Lisa Rowan
lisatella
Lisa Rowan covers personal finance. She was previously a senior writer and on-air analyst at The Penny Hoarder, where she launched the Dear Penny advice column syndicated by the Tampa Bay Times.
5:42 PM
Save

If someone claimed you as an adult dependent, you won’t get a payment and they won’t get the $500 dependent payment for you (because it’s for people 16 and younger). 

4:51 PM
2

Look, I’m not financial planner and this is just my $.02 (yeah, I said it), but if you only have ~1 month covered in your emergency fund, $1,200 could go a long way to build it up to protect you if you hit a rough patch. 

3:55 PM
Save

Yeah, it’s weird. Like, I’d love to not have to pay interest in my student loans right now (they’re private, so I’m not included in the federal accommodations), but I also have no need to call up my lender and ask for a break. 

3:45 PM
2

You’re correct that they’re an advance on a refundable tax credit (one that can be given to you as refund cash, not just one that reduces your tax burden). But it can’t be taken back when you file your taxes. In essence, it can only help you now and it can’t hurt you later.

3:08 PM
3

Here’s an example of how I look at it not hurting the economy more if you put the money in your savings account for now.

Say I get my $1,200 in the mail and I have my job for now, so I put my check in my savings account and I don’t touch it. For the sake of this scenario, let’s say I have a couple hundred bucks in Read more

11:22 AM
Save

You could wait to file your 2019 return until after you get your relief check, if you’re worried about the phase-out. 

10:37 AM
1

Not yet, but when the IRS opens up its direct deposit submission portal, you should be able to check to see if they have you on file before providing details. No word on that portal going up yet, though. 

10:36 AM
Save

If you file today or tomorrow, you should be good to have it calculated off your 2019 taxes. If you can’t do it right away, though, I’d hold off. I haven’t seen definitive information from the IRS about a cutoff. 

4/3/20
4:29 PM
Save

I haven’t seen any guidance on that but my assumption is that the payment will go to the first direct deposit account listed on your return.

4/3/20
4:26 PM
2

If you already filed and they took the offset for 2019, I don’t think you’ll get that back. But you’ll at least still be able to get your cash since you get it even if there’s a garnishment.

4/3/20
2:59 PM
1

From what I understand, you should get the payment for your daughter since you claimed her in 2019. 

4/3/20
2:58 PM
1

If you try to push out a few now in 2020, you won’t see your $500 tax credit until you file 2020 taxes next spring.

4/3/20
2:54 PM
Save

They’ll be in the early weeks of check mailings, so likely sometime in May.

4/3/20
1:23 PM
12

I’m no tax expert, but what I as a divorced woman would do in your shoes is file for 2019 ASAP. You won’t have to pay until July and once you get to that point, you can set up a payment plan with the IRS if you need to. Since you won’t be paying right now or getting a refund, you may have to wait for a paper check Read more

4/3/20
12:51 PM
1

If you’re only 12 months in, you might not see a huge difference in the rates available. This chart is for new car loan rates, but you can see that between last year and now it’s only dropped by about .25% - which in my mind makes it not worth going through the refi process. Definitely do a bit of research first!

4/3/20
12:47 PM
1

I might email the dealership and ask if they’re offering any incentives or rates, but I would bet if you waited until toward the end of your lease you might get a better offer. Remember we’re still in the early stages of seeing what’s going to happen with the economy.

4/3/20
12:42 PM
Save

Yep. Even if you’re not eligible for the payment for adults you’ll still get $500 per kid!