Stimulus question

[ScoutTN]

Anyone else receive the third payment already? Ours showed up tonight, electronic deposit. 
 

We got a notice in the mail that the second one should come soon, but it hasn’t.

Weird.
 

[Danae]

We also recently got a notice in the mail that our second payment should be arriving soon. It was confusing because we had received it by direct deposit over a month earlier.  This was before the new one passed, but when we got the letter we thought, “wait, did another stimulus bill pass and we missed it?”

[alisoncooks]

We just (yesterday) got a notice in the mail about the 2nd one. When was that one sent out? 

The third one is the big one, right? I've lost track. (We just spent $10k that we don't have on crawl space moisture remediation, so I'm pumped about clearing that debt!)

Edited March 13, 2021 by alisoncooks

[elegantlion]

Not yet, but a friend just posted they had received theirs yesterday. 

[cintinative]

Oh my goodness. Third try. 

Our tax refund AND our stimulus payment posted. I apparently can't figure out my bank's online reporting which reports the most recent at the top and the least recent at the bottom. 

More coffee please.

ETA: We got a letter about the 2nd stimulus a few weeks after it posted. 

Edited March 13, 2021 by cintinative

[Danae]

15 minutes ago, alisoncooks said:

We just (yesterday) got a notice in the mail about the 2nd one. When was that one sent out? 

The third one is the big one, right? I've lost track. (We just spent $10k that we don't have on crawl space moisture remediation, so I'm pumped about clearing that debt!)

The second one started going out the first week in January.  
 

The third one is 1400 per person, including dependents.  

[Mrs Tiggywinkle]

Ours posted but won’t clear the bank until Wednesday.  We’re just putting it into savings, so it won’t do much good stimulating the economy.

I have really mixed feelings, I guess.  I want to cut down consumption and buying things.  But I also want to help stimulate my local economy and pumping the $7000 we received into local small businesses would go a long ways.  Right now, though, it’s just adding to our savings, which seems to defeat the purpose.

[hjffkj]

I'm guessing ours will be there mon or tues.  With the previous two we got them 2 days after people first started getting them.  Our bank probably already has it but they don't show it until it clears

[cjzimmer1]

1 minute ago, hjffkj said:

I'm guessing ours will be there mon or tues.  With the previous two we got them 2 days after people first started getting them.  Our bank probably already has it but they don't show it until it clears

I never saw pending transactions with the last 2. But I poked around my banks website and discovered they have a completely separate section where the pending transactions are posted that I never saw before.  Ours is listed as getting deposited on Wednesday.

 

[mommyoffive]

Yep, people started getting the stimulus yesterday.  They were trying to get them out faster this time. 

[Scarlett]

So far Dh and I haven’t got it, but dss19 shows pending this morning.  

[ScoutTN]

So I found the second one! Air-brain me had moved it directly to savings and forgot about it! 

We too will be saving rather than spending most of what we have received in stimulus money. It will be spent eventually, of course, because circumstances which requires our emergency fund will surely happen, but in the meantime it is in our savings acct. I will use some of it to pay for summer camps for my kids. 

 

[Sneezyone]

Not yet but I’m happy. It’s a big help for us since DH is being moved away from us for 10 months. I’m not relocating my kids for that ridiculous length of time and the military won’t pay for him to be there solo since it’s more than six months. This will help offset the expense of two households, DDs car purchase, and home repairs. Between this and the expanded child tax credit that should hit this summer, we might not be financially hurt by this mess.

Edited March 13, 2021 by Sneezyone

[J-rap]

Wow, those are coming fast!  We got our first check quickly via direct deposit, but didn't receive our second until a month after they were released, by mail.  I don't know why the change from direct deposit to snail mail, since nothing had changed for us.  (Same bank, same address.)  I don't know how the third one will arrive ~  Guess we'll find out!

[AbcdeDooDah]

Just checked after seeing this. It's in there. I forgot we claimed older ds as a dependent so the amount was more than I thought.

Edited March 13, 2021 by AbcdeDooDah

[Murphy101]

4 hours ago, Mrs Tiggywinkle said:

Ours posted but won’t clear the bank until Wednesday.  We’re just putting it into savings, so it won’t do much good stimulating the economy.

