Explain To Me The Upcoming Financial Relief Payments

[squatting dog]

It looked to me like it would go by your income level as well as your W2 income tax from last year. If that is so, then people who earn over the $75, 000 allowed , do not receive the stimulus payment.
Unfortunately , people who are so poor that they don’t have to file income tax will probably not get a check either, which would be people who do odd-jobs for a living, or just have a disability check or SS retirement pension.
Since I only get about $5,000 a year , I have not needed to file tax; so I do not expect to receive a check at all. If it has to be paid back , then it is probably a good thing that I am not going to get a check.
Overall, I think that it is a really great thing that some extra money will be coming to our families who are temporarily out of work due to the quarantine closures.

Sure glad I don't my news from you. Wrong! Quote..... and here's the link.
“That group of people who are getting Social Security, whether it’s for retirement or for disability, and don’t need to file, will still be able to get a stimulus check,” said Jack Smalligan, senior policy fellow at the Urban Institute, a non-partisan think tank.
https://www.cnbc.com/2020/03/25/con...LRpGA6lZgK5_nOuo7Yrt_VzYFS4ZUjHZ7hMgY8Rw6A6mQ

https://www.marketwatch.com/story/w...Y9B1oSWGmS2MtVGZ_p_oUNgo8YeQ3FqFkX099jyqT2UpU

 

[oldman]

My wife and I don't get a check. Instead, we get a tax credit.

 

[Aneeda72]

Well, I need the money. I’m keeping it.

 

[fmdog44]

I think the money is being thrown at people for political reasons. I think only people out of work should be getting the money, but if everybody's getting it I certainly would never refuse it. It will go to shore up my emergency fund.

Every adult up to people who earn $75,000 will get $1200 electronically deposited to your bank account before mid April, those without will get a check in 3-4 months. Dependent children will get $500 each. Those collecting unemployment will get $600 extra added to their regular check.

I deleted this response I was wrong on the 75k.

 

[fmdog44]

It depends. If you filed your federal taxes and the IRS has your banking information, the money will be direct deposited into your bank account. If they don't, you'll get a check but it will take much longer to get.

You no longer have to file to get it as of 04/02/20

 

[debodun]

It's an election year.

 

[C'est Moi]

Max $99,000 for single adults get $1,200

Wrong. The maximum for $1200 is $75k. It is then reduced incrementally up to $99k. After that, nothing.

 

[fmdog44]

Wrong. The maximum for $1200 is $75k. It is then reduced incrementally up to $99k. After that, nothing.

View attachment 97794

You are right.

 

[Warrigal]

Take the money and go out and spend it immediately if you don't really need the money. That's the idea. Stimulate the economy. Buy a new computer or a laptop or something you don't really would buy normally. Maybe a bicycle and get some exercise. I'm sure you can think of something frivolous. Buy a government bond perhaps.

If you think you will need this money further down the track, then take it and put it to one side for now. If you don't need it now or in the foreseeable future then spend it in such a way that local businesses will benefit or donate it to a charity that is likely to be overwhelmed because of so much extra need out there as unemployment and homelessness increases.

During the GFC our federal government sent $900 cheques to every pensioner and even more money to households with dependent children, knowing that this money would most likely go into circulation immediately. It worked, as did other stimulus ideas such as funding schools enough money to build assembly halls or libraries and paying for insulation to be installed under the roofs of private houses. The stimulus measures were a success and Australia was the only nation not to go into recession after the GFC.

 

[C'est Moi]

You are right.

OK, I'm going to have to frame this.

 

[Aneeda72]

If you think you will need this money further down the track, then take it and put it to one side for now. If you don't need it now or in the foreseeable future then spend it in such a way that local businesses will benefit or donate it to a charity that is likely to be overwhelmed because of so much extra need out there as unemployment and homelessness increases.

During the GFC our federal government sent $900 cheques to every pensioner and even more money to households with dependent children, knowing that this money would most likely go into circulation immediately. It worked, as did other stimulus ideas such as funding schools enough money to build assembly halls or libraries and paying for insulation to be installed under the roofs of private houses. The stimulus measures were a success and Australia was the only nation not to go into recession after the GFC.

Or you can send it to me. I volunteer to take any money that anyone else doesn’t want.

 

[hellomimi]

Many retired people don't need financial assistance.

Fair enough that you said many but I know of a lot of people who wants to retire but they need to continue working to pay their bills. One told me, "I have to work till I croak."