Stimulus-Will you save or spend it?

[bizlady]

It certainly appears a stimulus in the form of a check is coming. So if you get one, will you save it or spend it?

 

[MichaelB]

If we were to receive a stimulus check it would go to the portfolio or emergency fund.

 

[Lewis Clark]

I'd spend mine, to overcome the spending cutback I have put into place in recent weeks.

 

[mrfeh]

If we receive one (I've seen different formulas on exactly who would receive $$), I would feel obligated to spend it.

 

[Unpaintedhuffhines]

still working, so zero chance of me getting anything from Uncle Sam. Hope my kiddos get something.

But if for some dumb reason I were to get it, I'd prob give it away.

 

[wmc1000]

Add to existing cash as our expenses are fully covered now.

 

[REWahoo]

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

 

[aaronc879]

I'm self employed and unable to work for the forseeable future and am not eligible for Unemployment so I will use the check to pay the mortgage and utilities for one month. It won't go very far for people like me who don't qualify for the usual benefits.

 

[Perryinva]

Since they are using 2018 income, which was pre-retirement, won’t get any. Not understanding the logic of this action based on income from 2 years ago. Why not give it, then qualify it at 2021 tax time. Make it clear that too much income means returning it.

 

[Sunset]

I don't know the rules they are using to limit it, but if we get any, I'd spend it on buying food and TP for some relatives that are in their 90's so they won't have to shop for months.

 

[statsman]

Since they are using 2018 income, which was pre-retirement, won’t get any. Not understanding the logic of this action based on income from 2 years ago. Why not give it, then qualify it at 2021 tax time. Make it clear that too much income means returning it.

Is it 2018 they're using and not the choice of 2018 or 2019? If so, DW and I are out because of the taxable capital gains on our CA house sale late in 2018. It's just as well anyway. We're retired, drawing one SS check and one modest pension check each month. The crisis has not changed that one bit. The money would be better spent on those individuals and families that can really use the money.

 

[garyt]

I know they want to get it out fast so it's hard to do much checking, but i'd prefer to see it go only to those who are affected by virus shutdowns. I can't believe many people on this site need any help. And yes, I know you could probably refuse it. You could also donate it to charity but it still adds to the national debt.

One thing I think I would support however, is some kind of payment to health care workers as a thank you when this is over.

 

[Aerides]

Is it 2018 they're using and not the choice of 2018 or 2019? If so, DW and I are out because of the taxable capital gains on our CA house sale late in 2018. It's just as well anyway. We're retired, drawing one SS check and one modest pension check each month. The crisis has not changed that one bit. The money would be better spent on those individuals and families that can really use the money.

It's 2018 since 2019 has not been filed for a lot of people yet (and now won't be for a while). But that's the proposal - not yet passed. And I do worry how many folks are getting left behind in that, especially anyone who lost their job last year.

 

[Midpack]

Semantics? Those who get them (not everyone), will deposit them. Only if you spend normal spending PLUS stimulus check can you say you put it back in the economy. If we got a check, I’d want to find a way to get it to displaced workers like servers. I appreciate everyone who’s still going to work on our behalf (e.g. healthcare) but they’re still getting paid.

 

[CRLLS]

Good sized Roth conversions in both 2018 and 2019 will certainly reduce or eliminate our stimulus. Whoda thunk back then?

 

[LRDave]

Until DW's pension check starts August 1, we are living off our short-term cash savings. Money is fungible, so.....

 

[steelyman]

If I get any stimulus check, it’ll go into my emergency fund so: save it.

 

[statsman]

It's 2018 since 2019 has not been filed for a lot of people yet (and now won't be for a while). But that's the proposal - not yet passed. And I do worry how many folks are getting left behind in that, especially anyone who lost their job last year.

True, although in our case, we've already filed and received a small refund. If they decide on using the last filed return to make a decision and we somehow end up with a stimulus check, we won't bank it. We'll either help out people directly who could use the extra food or supplies, or we'll donate to a local charity helping people out.

 

[Dawg52]

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

Same here. And will probably give very generous tips. I saw a report just this morning where someone in Arkansas left a $2200 tip on a $12 bill. How cool was that? I doubt I go all in like that but plan to add much more than normal.

 

[ncbill]

Spend, spend, spend...that's what it's for...to local businesses struggling to stay afloat.

 

[Sunset]

Good sized Roth conversions in both 2018 and 2019 will certainly reduce or eliminate our stimulus. Whoda thunk back then?

Yeah, I'd like a rebate on the "extra" taxes I paid when doing the roth conversion of all those stocks that are now worth 30% less - should be 30% rebate

 

[RunningBum]

I plan to use it to directly help someone I know who is struggling a lot right now.

 

[RetireAge50]

Maybe I’ll go on a cruise or buy more cruise stocks.

 

[Heal With Steel]

Anyone know if it will be taxable income?

 

[ShokWaveRider]

We keep our MAGI very low to get good ACA Rates, if current powers that be have their way us poor folk will be lucky to receive $600 each and that will not do any measurable good. If it changes and we get $1200 each, that is my new OLED TV.