Stimulus $600

[ncbill]

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.

 

[sengsational]

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.

 

[tmm99]

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...

 

[foxfirev5]

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.

 

[RetiredAt55.5]

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".

 

[cyber888]

Have not gotten it yet, but already gave it to charity today.

 

[skipro33]

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.

 

[shotgunner]

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.

 

[gailwinters]

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.

 

[Time2]

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.

 

[statsman]

Deposit pending as of this morning for us. Don't need it, and honestly, really shouldn't have gotten it (much to the disagreement with others). Our income remained constant throughout 2020, and while some expenses might have increased a bit (i.e. take-out orders), there were a lot of other expenses that were less than we expected in 2020.

Hopefully, those who need it will also get a stimulus payout.

 

[Rustic23]

We got ours, and we gave it to a couple of folks that needed it more than we do.

 

[Dtail]

We have ours in pending this morning. They should have targeted it better, but then it would never get resolved.

 

[W2R]

My stimulus deposit is STILL not even pending yet, but then neither is F's so we are trying to be patient. Maybe they are doing different parts of the country right now.

We both have our monthly SS direct deposited, and we both got the last stimulus (back in April) direct deposited, so we think/hope we'll get this stimulus soon.

 

[Gumby]

The H&R Block site says direct deposits by Jan 4 and checks by Jan 15. We won't get anything, so I'll be unable to verify whether they are correct.

 

[LXEX55]

My wife and I got our $1,200 posted Saturday, Jan. 1st.

 

[Mr. Tightwad]

Just got it.

 

[Zona]

Ours are pending today (1/1).

 

[Sue J]

I checked this morning and ours is pending and will be available on Monday.

 

[Walt34]

We looked and it is showing as "pending" 1/4/21.

 

[tmm99]

Pending today (1/1/2021)

 

[Another Reader]

I expected to get a pro-rata amount as I did with the first distribution. Instead, the $600 appeared overnight as pending. Not really enough to transfer to the online savings account. Will probably just throw it at one of the rental remodels underway now.

ETA: Kinda makes up for the miniscule SS increase, which was outweighed by the increase in the various medicare premiums...

 

[ER_Hopeful]

is this stimulus money ?

$1800 showed up in my acct, says from: IRS TREAS 310 CO ENTRY DESCR:


is that stimulus money? i thought we didn't qualify. family of 4, AGI around $100k.

 

[Walt34]

$1800 showed up in my acct, says from: IRS TREAS 310 CO ENTRY DESCR:


is that stimulus money? i thought we didn't qualify. family of 4, AGI around $100k.

Yes, that's the stimulus money. A married couple can earn up to (I think) $174k before it starts to wind down. So being married with two dependents, the $1,800 figure is correct.

 

[cyber888]

Got it at 2 a.m. Jan. 1st in the wee hours of the morning, after celebrating the new Year .. I opened my bank account and there it was for DW and myself - $1200