Stimulus

[bikeman564™]

2 hours ago, Razors Edge said:

On the positive side, while no stimulus for me, I did get my final paycheck of the year and due to the earlier "extra" bonus we got, I did not have any 401k $$$ taken out! So, a mini-bonus there for me

I had little bonus on today's check. No insurance was taken oot, something about over payed thruout the year, blah blah blah. I got a cool $28 extra bucks to spend.  We get quarterly bonuses.

[Razors Edge ★]

2 hours ago, Square Wheels said:

Yeah - like that.  Except it's stealing from the future generations - rich and poor (but mainly poor) - and giving to random folks.  Prep your kids for the discussion they will need to have with their kids.  Or don't.  Really, that avalanche is their problem, not ours.

[Kirby]

2 hours ago, Prophet Zacharia said:

I’m not eligible for a Roth. 

You can do a backdoor Roth in an IRA - invest in a non-Roth IRA and then convert. 

https://www.morningstar.com/articles/900537/why-you-should-consider-a-backdoor-roth-ira

[smudge ★]

Just checked. Our $1200 showed up 1/1/2021. And I took a shower today. So far, 2021 is off to a good start. 

[JerrySTL ★]

Just got ours today. As we are soon doing $30K or more repairs and upgrades to the house, it will come in handy. I just hope that it doesn't cause inflation as I'm now on a somewhat fixed income.

[Dirtyhip]

40 minutes ago, JerrySTL said:

Just got ours today. As we are soon doing $30K or more repairs and upgrades to the house, it will come in handy. I just hope that it doesn't cause inflation as I'm now on a somewhat fixed income.

This slightly scares me, with the new build.  We moved to the county to lower our taxes and have space.   We will see what they deem the property is worth when the house is done.  

[Parr8hed]

I didn't think that we would get it, but we sure as shit did!

[bikeman564™]

[jsharr ★]

We got ours .  Oldest son has not

[Randomguy]

In the pending deposits now.  Yay!

 

[Dottleshead ★]

On 12/31/2020 at 7:55 AM, Dirtyhip said:

We both got ours.  It's amazing how fast they can work, when they WANT to get something done.

I still don't have anything. We're going to need new blinds at the new place. So in that sense I'll be spending it on the economy. It's doing what it was designed for.

[Square Wheels]

Just checked my bank account, I still have 12 dollars.

[2Far ★]

Wo2’s went in last night. There wont be any more for me. 

I maxed out the 401 early, so I’ve been gettin some extra for the last 6 weeks. 
 

[MickinMD ★]

Nothing for me on Fri. 5:30 pm EST.

My guess is it will show up on the official pay date of Mon. Jan 4.

A USA Today article says:

The direct deposits were to hit bank accounts as early as Tuesday night or later. 

Yet the Internal Revenue Service warns: "Some Americans may see the direct deposit payments as pending or as provisional payments in their accounts before the official payment date of Jan. 4, 2021."

Consumers need to realize that Jan. 4 is the effective date when the U.S. Treasury will actually transfer funds to the institutions for credit to the individual accounts, according to bankers. 

[bikeman564™]

So the gov't f&$%@d up...as usual. People (like me) who pay Turbo Tax fees from the federal return may not get the money. H&R block also effected. Because the gov't deposited the money into their account, and not the individual tax payer's account . This SNAFU did not happen to me last April, but did now. I'll probably get the money when I file this year.

[Razors Edge ★]

2 minutes ago, bikeman564™ said:

So the gov't f&$%@d up...as usual. People (like me) who pay Turbo Tax fees from the federal return may not get the money. H&R block also effected. Because the gov't deposited the money into their account, and not the individual tax payer's account . This SNAFU did not happen to me last April, but did now. I'll probably get the money when I file this year.

I remember hearing that was a problem with the first ones too, so I wonder why it would happen now, but not then, to you?  I'm still in your "I got a rock" category.

[bikeman564™]

1 minute ago, Razors Edge said:

I remember hearing that was a problem with the first ones too, so I wonder why it would happen now, but not then, to you?  I'm still in your "I got a rock" category.

[donkpow]

4 minutes ago, bikeman564™ said:

So the gov't f&$%@d up...as usual. People (like me) who pay Turbo Tax fees from the federal return may not get the money. H&R block also effected. Because the gov't deposited the money into their account, and not the individual tax payer's account . This SNAFU did not happen to me last April, but did now. I'll probably get the money when I file this year.

I saw about that on TV. Not good for the poor people who counted on the money.

I read a thing that the IRS has spent the last year collecting direct deposit information for people. Last year, the basis for the address and/or means of issuance was different than this year.

