Poll:Of the $600 stimulus check, how much will you spend?

[Amethyst]

Meh. Didn't get one last time; won't get one this time.

 

[SecondCor521]

So, any amount I receive which is less than $600 I can definitely claim as a credit on a future return. Will that be the 2020 return, as you speculate, or will I have to wait for the 2021 return?

According to page 1,966 of the 5,593 page bill (assuming it passes as is and is not amended further), you should be able to claim it on the 2020 tax return: https://rules.house.gov/sites/democrats.rules.house.gov/files/BILLS-116HR133SA-RCP-116-68.pdf

The IRS will probably have to modify the worksheet related to line 30 and the Recovery Rebate Credit on Form 1040. *Draft* 2020 Form 1040 instructions are here: https://www.irs.gov/pub/irs-dft/i1040gi--dft.pdf

 

[misanman]

Not sure that we qualify.

 

[friar1610]

Food bank or other charities helping people who really need it. We don’t.

 

[MBAustin]

Other - it will be donated to charity.

 

[rodi]

I voted other because I honestly don't know. With the last one we made a focused attempt to keep some favorite local, non-chain, restaurants going - but ordering take out 1x/week and tipping as if we were dining in. (We'd normally, pre-covid, go out to eat about 1x/month - so this was a kick up in the budget.) The three restaurants we used are still in business. I think a lot of my neighbors had the same idea. (These restaurants are good and the families that run them are locals.)

We're trying to figure out if older son will still be a dependent, since he's been working since July. That might allow him to qualify - which would be good for him. Other son won't get anything since he's 17 or older and still a dependent. Didn't qualify last time.

 

[CardsFan]

Voted other. Likely will donate, if we qualify. Based on 2020 AGI we won't (bigger Roth conversions this year), but based on 2019 or 2018 AGI we will, like last time.

 

[Palmtree]

I'm giving it back. It will go towards taxes paid on end of year Roth conversions.

 

[cyber888]

Pay some credit card or mortgage balance, give to relative, maybe save the $200

 

[Golden sunsets]

Other - didn't qualify last time. Probably won't this time.

Is the criteria for qualifying any different now then last spring? I thought both programs stipulated $150,000 AGI for MFJ in 2020.

 

[scrabbler1]

According to page 1,966 of the 5,593 page bill (assuming it passes as is and is not amended further), you should be able to claim it on the 2020 tax return: https://rules.house.gov/sites/democrats.rules.house.gov/files/BILLS-116HR133SA-RCP-116-68.pdf

The IRS will probably have to modify the worksheet related to line 30 and the Recovery Rebate Credit on Form 1040. *Draft* 2020 Form 1040 instructions are here: https://www.irs.gov/pub/irs-dft/i1040gi--dft.pdf

Thanks for the tip. I only got up to page 1,960 of the bill before I fell asleep!

 

[Golden sunsets]

To my sister-in-law who lives on $900/mth in disability and has no savings, this is a big deal. It's a semi-big deal to my daughter since her husband (breadwinner) is getting ready to get laid off next month. The $300/week extended unemployment is a huge deal to my daughter who's store closed due to the pandemic.

My son, who just graduated college (with no job) could use the money, but he doesn't qualify because he is a "adult" dependent.

It's no big deal for me. I'm sure I'll give it to my kids like I did the last stimulus.

Thanks for your reply. Based on 2018 or 2019 taxes I was ineligible. I did not receive a check earlier in the year from the CARES act. So, I guess that means I’m likely ineligible for this $600 check. My 2020 income would make me eligible, so that’s why I was asking.
I’m not following your last sentence regarding 2020 credits. I don’t understand. Sorry. Can you elaborate?
Muir

My understanding of the spring stimulus and the "about to be passed stimulus" is your 2020 AGI is the governing factor if you have not received any checks. Line 30 of the 2020 Form 1040, will be used to claim the tax credit if your AGI is less than 75K for singles or 150K for MFJ. We did not receive a stimulus check earlier this year based on 2019 income and we don't expect a check next week either, but we confirmed with our CPA today that we will get a credit of $3600 when we file our 2020 return, as our AGI will be less than 150K for 2020 because we elected not to take RMD's this year.

