Anyone get a stimulus check already? Curious.

[Mysterian]

Yep, discovered it late last night. I wasn't expecting it to be issued so soon, so I was completely surprised until I saw the details in my online statement.

 

[Christine]

My daughter got hers, but my son has not. I don't know if it's because he gets a reduced amount (I think he'll only get about $350). He's really looking to "stimulate" the economy with a purchase of a Peloton.

My DH and I won't get one. We live in a high COL area and because of that make too much on paper, even though it sure doesn't feel like it sometimes, LOL!!

 

[bjscheel]

Adults qualify as long as they aren't claimed as a dependent on a parent's form. They'll still need to file separately.

It's all so much different now after the 2018 tax changes. When I was in college and had a part time job, my parents insisted that I allow them to to claim me as a dependent because they were at a higher tax rate. I still got my standard deduction and personal exemption but not the individual exemption. Now it's just a tax credit per child of $2000 for kids under 18 and (I guess) $500 for dependents 18 to 25. However, tax credits are capped at the tax liability - i.e. no refund due based on tax credits.

I'm wondering how many who took the exemption (and $500 tax credit) regret that now. I thought that the IRS was encouraging people to user a non-filer application even if they didn't have any income, just to get get the stimulus money.

I'm also irritated that they don't include dependents over 17. I thought they realized that was an oversight last time.

It's true that the dependents aren't worth as much as they used to be, but with DD19 in college I get $2500 AOTC and $500 tax credit so she's still worth $3000/year to me. On the other hand, since DD22 graduated college in 2019 and no tuition credit I made sure she filed her own return to get the stimulus.

I'm thinking about giving DD19 a share of our stimulus because I make her pay her own rent/food/utilities at college and it's not her fault she's been overlooked.

 

[Mackenzie Click-Mickelson]

I'm also irritated that they don't include dependents over 17. I thought they realized that was an oversight last time.

It was how it worked in 2008 as well. It's not an oversight. They had the opportunity to add in that subgroup in the March stimulus and had the opportunity for this most recent one. They chose not to. I think the general public was a bit more vocal about it in March than they were in 2008 so it just seem like it's worse that they had a few opportunities to include them and haven't thus far.

 

[mjkacmom]

It’s strange, I saw a pending deposit of a weird amount ($750ish), DH makes more than the maximum. Anyway, DH claimed ds22 on our taxes because he was a student, so we will give it to him. Dd25 should get one, dd19 is out of luck.

 

[Mackenzie Click-Mickelson]

It’s strange, I saw a pending deposit of a weird amount ($750ish), DH makes more than the maximum. Anyway, DH claimed ds22 on our taxes because he was a student, so we will give it to him. Dd25 should get one, dd19 is out of luck.

Student isn't the reason why he was claimed as a dependent. It's the other stuff in addition to being a full-time student. Like him living with you for at least half of 2019, he doesn't provide his own support for himself at least half of 2019, etc.

 

[mjkacmom]

I'll add to that, "Wish they would stop sending money out" to those who don't need it.

I looked, it's pending. I don't need it. It doesn't help those who do need it.

I've been working the whole time. We were slammed at the beginning because of the shutdowns as we produce landscape products. Been working a lot of overtime all year. Though the end of the year was unusually not busy for me, usually I have a ton of overtime but this has nothing to do with the pandemic, I just was paid out for my 2 weeks of unused vacation. I get paid out for my unused sick time next pay. I don't make a lot of money, I'm comfortable with it (my money problems do not come from the paycheck) and I'm now rolling in it. Why did I need another $600 that I will have to pay back and my children will have to pay back so much more for no benefit to anyone.

Who are you to speak for everyone?! No, this money will not really benefit us, but I do know people it will help. I have a friend, single mother of 2, her 15 year old has autism (non verbal). In normal times, she stocks shelves during the day and works as a realtor nights and weekends. Schools here are remote, have been since March. her son is too disabled for virtual school. She can’t work days, or even interview. There were times during this that we were prepared to give her money or gift cards, because I could see how desperate she was becoming (but I was afraid to insult her). I remember how happy she was when her unemployment finally kicked in.

