How Do Adjusted Gross Income Limits Affect Your Stimulus Payment?

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Discussion Overview

The discussion revolves around the implications of adjusted gross income (AGI) limits on stimulus payments, as outlined in a letter from the IRS. Participants express their views on the stimulus payments, their personal reactions to the IRS communication, and broader economic concerns related to spending and patriotism.

Discussion Character

  • Debate/contested
  • Meta-discussion

Main Points Raised

  • One participant highlights the confusion in the IRS letter regarding how to determine stimulus payments based on AGI limits, noting that the statements provided are not entirely clear.
  • Another participant humorously suggests they would spend the stimulus payment on various items, including products from China, reflecting a critical view of the economic cycle.
  • Concerns are raised about the source of funds for the stimulus, with one participant suggesting that the money essentially comes from China, leading to a cycle of debt.
  • Several participants discuss the idea of spending the stimulus check quickly on American-made products, with some humorously suggesting unconventional purchases, such as "prostitutes," as a patriotic act.
  • One participant expresses a desire to save the stimulus payment rather than spend it, framing their decision as a patriotic stance against foreign products.
  • A later reply references the high cost of textbooks, indicating a more practical use for the funds, contrasting with the humorous suggestions made earlier.
  • Another participant shares a personal anecdote about receiving an IRS letter, initially causing alarm, but clarifying it was not an audit.

Areas of Agreement / Disagreement

Participants express a mix of humorous and serious views on how to handle stimulus payments, with no clear consensus on whether to spend or save the funds. The discussion includes competing perspectives on patriotism and economic responsibility.

Contextual Notes

Participants' responses reflect a range of emotional reactions and interpretations of the IRS letter, with some focusing on the implications of AGI limits while others engage in humorous banter about spending habits.

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

IRS said:
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:

IRS said:
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):

IRS said:
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.
 
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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.
 
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.
 
jimmysnyder said:
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.
 
BobG said:
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!
 
BobG said:
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"...
 
BobG said:
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.
 
BobG said:
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. :biggrin:
 
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.

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

Nice.
 
  • #10
BobG said:
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 said:
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.
 
  • #11
I got one of those IRS letters and almost had a heart attack before I realized that it wasn't an audit.
 

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