quote
Old 12-31-2020, 08:23 AM   #43
Recycles dryer sheets
 
Join Date: May 2019
Posts: 312
I just checked our bank account and nothing yet. No rush for us though.

We gave a chunk of the first stimulus money to our local food bank. Iíve already discussed it with DW and we plan to do the same with this money.

Iím sure there is also a local charity that is in need. Weíve been blessed this year and want to try and help some of the many people who have been struggling.

Iím very thankful that I didnít suffer any lapse in employment in 2020. I was also able to smoothly transition towards working from home full time. I know many people werenít so fortunate. I hope 2021 will be better for all of us.
RxMan is offline   Reply With Quote
Old 12-31-2020, 08:38 AM   #44
Recycles dryer sheets
 
Join Date: Mar 2011
Posts: 117
I did not receive the first stimulus check, as I had made too much money in 2018, and hadnt filed my 2019 taxes in time to have it based on that (in which I owed zero taxes and had none taken out, since I had retired).

Since I got no refund for 2019 taxes, I didnt have my banking info on the return. I did have my banking info on my 2018 return, as I owed taxes. Will the IRS use that banking info? So far theres nothing there.

If I dont get the $600 check, am I basically screwed out of both payments? When I file my 2020 taxes, I will not owe any taxes for 2020, so theres nothing to deduct the $600 off of. As you can see, Im so confused.....
carnivalday is offline   Reply With Quote
Old 12-31-2020, 08:48 AM   #45
Thinks s/he gets paid by the post
 
Join Date: Mar 2013
Location: Coronado
Posts: 3,135
Quote:
Originally Posted by carnivalday View Post
I did not receive the first stimulus check, as I had made too much money in 2018, and hadnt filed my 2019 taxes in time to have it based on that (in which I owed zero taxes and had none taken out, since I had retired).

Since I got no refund for 2019 taxes, I didnt have my banking info on the return. I did have my banking info on my 2018 return, as I owed taxes. Will the IRS use that banking info? So far theres nothing there.

If I dont get the $600 check, am I basically screwed out of both payments? When I file my 2020 taxes, I will not owe any taxes for 2020, so theres nothing to deduct the $600 off of. As you can see, Im so confused.....
According to the law, the money can go into any account that you used for an electronic tax payment or tax refund after January 1, 2019. If your 2018 return was filed in 2019, they can use that info.

But ... this is a pretty mad scramble to get these payments out, and I wouldn't be too surprised if they aren't able to send them to some of the people who didn't qualify for the first payment. If that happens and you don't get the payment by January 15, then you will still be able to claim both payments on your 2020 return. Even if you owe $0 in taxes for 2020, you can still get up to $1800 in stimulus payments refunded to you.
cathy63 is offline   Reply With Quote
Old 12-31-2020, 08:58 AM   #46
Recycles dryer sheets
 
Join Date: Mar 2011
Posts: 117
Oh thats good news. thanks.
carnivalday is offline   Reply With Quote
Old 12-31-2020, 10:09 AM   #47
Administrator
Gumby's Avatar
 
Join Date: Apr 2006
Posts: 19,489
Here is the H&R Block calculator to determine how large your payment will be. https://www.hrblock.com/coronavirus-...ct/calculator/

Note that if you file as MFJ and your AGI was more than $174,000 in 2019, you won't receive any money. That's because they halved the amount of the payment but did not change the reduction formula ($5 reduction for every $100 above the $150k threshold.).
__________________
Living an analog life in the Digital Age.
Gumby is online now   Reply With Quote
Old 12-31-2020, 10:24 AM   #48
Full time employment: Posting here.
Dog's Avatar
 
Join Date: Apr 2006
Posts: 874
Had an email notice of the pending deposit from NFCU. Iím impressed with how quickly they got the $ out this time!
__________________
"Tell me, what is it you plan to do with your one wild and precious life?" - Mary Oliver
Dog is offline   Reply With Quote
Old 12-31-2020, 11:48 AM   #49
Dryer sheet aficionado
 
Join Date: Apr 2017
Location: Akron
Posts: 26
Quote:
Originally Posted by aaronc879 View Post
Mine just showed up as pending but won't be available until Jan 4th. I have been having a lot of back issues so I think I may spend this money on massages.


As a licensed massage therapist, I thank you! Please wear a mask during the entire massage, and be sure that your LMT does as well.
almosttime is offline   Reply With Quote
Old 12-31-2020, 12:31 PM   #50
Full time employment: Posting here.
Lawrencewendall's Avatar
 
Join Date: Feb 2017
Location: Severn
Posts: 879
USAA says the stimulus hit our account.
Lawrencewendall is offline   Reply With Quote
Old 12-31-2020, 12:34 PM   #51
Thinks s/he gets paid by the post
 
Join Date: Jun 2017
Location: Western NC
Posts: 3,631
Quote:
Originally Posted by SecondCor521 View Post
The first $1200 credit in the CARES Act was written to be based on 2018 or 2019 tax returns.

This latest $600 credit that just passed appears to me to have the "2018 tax return" language removed.

Thus a person needs to either qualify for the advance credit based on their 2019 AGI and tax return or claim the credit based on their 2020 AGI and tax return.
Bummer, I guess my died-last-year relative won't get another stimulus check.
ncbill is offline   Reply With Quote
Old 12-31-2020, 04:25 PM   #52
Moderator
sengsational's Avatar
 
Join Date: Oct 2010
Posts: 9,553
I do think we're on the list to get the latest stimulus, but I've never put my bank info on an IRS return.

The last stimulus check, was a paper check. No way they're going to print checks by 1/15/2021.

