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12 members have voted

Suited89
Suited89
Suited89
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March 25th, 2020 at 2:17:20 PM permalink
So the goveernment says we get $1200 ($2400 maried filing jointly plus $500 each for dependants). What ya gonna do with it?

Seems like most would pay some kind of bill, but some need not.

Suited89
some people need to reimagine their thinking
TigerWu
TigerWu
TigerWu
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March 25th, 2020 at 2:22:09 PM permalink
I'm thinking of splurging about $100-$200 and then just saving the rest. IF I get the full $1200. I heard it actually scales down if you make more OR less than $75,000 a year. I make a lot less than that so I'm not expecting the full amount.
Mosca
Mosca
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March 25th, 2020 at 2:30:03 PM permalink
Pay for health insurance while sidelined.
A falling knife has no handle.
Lovecomps
Lovecomps
Lovecomps
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March 25th, 2020 at 2:32:40 PM permalink
I'll make a decision if and when I actually see any money.
The best things in life are not free.
billryan
billryan
billryan
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March 25th, 2020 at 2:35:26 PM permalink
If people save the money, it dilutes the intended effect. The idea is to go out and spend the money. Either pay bills or go out to eat, buy something. If two hundred million people each put $1200 into the economy, it should give it a short term sugar high that might jump start the whole darn thing.
The difference between fiction and reality is that fiction is supposed to make sense.
darkoz
darkoz
darkoz
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March 25th, 2020 at 3:06:56 PM permalink
Quote: TigerWu

I'm thinking of splurging about $100-$200 and then just saving the rest. IF I get the full $1200. I heard it actually scales down if you make more OR less than $75,000 a year. I make a lot less than that so I'm not expecting the full amount.



I believe it's the opposite

Over $75,000 and it scales down. They not trying to put $1200 into the pockets of those who can afford to weather this out
For Whom the bus tolls; The bus tolls for thee
ThatDonGuy
ThatDonGuy
ThatDonGuy
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March 25th, 2020 at 3:13:50 PM permalink
Quote: TigerWu

I'm thinking of splurging about $100-$200 and then just saving the rest. IF I get the full $1200. I heard it actually scales down if you make more OR less than $75,000 a year. I make a lot less than that so I'm not expecting the full amount.


The original plan was:
(a) If you made more than $75,000/year, the $1200 was reduced by 5% of the amount over $75,000, so if you made $99,000 or more, like I do, you get zero. Reportedly (the final bill has not been released as I write this), this is still in the bill.
(b) You couldn't get back more than you paid in income tax for 2008 oops 2018. I don't think this is in the final version; too many people complained that the poor, who really need the money in a situation like this, wouldn't get any.
darkoz
darkoz
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March 25th, 2020 at 3:23:15 PM permalink
Quote: ThatDonGuy

The original plan was:
(a) If you made more than $75,000/year, the $1200 was reduced by 5% of the amount over $75,000, so if you made $99,000 or more, like I do, you get zero. Reportedly (the final bill has not been released as I write this), this is still in the bill.
(b) You couldn't get back more than you paid in income tax for 2008. I don't think this is in the final version; too many people complained that the poor, who really need the money in a situation like this, wouldn't get any.



2008? Or 2018?

2008 was not only more than a decade ago but during my homeless years. I definitely didn't pay that year
For Whom the bus tolls; The bus tolls for thee
Vegasrider
Vegasrider
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March 25th, 2020 at 3:25:16 PM permalink
Take it to the casino and doubling it. Lose get nothing, win I get $2400. Simple as that.
ThatDonGuy
ThatDonGuy
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March 25th, 2020 at 3:26:38 PM permalink
Quote: darkoz

2008? Or 2018?


2018 - and if you didn't file taxes for 2018, it was based on 2019. If you didn't file in 2019 either, I'm pretty sure you get nothing.
darkoz
darkoz
darkoz
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March 25th, 2020 at 3:36:36 PM permalink
Quote: ThatDonGuy

2018 - and if you didn't file taxes for 2018, it was based on 2019. If you didn't file in 2019 either, I'm pretty sure you get nothing.



Thanks

Just to be clear you mean 2017 (filed in 2018) and 2018 (filed in 2019).

I filed both those years. We still have till July 15th to file for 2019
For Whom the bus tolls; The bus tolls for thee
ThatDonGuy
ThatDonGuy
ThatDonGuy
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March 25th, 2020 at 4:02:30 PM permalink
Quote: darkoz

Thanks

Just to be clear you mean 2017 (filed in 2018) and 2018 (filed in 2019).


No, I don't - 2018 means taxes owed in 2018 (and filed in 2019). To be fair, including the 2019 taxes (filed now) are at the discretion of the Secretary of the Treasury.
billryan
billryan
billryan
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March 25th, 2020 at 5:05:08 PM permalink
As I understand it, if you got a direct deposit refund last year, the check will go into the same account. If you get any sort of Federal check( SSI, SS, pension) direct deposited, that's where it goes. For about 95% of the people who made less then the max amount, you can just sit back and think about that beautiful check and what to spend it on.
The difference between fiction and reality is that fiction is supposed to make sense.
UP84
UP84
UP84
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March 25th, 2020 at 6:44:23 PM permalink
Quote: ThatDonGuy

No, I don't - 2018 means taxes owed in 2018 (and filed in 2019). To be fair, including the 2019 taxes (filed now) are at the discretion of the Secretary of the Treasury.


The way I read the latest draft of the legislation, the PAYMENT will be basesd on the taxpayer's Adjusted Gross Income reported in 2018, unless the taxpayer has already filed for 2019, in which case it will be based on the 2019 AGI.

However, the actual amount the taxpayer is eligible for will be based on the taxpayer's 2020 AGI. So, for example, if a person reported an AGI of $74,000 in 2018, they would receive a check for $1,200. But, if their AGI in 2020 turns out to be $100,000, they would have to pay back the $1,200 via a tax liability on their 2020 return. It also works the other way...if someone's AGI in 2018 (or 2019 if already filed) was $100,000, they would not receive a check, but if their AGI on their 2020 filing ultimately turns out to be less than $75,000, they would receive a tax credit of $1,200 in 2020.
Suited89
Suited89
Suited89
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March 27th, 2020 at 3:13:55 PM permalink
The discussions I've had with relatives is based upon low enough income to qualify for non-filing. For example fixed-income composed primarily of SSA and or SSI. If what I read is true there will be a check/deposit coming... whats NOT written is how much.

Suited89
some people need to reimagine their thinking
ChumpChange
ChumpChange 
ChumpChange
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March 27th, 2020 at 3:40:49 PM permalink
Pretty sure I only have 2000 miles left on my car tires and not the 10K-15K the garage told my minder. I want to get new tires before tire manufacturers have to convert to making condoms only.
Ace2
Ace2
Ace2
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March 27th, 2020 at 4:34:01 PM permalink
I’m buying a new platinum Rolex with my $1200
It’s all about making that GTA
ChumpChange
ChumpChange 
ChumpChange
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March 27th, 2020 at 5:01:52 PM permalink
Quote: Ace2

I’m buying a new platinum Rolex with my $1200



That's a steal, or an infected watch.
DRich
DRich
DRich
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March 28th, 2020 at 9:28:56 AM permalink
Quote: ChumpChange

. I want to get new tires before tire manufacturers have to convert to making condoms only.



I think my girlfriend would like the snow tire condom version.
At my age, a "Life In Prison" sentence is not much of a deterrent.
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