Stimulus check tracker (1 Viewer)

[GrandAdmiral]

I specifically held off doing my girlfriend's taxes this year to ensure she got the max. She had a dependent in 2019 who's since grown up.

Held off doing mine as well since my income went up in 2020. If the calculators are correct, I should be getting a little over $350.

 

[Saint by the Bay]

It was just a summer job, so not much at all. Like yours, we still provide all of her support and will until she graduates. We didn't receive any stimulus for her the last go around and I can't remember if we did the time before that. I don't really need it, nor asked for it, so I'm not complaining. But if she's entitled then I think it should go into her account. This time around though, it appears we only got for my wife and I, but neither of the kids. Again, I'm not complaining. Just trying to make sense of how all this is decided.

Yeah, I didn’t get stimulus any of the rounds and I won’t this time. If I would have I would have done like you’re saying and gave it to them. I think if you get anything you should be getting it for all kids, including your adult daughter this time (not the previous times). They may have just made a mistake.

 

[zatsnzapps]

I won’t this time.

Me this go-round looking for my stimulus check:

 

[Saint_Ward]

It was just a summer job, so not much at all. Like yours, we still provide all of her support and will until she graduates. We didn't receive any stimulus for her the last go around and I can't remember if we did the time before that. I don't really need it, nor asked for it, so I'm not complaining. But if she's entitled then I think it should go into her account. This time around though, it appears we only got for my wife and I, but neither of the kids. Again, I'm not complaining. Just trying to make sense of how all this is decided.

Claim her. Should also get the college credit. Forget the name.

 

[Saint_Ward]

Was hoping for an early drop, but still waiting. We will still qualify and the college kid will now count.

 

[Saint by the Bay]

Claim her. Should also get the college credit. Forget the name.

American Oppurtunity and Lifetime Credits. I’ve had at least 1 kid in college for 9 years now so I know college and taxes like the back of my hand. It’s a $2500 tax credit which doesn’t even scratch the surface of what their education is costing, but it’s still a nice thing to have.

 

[Saint by the Bay]

Was hoping for an early drop, but still waiting. We will still qualify and the college kid will now count.

It seems to be effected by which bank you use. I have two kids who are married and on their own. One is at Navy Federal and one BofA. My NavyFed kid always seems to get hers a few days before my BofA kid. She got hers today, my son didn’t.

I think the actual deposit day is Wednesday but if your bank makes pending direct deposits available early you’ll get it today.

 

[Richard]

As an aside, I caution people against claiming their college aged children on their taxes too long. I am befuddled by tax laws and claimed my last child two years too long and received a nice little letter from the IRS along with a bill for my troubles. I don't know what triggered it, but it may have had something to do with his age, his paid internship or how long he was in school. It's my fault for not being better informed on the tax rules, but I am just suggesting that if you have kids in college and don't know the rules well, you may want to consult someone who does know the rules before filing.

I now return you to the previously scheduled stimulus check discussion.

 

[Saint_Ward]

American Oppurtunity and Lifetime Credits. I’ve had at least 1 kid in college for 9 years now so I know college and taxes like the back of my hand. It’s a $2500 tax credit which doesn’t even scratch the surface of what their education is costing, but it’s still a nice thing to have.

Better than the $500 per dependent... and better than 0.

Good news for him is that he has 75% of his tuition paid for with bright futures. He just has loans for room and board (and the other 25%).

So, yeah, the $2500 is less than we are putting in, but it is nice to get back. Also, used a bit of that tax refund to start a 529 plan for his younger sister.

 

[Saint_Ward]

It seems to be effected by which bank you use. I have two kids who are married and on their own. One is at Navy Federal and one BofA. My NavyFed kid always seems to get hers a few days before my BofA kid. She got hers today, my son didn’t.

I think the actual deposit day is Wednesday but if your bank makes pending direct deposits available early you’ll get it today.

Yeah, my experience is that credit unions are usually a day ahead of everyone.

My chase account hasn't updated. But, the last 2 stimulus payments took a few days for me. I'm not impatient. Kinda shocked how quick they are rolling out. That's great.


