Chatting about the COVID-19 stimulus package
 

I Think the stimulus does not qualify for an IRA as it is not earned income,

SF

As long as she has earned income at least equal to her contributions, it's fine.

When I send in money, they have no clue where that money came from. It's just funds from my account.

I would think that the IRS Rules, What Ever They Are would be the Legal determiner. "You" must follow the Rules
Any mistake in the process could get the IRS involved in your tax return.

It might not be a bad idea to at Least get a Qualified opinion if you are not Absolutely Certain. You can always just Call the IRS.
You will sleep much better, trust me.
If you have ever been Audited you would not want to do it again. Also if they find a mistake they may go back several years to see if you did the same thing. Don't accidentally open up a Can Of Worms.
Life is too short for Government Hassles.
I have seen Tax Preparers make all kinds of Errors and in the end You will be held responsible. It will also be on your record.

Silverfox

Again, they only see money sent from one account. I spent 20 years working with the IRS doing taxes while in the military. I send a check for an IRA for $1200, or 2 $600 checks, etc, they would have to prove where it came from. Which they would not be able to. Wouldn't be any different than me sending a check today, next week, or in Dec.

You have to remember, using that logic "you can't use it for an IRA", then ANYONE that sends money to an IRA could be audited for using stimlus money for an IRA. You think that would happen? Nope.

I hope they don't process mine (if I get anything) until after 4/24. Kid turns 17 then. According to the package, 16 and under get $500, 17+ get the $1200....woohoo.....lol

If the stimulus check is the only money you received you are correct. However, if your earned income is in excess of the IRA contribution, nothing to worry about

Solman- I could be wrong, but if your kid is still under your roof, he will not qualify for the $ 1,200. Hopefully that is wrong,

Correct!
Unless the "kid" filed his own Income Tax last year, he will be considered a child as he was one of the "deductions" last year.

Income Tax filing, Social Security and Unemployment are the things they are using to identify recipients.