How about something different

[jimmywilson69]

we're sending a $1000 of ours to a friend who is a single mother and works as a dental assistant who is out of work until further notice. I know she'll have avenues to get assistance but I honestly don't need the money and I'd rather give a chunk of it to someone I know will need it.

The rest will likely get invested or maybe into my college aged son's 529 which has taken a huge beating...

 

[Domeskier]

You'll get $2,400 since you're married.

Phases out for married people at $198,000 AGI. Probably should be even lower. I'm not sure what good it does the country if a significant portion of recipients are just putting it into the stock market instead of buying essentials and paying rent or whatever it's intended for.

 

[BenedictGomez]

Phases out for married people at $198,000 AGI. Probably should be even lower. I'm not sure what good it does the country if a significant portion of recipients are just putting it into the stock market instead of buying essentials and paying rent or whatever it's intended for.

Not as much of a benefit, but it does provide market liquidity as well as boost the market which helps with wealth effect. So not entirely useless.

 

[deadheadskier]

Phases out for married people at $198,000 AGI. Probably should be even lower. I'm not sure what good it does the country if a significant portion of recipients are just putting it into the stock market instead of buying essentials and paying rent or whatever it's intended for.

Agreed

It should be lower, but more importantly it should be cost of living indexed. $1200 goes a lot further for someone up in Caribou, Maine than it does in Boston.

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[JimG.]

False, although sort of true.

It is my understanding that the semantics of this are it is considered a tax credit, but it's a new one for 2020. So it's kind of semantics because if COVID19 didnt happen there would be no new $1,200 payment, which is a long-winded way of saying people shouldnt be angry thinking they're getting future-hosed somehow. I imagine there's gotta' be at least 1 tax accountant on AZ to confirm, but I'm pretty sure I have that right. The part I completely dont get is they extended the deadline to July 15, so for those people who havent filed yet (or wont file for a few months) how the heck are they judging their income breakdowns? I guess they could go with 2018 income and "clean it up" later, but that's just a guess. What a mess.

I've heard they are using 2018 returns. Since my middle son was still my dependent in 2018 that means I'll be getting $3,400. Frankly for me it's unnecessary but I don't mind. It will pay for my season passes next year and most of my other 20-21 skiing expenses as well.

Hey what's another trillion $ or so?

I'll stop, just being sarcastic.

 

[Domeskier]

Agreed

It should be lower, but more importantly it should be cost of living indexed. $1200 goes a lot further for someone up in Caribou, Maine than it does in Boston.

Agreed.

 

[Domeskier]

I've heard they are using 2018 returns. Since my middle son was still my dependent in 2018 that means I'll be getting $3,400. Frankly for me it's unnecessary but I don't mind. It will pay for my season passes next year and most of my other 20-21 skiing expenses as well.

I wouldn't be surprised in they aged the dependents by two years in determining that portion of the check. In any event, there will probably be an adjustment when you file your 2020 return (since the checks being sent now are just in anticipation of the credit you will be entitled to on your 2020 return).

 

[Smellytele]

I thought I saw it was dependents 16 and under. Why 16 and not 18? Not sure


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[NYDB]

I thought I saw it was dependents 16 and under. Why 16 and not 18? Not sure


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Same as child tax credit. under 17 at 12/31.

 

[NYDB]

By the way, if anyone has a business, is self employed or a contract worker contact your bank (or participating bank) and ask them about a payroll protection program loan. Basically free money if you use it as is intended. Supposed to be rolled out Friday. Chamber of commerce has a nice 4 page document outlining plan.

 

[BenedictGomez]

Agreed

It should be lower, but more importantly it should be cost of living indexed. $1200 goes a lot further for someone up in Caribou, Maine than it does in Boston.

Good luck getting that passed.

You'd have both Democrats & Republicans fighting against both Democrats & Republicans.

 

[deadheadskier]

Good luck getting that passed.

You'd have both Democrats & Republicans fighting against both Democrats & Republicans.

Fair point, but there are places in the country where that $2900 you will be getting will cover six months rent and others where it might cover one month.

And truthfully, I'm not sure I necessarily think that people who have not lost their jobs and income should really be getting the same benefit as those who have become unemployed. How do you measure how much gets injected back into the economy vs being invested or saved?

Hopefully people who do get a check and don't really "need" the money are looking to up their charitable givings. That's what I'd do. Food pantries and such are getting hammered right now.

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[Smellytele]

Fair point, but there are places in the country where that $2900 you will be getting will cover six months rent and others where it might cover one month.

And truthfully, I'm not sure I necessarily think that people who have not lost their jobs and income should really be getting the same benefit as those who have become unemployed. How do you measure how much gets injected back into the economy vs being invested or saved?

Hopefully people who do get a check and don't really "need" the money are looking to up their charitable givings. That's what I'd do. Food pantries and such are getting hammered right now.

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It’s not about individual people really it’s about the economy and getting people to spend money. It is hidden as money for helping individuals.


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[Edd]

In the sprit of the thread intent, I stopped drinking for 30 days, which is something I’ve never done. Sounds goofy, given the boredom, but the bars being closed makes it easier for me.

I was going to do this in May, after skiing, to help get in better shape but since the fates ended my season early, what the hell. It’s not as hard as I thought.


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[kingslug]

hmmm...not possible at this point but probably a good thing to do..
This Knob Creek 100 proof is tasty.
I drove into NYC today to work. Figured it would be an easy drive. Um..no. People are driving like they are very distracted..cutting people off..speeding ..
Then on FDR South I hear a crack..the kind you hear when a car crashes into something. Car parts flying in front of me from the North lane..then I look in the mirror and see what looks like a light pole fall onto the road on my side. 10 seconds earlier and I might have hit that.

 

[kingslug]

One of my engineers did leave something interesting for me in my office. A laser system for practicing shooting. Comes with a laser that goes in the bore and a target. Since I cant go to the range..this will have to do.

 

[BenedictGomez]

I have Crimson Trace laser grips on my self-defense handgun, highly recommend.

 

[deadheadskier]

hmmm...not possible at this point but probably a good thing to do..
This Knob Creek 100 proof is tasty.
I drove into NYC today to work. Figured it would be an easy drive. Um..no. People are driving like they are very distracted..cutting people off..speeding ..
Then on FDR South I hear a crack..the kind you hear when a car crashes into something. Car parts flying in front of me from the North lane..then I look in the mirror and see what looks like a light pole fall onto the road on my side. 10 seconds earlier and I might have hit that.

Go for this one the next time. Don't let the additional 20 proof scare ya.

Very smooth and tasty stuff



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[cdskier]

Some Paella and aged Riesling tonight...

 

[Edd]

Some Paella and aged Riesling tonight...

View attachment 26691

That looks fantastic.