What do you think of the stimulus package?

[mi*vida*loca]

I just think the restrictions are arbitrary on the check distribution.

Sure they limit the income to $75,000 (still ridiculous for anyone that lives in a big city, or is making less than they did in 2018), but I would imagine majority of those making $75,000 or less aren't directly affected by Covid, yet they will get checks anyways. So technically they don't "need" the checks either.

The unemployment part makes the most sense in helping people who's jobs are affected by Covid..

I’m in NJ and we are shutdown. Only essential businesses open. I know lots of people who make under 75k that lost their jobs. Retail employees, waiters, law office staff (courts are only hearing certain cases), substitute teachers, etc. This will definitely help them.

 

[mi*vida*loca]

My son is 20 (college student) and will be filing 2019 taxes for the first time. I claim him too. I’m so confused on if he’ll get the money or not. I told him to file his taxes today. He’s out of work since all movie theaters are closed. $1200 could really help him. I told him if I get the $500 for him I’ll give it to him. He doesn’t pay us rent or any bills but he has his own car, buys clothing, gets haircuts and buys his own personal hygiene products he likeS, etc. Without this I’ll be footing the bill on all of that until he starts working again.

 

[Christine]

I actually am not in in favor of a means test for this. Everyone should get $1,200. What if I filed in 2019 making $85,000, but now I'm unemployed? I'd not get the full amount but I'm jobless. Yes, some people that don't need it would get it but I'd rather that than people that DO need it not get it.

Now, I am also aware of expanded UI benefits, larger amounts, and for longer duration, so that may change my stance on the above once I see more details about that.

Yes, I think the caps are ridiculous. You and I both know how expensive it is to live here. My son is making $101K annually. His rent is $2200 per month (and that's with roommates) so he can live within a 20 minute commute of his job. Fortunately, he has not yet been laid off, but he will not get the check. Essentially the bill punishes people who live in cities. Honestly I can't believe that the congress people from all of the city districts didn't put up a stink over that.

 

[Farro]

I’m in NJ and we are shutdown. Only essential businesses open. I know lots of people who make under 75k that lost their jobs. Retail employees, waiters, law office staff (courts are only hearing certain cases), substitute teachers, etc. This will definitely help them.

Okay. And I know a lot of people who didn't lose their jobs that will be getting checks and that's okay. But that's why I still think the restrictions are arbitrary.

I'll get some money, not the whole amount, but I'm on a payment plan with the IRS for something I claimed incorrectly a few years ago (my fault, I didn't understand it) so I'm assuming my stimulus will go directly to that. But that's okay, it will pay it off for me.

 

[smokeyblue]

I actually am not in in favor of a means test for this. Everyone should get $1,200. What if I filed in 2019 making $85,000, but now I'm unemployed? I'd not get the full amount but I'm jobless. Yes, some people that don't need it would get it but I'd rather that than people that DO need it not get it.

Now, I am also aware of expanded UI benefits, larger amounts, and for longer duration, so that may change my stance on the above once I see more details about that.

I agree. The best thing would be to give everyone the stimulus check regardless of an arbitrarily assigned need. Wasting time, money and resources to figure out who deserves the checks is foolish. Those who get the checks that don't need them will spend them and stimulate the economy. Those who do need the money will also spend the checks to take care of their needs and also will be stimulating the economy at the same time.

 

[Searc]

I think it excludes too many people and May is much too late to be sending out money for those that will be desperate within a couple weeks.

 

[mi*vida*loca]

Okay. And I know a lot of people who didn't lose their jobs that will be getting checks and that's okay. But that's why I still think the restrictions are arbitrary.

I'll get some money, not the whole amount, but I'm on a payment plan with the IRS for something I claimed incorrectly a few years ago (my fault, I didn't understand it) so I'm assuming my stimulus will go directly to that. But that's okay, it will pay it off for me.

I think everyone should get it. I don’t understand how they can base it off of last years income. What if people lost their jobs???

I was just replying to your statement of “I would imagine majority of those making $75,000 or less aren't directly affected by Covid“ when I stated I know lots of people who make under 75k that are directly affected by covid.

either way this bill leaves a lot of people hanging. I’m personally wondering about my college student son.

