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How did/will your family share stimulus payments?


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13 hours ago, Frances said:

Is all of this because your income is too high? Honestly I didn’t think we should get the stimulus check, but our pretax deductions are so high that we did. Without them we would have received nothing. We certainly didn’t need it and that’s why we donated most of it. But we are also fortunate to have not been affected financially by the pandemic. So I realize it might be different for people who had good incomes and lost them due to the pandemic, but the check was based on prior income.

I mean it wouldn't be too high if they were talking about after we pay taxes since we pay so, so much.  Dh has military retirement plus regular income.  But as I said, people in my income group with our types of income can't shelter any  income like some business owners including sole proprietors like physicians and lawyers,  we end up paying a lot more in fed taxes than many if not most others in our same income bracket- we are well under 400k but above the 185 or whatever the end of stimulus is.  

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Family budget. Basically everything goes into the family budget, and we each have “allowances” each month for personal spending, but the allowances aren’t strict, and if we want something bigger we discuss it.

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We just put it all in one pot and donated it to the local food shelf/homeless shelter.  Our children our grown and we're fortunate enough to not need extra right now.  Oh, we did give $500 of it to our dd who was in that weird category of being considered our dependent according to the tax returns the stimulus was based on, but she's no longer our dependent and could use a little extra!  Hopefully she'll qualify for the next round.

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We were fortune with the first round since we qualified due to a weird fluke with taxable income deductions. We shouldn’t have qualified, but we did. We won’t qualify this round due to high income. I much rather have our income than the stimulus! I am envious of those who don’t qualify for the stimulus on one income. 
 

Other than inheritances, all our money goes into one bucket. That bucket is then used for all our needs and wants. Inheritances will be different b/c They will come from my family, and I want to keep them separate for my kids. 

Edited by 2squared
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We used the first stimulus partially as cushion to help us through while Dh’s income was down from March-November (we were covering our regular living expenses fine, but it really helped with unexpected things like car repairs) and partially for things to accommodate our foster girl’s sisters coming here that DHS didn’t cover, like shelves for their bedroom and a second fridge for the garage.

The next one will go toward rebuilding the emergency fund and paying down debt.  Some carryover left from the insanity last month, but mostly toward paying off the car.  
 

We should get a part of the stimulus later with our taxes, as we have gained two more dependents since the last tax year, so if that comes through properly that will go to debt, too.

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44 minutes ago, Condessa said:


 

We should get a part of the stimulus later with our taxes, as we have gained two more dependents since the last tax year, so if that comes through properly that will go to debt, too.

It looks like dss19 will get his that way too, when he files his 2020 taxes next month.  On our 2019 taxes we still claimed him so he missed out on the stimulus completely.  We won't be claiming him on 2020 taxes so he should be eligible for the stimulus on his own.  

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All our money is together for the most part. We'll save it for now and hope that it doesn't get used up for emergency car/house repairs, college expenses and that sort of thing and is still available for travel when we can do that again (I'm hoping for lots of travel in the next couple of years to make up for this past year). There had been talk back in January/February of surprising the kids with a Disney trip as a Christmas present this year, and that didn't happen, so....next year? fingers crossed. 

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4 hours ago, TravelingChris said:

I mean it wouldn't be too high if they were talking about after we pay taxes since we pay so, so much.  Dh has military retirement plus regular income.  But as I said, people in my income group with our types of income can't shelter any  income like some business owners including sole proprietors like physicians and lawyers,  we end up paying a lot more in fed taxes than many if not most others in our same income bracket- we are well under 400k but above the 185 or whatever the end of stimulus is.  

I'm curious how business owners shelter money? I've always thought it was bigger businesses that could figure that out. We co-own a small business and there aren't any money shelters available to us. We had to pay rack rate for health insurance until I got my school job - because we had so few employees, we didn't qualify to buy a group health insurance. We end up all claiming 0 (even though we have kids) and have the max taken out of our personal taxes AND pay a boat load in business taxes. We have a very highly regarded CPA and attorney and they haven't found us any nice small business loopholes. 

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4 hours ago, TravelingChris said:

I mean it wouldn't be too high if they were talking about after we pay taxes since we pay so, so much.  Dh has military retirement plus regular income.  But as I said, people in my income group with our types of income can't shelter any  income like some business owners including sole proprietors like physicians and lawyers,  we end up paying a lot more in fed taxes than many if not most others in our same income bracket- we are well under 400k but above the 185 or whatever the end of stimulus is.  

You can’t exclude pretax contributions to retirement accounts, health insurance premiums, or healthcare flexible spending accounts? Even people making $400k can generally exclude at least a portion of such payments. While it’s true that the big tax bill in 2017 created a special deduction for sole proprietors up to certain income levels, most of their remaining deductions are related to running their businesses, expenses those with employers don’t have.

And given your husband’s military pension and the jobs of your children in your signature, it would appear that most of your taxes are coming right back into your family, as military spending is such a large part of the federal budget.

Edited by Frances
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19 hours ago, TravelingChris said:

  And I got disabled slowly and too young.  I may get some when I go legally blind. But with disability, it isn' just the money, it is the fact that most programs to help disabled in any way whatsoever, require SS disability

Is there anyway you could qualify for Social Security Disability even if you don't qualify for the monthly check?  I know that is a thing for people with children with disabilities.  That might help open doors for you.

