Third stimulus - is it for real?

amother

Wed, Mar 10 2021, 7:01 pm

wiki wrote:

The bill passed in Congress today.

It's $1,400 for every household member and you should receive it before Pesach.

And, starting in the summer, it's also $300 per month per child under 5 and $250 per month for each child 5-12, not likely to end in 2021.

That is HUGE. That's just mind-bogglingly HUGE. My family would get over $2000 per MONTH?!?!? That would pay half of our tuition bills for the year!

Is that more or less than the Canada child stipend?

amother

Olive

Wed, Mar 10 2021, 7:29 pm

wiki wrote:

My understanding is that this is a child tax credit, not free money like the stimulus (although taxpayers will eventually end up paying it back). In that case, can families who havent been working and wont be filing taxes still be eligible? In other words, if someone is collecting unemployment which I believe is not taxable then would they still be eligible to receive this child tax credit?

allthingsblue

Wed, Mar 10 2021, 7:40 pm

amother [ Olive ] wrote:

Pretty sure unemployment is taxable but yes they will get this tax credit as a refund! That's what makes it so outrageous. It's encouraging people to have children and not work.

pause

Wed, Mar 10 2021, 7:48 pm

allthingsblue wrote:

Pretty sure unemployment is taxable but yes they will get this tax credit as a refund! That's what makes it so outrageous. It's encouraging people to have children and not work.

I believe that unemployment is taxable, but there's a bill pending in NY to change that. I have no idea if it passes, if it'll go into effect retroactively as well.

amother

Lilac

Wed, Mar 10 2021, 7:50 pm

amother [ Pearl ] wrote:

I had a similar story, I was eligible for pandemic unemployment but mine never ended up going through. I wasn’t eligible for the regular unemployment (freelancer)
I would have gotten March through aug! That’s a ton of money I never saw. Meanwhile so many stay at home mommies were just mooching off the government.
So unemployment really isn’t the answer.

How did SAHM moms get money?!

amother

Olive

Wed, Mar 10 2021, 7:53 pm

allthingsblue wrote:

Pretty sure unemployment is taxable but yes they will get this tax credit as a refund! That's what makes it so outrageous. It's encouraging people to have children and not work.

There seems to be some kind of tax waiver attached to this stimulus bill that would waive the first $10,200 people made on unemployment. How would that work for the child tax credit?

https://www.cnbc.com/2021/03/0......html

Mommyg8

Wed, Mar 10 2021, 7:55 pm

allthingsblue wrote:

Pretty sure unemployment is taxable but yes they will get this tax credit as a refund! That's what makes it so outrageous. It's encouraging people to have children and not work.

This bill just changed that for couples making under $150,000, the first $10,200 in unemployment will not be taxed by the federal government.

allthingsblue

Wed, Mar 10 2021, 7:57 pm

Now I'm just waiting for them to mandate one year paid maternity leave then I'll be all set Smile

GreenEyes26

Wed, Mar 10 2021, 8:24 pm

allthingsblue wrote:

Pretty sure unemployment is taxable but yes they will get this tax credit as a refund! That's what makes it so outrageous. It's encouraging people to have children and not work.

You mean like the entire Kollel system?

amother

Plum

Wed, Mar 10 2021, 8:36 pm

GreenEyes26 wrote:

You mean like the entire Kollel system?

This was just low.

amother

Honeydew

Wed, Mar 10 2021, 8:40 pm

This whole stimulus makes me so, so angry.

We miss the cutoff by about a thousand dollars (ie, our 2019 agi was about 161,000)

So, because of that:

we don't get $1,400 per family member
we don't get the $300 or 250 per kid per month.

Works out that that thousand dollars just cost us over $20,000.

It's not okay. It doesn't make sense.
And you know what else? If that's what's going to happen... I should just stop working as much as I do. Because I end up losing out by working hard. So why bother?

amother

Turquoise

Wed, Mar 10 2021, 8:41 pm

amother [ Plum ] wrote:

This was just low.

Agreed. We are in kollel and thrilled. I'm working full time and paying taxes and not on programs. I'd love to have a bunch of kids, but the fertility treatments (that I'm also paying for) don't always work...

amother

Lilac

Thu, Mar 11 2021, 3:38 am

GreenEyes26 wrote:

You mean like the entire Kollel system?

How does the Kollel system encourage people to have children and not work?

Fave

Thu, Mar 11 2021, 4:29 am

amother [ Honeydew ] wrote:

If your 2020 income is within the 160K bracket, and you already filed, you’ll be qualified for the stimulus.

wiki

Thu, Mar 11 2021, 6:51 am

I think the monthly payments for kids are for all incomes.

The only thing is, it is a pre-payment of your child tax credit, so if you usually file to get money off your taxes with the child tax credit, that comes out of the money you receive monthly for kids now.

amother

White

Thu, Mar 11 2021, 6:58 am

I'm really happy for all big families. My parents, for example, are getting 18,000 dollars.

amother

Pearl

Thu, Mar 11 2021, 6:59 am

amother [ Lilac ] wrote:

How does the Kollel system encourage people to have children and not work?

wondering the same. When my husband was in Kollel we had 4 kids and he was earning $3600 a YEAR in stipends. Clearly I missed something important here.

leah233

Thu, Mar 11 2021, 7:02 am

To put things in perspective.

This stimulus is going to cost about $6,000 dollars for every single man, women and child in the entire United States.

Officially the most anyone is getting out of it is about $3,600

amother

Linen

Thu, Mar 11 2021, 7:05 am

We don’t qualify for this either. Bh we don’t need the money but we pay tons in taxes (and full tuition etc etc) so it does sting a bit.