Stimulus-Will you save or spend it?

[Dash man]

We won’t be getting anything, but if we did we’d give it to the kids.

 

[Maidensong]

Two of our tenants work in restaurants and are out of work. We'll use our stimulus to forgive their rent for a couple of months.

 

[Dash man]

Two of our tenants work in restaurants and are out of work. We'll use our stimulus to forgive their rent for a couple of months.

Good move!

 

[Helen]

We emailed our CPA and she confirmed we will get a tax credit when we file in 2020. We are dividing up the money to give to friends who are out of work. Our former pet sitter is one of them. With the shelter in place in effect she is bringing in no money.

 

[goingoodsofar]

A give it away plan....

DW and I do not need it. Rather than saving it we plan to be generous to others who could use it as that will fulfill purpose of getting $ into the economy ASAP. I'm thinking of grocery store workers, etc. who, are stuck on the front lines and interacting with many, many strangers each day, yet seem to get very little recognition for the critical support they provide. Health care workers, first responders, etc. are critical too but seem to get more recognition.

 

[nobody]

If money has to be given out, which I don't think it should, people and companies need to learn to take care of themselves and not have the government aka money earning tax payers bail them out.


The stimulus should be based on current income, not on circumstances of the past.

 

[Helen]

If money has to be given out, which I don't think it should, people and companies need to learn to take care of themselves and not have the government aka money earning tax payers bail them out.
.

What do you think would happen if the stimulus wasn't given out?

 

[Pellice]

What do you think would happen if the stimulus wasn't given out?

This is a right question to ask!

 

[Ready-4-ER-at-14]

So the lesson is Never do a Roth conversion until December.

Or if you did your roth conversion early double down in December.

 

[jazz4cash]

We emailed our CPA and she confirmed we will get a tax credit when we file in 2020. We are dividing up the money to give to friends who are out of work. Our former pet sitter is one of them. With the shelter in place in effect she is bringing in no money.

Good move to help friends and pet sitter. Why would your benefit be in the form of a tax credit?

 

[Eucerin]

We are retired, we probably just add them to checking account to pay the expenses

 

[Teacher Terry]

Aaron, self employed people are allowed to collect unemployment for the first time.

 

[kingkarmann]

DD is getting married September 2021
I plan on giving them the extra stimulus

 

[rpguy4]

Michael Kitces has a good article about the recent stimulus package.
The blog post discusses the specifics about the stimulus package.

Nice chart a little ways down from the top outlining each item in the package (edit)



https://www.kitces.com/blog/analyzi...f-for-the-coronavirus-pandemic/#disqus_thread

 

[mickeyd]

We plan on donating our federal loot to a fellow American who needs it more than we do.

 

[Ed B]

We will put in the emergency fund. May need it for medical costs before this is over with.

 

[maestro]

I'm thinking $2 per week on the Texas Two Step lottery game for the next year. Hopeful to get some take home cash from that...maybe?...please?? Are not those better odds than negative interest rates in the bank?!? [emoji846]

 

[Which Roger]

"I plan to give it away" is leading in the poll! Yay!

 

[travelover]

"I plan to give it away" is leading in the poll! Yay!

Yes, I thought the same thing. There are going to be a lot of people really hurting before this is over - waitresses, hotel workers, single moms, college kids working their way through school in service jobs - just lots of people who live on the edge in the best of times. I can't just sit back and add to my stash and feel good about it.

 

[karen1972]

I guess I have to save it because from what I can tell I will get the full $1200 and then I will have to giveth it all back come tax time next year since I did a ton of trading and ROTH conversions. It a $1200 interest free loan

 

[Tiger8693]

Where's the "I won't get it" option?

 

[JoeWras]

It is great so many want to give it away. Hope you continue your charitable giving in good times. It is always needed.

And, as far as donations to charity. The Stimulus Package has a really interesting provision. If you take the standard deduction this year, there is a special provision to add to that a deduction up to $300 of CASH donations to qualified organizations that are NOT Donor Advised Funds. It is unclear if this is a 2020 only thing, or going forward. Apparently the bill summary and guts disagree. In any case, for sure this year.

I'm a big DAF fan, but we still give a little cash each year in addition. This will be a nice little bonus come tax time.

 

[SecondCor521]

I guess I have to save it because from what I can tell I will get the full $1200 and then I will have to giveth it all back come tax time next year since I did a ton of trading and ROTH conversions. It a $1200 interest free loan

You won't have to give it back.

 

[COcheesehead]

Where's the "I won't get it" option?

+1 flawed poll.

 

[Trooper]

You won't have to give it back.

That's also how I understand it. Therefore, if you receive a check/direct deposit based on 2018/2019 AGI and didn't deserve it based on 2020 AGI, you don't have to give it back. If you didn't receive a check/direct deposit based on 2018/2019 AGI, and deserve one based on 2020 AGI, you will receive it after filing your 2020 taxes.

Only if both your 2018/2019 AGI and your 2020 AGI were too high will you not receive a check/direct deposit.