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https://vanguardblog.com/2020/05/05/how-to-spend-your-stimulus-check/

How to spend your stimulus check

2020-05-05 00:00:00, Lauren WybarJessica McBrideMatthew BarrovecchioJackie YoussefRich PowersAndy ClarkeJoe Davis, Vanguard Blog

Content Categorization
/Finance/Credit & Lending

Word Count:
1389

Words/Sentence:
25

Reading Time:
9.26 min

Reading Quality:
Intermediate

Readability:
11th or 12th

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If you file jointly, you'll receive the maximum amount ($2,400 plus $500 for each qualifying child under age 17) if your AGI is at or below $150,000.**

If you make between $75,000 and $99,000 ($150,000 and $198,000 for joint filers), you'll receive a decreased stimulus amount.

A bucket approach to spending your stimulus check

You don't actually need to stimulate the economy with your check.

Travel when the time is right.

We're in uncharted territory right now-but it won't last forever.

If you receive a stimulus check and you don't need it to cover short-term expenses, think long term.

And stay healthy.

After all, health equals wealth too.

When clients ask for advice on spending their share of the economic stimulus, I look at the buckets in their financial plan.

(After the Tax Cuts and Jobs Act (TCJA) passed in 2017, the AGI limit for cash donations was 60%.**)

One of the most overlooked planning opportunities for those who have cash to spend but aren't charitably inclined is to gift cash to a friend or family member.

For some, a stimulus check may be newfound money.

Keywords
debt, trump, cares act, cares, stimulus, invest, buckets, cash, covid-19, economic, coronavirus, policy, donate, check

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