Got my $1200 and my wife's $1200 today direct deposit. YAHOO now no where to spend it. Now I guess i'll pay some bills that I'm behind on like cable, city, Gas Electric.

 

Ive heard of a few people getting theirs as well.we are in the height of social distancing ,quarantine ,or whatever else you want to call it and its going to be awful tempting to go out and spend it.Mine will go to the bills that have been backing up so i guess that kind of stimulates the economy.Good luck to you Gerald and all else in these tough times.

 

We got ours also. Love that direct deposit Somethng cool I read today, there are NO TAX IMPLICATIONS to this. You pay no tax on it, and you don't have to pay it back.

 

Received mine via direct deposit today.

RandyS - We already paid tax on it and gave it to the government - they're now giving it back to what was ours originally.

 

Got mine too. I plan to stock up on beer.

 

Nothing yet.

But not surprising, because my $4k 2019 tax refund never hit my account in February either. It takes 90 days for IRS to investigate and resend the funds. Not looking forward to more negotiations with the three-letter agencies.

 

I have to wait until May, IF we even qualify, because there's no way in hell I'm voluntarily offering the Fed my account information.

 

Let's try not let too much of our paranoia show. The feds have had my bank info for many years, and we've never had a problem. Makes it very easy to pay your income tax if you owe and to get a refund if you're due one.

If you are receiving Social Security, as my wife does, you pretty much have to give them your bank info because SS does not mail paper checks any more. If you don't have a bank account or don't want to give them the info, they send you a Visa or MC debit card which they just replenish the amount in an account set up for it every month. But this limits how easy it is to use the money as you can't pay a bill by writing checks out of that account. You can use it like a credit card to buy groceries and such, but if you want to pay the rent or electric bill or something, if the landlord or utility or whatever won't take a credit card, the only way to get at the funds is to withdraw them as cash using the debit card at an ATM and then deposit the funds in your bank. That gets old quickly if you have to do that every month.

There really is no reason to fear giving the government your bank info.

 

Why do you think you might not qualify? It's very easy to find out if you do. Just go here and answer a few quick questions. You don't have to give them any personal info. You will need your adjusted gross income, or at least a good estimate of it (nearest $1000 would be good enough), for 2019.

https://www.taxslayer.com/coronaviru...lus-calculator

 

That's because the law the way it is written and the way IRS rules are set up, they're "refundable tax credits" from a legal standpoint, otherwise the IRS couldn't send out the money. The law also includes language to consider anyone getting a check to have already "paid it all back", thus no tax, no liability, and no impact to any future refunds or tax situation. FREE MONEY! If you're normally due more in tax credits than the check amount, when you file you'll get any difference owed you. If you don't, you're not responsible for any "overpayment". FREE MONEY!

 

The wife and I are old school when it comes to the IRS. We still mail in paper copy and get a check back. Probably May for us! No biggie we are both essential workers and still getting a paycheck.

Pat

 

Have you seen the food bank lines?? Wife and I are very fortunate, I am surprised that the federal government would give $2400 to a retired couple that really don't have the need. I'm sure they can't discriminate- all or none. We have distributed the stimulus to where we feel it is needed most. First time I've ever wrote this but "just my 2 cents".

 

Uncle Sam got my bank info long ago since I was in the U.S. Army and I use the VA for health care. Here are some places to spend your stimulus money:

https://www.summitracing.com/

https://www.jegs.com/

 

Kudos!
Many out there in great need.

 

X2...good on you Greg!

 

Got mine, but it was short $500! We file jointly and have 2 dependent kids (ages 10 and 17). That should be $1200 + 1200 + 500 + 500 = $3400, right?. Only received $2900. The rules indicate "The U.S. Treasury will disburse up to $1,200 per adult and $500 per child under age 17. ", which would disqualify my 17 y/o (god only knows why they picked a cut-off age of 17 even though we can still claim her as a dependent as long as she's a student: a “qualifying child” must be under age 19 or 24 if a full-time student for a least 5 months out of the year.) Most of the online stimulus "calculators" don't discern the dependent's ages and say I should be receiving $3400. Sneaky bastards!

Seriously, I'm grateful to receive this and will put it to good use, even though I don't really "need" it.

 

I bought an OAI hood with mine

Well, actually I already bought it, but now Im paying it off.

