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Contributor ○○○

Re: My Social Security Bonus "Stimulus Check" Has Arrived

You are supposed to spend your money at small businesses etc. It's about money moving thru the economy.


@Bikechuck wrote:

My spousal unit and I received our $2,400 via direct deposit. I agree with others that this money should have been targeted for individuals and small businesses that are currently suffering from unemployment or a forced disruption to their business activities. Sending money to almost every man, woman and child in our country is ill advised.


 

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Follower ○○○

Re: My Social Security Bonus "Stimulus Check" Has Arrived

Our $2400 appeared on our credit union transaction list a few days ago.  We were momentarily confused, because we're actually still waiting for our regular tax refund, and this $2400 appeared with the description "IRS TAX REF," but was not the refund amount claimed on our federal tax return.  Then, of course, we realized what it was.

Like others here, we didn't need or expect it, and actually don't feel very cheerful about more national debt being incurred to make it possible.

Most of ours will go into donations to financially overwhelmed local food banks, and to community theater groups and other performing arts organizations, a major part of our lives in more normal times, who are all suffering financial reverses during this period, duration still unknown, when they can't actually sell tickets or give any performances.

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Follower ○○

Re: My Social Security Bonus "Stimulus Check" Has Arrived

Haven't received anything yet... also checked gov website. However, I didn't get a refund in my 2018 filing, and I think that's why (haven't submitted 2019 yet).  

If and when I get something, it will be less than $1200, but I will donate it. I too am retired, so my monthly fiscal life remains the same. And, there will be other gains for me... for instance, my auto insurer is giving a 15% credit, and I will get a tax benefit from making the donation. 

I believe those of us on this forum are all good at donating to others. Whether the donation comes from this particular pot, or one of our other pots, doesn't really matter.  

While I am on the topic, I want to THANK every oone of you for what you have donated to me: so much knowledge! I learn every day from you, and have applied many of the principles I learned from your threads. As a result, I can rely on my TIAA Trad. annuity, a bigger Soc Sec cheque, good-sized Roth, and patience while my equity accounts bounce around.  I appreciate you.

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Frequent Contributor

Re: My Social Security Bonus "Stimulus Check" Has Arrived

Stay well, nibble.

Bob

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Participant ○

Re: My Social Security Bonus "Stimulus Check" Has Arrived

The number of people waiting in lines at various food banks around the country is quite troubling to me. There's no shortage of food in grocery stores but one needs money to buy it. So all those folks were/are living on the edge a week or two away from starvation?

Seems like a larger portion of the stimulus should have been directed to those folks...

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Frequent Contributor

Re: My Social Security Bonus "Stimulus Check" Has Arrived

For sure, Wizard.

But a lot can be done locally by supporting food banks and the like.

I certainly see this here where I live from many sources including individuals, religious groups, and local charities.

Bob

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Explorer ○

Re: My Social Security Bonus "Stimulus Check" Has Arrived

 

My stimulus payment arrived on April 15, but I was confused by it.

My bank showed two identical deposits of $1200 as shown below.


Screen Shot 2020-04-18 at 7.13.21 AM.png

I thought a mistake was made.

But then I realized my regular federal tax refund was also due.

Not remembering how much refund I was getting, I checked my tax return.

My 2019 refund was exactly $1200.

Odd coincidence:  two deposits / same amount / same day / same description.

 

Bikechuck wrote:

This money should have been targeted for individuals and small businesses that are currently suffering from unemployment or a forced disruption to their business activities. Sending money to almost every man, woman and child in our country is ill advised.

I recall reading senators negotiating the bill were well aware payments would go to some people who didn't need them. But making detailed determinations of who should or should not get payments would delay them by many weeks. Getting them out quickly was regarded as more important. One senator said anyone who didn't need the money should donate it. 

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Participant ○○

Re: My Social Security Bonus "Stimulus Check" Has Arrived

Ken,

Many years ago, as I was reading Taleb's Fooled by Randomness, something very very strange and disturbing occurred.  No need to explain the details here.  It seemed inconceivable that it was just a coincidence.  Against all odds, it turned out to be pure coincidence.  I was elated when I eventually understood what really happened, how, and why.  It happens.  This event reinforced the author's point more than he could do. 

As to the stimulus check, of course, they knew what they were doing.  

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Explorer ○○○

Re: My Social Security Bonus "Stimulus Check" Has Arrived

I am like the guy who said he would get nothing. Neither will we. Our RMD's have put us in a category where we are "rich" not the one or two percent, but "rich". So all this stimulus has done to me is make it necessary to change the inheritance laws where my kids will get a lot less when we pass. At least I will not have to take them (RMD) for 2020. I am too old for this, but a warning to ROTH investors, there may be a day when it will be decided that you are rich and that ROTH will now get taxed. That happened to my SS, so nothing is sacred when it comes to the "greater good".

