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Stimulus $600
Old 12-30-2020, 08:08 AM   #1
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Stimulus $600

We received an overnight deposit from US Treasury of $1,200. That was fast. I did have a refund in 2019 and had my bank account information on the IRS tax return.
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Old 12-30-2020, 08:12 AM   #2
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I just checked and have not received it. As above, we received a refund last year via EFT.
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Old 12-30-2020, 08:21 AM   #3
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Had $600 show up overnight as well. Surprising that it was so fast -- expected it would be at least a couple of weeks.
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Old 12-30-2020, 08:33 AM   #4
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I'm surprised it was so quick, but I also have some agreement with those that say it should be handed out to to only those that have lost income. But, if I will give mine up, not very likely.
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Old 12-30-2020, 08:37 AM   #5
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Nothing here, yet. I'm still not sure I'll get it.

Based on my 2019 income, I won't qualify, but my 2018 was much lower due to much higher retirement contributions in 2018. I received the first stimulus, and I filed a tax extension in April and filed my 2019 taxes on Oct 15 at the last possible moment in hopes I might get another stimulus, and I received a notice from the IRS about a week ago asking me to confirm the tax return is from me before they will process it. I have until Jan 8th to respond, which I'm holding off on for the same reason. So, I'm hoping my 2018 income will be used in determining my eligibility again since their notice said they haven't processed my return at this point.

I don't need it, but if I can legally qualify for it, I certainly want it!

In another few weeks, I'll get my second dose of the vaccine, so I'll stimulate the economy some by finally eating out again with my stimulus.
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Old 12-30-2020, 08:47 AM   #6
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I wish it would only go to folks that really need it too, but I guess we can figure out a way to donate. Iím 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 donít get much this time around.
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Old 12-30-2020, 08:51 AM   #7
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I wish it would only go to folks that really need it too, but I guess we can figure out a way to donate. Iím 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 donít get much this time around.
So, true. Will try to give back in some way to help economy or people that need it more then I do.
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Old 12-30-2020, 09:48 AM   #8
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No deposit yet. I received an EFT on the 1st round. I checked the IRS "get-my-payment" site and it is currently offline.
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Old 12-30-2020, 09:53 AM   #9
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I've been watching for the $1,200 today. It's just going to the state for property taxes anyway.

I wish I could spend it on something frivolous, but 2020 is not that kind of year.
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Old 12-30-2020, 09:57 AM   #10
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I wish it would only go to folks that really need it too, but I guess we can figure out a way to donate. Iím 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 donít get much this time around.
I haven't thought much about whether we get it or not. I'm with folks who think it needs to be more targeted, but in a country of 330 million folks, that's a tall order. I also agree that some of us can pass on the "good fortune" to those who need it more. At least one of my kids will probably get what ever we get. YMMV
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Old 12-30-2020, 10:03 AM   #11
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Had $600 show up overnight as well. Surprising that it was so fast -- expected it would be at least a couple of weeks.

The Secretary of the Treasury had said that checks would be mailed out starting today and direct deposits starting Tuesday night. We have not received anything yet via direct deposit but I figure within a week we should see it.
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Old 12-30-2020, 10:18 AM   #12
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Mine will go to my children who have been hit hard financially by this virus.

If I did not have kids, I would donate a majority of it to a local food bank or charity that pays utility bills - something practical. The rest would go to buy gift cards at a few local watering holes where I used to hang out. I want them to be around. But, family comes first.
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Old 12-30-2020, 10:20 AM   #13
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Given the pending end of year, will these be treated as part of tax year 2020 or 2021?

My 21 year old son is still a dependent for TY 2020, but will be on his own for TY 2021.

I don't think he was eligible for the first stimulus payment, and he didn't receive one in advance.
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Old 12-30-2020, 10:29 AM   #14
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Given the pending end of year, will these be treated as part of tax year 2020 or 2021?

My 21 year old son is still a dependent for TY 2020, but will be on his own for TY 2021.

I don't think he was eligible for the first stimulus payment, and he didn't receive one in advance.
It is a credit against your 2020 taxes. That's why they're frantically trying to distribute as much as they can by January 15. You are more likely to get a payment for your son this time because they changed the requirements so that more older dependent children are included.
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Old 12-30-2020, 10:51 AM   #15
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It is a credit against your 2020 taxes. That's why they're frantically trying to distribute as much as they can by January 15. You are more likely to get a payment for your son this time because they changed the requirements so that more older dependent children are included.

I read that the final bill, like the previous stimulus bill, stated the dependents had to be 16 or younger.
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Old 12-30-2020, 11:08 AM   #16
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I read that the final bill, like the previous stimulus bill, stated the dependents had to be 16 or younger.
Oh, you're right. They do still have "qualifying children (within the meaning of section 24(c))" in the text. I had seen several times that both sides in Congress wanted extend it to college age dependents and assumed they had managed to do that. I should know better than to assume anything about Congress. Sorry to have misled anyone.
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Old 12-30-2020, 01:14 PM   #17
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Old 12-30-2020, 01:29 PM   #18
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We won't be getting one. DS will get one, but he has not lost income. He's thinking of donating it to our local food bank.
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Old 12-30-2020, 02:35 PM   #19
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It is a credit against your 2020 taxes. That's why they're frantically trying to distribute as much as they can by January 15.
This is probably some gov't accounting thing, but I'm curious so I just have to ask - What is the significance of the January 15th date?
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Old 12-30-2020, 03:11 PM   #20
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This is probably some gov't accounting thing, but I'm curious so I just have to ask - What is the significance of the January 15th date?
I suspect they want to get it out before people start filing so the reconciliation works on the tax return. Otherwise, they might risk a duplicate payment being made as part of a refund on a tax return.
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