I have really mixed feelings, I guess.  I want to cut down consumption and buying things.  But I also want to help stimulate my local economy and pumping the $7000 we received into local small businesses would go a long ways.  Right now, though, it’s just adding to our savings, which seems to defeat the purpose.

No it does not. I know many will disagree with me but I do not think it does. At some point you will likely need to tap that savings. And it will be good for the economy that you can tap it when you need to vs not having it there.  Should your car need a major repair - the economy and you personally will be better off for having the ability to repair it.

There’s a lot of desperately struggling people out there who have nothing to tap and the economy is not better off for them being in that situation. 

[Murphy101]

Does anyone know if it’s based on 2020 filing or 2019 filing? My husband says it’s based on 2020 if you already filed (we did) or 2019 if you have not already filed.  Seems to me that would be confusing?  Like will you have to return some of the funds after you file if there’s a difference or what?

[1234]

4 minutes ago, Murphy101 said:

Does anyone know if it’s based on 2020 filing or 2019 filing? My husband says it’s based on 2020 if you already filed (we did) or 2019 if you have not already filed.  Seems to me that would be confusing?  Like will you have to return some of the funds after you file if there’s a difference or what?

No, you don’t have to send any back if your 2020 income is more. I’m waiting to file our taxes because we wouldn’t be eligible for any with our 2020 taxes. So, I’m going to take the stimulus, file, and then send the whole thing back to the IRS. At least I won’t have to tap into too much of our savings to pay this year. 

[mommyoffive]

16 minutes ago, Joker2 said:

No, you don’t have to send any back if your 2020 income is more. I’m waiting to file our taxes because we wouldn’t be eligible for any with our 2020 taxes. So, I’m going to take the stimulus, file, and then send the whole thing back to the IRS. At least I won’t have to tap into too much of our savings to pay this year. 

That is what I have heard.  That people were waiting to file their 2020 taxes if they didn't qualify on their 2020 taxes but did with their 2019 ones.  But I haven't heard about them clawing back anything.  

I have heard some talk about getting it with your 2021 taxes.  

[BakersDozen]

5 hours ago, Mrs Tiggywinkle said:

Right now, though, it’s just adding to our savings, which seems to defeat the purpose.

Ours is going into savings just like any other stimulus monies/tax refunds we've ever received. I figure I set my own economic policy which is to save and be debt-free. Very un-American of me, right?? 🙂 But we never eat out and don't buy much retail save for socks, underwear and food items so we're not about to suddenly support small businesses we've never gone to before.

We also figure that by saving and avoiding having to use programs such as mortgage assistance, etc., we're helping the economy in our own way.

[Farrar]

We gave the first two away.

This one we're "keeping" but it's going right back into the economy to pay for ds's summer intensive. It hasn't shown up yet though.

[1234]

3 minutes ago, kand said:

Wait, this one is going to young adults? So far neither my 18 or 21-year-olds have gotten anything, which frankly seems appropriate since they are dependents and my oldest has been working this whole time building up a nice bank account that she does what she wants with (she’s a student, which is why we’re still supporting her). I admit it will actually irk me a bit if they do get it, since we pay all of their expenses, making it just free play money for them.

If you claim them as dependents, you will get money this time for each of them. I think it’s $1400 per person/dependent. 

[teachermom2834]

7 minutes ago, kand said:

Wait, this one is going to young adults? So far neither my 18 or 21-year-olds have gotten anything, which frankly seems appropriate since they are dependents and my oldest has been working this whole time building up a nice bank account that she does what she wants with (she’s a student, which is why we’re still supporting her). I admit it will actually irk me a bit if they do get it, since we pay all of their expenses, making it just free play money for them.

Well my 20 yo will “get” this one but because we claim him it will come to us and I plan to keep it. We still help him out so it will go to him eventually via us. 
 

 

[mommyoffive]

8 minutes ago, kand said:

Wait, this one is going to young adults? So far neither my 18 or 21-year-olds have gotten anything, which frankly seems appropriate since they are dependents and my oldest has been working this whole time building up a nice bank account that she does what she wants with (she’s a student, which is why we’re still supporting her). I admit it will actually irk me a bit if they do get it, since we pay all of their expenses, making it just free play money for them.