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Frequent Contributor

Re: My Social Security Bonus "Stimulus Check" Has Arrived


@TheWizard wrote:

The number of people waiting in lines at various food banks around the country is quite troubling to me. There's no shortage of food in grocery stores but one needs money to buy it. So all those folks were/are living on the edge a week or two away from starvation?

Seems like a larger portion of the stimulus should have been directed to those folks...


In addition to the $1200/2400 payment plus 500 for dependents under 17 the unemployed receive 600 from fed govt plus state unemployment. 
how would fed government to direct the funds to the 33% of low income taxpayers who don’t even file tax returns and how long would it take? And the states can’t  process the high volume of unemployment applications received each week.

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Contributor ○

Re: My Social Security Bonus "Stimulus Check" Has Arrived

Coronavirus stimulus checks: Where is the missing money going?

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Explorer ○○○

Re: My Social Security Bonus "Stimulus Check" Has Arrived

The points were made previously. Donate it. Spend it. Get the dollars into the economy before we crash!

Me, I finally got our small business HVAC guy over to the house (in mask and gloves) yesterday and we settled a disputed bill from almost a year ago. He did say that he gets a couple of jobs less a week now and he has had some issues over the last year getting his collections system correct. My point is even if I am not being "generous" here, this money in his pocket. It helps him, his business and his employees. 

Those who have it. SPEND! SPEND! SPEND!    :-)))

PS: I am not making any philosophical or religious statement here, but remember that even though we may not be allowed to participate these days places like churches, synagogues, arts centers, etc. supported by donations have lost their lifelines. Keep sending the checks!   :-)))  

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Participant ○○

Re: My Social Security Bonus "Stimulus Check" Has Arrived

Judger, that's a good recommendation. I think the main way our spending has been limited is in "travel and leisure" -- specifically restaurants. But a neighbor is shopping for our groceries once per week, and my wife has frequent deliveries of supplies ordered on Amazon and other sources. Packages every day, almost all delivered by the USPS. We're also sending care packages to our kids in NY. Restricted travel means that I've filled the gas tank just once in the last 3 weeks -- and we were only down half a tank.

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Frequent Contributor

Re: My Social Security Bonus "Stimulus Check" Has Arrived


@judger wrote:

The points were made previously. Donate it. Spend it. Get the dollars into the economy before we crash!

Me, I finally got our small business HVAC guy over to the house (in mask and gloves) yesterday and we settled a disputed bill from almost a year ago. He did say that he gets a couple of jobs less a week now and he has had some issues over the last year getting his collections system correct. My point is even if I am not being "generous" here, this money in his pocket. It helps him, his business and his employees. 

Those who have it. SPEND! SPEND! SPEND!    :-)))

PS: I am not making any philosophical or religious statement here, but remember that even though we may not be allowed to participate these days places like churches, synagogues, arts centers, etc. supported by donations have lost their lifelines. Keep sending the checks!   :-)))  


For those at least 70 1/2 with IRAs non taxable distributions can be made to charities who will use the money to help those affected by the economic collapse.

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Frequent Contributor

Re: My Social Security Bonus "Stimulus Check" Has Arrived

Nice point, Intruder.

Judger, preferred form of payment is not check or cash, but charge card or money transfer. Reduces physical handling. 

Bob

 

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Participant ○○

Re: My Social Security Bonus "Stimulus Check" Has Arrived


@ECEPROF wrote:

Coronavirus stimulus checks: Where is the missing money going?


So long as my check has Trump's signature, I am willing to wait as long as it takes.

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Follower ○○○

Re: My Social Security Bonus "Stimulus Check" Has Arrived

The Wizard,

With regard to the immediate needs of food banks, the IRS deposited $2400 in our bank account early on the 15th.  We mailed a check for that amount to our local food bank later in the day.  It was cashed on the 17th.  

benjamin

 

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Contributor ○○○

Re: My Social Security Bonus "Stimulus Check" Has Arrived

No need to be snarkey. I never had a direct deposit with the IRS because I never had refunds. That is where the money is missing. Additionally there is not a good procedure to hand out money unless you are in a welfare line. It will work itself out  


@Hootz wrote:

@ECEPROF wrote:

Coronavirus stimulus checks: Where is the missing money going?


So long as my check has Trump's signature, I am willing to wait as long as it takes.


 

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Explorer ○○○

Re: My Social Security Bonus "Stimulus Check" Has Arrived

Hi,

Checked again online today and the stimulus will be deposited in our account on the 22nd. Also when we checked our bank account balance today there was a note that a small deposit was pending on the 22nd.

Since this should not be taxed. We will be deciding what charity will get the deposit.

S

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Explorer ○○○

Re: My Social Security Bonus "Stimulus Check" Has Arrived


@GLI2019 wrote:

Nice point, Intruder.

Judger, preferred form of payment is not check or cash, but charge card or money transfer. Reduces physical handling. 

Bob

 


Exactly, Bob. I told him that when he sends my corrected bill, I will jump on paying him via credit card.   :-)))

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