 

[yeahdisney]

DD’s is pending- senior in college.
DS sophomore in college will get nothing as he is on our tax return; he was 18 - January 2019 when filed.

As I had put on other post. Both are paying rent and room rent and neither are at college rooms (both sit empty); both online.

 

[Farro]

I find that hard to believe because I live in an area where much of the economy has continued to be stable due to our large employers continuing. I don't know anyone that doesn't like free money, but there are a lot of us who don't need help right now. I'm fine for now. I'm much more concerned about the tax hits coming as I head into retirement. I wish it would go to those who need help NOW, not those who had up to what I consider a reasonably high income in the past.

What you consider to be a reasonably high income makes no difference at all. How the heck do you know those people don't need help now.

 

[mi*vida*loca]

Maybe I don’t have rich enough friends or family. Even though no one in my immediate circle lost their job (one was furloughed but back with a pay cut) we could all use the money. It does help. I don’t know anyone that looks at $600 a person and isn’t grateful and wouldn’t be able to put it to good use.

 

[Mackenzie Click-Mickelson]

I find that hard to believe because I live in an area where much of the economy has continued to be stable due to our large employers continuing.

Whether a large company makes money does not determine burden on employees. From paycuts, to reduction in work force, to hiring freezes, no bonuses, etc. And what those employees have in their own lives is way different. I mentioned on another thread as a whole my state's economy short-term rebounded quicker with reopening but despite that a significant increase in food insecurity has occurred. People who never needed a food bank before finding themselves needing it and it was those who outwardly in the past looked fine in finances. The unemployment was dipping in the recent months but is now slipping up again as those in those seemingly safer occupations are the ones being cut now or their hours reduced.

And many small businesses have been hit. From an economic standpoint a large enough company could offset the smaller businesses but those smaller businesses have impacts such that a quick look doesn't capture.

 

[lynxstch]

Ours was deposited into our account this morning.. full amount of $1200..into savings it goes for now

 

[RF536]

We only received $600 not the $1200 we were expecting. DH and I make below the $150k for married filing joint. We received the full amount in the spring, so not sure what the issue is this time.

 

[sam_gordon]

We got ours this morning. We got money for DS who is 17 and on our taxes. I'm guessing they're using the age from the 2019 (or 2018) tax forms (which is stupid IMO, but it benefits us). The majority will go to savings until after taxes are filed, just to make sure. I still don't trust the government to not find some way to ask for the money back.

 

[izzy]

We only received $600 not the $1200 we were expecting. DH and I make below the $150k for married filing joint. We received the full amount in the spring, so not sure what the issue is this time.

I‘m confused about my amount, too. In the spring I received 80% of the $1,200. This time I only received 62% of the $600.

 

[kdonnel]

I‘m confused about my amount, too. In the spring I received 80% of the $1,200. This time I only received 62% of the $600.

The phase out happens earlier so anyone making more then the bottom number of the scale will see a lower percentage. Many who qualified for the first will not qualify for the second because the top number of the scale is $20k lower so it will go to zero for many.

This round for married joint fillers the range is 150k-174k.

Last round it was 150k-198k.

 

[Mackenzie Click-Mickelson]

We got ours this morning. We got money for DS who is 17 and on our taxes. I'm guessing they're using the age from the 2019 (or 2018) tax forms (which is stupid IMO, but it benefits us). The majority will go to savings until after taxes are filed, just to make sure. I still don't trust the government to not find some way to ask for the money back.

Everything is based off of 2019's taxes, it's not stupid...it was passed before you could file for 2020 taxes what did you expect them to use?

 

[sam_gordon]

Everything is based off of 2019's taxes, it's not stupid...it was passed before you could file for 2020 taxes what did you expect them to use?

It's not hard to do math. Surely the government can add one year.

 

[Minnesota!]

Got ours this morning. Moved right to savings until we figure out what to do with it. I did tell each of my kids they could have $100 of their portion...

 

[Mackenzie Click-Mickelson]

It's not hard to do math. Surely the government can add one year.

Yeah that's not how basing something off someone's taxes are done. They would have to do that for everyone. The government doesn't know your child's tax situation either. When I was 17 I filed my own taxes claiming myself. How is the government supposed to know that unless I filed that way? You may not like the advantage but it's not stupid.