Stimulus checks

[rjs4470]

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.

 

For years, when we received the child tax credit, we could never withhold enough to keep from getting a couple grand back in refund money. When you think about it though, getting $2k back means you could have kept another $38 a week. That's not really all that much in the grand scheme of things. I understand what you're saying, but I always preferred getting $1 or $ 2 thousand back to paying. It always seemed to get used for something we needed...a new appliance, a down payment towards a vehicle, etc. Now if it were several grand or more, than absolutely, you need to adjust your withholding, because you'd be much better off having that extra money every week.

 

Now that we no longer get that child tax credit refund, for the last 3-4 years our refunds have been less than $1k. This year our refund was a little over $400.

[GrantNKY]

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.

Honestly I have no idea. Just what I’ve always done.

[mcpapa]

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.

Because I always owe. Ever since I started drawing SS.

[Hangman]

Because I always owe. Ever since I started drawing SS.

 

I always owe as well. Can’t ever seem to get that withholding right.

[mcpapa]

I always owe as well. Can’t ever seem to get that withholding right.

 

In my case, it's pretty simple. No Federal withholding comes out of SS; and what's withheld from state retirement isn't all that much. Always owe 3 or 4 grand.

[Hangman]

In my case, it's pretty simple. No Federal withholding comes out of SS; and what's withheld from state retirement isn't all that much. Always owe 3 or 4 grand.

 

Sheesh. I usually owe a couple hundred. I’ll stop complaining about it now.

[JDEaston]

Hmm, that's interesting. I definitely don't fall into that category.

 

Yeah thats not correct info. We got ours yesterday and don't fall into that category either. From what I gather its more about the IRS having direct deposit on file and if you have filed returns the past couple of years.

 

For what its worth we moved all of the kids and half of ours to savings. It hasn't been taxed yet from what I can tell and I imagine it will be taxed at about 40% next tax season. So in other words people that don't need it shouldn't necessarily spend it just yet.

[Brcatz]

My question is your children that you claimed, but have a job and file their own EZ tax form. Will the kids get $1200 since they filed taxes?

[CincySportsFan]

My question is your children that you claimed, but have a job and file their own EZ tax form. Will the kids get $1200 since they filed taxes?

 

From what I understood, is that if you claim them as a dependent, then you just get $500 per kid.

[punttheball]

From what I understood, is that if you claim them as a dependent, then you just get $500 per kid.

 

I claim both of my kids, age 19 and 22. Got my direct deposit yesterday for 1200. Since I claimed them they will not get anything. And since they are 19 and older, I did not get the 500 per kid. Not sure what the age cutoff is, I have seen anywhere from 17 to 19. And, they both filed tax returns this year.

[coldweatherfan]

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.

 

Same boat here. MrsC is our accountant. She typically does mock taxes in September, then annualizes that and we make adjustments to deductions.

 

The goal is $0. We're typically + or - $250.

 

Don't like letting the government borrow our money interest free.

[Hellcats]

I claim both of my kids, age 19 and 22. Got my direct deposit yesterday for 1200. Since I claimed them they will not get anything. And since they are 19 and older, I did not get the 500 per kid. Not sure what the age cutoff is, I have seen anywhere from 17 to 19. And, they both filed tax returns this year.

 

16

I got the same issue. Two college kids and got not one dime for them. They both have part time jobs. Frustrating.

[punttheball]

16

I got the same issue. Two college kids and got not one dime for them. They both have part time jobs. Frustrating.

 

It is what it is. But I agree about being frustrated. Seems like the college kids got kicked to the curb on this one.

[rjs4470]

Yeah thats not correct info. We got ours yesterday and don't fall into that category either. From what I gather its more about the IRS having direct deposit on file and if you have filed returns the past couple of years.

 

For what its worth we moved all of the kids and half of ours to savings. It hasn't been taxed yet from what I can tell and I imagine it will be taxed at about 40% next tax season. So in other words people that don't need it shouldn't necessarily spend it just yet.

 

The first payments are based on those who have direct deposit info on file, regardless of income. Paper checks will start in two weeks and those are based on income levels, with lower incomes getting their checks first.

[JDEaston]

The first payments are based on those who have direct deposit info on file, regardless of income. Paper checks will start in two weeks and those are based on income levels, with lower incomes getting their checks first.

 

Thats what I was told as well. I'm curious at what percentage this will be taxed at when that time comes though. I'm feeling like it will be taxed similar to a work related bonus which is 40% for my better half. People need to realize that before they just spend it all and figure it out later. Hence why we moved the majority of ours to savings.