3rd Stimulus

[Jluke]

Deposit currently Pending and scheduled for 3/17

if kids get money are you literally giving it to them or is it really for the parents?

[rennigade]

We just received a letter in the mail from the irs about a 2nd stimulus check. Guess we're getting $1k for something. This is separate from this latest round of stimulus so that was a nice surprise.

[kork13]

if kids get money are you literally giving it to them or is it really for the parents?

FWIW, this third stimulus payment is specifically written as being for "the taxpayer." So even if your dependent college student (whom you claim on your taxes) merits a payment, it explicitly belongs to you.

But then, I'm generally of the opinion that any money given to/for my children belongs to me (and the law generally agrees--minors technically cannot own stuff), and if I'm using that money as a part of caring for them, I have zero qualms about doing so. I may also choose to set it aside for them, but that's a choice on my part--not a legal, moral, or ethical retirement.

[Scallywag]

We aien't getting nothin' because we rolled over some money from pre-tax ro ROTH IRA in 2020, so we are considered to have made over 160K last year. If we hadn't done the rollover, we'd have been eligible for the entire $5600. UGH

[Jluke]

We aien't getting nothin' because we rolled over some money from pre-tax ro ROTH IRA in 2020, so we are considered to have made over 160K last year. If we hadn't done the rollover, we'd have been eligible for the entire $5600. UGH

You might be able to capture this stimulus on your 2021 tax return.

for instance we had a kid in 2020 but did not receive stimulus for that one. I did the taxes for 2020 and that is where I could claim the second kid.

this third check still does not include the 2020 baby. So I’ll have to wait till next tax season.

I am not a tax expert.

[disneysteve]

if kids get money are you literally giving it to them or is it really for the parents?

You have to be a taxpayer to qualify, don't you? If you qualify, I'd say the money belongs to you. Once you're working and filing taxes, you're entitled to whatever that gets you.

Our daughter got the first two rounds and should get this latest round as well. DW and I don't qualify, which is perfectly fine.

[kork13]

So I'm not sure what will happen for us with this 3rd round... Our 2019 AGI was ~$165k, which would disqualify us this time. However, our 2020 AGI was $125k, which fully qualifies us for it. But our 2020 tax return has not yet been approved/paid by the IRS. I know that in the end it'll square up (worst case: when we file next year). But it certainly would be nice to get it now to use/invest as needed. Plus, we're due to have DK3 literally any day now, so I'm not sure if we'll retroactively get a credit for her next year as well, or if she won't qualify.

[Jluke]

So I'm not sure what will happen for us with this 3rd round... Our 2019 AGI was ~$165k, which would disqualify us this time. However, our 2020 AGI was $125k, which fully qualifies us for it. However, our 2020 tax return has not yet been approved/paid by the IRS. I know that I'm the end it'll square up (worst case: when we file next year). But it certainly would be nice to get it now to use/invest as needed. Plus, we're due too have DK3 literally any day now, so I'm not sure if we'll retroactively get a credit for her next year as well, or if she won't qualify.

You will get that credit next year when you file 2021 return.

as noted above I got that this year for the 2020 baby. But this third round still didn’t include the newborn (3 x 1400 instead of 4 x 1400)

[QuarterMillionMan]

Someone that I know on FB said the $1400 is already in the bank account.

[disneysteve]

Someone that I know on FB said the $1400 is already in the bank account.

Payments began processing today. I don't think the money is actually in any accounts yet but your account may show it as pending.

[rennigade]

Nothing yet. I did file 2020 taxes early march, not sure if thats slowing it down. When I check status, I get the generic: We are unable to provide you with the status of your payment or perform the action requested, blah blah. Hopefully we get it sooner rather than later. Our AGI is below the $160k.

[kork13]

Nothing yet. I did file 2020 taxes early march, not sure if thats slowing it down. When I check status, I get the generic: We are unable to provide you with the status of your payment or perform the action requested, blah blah. Hopefully we get it sooner rather than later. Our AGI is below the $160k.

That's my thought as well.... I'm going to just stop even looking. I did see an article stating that the IRS is going to progressively reevaluate eligibility against 2020 returns, it just might take them some time. I'm not desperate for the money though, so I'm not overly concerned.

[cypher1]

$600 showed up in my account on Monday, which I didn't expect. Oh well

[QuarterMillionMan]

Today I received the 3rd stimulus check for $993 in the mail (out of $1400).
I got the 1st stimulus of $1200.
I never got the 2nd stimulus of $600. Oh well win some, lose some.

[disneysteve]

Today I received the 3rd stimulus check for $993 in the mail (out of $1400).
I got the 1st stimulus of $1200.
I never got the 2nd stimulus of $600. Oh well win some, lose some.

Did you not qualify for some reason? If you qualified but didn't get the check, then you should have gotten it in the process of doing your taxes for the year. At least I think that's how it worked. I'm not totally sure since we didn't qualify for any of it so I didn't pay close attention.