 

[McKelly]

Here’s one thing I feel is unfair. DS and DD are both in college and both work at restaurants. Both filed income tax, but were still claimed as dependents on out taxes as we support them. Both do work a lot - DS works 50-60 hours a week during summer and works Christmas and spring breaks.
DD works at a restaurant in her college town and stays and works over the summer too
So, as I understand it, we will not be able to get the $500 stimulus credit because they are over 17 and they will not be able to get the $1200 because they were claimed as dependents.

This is how I understand it as well. Both my college students are home now. They are 19 and 21 and both are laid off and not making money because they are non-essential. I guarantee you they are eating WAY MORE than a 8 and 10 year old are! It would have been nice if the $500.00 would have gone to dependents, and not just kids. But I digress, I just found out I will not be laid off, and that I can work from home, and get paid. My DH went to work, my state is in a "safe at home" status since this morning, and we weren't sure what that meant for him. He hasn't come back home, so I guess that means we're good, for now! He works in an area by himself, so I'm not too worried about the social distance piece.

So, all in all, I can't complain about any money coming our way, we're very fortunate to be employed right now. My kids are not, and now we will have to make an extra car payment for a couple months (DD's car), but in the grand scheme of things, we got lucky. If things change, it sounds like they took care of unemployment.

 

[runwad]

Ok I admit I skimmed through this, will this be based on 2018 tax returns or 2019?

 

[pryncess527]

Ok I admit I skimmed through this, will this be based on 2018 tax returns or 2019?

2018 unless you’ve already filed for 2019. Which admittedly makes the tax implications fairly unclear.
previously they had talked about taking the money back over a 3 year period if your 2020 returns showed that you were no longer eligible, I haven’t seen that in the final version of the bill but it wouldn’t surprise me.

 

[sksjasams]

Does anyone know if this version calls for us to pay this stimulus check money back in next years tax return?

 

[DisneyBabies]

I’m still unsure if my father-in-law, who is retired, would get the money automatically as an SS recipient, or if he needs to backfile taxes.

EDIT: it appears that, at least for people who already get money from SS or VA, they will NOT have to file taxes, the IRS will get their direct deposit info from these other agencies

This was my understanding as well. It was a huge concern for my mother who is on SS and, as everyone knows, that's never enough to really live on. The first bill that the democrats blocked left out SS earners, so I am glad they were included in this new bill.

It is a lot better than the bill that was put forth earlier.

Absolutely. Setting aside the help for individuals, the restrictions on how corporations use this money is a huge deal.

I just think the restrictions are arbitrary on the check distribution.

Sure they limit the income to $75,000 (still ridiculous for anyone that lives in a big city, or is making less than they did in 2018), but I would imagine majority of those making $75,000 or less aren't directly affected by Covid, yet they will get checks anyways. So technically they don't "need" the checks either.

The unemployment part makes the most sense in helping people who's jobs are affected by Covid..

I think we are all forgetting that this is not just to help those affected by Covid-19. This is also supposed to help boost the economy when this is all over.

Although our family doesn't need this money as DH is able to work from home, if we were not receiving this money, you can be certain there would be no unnecessary spending going on from our end. This money is supposed to tempt us to go buy luxuries after we are allowed out of our homes. It's a nice thought, but our money is more likely to go to help my mother through this.

 

[Farro]

I think we are all forgetting that this is not just to help those affected by Covid-19. This is also supposed to help boost the economy when this is all over.

Although our family doesn't need this money as DH is able to work from home, if we were not receiving this money, you can be certain there would be no unnecessary spending going on from our end. This money is supposed to tempt us to go buy luxuries after we are allowed out of our homes. It's a nice thought, but our money is more likely to go to help my mother through this.

No, not forgetting. Which is why I keep saying the restriction rules are arbitrary. Everyone should get it.

 

[China Expat]

I won't see a cent based on my tax returns, but I am unemployed this year with no income due to medical issue. The check would help a lot with my medical bills.

 

[TippyThomas]

Hoping it comes before May at this point.

