How Do Adjusted Gross Income Limits Affect Your Stimulus Payment?

[Jimmy Snyder]

I just got a letter from the IRS explaining "How to Determine Your Stimulus Payment'. On one side it says:

The stimulus payments are reduced for taxpayers with adjusted gross income (AGI) of $75,000 (more than $150,000 if married filing jointly).

On the other side it says:

For taxpayers with adjusted gross income (AGI) of more than $75,000 (or more than $150,000 if married filing jointly), the payment will be reduced or phased out completely.

These two statements, while similar, are not the same. What's worse, they leave you with no way "to Determine Your Stimulus Payment". Add in this statement (emphasis mine):

In addition, individuals eligible for payments may also receive an additional amount of $300 for each child qualifying for the child tax credit.

I paid for this letter, I will pay for the next 'notice and additional information' when that gets sent out too, as well as paying for the stimulus check itself. There is no way I am going to spend this money. It goes right in the bank Uncle Sam, and nuts to your stimulus.

 

[Chi Meson]

Send it on over to me (sign the back first). I'll spend it for you.

Perhaps I'll stimulate China's economy buy buying...well...anything, I guess.

 

[Chi Meson]

It occurs to me, that the money for these Stimulants essentially came from China in the first place, since China is the source of the money the government is borrowing. My mind boggles. China gives us money which goes back to China as Americans buy all their stuff, yet America is still in debt for the money that was already sent back to China.

All I can say is , buy local goods. Go to a framers Market, buy trinkets from artisans, get some hand-made picture frames or something. Look at the dang label on the bottom. I just bought a freakin garden rake, and the best I could do is "Assembled in US from imported parts." The steel head was stamped "China, " and the thing is already bent. I'm taking it back to the Home Despot tomorrow.

 

[BobG]

I paid for this letter, I will pay for the next 'notice and additional information' when that gets sent out too, as well as paying for the stimulus check itself. There is no way I am going to spend this money. It goes right in the bank Uncle Sam, and nuts to your stimulus.

You're nearly as unpatriotic as Suze Orman. She actually recommends using it to pay down your credit card debt. Way to deal a punch in the stomach to a credit industry that's hurting right now, Suze!

It's your patriotic duty to spend your stimulus check as fast as possible on things you wouldn't otherwise buy in a million years! And the products should be American products!

Heck, spend the money on prostitutes (as long as they're American). It might not be technically legal, but at least it would be patriotic.

 

[Mk]

spend the money on prostitutes (as long as they're American). It might not be technically legal, but at least it would be patriotic.

For mother country!

 

[lisab]

Heck, spend the money on prostitutes (as long as they're American). It might not be technically legal, but at least it would be patriotic.

Bob, that's not what they mean by "stimulus"...

 

[Jimmy Snyder]

It's your patriotic duty to spend your stimulus check as fast as possible on things you wouldn't otherwise buy in a million years! And the products should be American products!

No, it's going in the bank. Take that China. My patriotism has not gone unnoticed. I just got a Certificate of Excellence in Ultra-anti-non-pro-americanism from the Lou Dobbs Institute For All Things Not Furren.

 

[Moonbear]

Heck, spend the money on prostitutes (as long as they're American). It might not be technically legal, but at least it would be patriotic.

As long as you aren't the governor of NY.

 

[Poop-Loops]

If I get any money, I'll spend it on textbooks. No, scratch that, a textbook, since they are so damn expensive I likely won't be able to buy more than 1 with the money.

Bob, that's not what they mean by "stimulus"...

Nice.

 

[BobG]

Heck, spend the money on prostitutes (as long as they're American). It might not be technically legal, but at least it would be patriotic.

For mother country!

That old Jefferson Airplane song, "Volunteers of America" runs through my head every time I think of it.

Except the words obviously need to be changed a little bit.

 

[wildman]

I got one of those IRS letters and almost had a heart attack before I realized that it wasn't an audit.