True. But even full-time workers, at least in NJ, often make less than unemployment plus the supplement. I’m not advocating less for either. I think I’d rather see massive overpayment, rather than parsing that misses someone needing it.
Again, without getting away from the thread topic, there is so much given to those at the top going on, that a little messiness helping the rest is fine. More than fine.
Anyone receiving unemployment and getting the stimulus payment should do their best to save it if at all possible to pay their taxes on the unemployment in April if they aren’t already having those taxes taken out.
I fear that April 15 we are going to have a lot more people even deeper in debt and not only owe their landlords, but the IRS and god knows who else by then and I hope Senate realizes that for the people that really need help, $600 doesn’t do much of anything. These people are thousands and thousands of dollars behind in rent. Can’t put food on their tables. Can’t get back to work And for any of those millionaires 10x or more over they have no concept of what it is for these people to go hungry, have no roof over their head, not be able to have a meal out, have heat, buy their children something special, decent medical care, or even get to go to the front of the line for the vaccine no matter how old they are. What a crock.
D2 got it the first time and she will be getting it again. She is a graduate student, so she could use a bit of extra money. The biggest benefit for her has been the pause of student loan interest accrual.
My mom got a prorated amount last time. She doesn’t need it and she won’t spend it either.
Both of our kids got it, and so did our son in law. All three will save the money.
Two of the three have college loans and the pause in interest is a huge help to them. They are making payments anyway even though not required to. But not accruing interest these last many months has been a huge benefit.
As I mentioned earlier, we have a pending deposit of $623.05. I just checked our IRS account online, and the pending deposit is the stimulus check. Not sure why it is not $1200 as we received $2400 last time. I have done a bit of online research, but can not come up with an answer.
It’s not because your income is too high?
@MaineLonghorn, I wish! Both our hours have been cut and I have been receiving partial unemployment. It is just a weird amount!
Just checked my mother’s account and her $600 is pending for deposit on Monday also.
Did you file your 2019 taxes after you received your last stimulus check? If so, was your 2019 income higher than your 2018 income? The first check was based on 2018 income unless your return for 2019 had been filed already. This one is based on the 2019 return.
So for instance, my son did not receive his initial $1,200 because in 2018 he earned more than $75,000 and I didn’t file his 2019 return until after April 15. He did receive the $600 payment (well pending for Monday) and in April when I file his 2020 return he will get the $1,200 credit adjustment for the payment he never received.
@srparent15, Bingo! Yes, we filed 2019 in July of this year, and after getting up off the sofa to look at our tax return, we indeed made more in 2019. My husband had in his head that we didn’t, and since he takes care of the taxes, I believed him!
At least we now know. I wasn’t thinking about the timing of filing our return; this year is such a blur.
I have no idea when to expect this. As far as I recall, 2019 was filed in Oct and I owed a bundle.
D2 just got it in her bank account.
On a related note, my CPA just told me that the government has decided to forgive the Economic Injury Disaster Loans (EIDL). We expected to have to pay back the $2,000 we got, so that’s a nice surprise. I went through the arduous PPP loan forgiveness application and just got word it was accepted. Whew.
The other flaw in the system is that people who were working in 2019 and made more than the cufoff but lost their jobs in 2020 due to Covid are not getting the stimulus checks, although I believe they will get a tax credit. For people who have been out of work since the spring, the checks would have been great.
I agree with @creekland. My kids all got the checks, but one of them just out of college was earning a nice salary and really didn’t “need” it. I also hear retired people who have plenty of assets but not income got the checks and don’t “need” the money at all. Certainly it is welcome and hopefully some was donated and spent locally, but likely did not change their spending habits. I also know folks at work who have kept their jobs and whose spouses also work that got this money, especially with a dependent and again lost nothing due to covid. I am not clear why this wasn’t set for those whose jobs were impacted, rather than just on income. I understand the idea is to stimulate economic activity, but not sure giving the money to those that don’t need it accomplishes that.
@lookingforward It doesn’t matter how much you owed when you filed. The stimulus checks are based on your AGI, not taxes paid or owed.
@mom2and Those people will be able to take the credit on their 2020 taxes. So they will not be losing out on the stimulus money, they just have to wait to receive it, and when they do, it is as a credit on their 2020 taxes if they owe taxes. or will receive it was a refund when they file them.
@srparent15 I realize that, but seems like those people who have not been working and are only getting state unemployment would have been helped directly by getting the stimulus checks this year. The $300 in extra unemployment will certainly help.
Definitely helps for those unemployed. My big worry is what will happen for the unemployed who don’t realize they owe taxes on all that unemployment money and haven’t had withholdings taken out and then get hit with a huge tax bill come April. These people are already in dire straits and that will just make things worse.
We don’t qualify but one of our daughters got hers. We have suggested she donate hers to a fund created for fellow nurses who have extra expenses related to the pandemic ( like driving to work instead of taking public transportation) or to a food bank. She is fortunate to not need the money.