The 3rd stimulus check includes dependents over age 16 — but the cash goes to the parent or caregiver

Dependents of any age with a Social Security number are included in the next round of stimulus checks.

But the money goes to the parent or caregiver, not the dependent themselves.

Tax filers who claim a dependent could add up to $1,400 extra per person to their own check. 

 

Who gets the dependent stimulus check? (businessinsider.com)

[Farrar]

Yeah, the fact that adult dependents get this one finally is one of the biggest elements of it. That was the biggest negative loophole of the others - especially for 17 yos, as it's not like they're not still children living at home in the vast majority of cases.

[MEmama]

3 hours ago, kand said:

Wait, this one is going to young adults? So far neither my 18 or 21-year-olds have gotten anything, which frankly seems appropriate since they are dependents and my oldest has been working this whole time building up a nice bank account that she does what she wants with (she’s a student, which is why we’re still supporting her). I admit it will actually irk me a bit if they do get it, since we pay all of their expenses, making it just free play money for them.

We put all the checks for DS into his account; we figure it helps make up a bit for the fact that he couldn’t work last summer (and probably not again this summer). It’ll go back into the economy either way.

Edited March 13, 2021 by MEmama

[teachermom2834]

My almost 21 yo is the only one in my family who didn’t get the other stimulus checks. My 22 yo is independent so he got them and the other kids were 17 and under. This kid lost his job because of Covid. It was both a part time job while he finished school and career track where he was hoping to stay after graduation. So Covid was very bad for him and he was the one left out. 
 

However, he got quite a bit from the CARES through his college even though he didn’t have much need by FAFSA. So he got more than he would have in stimulus. But I know not all colleges disbursed so much money and I know there are young adults that were really left out and also an age group that many were working in the kinds of jobs that were lost to shutdowns. 
 

That group just seemed so vulnerable and I’m glad they remedied that this time. 

[Scarlett]

1 hour ago, kand said:

Wait, this one is going to young adults? So far neither my 18 or 21-year-olds have gotten anything, which frankly seems appropriate since they are dependents and my oldest has been working this whole time building up a nice bank account that she does what she wants with (she’s a student, which is why we’re still supporting her). I admit it will actually irk me a bit if they do get it, since we pay all of their expenses, making it just free play money for them.

 When dss19 filed his taxes last month it was the first time he wasn’t our dependent. Thus he got the two stimulus checks he did not get last year because the irs thought he was still out dependent  . 

[mommyoffive]

Get My Payment | Internal Revenue Service (irs.gov)

[hjffkj]

8 minutes ago, mommyoffive said:

Get My Payment | Internal Revenue Service (irs.gov)

According to that ours is set to hit our account on the 17

[lovinmyboys]

I went to the Get my Payment site and it says status unavailable. I certainly hope that doesn’t mean we don’t get one. We didn’t qualify in 2019, but did in 2020. We filed our 2020 taxes on March 10 and the bill was signed March 11. I was hoping we got it in on time-because $8400 is a lot of money!

Edited March 13, 2021 by lovinmyboys

[mommyoffive]

1 minute ago, lovinmyboys said:

I went to the Get my Payment site and it says status unavailable. I certainly hope that doesn’t mean we don’t get one. We didn’t qualify in 2019, but did in 2020. We filed our 2020 taxes on March 10 and the bill was signed March 11. I was hoping we got it in on time-because $8400 is a of money!

  Do you have a CPA you could call?  Maybe it will just take some time since you just filed your taxes.  

[Spryte]

8 minutes ago, lovinmyboys said:

I went to the Get my Payment site and it says status unavailable. I certainly hope that doesn’t mean we don’t get one. We didn’t qualify in 2019, but did in 2020. We filed our 2020 taxes on March 10 and the bill was signed March 11. I was hoping we got it in on time-because $8400 is a of money!

Right there with you.  Though in our case, CPA hasn’t even filed ours yet.  So... fingers crossed we are not out of luck.

Edited March 13, 2021 by Spryte

[melmichigan]

4 hours ago, Murphy101 said:

Does anyone know if it’s based on 2020 filing or 2019 filing? My husband says it’s based on 2020 if you already filed (we did) or 2019 if you have not already filed.  Seems to me that would be confusing?  Like will you have to return some of the funds after you file if there’s a difference or what?

