So what are you going to do with your stimulus check?

[parallax]

According to the IRS, it is nontaxable; at least on the Federal level

I'm still pondering if OL Kate Brownstain, is licking her lips getting excited about making it Oregon taxable income just to harass the Trump.

 

[ZigZagZeke]

If you filed tax returns such that the IRS has your direct deposit info, then they will deposit the money from the stimulus "check" into your account without asking you.

They did so this morning.

 

[ZigZagZeke]

It is an early tax credit for 2020 (so not taxable), but the amount of your stimulus is based on your 2019 taxes, so you may have to "repay" some of it if they based your stimulus amount on your 2018 taxes and you made more in 2019.

Incorrect! If you made more you won't have to pay anything back.

You won't have to pay back your stimulus money, feds say

In recent days, social media posts have falsely claimed that you’ll eventually have to pay it back.

www.kptv.com

 

[bolus]

Since det_disp is hinting at a soon to be released how-to on making home made powder and primers I'll probably invest in some reloading equipment and a bomb suit

 

[The Heretic]

Incorrect! If you made more you won't have to pay anything back.

You won't have to pay back your stimulus money, feds say

In recent days, social media posts have falsely claimed that you’ll eventually have to pay it back.

www.kptv.com

Oh we will have to pay it back - it just won't be visible. It will be part of the deficit and therefore owed by any taxpayer - eventually, incrementally, somewhat invisibly - as part of the taxes you pay every year.

 

[The Heretic]

They did so this morning.

Yup - it showed as pending a week ago and was transacted this morning.

Still waiting for Oregon to process my UI claim/application though. May take a few weeks - per their charts, they seem to be able to only handle about half of the new applications for UI benefits, then it will take them a while to get the benefits out. Once I am sure that they approved my application then I won't be worried. I shouldn't be worried now, but I don't trust any bureaucracy to get things right.

 

[Gbirk]

Incorrect! If you made more you won't have to pay anything back.

You won't have to pay back your stimulus money, feds say

In recent days, social media posts have falsely claimed that you’ll eventually have to pay it back.

www.kptv.com

That article is not what I was referring to. You are correct that the stimulus does not need to be paid back in full, BUT....
If you have not filed your 2019 taxes yet your stimulus amount is being based on your 2018 AGI. When you file your 2019 taxes, if your AGI is such that you would have received less stimulus money (eg. you made more in 2019 than in 2018 to the point you would have received less) then your 2020 tax credit for the stimulus check will be less than you received and you will owe the difference.

If you are at or above the cutoff on your 2018 AGI and you have not filed your 2019 taxes and your 2019 AGI is higher than the 2018 AGI, then you will have to pay back the difference in 2020.

This is a very specific case that will only apply to some people, but if 2019 was a very good year to you and 2018 was not and you have not filed your 2019 taxes yet then you may have to pay some or all of the money back.

edit: Upon further investigation it looks like my statement is not true. Special provisions have been made for the tax credit so no repayment is necessary ever. @USMC1911 and @ZigZagZeke are correct. Thanks for pointing that out guys.

 

[USMC1911]

No provision in the bill that requires reimbursement of overpayment if 2018 income is lower then 2019.

 

[RicInOR]

See also: Stimulus check


I just got my deposit 4/15/20

It is already spent ... wife working from home = stuff she sees to update / fix.

 

[JRuby]

Down payment on the financing of a new lawn tractor - my old Kubota is worn out and they cant get parts so buying a new Husqvarna.

 

[cigars]

If you want to see liberals throw themselves into traffic, go on every progressive website you can find and post that you are donating your stimulus money to the Trump campaign.

 

[Alexx1401]

One of my kids impressed me. Was telling me he got his and paid off his car note 6 payments early. May be hope for the kid after all
first time in his life he has done this, paid off a vehicle. Was asking how this works. I said in a few months he will get a new Title from the State showing the vehicle is his to sell now if he wishes and next time it breaks down he will not have to worry about the mechanic bill and the car payment at the same time

 

[The Heretic]

One of my kids impressed me. Was telling me he got his and paid off his car note 6 payments early. May be hope for the kid after all
first time in his life he has done this, paid off a vehicle. Was asking how this works. I said in a few months he will get a new Title from the State showing the vehicle is his to sell now if he wishes and next time it breaks down he will not have to worry about the mechanic bill and the car payment at the same time

Excellent.

