April 14, 20206 yr Anybody got theirs yet? My wife informed me that ours had been deposited into our account yesterday (Monday). The surprise was that we got $500 for our son. Wasn't expecting that since he turned 17 back in December. (Maybe they were going by how old he was for the 2019 tax return???) I told her to transfer it over to our savings account and let it set. Even though both of us are still working right now, we're going to save it for later. I know that's not stimulating the economy...but I think it's the smart thing to do.
April 14, 20206 yr Author Got mine yesterday. Plans to save it, or spend it? Or a little bit of both?
April 14, 20206 yr Plans to save it, or spend it? Or a little bit of both? Spent half (paid off a credit card, made a purchase), saving the rest.
April 14, 20206 yr For those of us who received paper tax returns last year instead of direct deposit, any idea when we can expect the paper checks to arrive?
April 14, 20206 yr Plans to save it, or spend it? Or a little bit of both? I am paying off some debt (about 1/2 of the $2400 we should be getting), saving the rest for a vacation we are planning to take in November.
April 14, 20206 yr I’m treating mine as simply the ability to partially skip a rent payment. I feel like that’s the best thing I can do with it.
April 14, 20206 yr For those of us who received paper tax returns last year instead of direct deposit, any idea when we can expect the paper checks to arrive? It’s based on income. The more you made, the longer you will wait. I think they are starting with those with AGI’s under $20k. From there each week they will go under $30k, $40k etc. There is supposed to be a tool where you can enter your direct deposit info on the IRS site, in order to receive your payment quicker. Out of curiosity, why would you have opted to wait 10-12 weeks for a refund check vs 2-3 weeks for direct deposit when you filed you taxes? I haven’t gotten a paper check refund in years.
April 14, 20206 yr I think they are starting with those with AGI’s under $20k. Hmm, that's interesting. I definitely don't fall into that category.
April 14, 20206 yr Author It’s based on income. The more you made, the longer you will wait. I think they are starting with those with AGI’s under $20k. From there each week they will go under $30k, $40k etc. There is supposed to be a tool where you can enter your direct deposit info on the IRS site, in order to receive your payment quicker. Out of curiosity, why would you have opted to wait 10-12 weeks for a refund check vs 2-3 weeks for direct deposit when you filed you taxes? I haven’t gotten a paper check refund in years. Yeah, we've had ours directly deposited for the past several years now. But, I will say, I'm never really one to have gotten super excited about our return, because it's usually been "nominal" in my mind (say $500 or so). I've told my wife that I'd almost rather pay $200-$300 at tax time, versus getting a $2000 or higher return...because that means we've been able to use that extra money throughout the year, instead of giving the government a zero-interest loan to hold it for us.
April 14, 20206 yr Author Hmm, that's interesting. I definitely don't fall into that category. Me (us) either. Maybe that's just for the paper checks.
April 14, 20206 yr Hmm, that's interesting. I definitely don't fall into that category. I am referring to the issuance of paper checks, which @GrantNKY was asking about. To be clearer, the first wave of payments this week and next week are supposed to be all of the people who have direct deposit on file from their 2018/2019 tax returns. Then the schedule I mentioned, is supposed to start the following week, when they begin issuing the paper checks.
April 14, 20206 yr Yeah, we've had ours directly deposited for the past several years now. But, I will say, I'm never really one to have gotten super excited about our return, because it's usually been "nominal" in my mind (say $500 or so). I've told my wife that I'd almost rather pay $200-$300 at tax time, versus getting a $2000 or higher return...because that means we've been able to use that extra money throughout the year, instead of giving the government a zero-interest loan to hold it for us. Agreed. I’ve been doing this for years. If your disciplined with your money, this is the only way to go. We typically owe around $500, it’s been as high as $1000.
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