I found this: "Under the law, if your 2020 tax return isn't filed and processed by the time the IRS starts processing your third stimulus check, the tax agency will use your 2019 tax return to get the information it needs to calculate your payment. If your 2020 return is already filed and processed, then your stimulus check will be based on your 2020 return. If your 2020 return is filed and/or processed after the IRS sends you a stimulus check, but before July 15, 2021 (or September 1 if the April 15 filing deadline is pushed back), the IRS will send you a second payment for the difference between what your payment should have been if based on your 2020 return and any payment actually sent based on your 2019 return."

[mom2scouts]

7 hours ago, kand said:

Wait, this one is going to young adults? So far neither my 18 or 21-year-olds have gotten anything, which frankly seems appropriate since they are dependents and my oldest has been working this whole time building up a nice bank account that she does what she wants with (she’s a student, which is why we’re still supporting her). I admit it will actually irk me a bit if they do get it, since we pay all of their expenses, making it just free play money for them.

Speak for yourself! My 18 year old really needs the money and it's definitely not "free play money" for him. He's going to start college in the fall and we aren't able to help him pay any of his college expenses. He does odd jobs, but entry level jobs are hard to find in our area right now. He's also the most expensive person in our house with food, college testing, college applications, tuition, textbooks, medical, and car insurance. 

There's no risk at all that we won't be eligible for this stimulus money. We have a lot of debt from years ago when dh lost his job and then spent several years extremely underemployed. We've been putting all the stimulus money towards the debt.

[Murphy101]

13 minutes ago, mom2scouts said:

Speak for yourself! My 18 year old really needs the money and it's definitely not "free play money" for him. He's going to start college in the fall and we aren't able to help him pay any of his college expenses. He does odd jobs, but entry level jobs are hard to find in our area right now. He's also the most expensive person in our house with food, college testing, college applications, tuition, textbooks, medical, and car insurance. 

There's no risk at all that we won't be eligible for this stimulus money. We have a lot of debt from years ago when dh lost his job and then spent several years extremely underemployed. We've been putting all the stimulus money towards the debt.

I don’t think she is saying this stimulus wouldn’t be useful for that age bracket. But for those who are the main support for that age bracket - it not going directly to them doesn’t mean it won’t benefit them. 

For my part I have some that will get it directly and some that we listed as dependents so they won’t get it.  But since I have no plans to stop helping those dependents, it’s not like they won’t benefit still. 

[Condessa]

14 hours ago, melmichigan said:

I found this: "Under the law, if your 2020 tax return isn't filed and processed by the time the IRS starts processing your third stimulus check, the tax agency will use your 2019 tax return to get the information it needs to calculate your payment. If your 2020 return is already filed and processed, then your stimulus check will be based on your 2020 return. If your 2020 return is filed and/or processed after the IRS sends you a stimulus check, but before July 15, 2021 (or September 1 if the April 15 filing deadline is pushed back), the IRS will send you a second payment for the difference between what your payment should have been if based on your 2020 return and any payment actually sent based on your 2019 return."

I am so glad to hear this.  2019 vs. 2020 vs. 2021 will make a significant difference for us.  I filed our taxes three and a half weeks ago, the website almost immediately confirmed that it was received, and there has been no progress since then.  I was concerned that with it not processing first, the stimulus was going to come based on 2019 and that they wouldn't make corrections until next year's tax filing, which wouldn't help us.  Relieved to hear they will send out corrections based on 2020 taxes if they don't process first.

[Tap]

According to the website, it will be here in a few days. I have coworkers who go theirs on Friday. 

[Scarlett]

11 hours ago, kand said:

Oh, I totally didn’t mean that it shouldn’t go to any young adults, just that I wish it could be more finally tuned to those who need it, because mine do not. Now that I understand that it doesn’t actually go directly to the dependent, that sounds more appropriate. That allows parents to give it to them or spend it on them as needed. My own 21 year old I was talking about only pays for her books and gas (and only started doing that this year). Her job never stopped during the pandemic, so her income more than covers her expenses. I would have liked to see the checks going only to those who lost work or were otherwise financially suffering (which would have allowed the checks going to those who need them to be bigger). 