 

[BuckeyeBama]

I actually am not in in favor of a means test for this. Everyone should get $1,200. What if I filed in 2019 making $85,000, but now I'm unemployed? I'd not get the full amount but I'm jobless.

I think that means that you will get it next year if you lose your job this year because it is going to be adjusted based on 2020 income when we file returns. Far from ideal for people who lose jobs this year and need the money, but at least they will receive the $600/week bump in unemployment for 4 months. That amounts to an additional $10k.

 

[Colleen27]

Right now, I haven't seen enough details to feel strongly about it one way or the other and it seems like the signals from the House are that it is not likely to pass there as easily has the leadership had hoped, so I expect another round of negotiations and delays before we find out what they're really going to do.

The biggest problem I have with it at this point is the timeframe. I've heard they're expecting 2+ months before checks actually start going out. I've got friends who are getting letters this week reminding them that rent is still due on the 1st and eviction proceedings will start on the 10th if it isn't paid. Getting a check in May or June isn't going to help with that. Hopefully the expanded unemployment will be handled in a more timely fashion to provide real relief for those who need every dime of their income to get by.

Here’s one thing I feel is unfair. DS and DD are both in college and both work at restaurants. Both filed income tax, but were still claimed as dependents on out taxes as we support them. Both do work a lot - DS works 50-60 hours a week during summer and works Christmas and spring breaks.
DD works at a restaurant in her college town and stays and works over the summer too
So, as I understand it, we will not be able to get the $500 stimulus credit because they are over 17 and they will not be able to get the $1200 because they were claimed as dependents.

That's my frustration too. DD18 is out of work and doesn't qualify for unemployment under our state's usual rules because she didn't have high enough earnings over a long enough period of time and because she quit when they closed down her campus rather than sticking around to be laid off a week or two later. But she's halfway through a payment plan on the extra credit hours she took this term, so she's still got bills. It is really frustrating that this is written in such a way that she appears to fall through all the gaps - no unemployment, no stimulus. And obviously no way to get another job (she waitresses) while our state is in lockdown.

Either the $500 should apply to all dependents regardless of age, or the $1200 should go to all adults regardless of tax status. Putting college kids, who depend on their income even if they aren't self-sufficient, in a special category as not needing any help at all is just ridiculous, especially since most work in the very industries that are completely shut down for the foreseeable future. Maybe the details of the final bill will remedy that, but I doubt it is a problem anyone wanted to go to the mat over.

 

[DisneyBabies]

No, not forgetting. Which is why I keep saying the restriction rules are arbitrary. Everyone should get it.

But can you imagine the outrage if someone making 200K a year received a stimulus check? Or a big CEO making 500K+? This is why they put the limitations on it. They did what they could to make it fair for everyone. And this version of the bill covered more people than the first version.

Hopefully the other parts of the bill will cover those who were skipped on the stimulus check.

 

[Farro]

But can you imagine the outrage if someone making 200K a year received a stimulus check? Or a big CEO making 500K+? This is why they put the limitations on it. They did what they could to make it fair for everyone. And this version of the bill covered more people than the first version.

Hopefully the other parts of the bill will cover those who were skipped on the stimulus check.

You are contradicting your own statement:
I think we are all forgetting that this is not just to help those affected by Covid-19. This is also supposed to help boost the economy when this is all over.

Although our family doesn't need this money as DH is able to work from home, if we were not receiving this money, you can be certain there would be no unnecessary spending going on from our end. This money is supposed to tempt us to go buy luxuries after we are allowed out of our homes. It's a nice thought, but our money is more likely to go to help my mother through this.

By what you posted above, it shouldn't matter how much someone makes as this money is supposed to help boost economy.

But it is what it is and that's that.

 

[pryncess527]

But can you imagine the outrage if someone making 200K a year received a stimulus check? Or a big CEO making 500K+? This is why they put the limitations on it. They did what they could to make it fair for everyone. And this version of the bill covered more people than the first version.

Hopefully the other parts of the bill will cover those who were skipped on the stimulus check.

It usually costs more money than you would spend to means test these types of things. It’s far easier to clawback from high income earners on future tax returns than to waste the IRS’ time trying to figure out who should get how much now