There is nothing like paying down or paying off debt, especially if it is all your debt. The other thing you should mention is that if he wishes, then once the loan is paid off, then he doesn't need to carry full coverage insurance if he doesn't need to (it's a judgement call - once car gets down to about $7-8K or replacement cost, in value I usually drop the full coverage and just keep the liability/etc.).

 

[sobo]

Yes, like The Heretic and others on here, I can personally attest to the galactic level of economic freedom and true peace attained by paying off all of your debts.
No house payment, no car payment, no interest on credit card debt (just pay off the bill in full every month), paying your insurance and property tax bills in cash/check with money in the bank to cover those checks, etc. The feeling is indescribably delicious, and once tasted, will only taste sweeter with each payment you never make ever again. As I said in another thread, the path to true happiness is to not spend money that you do not have...

 

[Tony617]

I made too much money so I only got $80.30. Groceries is all I can buy.

 

[PenTurner]

I'll just leave the check in our checking account until the government employees can figure out how to start sending me my unemployment checks. It has only been 3 weeks since I started the claim. We can't expect much from them when it takes 3 months for them to send a licence plate for my car. Can you imagine what life would be like under single payer government run health care? "Oh, you are having a heart attack, we'll see you next month for that."

 

[The Heretic]

Yes, like The Heretic and others on here, I can personally attest to the galactic level of economic freedom and true peace attained by paying off all of your debts.
No house payment, no car payment, no interest on credit card debt (just pay off the bill in full every month), paying your insurance and property tax bills in cash/check with money in the bank to cover those checks, etc. The feeling is indescribably delicious, and once tasted, will only taste sweeter with each payment you never make ever again. As I said in another thread, I have found that the path to true happiness is to not spend money that you do not have...

I have a mortgage now, but that is the only debt I have. I am going to apply for SSI, which should be enough to pay the mortgage and my other monthly bills, and I have a cash reserve in my checking account for emergencies. So I am secure in that respect and that is very nice to be that close to not worrying about it if I never work again (which is possible - not many tech orgs want a 66 year old dev).

But I do have my kids who struggle that I often help out, and I can't help them if the only income I have is just enough to pay my bills. I don't want to touch my retirement funds as those are supposed to be for my daughter when she retires. Then I need to have enough money to build living quarters and a shop on land further out, and my current property probably won't sell for enough to do that, so I still feel the need work at a job - at least for a year or two more.

 

[The Heretic]

I'll just leave the check in our checking account until the government employees can figure out how to start sending me my unemployment checks. It has only been 3 weeks since I started the claim. We can't expect much from them when it takes 3 months for them to send a licence plate for my car. Can you imagine what life would be like under single payer government run health care? "Oh, you are having a heart attack, we'll see you next month for that."

Three weeks is about how long they said it would take in normal circumstances. Right now, they are only able to process about half the applications that come in, so I would not be surprised that it will take 6 weeks. I keep checking, it has been two weeks, but they keep saying my application has not been processed yet so I can't look at the status - they could at least say they received it.

 

[Alexx1401]

Excellent.

There is nothing like paying down or paying off debt, especially if it is all your debt. The other thing you should mention is that if he wishes, then once the loan is paid off, then he doesn't need to carry full coverage insurance if he doesn't need to (it's a judgement call - once car gets down to about $7-8K or replacement cost, in value I usually drop the full coverage and just keep the liability/etc.).

Yep assuming he keeps the car several more years I will suggest that too him. We have one old jeep we never bothered with full coverage on. Another one we keep a lower end policy that would help buy a new one if some moron with no insurance clocks us. $500 deductible. I have gone back and forth with just going liability on it too. Wife always seems to "feel better" to have the coverage so I tolerate it. So damn many running around with no insurance and often not even a license any more
Not to mention I just noticed the other night mine was going to soon expire. So went online to get a new one. $87 for the damn thing? Since I am doing it online and no DMV robots have to do anything other than drop it in an envelope it would be nice not to have to pay damn near a C note for it

 

[Alexx1401]

I'll just leave the check in our checking account until the government employees can figure out how to start sending me my unemployment checks. It has only been 3 weeks since I started the claim. We can't expect much from them when it takes 3 months for them to send a licence plate for my car. Can you imagine what life would be like under single payer government run health care? "Oh, you are having a heart attack, we'll see you next month for that."

Every time I hear someone tell me Single payer is the way to go for health care I say "really, so you want your health care run like the DMV and the Post Office huh?" Most just do not get it because they don't want to. When they finally get what they have been asking for they will be over the top angered with what they asked for and got. <shrug>