From rent to exotic animals: How some Coast residents will spend their coronavirus stimulus
This April 15 the federal government is sending Americans money instead of expecting taxpayers to make payment with their tax forms.
People are already finding $1,200 in their bank accounts for those making under $75,000 or $2,400 per couple earning under $150,000 — plus $500 for each child under 17.
So how are people spending their checks, the Sun Herald asked?
Many are using the money to cover necessities.
“Rent/mortgage, electricity, groceries,” said Debbie Pierocich Fish, who responded to the question on Facebook.
“Same here,” replied Ashleigh Scott.
Necessities and luxuries
People mentioned using the money for car tags when they come due, a new roof, taxes and credit card bills.
Others say they will splurge on a cruise or exotic animals. The Netflix show “Tiger King” has gone wild while people are home during the coronavirus shut-down and it seems to have people longing for their own baby tiger.
“Stimulating the economy already ... bought some kayaks,” said Tabitha Brock on Facebook.
Some say they will put in their savings account or hoard it until they are sure the government won’t ask for the money back.
How stimulus works or doesn’t
Stimulus checks are not taxable income. The Tax Foundation says they are tax credits that will be applied to 2020 tax returns.
“Remember what happened when those of us received the Katrina stimulus payments and the “surprise” that followed a couple of years later,” recalled Amande Malia.
There are questions about the program and why most college students won’t get a check.
“My daughter should be eligible, she worked two jobs (retail and waitress) and is a full-time college student,” said Penny Stettinius. “But because she is a full-time college student, she is not eligible. Tell me how that makes sense.”
It also leaves out those with dependents who are disabled and over age 17 or elderly parents.
Get my payment
Some said they haven’t received any stimulus payment yet. The Treasury Department and the Internal Revenue Service just launched Get My Payment that lets taxpayers check on when they can expect a direct deposit. Those who didn’t receive payment by direct deposit into their bank account for the last tax years can register their information.
Just don’t know it doesn’t always work.
“Jackson Hewitt contacted everyone saying our stimulus would go to our serve card.,” said Jewell Ann Alexis. “When you check the IRS site it says they don’t have your deposit info. When you try to input your info it says it doesn’t match. I have no idea how or when it will come.”
Carey Gibson said Wednesday, “Nothing yet . . . HR Block Emerald Card.”
Think local
Some people will use the payment to help their small business, many of which have been impacted or closed by the coronavirus.
“I’m taking my money and investing it back in my business. No unnecessary spending,” Gary Vestal said on Facebook.
“If you are going to spend it, please buy local,” John Russell O’Neal posted. “Your neighbors who own businesses are struggling.” He asked people to support local business that are less crowded and appreciative of your business.
“Stay away from crowds and buy local,” he said.
How will you use the money? If you’d like to share, add your comments on Facebook and Instagram.
This story was originally published April 15, 2020 at 12:44 PM.