 

First I'll say, I wish there was never a "reason" for this stimulus in the first place. Second, I'll split it 3 ways, a share to each of my two grown Children and a share to my Church. They'll put it back into the economy.

 

I definitely plan to spend my stimulus where it will be needed, either personally or to stimulate my local economy. This means bills, food, and then to a local jetski mechanic to re-do a top end on a 15 year old two stroke and a local driveway / patio contractor to extend my driveway. Gotta have extra space in the driveway with a new driver in the family.

I know there is some criticism directed towards people that say they will spend it on a project car, car parts, jetski motors, etc, but we are not all in the same financial situation. Some people need it for food, rent, mortgage. Some of us are lucky to still be working and getting paid. In my particular case, I hope to be able to use it to help out others by paying them to do work for me. Stimulating the economy, the way I can.

Best of luck to all you, as well.

 

You're not the only one.





https://www.wsj.com/articles/when-th...ed-11587054049

 

Do any of you realize what that amount of money could have given us each for checks? Over a million each. Where is the rest of that money???

 

I only got 900

 

Your income is too high to get the full $1200. Or, at least, the IRS thinks it is.

The payment is a full $1200 so long as your adjusted gross income as a single taxpayer is $75,000 or less or $150,000 or less if you're married filing jointly. If your filing status is single, head of household, the limit is $112,500. If your income exceeds these limits, the stimulus payment is reduced The payment decreases by $5 for every $100 that your income exceeds the limits. Your payment is $300 less than the max, so your income exceeds the maximum by $6000. Payments disappear completely if your income as a single is $99,000 or more or as married filing jointly is $198,000 or more.

 

What amount of money are you referring to ?

 

The government is running the printing presses at "Ludicrous Speed"; so that the money will come out plaid. The whole thing is a deficit-building shiit-show.

OF COURSE it's all going to get paid back. They're just not telling you how. Or when.

 

No checks here yet.. who knows

 

Regarding the comment: "Love that direct deposit." I recall in the past when direct deposit was the new thing and I remember the grumbling I heard from the old guys at work at the time. They didn't want their earnings deposited electronically, they wanted a paper check, something they could put their hands on and take to the bank! How times have changed

At the time I liked the idea , and like RandS, still today I love that direct deposit.

 

Got mine, direct deposit also. I'll put it in my car fund looking for another Miata, no rush but my other one is just about to roll over to 200 thousand and all good things will come to a end someday..... Tedd

 

I am one of those guy who wants a printed check. I am that man with no credit cards by choice. I am that man that has no debit cards. I was forced by my company to go direct deposit. I owe nobody money except house payment. I have been totally out of dept twice so far and a third time is on the radar. Times have changed . I am only pissed the race track is not open. Life is good if you plan for rainy days the way things are now. I took steps most of my life to be able to survive when things go bad. The future looks bright as long as I do not get the virus. I also am staying away from people as much as I can. May God bless the people on this site and smile on you all. Neeley

 

$1200 will buy a lot of votes!

 

I hope so..... Tedd

 

Well, lets not forget that this is not a free ride. The National Debt will be hell to pay. I know it is needed by about a third of the country. I don't need and will not be getting a stimulus check. My kids all got some and they are all still working. So, they don't need it either. I don't know how they would have done it but, The Feds should have figured out a way to keep it out of the fortunate ones hands that are keeping their jobs. Give the extra $$$ to those that are struggling and / or the truly small businesses that are trying to keep people working.

Many will never make it back. We will se them as statistics as the bankruptcy rates go up.Both personal and business.

Not being political by any means. This affects everybody. Now and in the future.

 

Explain why you will not get a stimulus check?
Is it because you are making to much income?

 

Not to speak for him, but YES, it's due to the income limits.

I, too, wish there had been a better way to identify who really needed the stimulus and who did not, somehow linking it to employment status. We're already seeing that some major corporations have grabbed onto the small business stimulus funds. Big surprise, right?

 

That is correct. Combined income exceeds the established ceiling, for joint tax filings, as it pertains to these stimulus payments.

 

I believe the National Debt has been accumulating since 1865, following the Civil War. We didn't get it all in a few years, don't expect to pay it back in a couple years either.

 

I'm going to close this thread.