[2000cs]

This is my personal opinion and not intended to replace sound advice from real financial planners, CPAs or Tax Attorneys.

My advice is to encourage anyone who might be eligible for the stimulus “checks” to file an income tax return for 2019 if they haven’t already.

The IRS will use the info on the return to determine eligibility, to calculate the amount, and to make the deposit directly into your bank account or send a check.

Thus, it is helpful to get the income right and have the current address, family size (dependents) and bank info (for direct payment of taxes owed or for deposit of refund). You do not have to pay taxes, if you owe, when you file this return.

This is where the CPAs and lawyers should stop reading. You do not have to get the return perfect, just get the key info right so you don’t have to repay the stimulus money (don’t understate your income). You have until July 15 to file an amended return and pay any taxes owed.

[BMW F22]

I feel that most of us here don’t qualify. If you make more than $99K you’re off the list to receive anything. It’s meant to help lower income folks and/or hourly employees. If I somehow get it I’d just donate it to someone or a charity that needs it more.

[2000cs]

Originally Posted by BMW F22

I feel that most of us here don’t qualify. If you make more than $99K you’re off the list to receive anything. It’s meant to help lower income folks and/or hourly employees. If I somehow get it I’d just donate it to someone or a charity that needs it more.

I don’t qualify. But I know a lot of people who do and I am encouraging them all to get something in the system, especially those that moved, got married or had kids. They already need the money, so why not make the system work as expeditiously as possible by filing?

[cmyx6go]

I don’t qualify. Not looking for it or complaining. But WTF is $1200 $2000 or $3500 going to for anyone who lost their job. Have lenders stop the clock on mortgage payments for 6 months and add 6 months to the term. No penalties, no interest. Do the same with real estate taxes, and a program for utilities. Just stop the clock until things go back to normal.

[BMW F22]

Originally Posted by 2000cs

I don’t qualify. But I know a lot of people who do and I am encouraging them all to get something in the system, especially those that moved, got married or had kids. They already need the money, so why not make the system work as expeditiously as possible by filing?

For sure. I understand what you mean. I filed mine earlier this week just to get it out of the way. Feel like there will be a mass influx when we return to normal.

[BMW F22]

Originally Posted by cmyx6go

I don’t qualify. Not looking for it or complaining. But WTF is $1200 $2000 or $3500 going to for anyone who lost their job. Have lenders stop the clock on mortgage payments for 6 months and add 6 months to the term. No penalties, no interest. Do the same with real estate taxes, and a program for utilities. Just stop the clock until things go back to normal.

Yeah, it is very minimal help for sure. Especially in areas with high cost of living. I hope this shows people that everyone needs to save for rainy days. $1,200 will not suffice for months but there will be other stimulus packages should this drags on. This was meant to be a fix for a month, maybe two.

[Nuckle]

Originally Posted by BMW F22

Yeah, it is very minimal help for sure. Especially in areas with high cost of living. I hope this shows people that everyone needs to save for rainy days. $1,200 will not suffice for months but there will be other stimulus packages should this drags on. This was meant to be a fix for a month, maybe two.

I think the issue is that a full shutdown where both spouses lose their jobs at the same time is not a "rainy day". Especially when it was of no fault of their own.

[BMW F22]

Originally Posted by Nuckle

I think the issue is that a full shutdown where both spouses lose their jobs at the same time is not a "rainy day". Especially when it was of no fault of their own.

Yeah, agreed. In that case there’s not much to do to help. But still, it drives home the point that we all need to have savings to live off of because this happens every 8-10 years on average (economic downturns, not COVID19).

[bimmer pleaser V2]

Originally Posted by 2000cs

I don’t qualify. But I know a lot of people who do and I am encouraging them all to get something in the system, especially those that moved, got married or had kids. They already need the money, so why not make the system work as expeditiously as possible by filing?

I don't qualify either and rightly so. But what I don't understand is how they can treat a guy making $100k in San Francisco the same as a person making $100k in Tulsa. Makes no sense.

[Yugo]

Alright internet millionaires, sure no one on here qualifies.

Families making 150k a year adjusted gross income which is after your 401k contributions, self employment expenses, etc...I think a lot of people will qualify for it that don't really need the money.

Families making between 150 to 190k agi will get a lesser stimulus check, completely getting phased out at 190k...

[Nuckle]

Originally Posted by Yugo

Alright internet millionaires, sure no one on here qualifies.

Families making 150k a year adjusted gross income which is after your 401k contributions, self employment expenses, etc...I think a lot of people will qualify for it that don't really need the money.

