Stimulus check | Imamother

amother

Cobalt ↓

Tue, Apr 14 2020, 4:23 pm

amother [ Pink ] wrote:

Because supposedly someone maybe $150,000 a year has more reserves than someone making $15,000 a year.

Maybe this will teach people with high incomes not to spend it all.

If you’re making $15k a year you’ll be making a lot more from unemployment than your salary.
And I make closer to the $150k vicinity but have lots of expenses to upkeep it. Like full tuition. Like student loans. Loss of income takes away my ability to pay bills. Why do you think you should be walking away with four times your normal salary and I should get nothing because I worked hard to get to a different tax bracket? I also pay a fortune in taxes and we’re not eligible for any breaks or discounts ever.

amother

↑ Periwinkle ↓

Tue, Apr 14 2020, 4:24 pm

amother [ Slateblue ] wrote:

Can someone explain why they’re basing this on our tax returns? If we were still making what we claimed on our tax returns, we wouldn’t need the money! The problem is we’re not making that money anymore! But we don’t qualify for the stimulus checks 🤔

You'll get the money when you file your 2020 tax return.

amother

Lawngreen ↓

Tue, Apr 14 2020, 4:28 pm

The IRS announced via Twitter on Saturday, April 11 that the first Economic Impact Payments had been deposited into recipients' bank accounts.

The House Ways and Means Committee estimates that the IRS will make about 60 million direct deposit payments in mid-April. This group will primarily include households whose direct deposit information is already on file with the IRS from their 2018 or 2019 tax return.

Next, the IRS will make a second round of April payments to Social Security beneficiaries who don't file tax return and receive their payments by direct deposit. It isn't clear which wave will include Americans who haven't filed or haven't given the IRS their direct deposit information previously, although the IRS has outlined steps to allow people in these groups to get their payments direct deposited.

Finally, paper checks will begin to be sent in early May to taxpayers who didn't get theirs through direct deposit, although this process is expected to take as long as 20 weeks, as the IRS has the capacity to issue about 5 million checks per week.

amother

↑ Lawngreen ↓

Tue, Apr 14 2020, 4:29 pm

The U.S. Treasury Department and the IRS announced that a new tool will be available on the IRS Economic Impact Payment Web page on Friday, April 17. The Web application will be called "Get My Payment" and will serve several important functions:

If you have not received your stimulus payment yet, it allows you to check the status of yours, so you'll know approximately when it will reach your bank account or be mailed.
If you filed tax returns in 2018 and/or 2019 and did not provide your direct deposit information -- meaning that you either chose to receive your tax refund as a check, or didn't get a refund at all -- you'll be able to share this information with the IRS if you choose to do so.
If your payment hasn't been issued yet, you can confirm whether you want to receive it by direct deposit or check. (Note: Direct deposit will be much faster.)

https://www.irs.gov/coronaviru.....ments

amother

↑ Lawngreen

Tue, Apr 14 2020, 4:32 pm

If you didn't file a 2018 or 2019 tax return, here's what you need to do ASAP.

It's important to note that if you didn't have to file a 2018 or 2019 tax return and are worried about not getting a stimulus payment, you don't need to wait until the Get My Payment tool becomes available. The IRS launched a non-filers portal last week to allow people who typically don't need to file a tax return to submit their bank information so they can receive a stimulus payment.

https://www.irs.gov/coronaviru.....-here

Finally, Social Security beneficiaries for the most part don't need to do anything to receive a stimulus payment. With a few exceptions -- such as SS beneficiaries with children or new beneficiaries in 2020 -- Social Security recipients will automatically receive their stimulus payments in the same manner in which their Social Security benefits are paid out.

amother

↑ Periwinkle ↓

Tue, Apr 14 2020, 5:12 pm

amother [ Slateblue ] wrote:

Huh? Next year?

yes, next year.

The 'stimulus' is a prepayment of a credit that will be on the 2020 tax return.

You'll get the money next year.

amother

↑ Pink ↓

Tue, Apr 14 2020, 5:15 pm

amother [ Cobalt ] wrote:

If you don't have your salary, you can't pay full tuition. You aren't on the verge of being homeless. Student loan repayments are suspended. Your income taxes are postponed. The credit card companies are working with people.