I guess I'll just follow the interview in H&R Block tax software update and hope for the best.
sengsational is offline   Reply With Quote
Old 12-31-2020, 04:43 PM   #53
Thinks s/he gets paid by the post
 
Join Date: May 2008
Posts: 4,938
It's all nice that a lot of us are getting the $600 check and some are even planning to donate the money etc, but I get the feeling they will have to raise our taxes to cover for all this stimulus money that's being given out and we will end up paying much more than $600 in taxes in the coming years...

Call me a pessimist...
tmm99 is offline   Reply With Quote
Old 12-31-2020, 04:50 PM   #54
Thinks s/he gets paid by the post
 
Join Date: Mar 2009
Posts: 2,754
Quote:
Call me a pessimist...
Or a realist. If I don't need it I don't buy it. Throwing money at me won't change that. However that's a minority view. Save it and pay the taxes later when the bill comes due.
__________________
Took SS at 62 and hope I live long enough to regret the decision.
foxfirev5 is online now   Reply With Quote
Old 12-31-2020, 06:14 PM   #55
Full time employment: Posting here.
RetiredAt55.5's Avatar
 
Join Date: May 2017
Location: Philly Suburbs
Posts: 674
Quote:
Originally Posted by tmm99 View Post
It's all nice that a lot of us are getting the $600 check and some are even planning to donate the money etc, but I get the feeling they will have to raise our taxes to cover for all this stimulus money that's being given out and we will end up paying much more than $600 in taxes in the coming years...

Call me a pessimist...
Just like everyone else, the government's money is fungible - spend it here and they have to either cut spending somewhere else, or increase taxes. I haven't heard of any spending cuts to offset this, and we already have a hugh debt.

Technically, it wasn't the government's money to begin with - the government just collects, borrows, and spends OUR money. To me, this is like a redistribution of wealth, since everyone gets the same amount, except for the "rich" (err, "high income").

Since my money is fungible, I'll probably just deposit it for now. The people that really need it will spend it. So will a lot of people that don't need it. I don't feel an obligation to " blow the dough".
RetiredAt55.5 is offline   Reply With Quote
Old 12-31-2020, 06:54 PM   #56
Thinks s/he gets paid by the post
 
Join Date: Aug 2013
Posts: 1,551
Have not gotten it yet, but already gave it to charity today.
__________________
No to consumerism, Living a simple life, enjoying the experience - not the material stuff
cyber888 is offline   Reply With Quote
Old 12-31-2020, 08:35 PM   #57
Thinks s/he gets paid by the post
skipro33's Avatar
 
Join Date: Sep 2011
Location: Placerville
Posts: 1,701
Got our $1200 stimulus deposit this afternoon and spending it already. I've hired a machinist to build me some parts to get a classic motorcycle I've been working on up and running. Also hiring a landscaper to install an irrigation system for a new lawn I want in. I have all the parts, planned to do the labor myself but I think putting the funds toward labor rather than goods helps folks out as it's a direct cash infusion with little overhead expense.
skipro33 is offline   Reply With Quote
Old 01-01-2021, 05:51 AM   #58
Full time employment: Posting here.
shotgunner's Avatar
 
Join Date: Jun 2008
Posts: 526
My $600 stimulus hit my bank account overnight but oddly the transaction date on my bank account is 1/4/21 yet the amount is available for spending. HNY to me I guess.
__________________
Never surrender what you really want for what you want right now.
shotgunner is offline   Reply With Quote
Old 01-01-2021, 07:34 AM   #59
Recycles dryer sheets
 
Join Date: Dec 2009
Posts: 78
Quote:
Originally Posted by shotgunner View Post
My $600 stimulus hit my bank account overnight but oddly the transaction date on my bank account is 1/4/21 yet the amount is available for spending. HNY to me I guess.
Same for us. Transaction date says 1/4/21, but the funds are available.
gailwinters is offline   Reply With Quote
Old 01-01-2021, 07:48 AM   #60
Thinks s/he gets paid by the post
 
Join Date: Oct 2019
Posts: 2,674
Quote:
Originally Posted by Rambler View Post
But we still would not qualify, which is a good problem to have, and for which we are grateful. My own personal opinion is that the folks who lost income should be the main beneficiaries of any stimulus, and that would include landlords and banks who cannot evict due to non-payment of rents and mortgages. I have a hard time comprehending the message from congress that “the ‘people’ are suffering so we need to give everyone $xx dollars” when the people who are suffering are the ones that lost their jobs and incomes, not the other 93.xx% of workers who are still employed. I’m not an economist, but when a stimulus check is just banked, it does little good in the way of economic stimulation.

Hmm, we are retired and I doing just fine, I've also been saying the checks should be sent to those that lost income. I didn't think we were in that group, until you mentioned dividends. I've held several REITs for years, when Covid hit they were down about $100,000 and one stopped their dividend. Now their down about $70,000. But, even with the loss in the REITs, my net worth was up 7 times my spend rate for 2020. What a year, ya, that can be taken a lot of ways!
btw, the stimulus check arrived in our account overnight.
Time2 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Poll:Of the $600 stimulus check, how much will you spend? Lsbcal Other topics 153 12-23-2020 03:13 PM
Possible To Retire On $600,000? Marcretire FIRE and Money 80 05-18-2008 05:46 PM
If giving americans 600 dollars a piece keeps us out of a recession... dumpster56 FIRE and Money 86 02-14-2008 09:50 AM

» Quick Links

 
All times are GMT -6. The time now is 01:52 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2022, vBulletin Solutions, Inc.