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What would you do if the US Treasury sent you $1,000

Wally Fairway

By Wally Fairway
in Daily Texan

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Treefidy

Treefidy 1469

Posted
Posted (edited)
5 hours ago, Hefeweizen said:

Yup.  Honestly it is good that it is means tested.  It isn’t “nothing” but it needs to be for the hardest hit.  The corporate bailout is pure horseshit and will he used for more buybacks indirectly.  

$400M earmarked to help make voting by mail easier.  

Edited by Treefidy
Got a little cloaky
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South Austin
South Austin
Biff Tannen
Biff Tannen

I would invest half of it in low risk mutual funds and then take the other half over to my friend Asadulah who works in securities…

Moby Ric
Moby Ric

Save it to pay the Gov't when they ask for it back on April 15th.

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'stache

'stache 21823

Posted
Posted (edited)
15 hours ago, bluto said:


75,000 isn’t a hard cut off, the funds just stair step down gradually until 99k.

I saw $5 off per $100 in income until the $99K cutoff. I haven't done the maths but I think it works out. There's a similar phase out on student loan deductions that I've seen worked out in my taxes for years.

Edited by 'stache
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Js1

Js1 85439

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Posted
15 hours ago, CooterBrown said:


Especially if they made that last year and are currently unemployed due to the virus.

Incentive to not file tax return if you haven't yet, because they'd have to go off 2018 to determine if you're eligible. 

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atomheartbevo

atomheartbevo 89735

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Those who don’t have direct deposit, looking like May and into June or later.     House got a briefing on the timeline from the IRS/Treasury.  But if you are low income and don’t have direct deposit setup already, you will still be at the front of the line for paper checks  

https://www.cnn.com/2020/04/02/politics/stimulus-20-weeks-irs/index.html

Quote

Initially, the IRS will make about 60 million payments, likely in the week of April 13, for taxpayers who provided their direct deposit information through their 2018 or 2019 tax returns, the memo from the House Ways and Means Committee says.

Three weeks later, on the week of May 4, the IRS expects to start issuing paper checks to individuals whose bank information isn't already on file, a process that will take much longer.

According to the committee, the paper checks will be issued at a rate of about 5 million per week, and that it could take up to 20 weeks to issue all the checks. Individuals with the lowest income, based on adjusted gross income, will receive their checks first.

The Ways and Means Committee memo detailed its understanding of the timeline based on "extensive" conversations with Treasury and IRS officials. It said that the timelines are subject to change.

However, you’ll have a chance for setting up direct deposit later in April or May.

Quote

The IRS envisions having an online system in place by late April or early May to allow taxpayers to update their direct deposit information and to track the status of their payments, according to the memo.

 

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atomheartbevo

atomheartbevo 89735

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Posted

Treasury saying that the timeline has moved up a week.

https://thehill.com/policy/finance/490919-mnuchin-first-coronavirus-rebates-to-be-issued-within-two-weeks

Quote

Treasury Secretary Steven Mnuchin said Thursday that the first coronavirus relief payments to Americans will be sent "within two weeks."

"I previously said this would take us three weeks," Mnuchin said at a White House press briefing. "I'm pleased to report that within two weeks, the first payments will be direct deposit[ed] into taxpayers' accounts."

Could be as soon as April 9 for direct deposit folks.

https://www.washingtonpost.com/politics/irs-to-begin-issuing-1200-coronavirus-payments-april-9-but-some-americans-wont-receive-checks-until-september-agency-plan-says/2020/04/02/8e0cfc84-751e-11ea-85cb-8670579b863d_story.html

Like I said, they will have the website setup later this month or next for you to put direct deposit information in, if it's not on file.

I know way too many people who are relying on this to get them through the next few months.   This looks to be the only payment for the time being, but there are plans for another if things continue longer.

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Hawndoh

Hawndoh 2386

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I got my direct deposit for my normal tax return on Friday after filing my return online with Turbo Tax the previous Sunday.

That was quicker than I thought it would be so hopefully these stimulus payments can process quickly as well, at least the electronic ones.

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Orange&White

Orange&White 5528

Posted
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I filed my taxes three weeks ago and got my direct deposit in 8 days. Looks like I’m due for $1700. 
I’ve got fitted and have been looking at some new Ping irons for a few weeks. Looks like I’ll be getting the irons and the driver, 3 wood and hybrid as well.

Whatever’s left will go to my son who was just laid off from his part time retail job.

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bluto

bluto 4932

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Posted
Getting the full $3400, 1/3  to each of Saving, Spending (probably home improvement project), and Stocks (already invested this amount when the bill was officially signed before everybody becomes flush and does the same)

You’re probably one of 5 or 6 recipients of these funds that will actually invest it, not sure you have to worry about it flooding the market
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Wally Fairway

Wally Fairway 5568

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17 minutes ago, swraith said:

I want to have someone build me pergola for my back patio. and a grape arbor for my side yard.

That sounds very fancy, are you really certain that if you qualify for the stimulus that you really should spend it on a pergola and an arbor?
I mean surly 1% don't qualify for the gov't hand-out and likely already have a pergola

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Onboard 2.0

Onboard 2.0 9083

Posted
Posted
3 minutes ago, Wally Fairway said:

That sounds very fancy, are you really certain that if you qualify for the stimulus that you really should spend it on a pergola and an arbor?
I mean surly 1% don't qualify for the gov't hand-out and likely already have a pergola

No worries, for a $1,000 it's only gonna be a model anyway.

