Stimulus-Will you save or spend it?

[MRG]

Spend it. Our local economies are hurting, several of our favorite places could use big tips.

Probably use some to help the universe back to balance; maybe I'll buy an extra toilet for all that paper.[emoji6]

 

[foxfirev5]

Eventually spend it when we are released from our home.

 

[Dtail]

Into the Emergency Fund.

 

[11522914]

DW and I were discussing this yesterday. Our plan is to spend the money at local small businesses and restaurants if we can.

+1

 

[38Chevy454]

Put me on the spending train as well. Being based on 2018, good thing DW and I retired in 2017.

 

[Fermion]

I plan to use the stimulus to buy puts on the stock market

Nah just kidding...we will put it in the pool of money we are using to build a house. I can't figure out if we will get anything though...in 2018 we had a big income from my Endocyte stock trading.

 

[Car-Guy]

From what I've read, I don't think I'll qualify... The only special government programs I seem to qualify for are higher taxes, IRMAA, etc.
But if I got it, I would probably give it to the DD, if I didn't have to pay taxes on it.

 

[Jerry1]

I don’t know any of the rules but I can’t imagine I’d get anything. If I did, I’d give it away. Maybe drop one of those huge tips on an unsuspecting waitress, or find a medical worker that is (hopefully was - as in its over soon) on the front lines.

 

[Car-Guy]

I Maybe drop one of those huge tips on an unsuspecting waitress, or find a medical worker that is (hopefully was - as in its over soon) on the front lines.

Now that's a dang good idea.... One of the best I've read on this forum!

 

[Fermion]

I don’t know any of the rules but I can’t imagine I’d get anything. If I did, I’d give it away. Maybe drop one of those huge tips on an unsuspecting waitress, or find a medical worker that is (hopefully was - as in its over soon) on the front lines.

Hey, what are you doing eating in a restaurant! Social distancing!

 

[Jerry1]

Hey, what are you doing eating in a restaurant! Social distancing!

Good point. I was hoping this would be over by the time a check comes. I guess one could still tip the carry out person though and, no better way to find a medical worker on the front lines than to give it to the person taking the swab for your COVID test.

 

[Helen]

We discussed this, if we get any we will add it to the money we give to friends who are out of work. Some peoples are in real trouble financially.

 

[sengsational]

Money is fungible, and having a check deposited, the idea of spend vs save makes little sense to me, but technically, it would be 'spend'. But will reduce my next pull from savings. The influx, if any, will have zero impact on my spending, so if the question was worded to tease out that detail, I'd say 'save'.

 

[Cobra9777]

We'll send ours back to the Treasury...

We did our first "large" Roth conversion in 2019 (top of 22% bracket). So if it's based on 2018, we'll probably get a decent-sized check based on what I've read. If so, we'll use it to help pay the large tax bill due with our 2019 return in July.

All of our 2019 quarterly estimated payments were based on 2018 actual tax divided by 4 (safe harbor). So we owe a lot due to the conversion. And I'm not looking forward to selling stock any time soon. We have two pensions, dividends, and some rental income that cover basic, routine living expenses.

I answered "save." In effect, the check will increase our savings because we won't have to sell as much to cover our tax liability. We have no intention of spending more in this environment. We'll help those around us in whatever way we can as this crisis evolves.

 

[Tiger8693]

Won't get one

 

[GravitySucks]

Take a bit for a nice take out meal from the village restaurant. Pay DD2 rent and car payment with the rest. They closed her hair shop and she's not Uber driving till this is over.

 

[braumeister]

I doubt I will get one, but that has nothing to do with the fact that this would be a great time to become a very generous tipper.

 

[easysurfer]

Will almost everyone get one or only those that have a W-2?

If I get one, I will save the stimulus check for toilet paper if toilet paper ever become available again .

 

[Sunset]

Will almost everyone get one or only those that have a W-2?

If I get one, I will save the stimulus check for toilet paper if toilet paper ever become available again .

If you turn the check over, after depositing it with your phone app you can always use it as TP

 

[easysurfer]

If you turn the check over, after depositing it with your phone app you can always use it as TP

Desperate times calls for desperate measures indeed!

 

[Tiger8693]

It sounds like (from something I read online, so it must be true ) that those low income earners (single parents with a child?) that have $30k to $50k of income but no tax liability due to credits etc won't get anything?

I understand and agree with that singles with over $99k, couples with over $198k not getting anything (I'm one), but the lower income that get credits during their tax filing? Isn't that who we are trying to help?

 

[Rianne]

Plan to give some away and save some, not an option in the poll. Then again, if all the checks are mailed around the same time...I'm assuming there will be mailer demons coming and stealing checks. Imagine ~150 million checks sent out (that's a guess). Our mailbox is not locked.

 

[Midpack]

Good point. I was hoping this would be over by the time a check comes. I guess one could still tip the carry out person though and, no better way to find a medical worker on the front lines than to give it to the person taking the swab for your COVID test.

We’re tipping 15-20% on carry out for the duration, something I wouldn’t have done pre-CV, but I know that’s not helping servers or any other front of the house peeps. I’ve been reading restaurant forums, and this is going to be a bloodbath for restaurants no matter what relief they get. Sad, but lots of other businesses will be harmed as well, we all will to some extent.

The exit for everyone from current is going to be ugly, uneven, extended, chaotic, somewhat anarchic - and largely not in the hands of politicians. Cooperation will show limits.

 

[atmsmshr]

DW and I both had W-2 income last year. A bit over the lower limit, but we will get some.

Plan on giving it all away to family and charity.

 

[statsman]

DW and I both had W-2 income last year. A bit over the lower limit, but we will get some.

Is this income for 2019? I ask because the latest I hear is the 2019 tax filing or income from the previous year, 2018, will be used.