I don't feel for you. I feel for the little guy. I also make a good living. But I am not complaining about the stimulus check. It's fair because we have more resources.

amother

↑ Slateblue ↓

Tue, Apr 14 2020, 5:17 pm

amother [ Pink ] wrote:

Not being able to pay tuition next year is my biggest worry right now. My son is starting high school and tuition is a fortune.

amother

Beige

Tue, Apr 14 2020, 5:19 pm

amother [ Cobalt ] wrote:

In the non-jewish world someone who is making 150k definitely has savings unless they are really stupid with their money. Unfortanutely we all know that frum Jews with large familes living on 150k can be living paycheck to paycheck. You have to understand that we are a tiny minority though and the bill was not passed with frum people in mind (obviously).

amother

↑ Slateblue ↓

Tue, Apr 14 2020, 5:24 pm

amother [ Beige ] wrote:

Right I think that’s the only explanation.

amother

↑ Cobalt ↓

Tue, Apr 14 2020, 5:28 pm

amother [ Pink ] wrote:

Schools are still charging in full every month. Thank god it hasn’t bounced yet but we still need to pay. And without income we’re all the little guy. Who cares what I made last year? My payments may be suspended now but they weren’t suspended then and my bills kept me living paycheck to paycheck. I don’t need your sympathy but those are just the facts.

amother

↑ Pink ↓

Tue, Apr 14 2020, 5:29 pm

amother [ Beige ] wrote:

There are a lot of people who would say the matching outfits and the other ways we live large prove we are stupid with money.

There's a lot of belt tightening we can do because there's so much conspicuous consumption.

amother

↑ Slateblue ↓

Tue, Apr 14 2020, 5:32 pm

amother [ Pink ] wrote:

Even all the overpriced matching outfits only add up to a few thousand dollars. The cost of living as a frum Jew is astronomical. Between tuition and shabbos and yom tov, and often large families...

amother

Puce

Tue, Apr 14 2020, 5:40 pm

amother [ Chartreuse ] wrote:

Yeah, basing it on our prior incomes is really kind of defeating the entire purpose.

I agree, the system is flawed.

But guess what? It's probably the best system available. The alternative would be for everyone to fill out some type of application with a task force that would be hired to evaluate each one. Can you imagine how long it might take to send the money to everyone? Maybe a couple years.

Basing eligibility on previous years income means the system will get it right most of the time. Nowhere near 100%, but most of the time.
If you have a better, more efficient suggestion, we'd all love to hear it.

amother

↑ Pink ↓

Tue, Apr 14 2020, 6:03 pm

amother [ Slateblue ] wrote:

Even all the overpriced matching outfits only add up to a few thousand dollars. The cost of living as a frum Jew is astronomical. Between tuition and shabbos and yom tov, and often large families...

Cut down on the glitz. My grandmothers had 2 brass candlesticks for Shabbos. My mom had a 3 candle stainless steel holder. I have tiffany silver candlesticks and a large silver branched candle holder, a thick silver tray, a silver match book holder, a silver taper holder to light candles. I also have a tiffany silver box to hold my tzedukah money.

You mean to tell me my grandmothers weren't good Jews because they didn't have the glitz? This is every aspect of public Judaism. No one needs a $600 escrog and a silver box to hold it in.

amother

↑ Slateblue

Tue, Apr 14 2020, 6:09 pm

amother [ Pink ] wrote:

True. But I don’t have all that. And we still made (past tense!) too much for the stimulus checks.

amother

↑ Cobalt ↓

Tue, Apr 14 2020, 6:16 pm

amother [ Pink ] wrote:

You’re assuming everyone is like you. I have Silver plated candlesticks and a glass tray. I never had any glitz and never quite have enough to spend on myself so have no shopping to cut back on. And I do my own Shaitels so no savings there either. Not everyone has what you do.

amother

Blue

Tue, Apr 14 2020, 6:21 pm

amother [ Beige ] wrote:

In the non-jewish world someone who was making 150k definitely has savings unless they are really stupid with their money. Unfortanutely we all know that frum Jews with large familes living on 150k can be living paycheck to paycheck. You have to understand that we are a tiny minority though and the bill was not passed with frum people in mind (obviously).

This. This is the answer. From the perspective of congressmen, anyone who was making over 150K should have plenty of savings and shouldn't need help.
They don't take into account people who have 6+ kids and pay private tuition, and could have been making 150K and just scraping by.

I feel for anyone in that situation, I really do.But you have to understand that you're a tiny minority in this country.