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swraith

swraith 347

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Posted
That sounds very fancy, are you really certain that if you qualify for the stimulus that you really should spend it on a pergola and an arbor?
I mean surly 1% don't qualify for the gov't hand-out and likely already have a pergola

The checks are intended as a stopgap to keep co summers able to spend. Some may need to buy groceries or pay the rent. I am looking at backyard projects...I just don’t have time(too busy at work).

From a macro perspective it doesn’t really matter what you spend it on...it should help maintain the economy. Saving the stimulus check...is potentially very good on the micro level for boosting an individual’s safety net...but doesn’t achieve the intended goal of keeping the economy functioning.
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Biff Tannen

Biff Tannen 45692

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2 minutes ago, swraith said:

From a macro perspective it doesn’t really matter what you spend it on...it should help maintain the economy. Saving the stimulus check...is potentially very good on the micro level for boosting an individual’s safety net...but doesn’t achieve the intended goal of keeping the economy functioning.

This is why it is stupid to not give it to college students.  They are far more likely to go out and spend it at bars and local restaurants, which are the businesses that need the money the most.

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Dnaguy

Dnaguy 12002

Posted
Posted
On 3/25/2020 at 7:44 PM, PenelopeWitherspoon said:

I am not getting shit. 

If I were, I would put it in my Robin Hood account.  That shit is addicting.

 

On 3/25/2020 at 10:01 PM, CooterBrown said:


Especially if they made that last year and are currently unemployed due to the virus.

 

On 3/25/2020 at 10:42 PM, bluto said:


75,000 isn’t a hard cut off, the funds just stair step down gradually until 99k.

 

On 3/26/2020 at 1:46 PM, 'stache said:

I saw $5 off per $100 in income until the $99K cutoff. I haven't done the maths but I think it works out. There's a similar phase out on student loan deductions that I've seen worked out in my taxes for years.

 

On 3/26/2020 at 1:56 PM, Js1 said:

Incentive to not file tax return if you haven't yet, because they'd have to go off 2018 to determine if you're eligible. 

 

On 3/27/2020 at 10:15 AM, 'stache said:

For you surly dickswingers between $75K and $99K (or married $150K to 198K).

 

https://www.washingtonpost.com/graphics/business/coronavirus-stimulus-check-calculator/?fbclid=IwAR358uaplj3HR1XXmiWBJEgnw0A2l4GtBo2a3NlhWEfvSNv2U7J8r5e6oxs

Just an FYI.

If you made too much In 2018 and / or 2019 to get a stimulus check, but you lose your job and fall under the 99k-individual / 198k in 2020, then you will qualify for the Full or reduced (whichever you qualify for depending on your income) stimulus amount as a tax credit when you file your 2020 taxes next year.

So... you’ll likely get the $, just not now. Not very stimulating, but you’re not necessarily left with your dick / tits in your hand.

Sorry JG Whentworth.

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RCRanger03

RCRanger03 1049

Posted
Posted
11 minutes ago, Spankytoes said:

If you are in the income bracket that would receive anything, you can’t afford a pergola. You already live in debt.

I'm not even 2/3s of the income requirements (Nonprofit career, 70 hour weeks, no hazard pay lol). 

Used other Surly poster's Fantasy Bball money to gets mah Ardbeg 10 restocked last week, so screw my save,spend,stocks plan, I'm going to push it all in on Pergolas!

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Onboard 2.0

Onboard 2.0 9083

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2 hours ago, Biff Tannen said:

This is why it is stupid to not give it to college students.  They are far more likely to go out and spend it at bars and local restaurants, which are the businesses that need the money the most.

So you wanna encourage kids to go out to bars right now ?  Not following that logic.  

It doesn't matter who gets the check as long as its spent somewhere to help them cover rent, etc. or to go into a local business' coffers.  I'd say keeping guys employed with small projects is a great way to help out others, and yourself.

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Onboard 2.0

Onboard 2.0 9083

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47 minutes ago, RDCanecutter said:

I'll convert all mine into pennies, and rivet them into a suit of shining scale armor. Any pennies left over will be thrown to the worshipful peasants huddling around me.

Where do your get your drugs, cause I want the name of your source, for a friend.

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atomheartbevo

atomheartbevo 89735

Posted
Posted (edited)
3 hours ago, Biff Tannen said:

This is why it is stupid to not give it to college students.  They are far more likely to go out and spend it at bars and local restaurants, which are the businesses that need the money the most.

Many are at their mom and dads, given how many campuses shut down, or stuck in their apartments, since bars, etc. are shut down.

Guys will spend it on delivery pizza and video games.  And cheap TVs.

Edited by atomheartbevo
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atomheartbevo

atomheartbevo 89735

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15 hours ago, Shaggy3.0 said:

I have a bad feeling about this. It has the potential to blow up in a very bad way—waste, fraud, and abuse when rushing dollar dollar bills yall to individuals in a compressed timeframe while under pressure.

This isn't a new concept. We've already done this before - under  George W. Bush's administration with the Economic Stimulus Act of 2008 where we got up to $600 an individual, or $1200 a couple, with money for kids as well.  This time around, it's certainly happening faster, but a massive chunk of taxpayers have director deposit info with the IRS/Treasury compared to 2008, so of course it'll be faster.

It's tied directly to your taxes, so if there's fraud or waste, it's because you engaged in fraud when filing your 2018 or 2019 taxes.  Play a stupid game with taxes, take a chance at winning stupid prizes.

Also, it's already been determined what you will receive based on said taxes that were already filed - if you haven't already filed your 2019 taxes prior to or during the covid stuff, then it's based on your 2018 taxes.    

 

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