[bikeman564™]

1 minute ago, donkpow said:

Not good for the poor people who counted on the money.

 

Not at all. Luckily I don't need it, but its a cluster f*** for sure.

[Guest]

On 12/31/2020 at 11:11 AM, Dirtyhip said:

It is our money.  Not one penny is HIS money.

What a deal. Get our own money back then pay taxes on it🤪

[MickinMD ★]

I was on the phone with my cousin last night and she asked if I got my $600.  I had forgotten to check.  I looked and saw I got it deposited in my checking account on 1/4.

That will pay 60% of what insurance doesn't cover (max. $1500) in my upcoming probable root canal and crown dental surgeries!

[maddmaxx ★]

The gang that couldn't shoot straight.

 

Which do you suppose you'll get first, your stimulus check or your vaccination (not you medical people who deserve to be on top of the list)

[Kzoo]

 

2 hours ago, bikeman564™ said:

So the gov't f&$%@d up...as usual. People (like me) who pay Turbo Tax fees from the federal return may not get the money. H&R block also effected. Because the gov't deposited the money into their account, and not the individual tax payer's account . This SNAFU did not happen to me last April, but did now. I'll probably get the money when I file this year.

I don't pay through a tax service nor do I get refunds from my 1040 via a tax service, so I have a couple questions.  If you file through a tax service your tax payment goes to them (i.e. Turbo Tax) and they send it to the IRS for you.  If you get a refund, the service like Turbo Tax gives you a refund from their bank and then get the refund from the IRS at a later time, correct?

So assuming that I'm correct, how would the IRS ever know your banking info for the EFT of your stimulus?  If you do you tax payment of refund using direct bank transfers to the IRS, they have that info. 

What am I missing?

 

[bikeman564™]

13 minutes ago, Kzoo said:

If you get a refund, the service like Turbo Tax gives you a refund from their bank and then get the refund from the IRS at a later time, correct?

So assuming that I'm correct, how would the IRS ever know your banking info for the EFT of your stimulus?  If you do you tax payment of refund using direct bank transfers to the IRS, they have that info. 

What am I missing?

 

No (I think). After the refund is accepted by the federal gov't, Turbo receives said money, then transfers it, less their fees, to you.

Bank routing info is on the 1040. Because you can have the gov't direct deposit if you do your taxes by hand.

edit:

here is the 1040

[bikeman564™]

1 hour ago, maddmaxx said:

The gang that couldn't shoot straight.

 

Which do you suppose you'll get first, your stimulus check or your vaccination (not you medical people who deserve to be on top of the list)

Since I'm not getting the vaccine, I'll guess stimulus  

[bikeman564™]

got my free money

[BR46]

27 minutes ago, bikeman564™ said:

got my free money

It's not free

[Dottleshead ★]

We have still not seen ours.  I've got new blinds to purchase, you know.  At least I feel good dumping it immediately back into the economy and giving some revenue to a local business rather than paying off some bureaucratic fat bastard credit card chairman. So there's that.

[Square Wheels]

I keep checking my account, still those same lonely 12 dollars.  Does it come automatically? 

[shootingstar]

There aren't automatic stimulus cheques for Canadians earning above a certain income level. Certain provinces have provided certain small amount one time for retired folks probably those up to a certain income level too.  Or if one was laid off due to pandemic and not employed.

I haven't thought nor expected any stimulus cheque..not even when I retire.. I haven't heard of any friends nor family members who are employed at this time, expressing a need for a stimulus cheque.  

I feel for those laid off due to pandemic because of restaurant shutdown or other type of retail business if that's their employer that went into bankruptcy.   

 

[Dottleshead ★]

Get your payment status here:  https://sa.www4.irs.gov/irfof-wmsp/notice

[Dottleshead ★]

So what's the intake for a married couple?  $1200?

[Thaddeus Kosciuszko]

53 minutes ago, Square Wheels said:

Does it come automatically? 

Well, usually some sort of stimulus is needed first.

Unless, of course, you're RG.

[bikeman564™]

26 minutes ago, Dottles said:

So what's the intake for a married couple?  $1200?

yes

[donkpow]

On 1/6/2021 at 12:45 PM, Kzoo said:

So assuming that I'm correct, how would the IRS ever know your banking info for the EFT of your stimulus?  If you do you tax payment of refund using direct bank transfers to the IRS, they have that info. 