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When we got the first on it went into savings.  DH was laid off and it was taking forever to get UI so we were using some savings to pay bills

 

this time it’s all going to savings, but I might buy a circut maker, or a new camera.  Or both.  
 

or the cruise thread had me thinking I might take the kids on a mouse ears cruise.    We could really use the mental health break after everything we have dealt with.  

Edited by happysmileylady
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We put ours into the family account. Our senior in high school doesn't get one because he's in that weird dependent stage although he's our most expensive family member with the cost of college applications, the amount of food he eats, and school/extracurricular costs. If there's a second stimulus, dh and I will qualify for the full amount and we can really use it. It seems like everything we own had to be repaired or replaced this year. Two aging cell phones completely died. Our water heater, car battery, two laptops used for school, our TV, our washing machine, the car tires, the dehumidifier, the printer, and a bunch of other stuff completely died. Our living room furniture is twenty years old and won't last much longer. You can't say I'm not stimulating the economy!

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1 minute ago, mom2scouts said:

We put ours into the family account. Our senior in high school doesn't get one because he's in that weird dependent stage although he's our most expensive family member with the cost of college applications, the amount of food he eats, and school/extracurricular costs. If there's a second stimulus, dh and I will qualify for the full amount and we can really use it. It seems like everything we own had to be repaired or replaced this year. Two aging cell phones completely died. Our water heater, car battery, two laptops used for school, our TV, our washing machine, the car tires, the dehumidifier, the printer, and a bunch of other stuff completely died. Our living room furniture is twenty years old and won't last much longer. You can't say I'm not stimulating the economy!

My sofa and loveseat were 25 years old !  My girlfriend said 'well, I guess you got the good out of that set.'  And then when I posted I was giving it away when I got a new set my  niece who is 33 posted, 'oh so many memories!'  LOL

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All of ours is going to the 2021 Great Bathroom Remodels by a small local company owned by friends of ours who use local companies for tiling and cabinets, etc.  We're finishing one (in the basement) then making one ADA compliant and shrinking the other (to make room for the ADA one to be bigger.)  It will be a merry adventure.  It gives us a bit more cushion than we previously had on the budget for it.

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They mucked up how they handle American citizens living overseas. They used the Adjusted Gross Income line on the 1040, which is calculated by taking our income and subtracting off all income we have paid overseas taxes on.  Our AGI was like 3K or something. So they sent us the check.  We didn't know what to do or how to give it back.  We were told to cash it in case they do ask for it back, then at least we have the money and don't have to fight some battle saying we gave it back before or didn't cash it. But everything we can see says it is ours, so we purposely spent it on local businesses here that were struggling - like restaurants or small shops.  It will be interesting to see if they have fixed the muck up with the next check.

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Thanks for all the replies! I am surprised that it seems things went near unanimously to the family budget/family projects. 

We used the first round to make up for salary cuts, so essentially the same thing, family budget. And the second will likely go there, too, with it being $600 per taxpayer. When they were talking of making it $2000, we were playing the “how do you want to spend your 2K?” game. Like a mini version of what would do with lottery winning fantasies. 

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Into the family pot. My dh will probably end up paying for my dd's second semester of college with it.

I really wish they had given the adult dependents something. My dd did not work at all for 6 months because her restaurant closed for most of the spring and summer. And this Christmas after exams when she wanted to really work several days a week during her winter break, the whole family ended up with Covid, so she couldn't work. That money would have paid her gasoline for driving back and forth to school this spring.

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We file married but separately because it keeps my student loan payments low.  So DH didn’t qualify for anything as he made over 75K last year; but I claim all the kids so I got the stimulus for me and the kids.

It’s just going in savings.  We thought about putting it all on the car I just bought, but our interest rate is really low and we don’t owe all that much on it. 
Plus I expect that I am going to wind up taking an extensive mental health break from work soon or be hospitalized.  Covid didn’t wreck my body, but it’s wrecked my mind.  
 

But back to the point, all money is our money regardless of who’s name it’s on. We do keep separate savings accounts, but that’s more a security thing for my mental health, that I have money available no one else can touch. 

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1 hour ago, fairfarmhand said:

Into the family pot. My dh will probably end up paying for my dd's second semester of college with it.

I really wish they had given the adult dependents something. My dd did not work at all for 6 months because her restaurant closed for most of the spring and summer. And this Christmas after exams when she wanted to really work several days a week during her winter break, the whole family ended up with Covid, so she couldn't work. That money would have paid her gasoline for driving back and forth to school this spring.

Wasn't  your dd able to get unemployment? 

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We are not living together, but we still do a joint return for now, or we would lose some tax credits. Ex randomly gives me money on occasion since we still don't have a set agreement. Since he was unemployed most of the year, he did not give me much money compared to previous years.

We got our stimulus balance sent on a debit card, so I just used it myself to pay for groceries from May through August, when it finally ran out. The groceries end up getting used at both households due to our kid going back and forth, bringing their own food from here. Will probably do the same with the next one if they send a card again.

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Our stimulus funds were in our bank account today. I'm still annoyed that DS, a high school senior, doesn't get anything again, as he could use it the most, but I'm not going to complain too much about getting some of our tax money back at a time when we can really use it.

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