Families making between 150 to 190k agi will get a lesser stimulus check, completely getting phased out at 190k...

What does internet millionaires mean?

I do not qualify at $190k AGI.

[Tyga11]

Originally Posted by Yugo

Alright internet millionaires, sure no one on here qualifies.

Families making 150k a year adjusted gross income which is after your 401k contributions, self employment expenses, etc...I think a lot of people will qualify for it that don't really need the money.

Families making between 150 to 190k agi will get a lesser stimulus check, completely getting phased out at 190k...

Hey man...I just want to let you know...that I don't qualify.

[Yugo]

Originally Posted by Tyga11

Hey man...I just want to let you know...that I don't qualify.

Sure, if you are a single filer it's not that hard. Agi has to be 75k

[c1pher]

Originally Posted by cmyx6go

I don’t qualify. Not looking for it or complaining. But WTF is $1200 $2000 or $3500 going to for anyone who lost their job. Have lenders stop the clock on mortgage payments for 6 months and add 6 months to the term. No penalties, no interest. Do the same with real estate taxes, and a program for utilities. Just stop the clock until things go back to normal.

I agree.....$1200 doesn’t even pay rent around here.

[FuriouslyFast]

Originally Posted by Yugo

Alright internet millionaires, sure no one on here qualifies.

Families making 150k a year adjusted gross income which is after your 401k contributions, self employment expenses, etc...I think a lot of people will qualify for it that don't really need the money.

Families making between 150 to 190k agi will get a lesser stimulus check, completely getting phased out at 190k...

$150k a year people should not be getting any free money

[Nuckle]

Originally Posted by FuriouslyFast

$150k a year people should not be getting any free money

Even tough they pay for it? I generally agree with exception of an event like this. If I get myself fired or my specific industry gets phased out that's one thing. This is something different.

I assume that your profession is not going to be effected? No change in your pay status? Good for you!

I have said in other posts that I can make it about 6 months even though my current drop in monthly income is about $30k per month. Even if I survive it will be a massive hit on my savings. So I get to have a tax liability of around 42% but fuck me if I fall on hard times?

Makes me want to say fuck it and just make $150k per year.

[FuriouslyFast]

Originally Posted by Nuckle

Even tough they pay for it? I generally agree with exception of an event like this. If I get myself fired or my specific industry gets phased out that's one thing. This is something different.

I assume that your profession is not going to be effected? No change in your pay status? Good for you!

I have said in other posts that I can make it about 6 months even though my current drop in monthly income is about $30k per month. Even if I survive it will be a massive hit on my savings. So I get to have a tax liability of around 42% but fuck me if I fall on hard times?

Makes me want to say fuck it and just make $150k per year.

I don't 100% agree with the stimulus check thing to begin with.

We all pay our taxes. The well off get the benefits & the poor & middle class pay for it.

You make $30k a month or $30k a month less than before? You don't need $1,200 then.

No one said fuck you, but you are not even close to the same situation losing your job that someone that makes $30k a YEAR is, man. They are FUCKED. You are fine for a long while unless you never saved & that's on you at that income level.

Same for bailouts of cruise lines etc. That's what their billions are for, to fix their shit/ride it out. Not our tax dollars. They are not an essential business

[Tyga11]

Originally Posted by Yugo

Sure, if you are a single filer it's not that hard. Agi has to be 75k

I was just joking...my sarcasm didn't come off that great

[c1pher]

I’m glad I won’t get any money and it’s not tax free anyway.

[MisterF80M3]

Originally Posted by BMW F22

I feel that most of us here don’t qualify. If you make more than $99K you’re off the list to receive anything. It’s meant to help lower income folks and/or hourly employees. If I somehow get it I’d just donate it to someone or a charity that needs it more.

99k is not a lot of money, especially in San Francisco.

[Humdizzle]

By enlarge it seems like 1200 for someone living in a red state goes a lot farther than for someone living in a blue state. I live in Missouri and where I work it will go VERY far. I just had a patient tell me he and his wife are renting a 2 bedroom house for $300 a month.

There is concern among employers that this stimulus bill is too much. 1200 + unemployment + 600 a week on top of that. As it would incentivize people not to work. I agree with Lindsey Graham on that front.

[eluded]

Originally Posted by FuriouslyFast

150k a year people should not be getting any free money

It depends on where you're located. 150,000 a year in Kansas or Nebraska or Pennsylvania goes a lot farther than say New York or California.