The IRS receives payment from me from a special bank account I maintain just for taxes. The stimulus did not go to that account. I don't get refunds from them. I do get Social Security retirement checks deposited to an account. That's the one that got the deposit. Last year, I submitted that same account information to the IRS through the submission form but they mailed me a check. I don't know which source of information they used this year to send the EFT to the bank account.

[maddmaxx ★]

Finally got the stimulus.  Also got a phone call from Intuit (turbo tax) informing me that my stimulus had been straightened out with the IRS and forwarded to me.  It seems to have been the very glitch described in the press reports.

[Dottleshead ★]

Still nothing yet.

[Square Wheels]

40 minutes ago, Dottles said:

Still nothing yet.

You can have mine.

[Dottleshead ★]

1 hour ago, Square Wheels said:

You can have mine.

My wife will thank you for the blinds. My neighbor will thank you for not having to catch glimpse of a naked, old fat man 

[bikeman564™]

I think I'll stimulate my road bike w/ a new pair of pedals

[MoseySusan]

#1 used hers for car repairs. We used ours to pay the contractor. 

[Further]

Hookers & Blow seems apropos 

[Square Wheels]

1 hour ago, Dottles said:

My wife will thank you for the blinds. My neighbor will thank you for not having to catch glimpse of a naked, old fat man 

The forum software has access to your camera.  Plus it tapped in to your Alexa.

[Further]

14 minutes ago, Square Wheels said:

The forum software has access to your camera.  Plus it tapped in to your Alexa.

I dare you, in fact I'll give you a dollar, to sponsor;

  Fat, Old , Naked, IT man. 

[Square Wheels]

11 minutes ago, Further said:

I dare you, in fact I'll give you a dollar, to sponsor;

  Fat, Old , Naked, IT man. 

I've seen the pics.

That genie isn't going back in the bottle.

[Thaddeus Kosciuszko]

On 12/31/2020 at 3:48 PM, Razors Edge said:

Prep your kids for the discussion they will need to have with their kids.

As part of the background for getting ready for such a discussion, or perhaps even for your own interest, I'd suggest looking into what happened to the Continental Dollar when the Continental Congress kept printing money during the Revolutionary War.  Now, it didn't help either that the British were also printing Continental Dollars to undermine the value of the currency, but eventually the Continental Dollar was seen by the public as essentially worthless.

Now of course I wouldn't expect and I'm not saying today's dollar will follow the same course, but often an exaggeration is useful to illustrate a point.  The Continental Dollar was indeed an exaggeration of what happens to a currency when a government puts too much currency into circulation without evident means to justify the numerical values printed on the paper money.

Now today the financial markets and systems are light years more sophisticated than they were in the late 1700's, but two underlying core principles have not changed: The first being how the public perceives the value and stability of a currency, and the second being the quantity of currency in circulation vs. what backs up that currency to give it value.  Should the public come to believe that the US dollar is no longer adequately backed or supported by the US Government - as it did during the Revolution - we shall be in for some interesting times.

[MickinMD ★]

I'm not worried so much about inflation hitting the dollar like it did when Reagan was president, I'm worried about what percent of Income Taxes as going to go toward paying the interest on the National Debt, more than 80% of which was due to Reagan and early 2000's cut-taxes-but-spend policies even before the pandemic.

Some of the payments the federal government is making in 2020-21 will hopefully prevent a new Depression due to COVID, but it's going to be a drag on economic growth in the future - either due to eventual inflation or due to necessary taxes being imposed to get the deficit under control.

We've already got artificial things like "chained inflation" cheating retirees out of Social Security COLAs: if you can vuy Spam at the price you used to buy steak, your still getting your protein so there's no inflation for you!  Medicare increases are not included in the COLA calculation, a ridiculous underestimating-replacement occurs.  As a consequence, in many recent years there's a 1% or better Medicare COLA, but Medicare recipients not only clear nothing more because the Medicare is more than the raise, the recipient has to make up the difference in future years so it's hard to catch up.  For 2015-2018, the total increase in clear paychecks was 0.3% - not per year but for all 4 years combined.

The federal government will have to find more ways like that to hold back costs.  Because raising income taxes is tough on politicians, expect less money going back to the states and increases in property taxes, road tolls, local taxes of phone, etc. and lots of nickel-and-dime stuff.

American kids will continue to fall behind the kids in Europe and Asia in terms of affordable college or vo-tech skills.  Right now, it's estimated that 16 other nations' kids have "The American Dream" more available to them than Americans have.  Things available in most other advanced nations like Universal Basic Health Insurance for all and low-cost college educations will be things Americans won't get.

THAT is what those huge deficits are and will do to America.  Inflation and loss of buying power are minor in comparison.