Well, I have a young adult who got 1800 2 weeks ago and the 1400 this weekend.  He does not support himself.  

[ktgrok]

2 hours ago, Scarlett said:

Well, I have a young adult who got 1800 2 weeks ago and the 1400 this weekend.  He does not support himself.  

Then you should claim him as a dependent, and you would get the money, not him. 

[cjzimmer1]

2 hours ago, kand said:

Does no one claim him as a dependent? 

 

1 hour ago, ktgrok said:

Then you should claim him as a dependent, and you would get the money, not him. 

I'm not Scarlett but I have a young adult who is probably in a similar scenario.  My DS made about $6800 last year and was not in school so he had no choice but to file independent.  However, everyone knows there is no way an adult is self supporting on $6800 a year. So technically I'm supporting him.  I pay 100% of his housing, 100% of his medical.  80% of his food and on it goes but I don't get any credit for supporting him.  

Now that said, I'm glad he got the money because the reason he only made $6800 is because everything shut down and he wasn't able to get a job.  He had bought a car just before things went crazy so that he would have dependable transportation for a job and was actively interviewing for positions up to the day things were shut down.  And then everything hit a screeching halt but he still had expenses related to the car (and a few other things we don't cover), that he fully expected to be able to cover with a job that didn't materialize till much later in the year.  

[ktgrok]

2 minutes ago, cjzimmer1 said:

 

I'm not Scarlett but I have a young adult who is probably in a similar scenario.  My DS made about $6800 last year and was not in school so he had no choice but to file independent.  However, everyone knows there is no way an adult is self supporting on $6800 a year. So technically I'm supporting him.  I pay 100% of his housing, 100% of his medical.  80% of his food and on it goes but I don't get any credit for supporting him.  

Now that said, I'm glad he got the money because the reason he only made $6800 is because everything shut down and he wasn't able to get a job.  He had bought a car just before things went crazy so that he would have dependable transportation for a job and was actively interviewing for positions up to the day things were shut down.  And then everything hit a screeching halt but he still had expenses related to the car (and a few other things we don't cover), that he fully expected to be able to cover with a job that didn't materialize till much later in the year.  

Ah, you make perfect sense.

Yes, there are definitely kids in that age bracket that the family is mostly supporting, but make too much to be a dependent. 

[Scarlett]

5 hours ago, kand said:

Does no one claim him as a dependent? 

No, he is out of school. 

[Scarlett]

2 hours ago, ktgrok said:

Ah, you make perfect sense.

Yes, there are definitely kids in that age bracket that the family is mostly supporting, but make too much to be a dependent. 

I don’t really think it is a question of how much money they make is it? My understanding is once they are 18 and out of school they file independent. 

[Carrie12345]

10 minutes ago, Scarlett said:

I don’t really think it is a question of how much money they make is it? My understanding is once they are 18 and out of school they file independent. 

The way I read it was covering 50% or more of their expenses for the year, but I could be wrong.

[cjzimmer1]

21 minutes ago, Scarlett said:

I don’t really think it is a question of how much money they make is it? My understanding is once they are 18 and out of school they file independent. 

Your adult child can be a qualifying relative and claimed as your dependent if they make less than $4300 (assuming they meet the other requirements like under a certain age, living with you etc)  At least that is my understanding.

Edited March 14, 2021 by cjzimmer1

[Scarlett]

Just now, cjzimmer1 said:

Your adult child can be a qualifying relative and claimed as your dependent if they make less than $4300.  At least that is my understanding.

Ah.  Ok.  He did make more than that. But certainly doesn’t support himself.  He isnt blowing his money though.  He has about 15k in savings.

[TarynB]

7 hours ago, Carrie12345 said:

The way I read it was covering 50% or more of their expenses for the year, but I could be wrong.

Sorry, Carrie, I didn't mean to quote you and now I can't get rid of it.

To anyone interested, this handy-dandy tool provided by the IRS will answer dependent status questions:

https://www.irs.gov/help/ita/whom-may-i-claim-as-a-dependent

Edited March 15, 2021 by TarynB

[cjzimmer1]

Our bank showed it pending till 3/17 last Friday, this morning the transaction cleared.  I'm glad to see the funds are getting out so quickly this time.