For us, I still need to work the math, but with my lost hours, adding in unemployment and the govt boost I had for part of it (then the lousy $55 a week from Florida later)... this will finally make me recoup what I lost. This also allows a safety net, depending on how long it takes my wife to find a new job (see below)

This doesn't even include my wife stopping her employment last october to finish her Masters (internship required). Luckily we dropped our spending and built a cushion before all that.

So, I guess I can let her get her hair cut and colored before her graduation next month...lol.

 

[Saint_Ward]

Another thought, without going into politics... more so economics....

The direct payments to people is easy right? We see the benefit and see the potential short comings. It is direct relief that is needed by many, but not all recipients.

However, the overall economic damage isnt just job losses and eventual gains. It isnt just paying our bills, rent, mortgages, etc.

There is going to be a massive ripple effect, which is what happened in 2007-2009. Many in DC saw this play out or were part of the machine. They don't want to take 4-5 years to crawl out of this economically, and then take another 4-5 years to get wage growth.

The pension bail out looks one way on the surface, but they mentioned how many became insolvent. Not as big of a deal for a company that can figure out a short term work around, but a bigger deal for a city or state that had limited funds. If you do nothing, and they go insolvent, they either lower pension payments or stop then for a while, and hundreds of thousands to millions of retired seniors cant make ends meet months or a year from now. This will be when no one cares anymore.

Heck, this is why so many companies try to buy people out of their pensions. They realize they can't really guarantee the payments, it is a real risk.

The aid for states will be to shore up potential budget losses this or next year. It's not always for bad or out of.control spending, but massive tax revenue losses.

There is a new aid program to more directly help restaurants and bars outside of the PPP. The PPP,.of course, had a nice idea, but ended up with a somewhat high amount of fraud (we will find out how much, eventually).

We'll see in the next few years of this staved off something worse or if this recession will be short lived or not.

 

[Icon]

As an aside, I caution people against claiming their college aged children on their taxes too long. I am befuddled by tax laws and claimed my last child two years too long and received a nice little letter from the IRS along with a bill for my troubles. I don't know what triggered it, but it may have had something to do with his age, his paid internship or how long he was in school. It's my fault for not being better informed on the tax rules, but I am just suggesting that if you have kids in college and don't know the rules well, you may want to consult someone who does know the rules before filing.

I now return you to the previously scheduled stimulus check discussion.

I can pretty well guess what triggered it.

You probably claimed him as a dependent beyond age 23, and in those 2 years you mentioned, his income probably exceeded the limit.

A full-time student under age 24 can be claimed as a dependent as long as the parent is still providing over half of the support for them. Once they hit 24 and beyond, they can only make so much money for you to be able to carry them (less than $4,300 for 2020).

So let's say a full-time student has been working part-time and still lives with his or her parents. That student made $15,000 in both 2019 and 2020.

Age 23 in 2019: can be carried as a dependent, because even with that income, the parents are still providing more than half of the support.

Age 24 in 2020: cannot be carried as a dependent, because income was $4,300 or more.

 

[bigdaddysaints]

on the get my payment site, it says my 3rd EIP will be deposited on March 17th. whoo hoo..

 

[oysters]

Let me know if this isn't the thread for this:

With the new unemployment tax break (not being taxed on the first 10,200), how would I fill out the 1040? I've already filed and know that I need to do a 1040x but am not sure what to do.

My wife made 9K with 900 in taxes and mine was 6K with 600 in taxes. So what do I put in the unemployment section? That we made nothing because it was under 10K? And leave the taxes paid?

 

[Saint_Ward]

Let me know if this isn't the thread for this:

With the new unemployment tax break (not being taxed on the first 10,200), how would I fill out the 1040? I've already filed and know that I need to do a 1040x but am not sure what to do.

My wife made 9K with 900 in taxes and mine was 6K with 600 in taxes. So what do I put in the unemployment section? That we made nothing because it was under 10K? And leave the taxes paid?

IRS will likely come out with guidance. They'll probably add a line to say subtract up to 10k from line yadda yadda. So, wait until then.

I'll wait for HR Block efile to update so I can file an amended return.