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.
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.
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
You don’t, though. The bill makes it clear that it’s not taxable income. (See the sixth question down on this post: https://twocents.lifehacker.com/all-your-coronavirus-relief-check-questions-answered-1842526582)
You could wait to file your 2019 return until after you get your relief check, if you’re worried about the phase-out.
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.
As far as I understand it, you won’t need to do anything in order to get a payment. Keep an eye on this page in case that changes: https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know
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.
From what I understand, you should get the payment for your daughter since you claimed her in 2019.
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.
They’ll be in the early weeks of check mailings, so likely sometime in May.
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
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!
You got it!