 

[SecondCor521]

Is the criteria for qualifying any different now then last spring? I thought both programs stipulated $150,000 AGI for MFJ in 2020.

There are minor differences, but the $150K AGI MFJ limit is the same for both. Page 1,967 of the bill if you want to check for yourself.

 

[audreyh1]

Is the criteria for qualifying any different now then last spring? I thought both programs stipulated $150,000 AGI for MFJ in 2020.

Investigating further I discovered that it was the same.

 

[calmloki]

Nothing for Gal or me again. Hopefully it helps some of our renters.

 

[Lsbcal]

For the first stimulus check one could use the 2018 taxes if they had not filed for 2019. Now for most of us the 2019 tax filing will be used by the government for the computation. So for us that is the major difference as our 2019 income was very high and disqualifying.

 

[street]

Meh. Didn't get one last time; won't get one this time.

You are just to rich! Lol

 

[Ready]

I can’t imagine most of the forum members here would go out and spend exactly $600 more than they otherwise would spend because of a stimulus check. We have been spending a lot of money lately on home remodeling stuff but I can’t say that there is anything I am specifically going to buy if I get a stimulus check that I wouldn’t just buy anyway because I want it.

 

[Gumby]

One of the things we on this board would advise a young person who gets an unexpected windfall is not to immediately figure out how to spend it. Rather, we would say "put it in the bank with your other money and keep following your plan." Otherwise, we talk about spenders whose money burns a hole in their pocket. Why would we act differently with our own affairs than we would advise for others?

For the young wife and me, if the check is based on the same tax year as last time, it will be about $248 for the two of us. It will go in the bank account and we'll do whatever it is we normally do with our money - some we spend, some we save and some we give away.

 

[mz44]

Can't spend what you don't ger

Zero

 

[Sue J]

When we got the last stimulus check in the spring we felt so good to be able to give half of it to our son and daughter-in-law. They also got stimulus money, including for their baby. Our son had been furloughed for 6 weeks and while his employer reopened, it was scary times. They were very surprised and appreciative.

I never asked what they used it for. But my son told me what they did with it and I was surprised and realized that they didn’t need it as bad as we thought! And I decided then that I would not be repeating that gift if any more stimulus money came our way.

Maybe it’s time to gift our other son, who lives far below his means, saves and invests and will get his own stimulus to add to his nest egg.

 

[RAE]

Looks like all of it ($1200, between DW and me), and probably much more, will go toward attorney fees for an unexpected situation (long story, involving the person who signed a contract to sell property to us, backing out of the deal for unknown reasons). I am not at all happy about having to spend any $$ on this, but the only alternative is to walk away and let them get away with breaching the contract.

 

[Time2]

When we got the last stimulus check in the spring we felt so good to be able to give half of it to our son and daughter-in-law. They also got stimulus money, including for their baby. Our son had been furloughed for 6 weeks and while his employer reopened, it was scary times. They were very surprised and appreciative.

I never asked what they used it for. But my son told me what they did with it and I was surprised and realized that they didn’t need it as bad as we thought! And I decided then that I would not be repeating that gift if any more stimulus money came our way.

Maybe it’s time to gift our other son, who lives far below his means, saves and invests and will get his own stimulus to add to his nest egg.

LOL, We are helping our married daughter out, but then we see things like going out and having professional family pictures taken for Highfalutin Christmas cards to impress all their friends. I think we owe my tightwad son! But isn't that the way it works, the spender is broke and needs help and the tightwad has money and doesn't get any help.

 

[Keim]

Got a kid in college. Need I say more?

 

[Jerry1]

I never got my last check. I didn’t qualify using 2018 return and filing 2019, where I did qualify, didn’t produce a check either. The “get my stimulus” web site never recognized the new information.

If I get this one I’ll be surprised but will try to do something with it that will help someone else. I don’t want to think about ever being in a position where $600 would make a difference in my life. I’ll try to help someone who it would.

We did pretty good this season. We did some Toys for Tots, Gleaners and we helped out a mom who put out a request for help on Nextdoor.