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The Moneyist: My 18 12 months previous son says I ought to ditch the $ 1,400 grownup incentive. He claims it’s his. Who is correct?

Dear Quentin,

We are having a debate in our house about the latest stimulus payment. I claim the head of the household and have two 18 year old adult relatives whom I claim for my taxes. I was given a $ 1,400 incentive for each of us. My 18 year old son claims I have to give him this money which says it should be given to the adult addict.

I say it is not meant for him as I claim him dependent on my taxes because I am paying more than half of his housekeeping expenses (actually all of his expenses) and that money is used to offset the cost of collecting him. If you have any information that you can pass on to shed light on the debate at hand, I would appreciate it very much.

I search the internet for evidence that I have to give him this money, but keep coming up empty-handed.

Fingers crossed

You can email The Moneyist at qfottrell@marketwatch.com with all financial and ethical issues related to coronavirus and follow Quentin Fottrell on Twitter.

Dear FC, dear

If the money was for your son's use, it would have been sent to your son. The clue is in the transfer. He is dependent and as such the money should be used for his care. They are emergency supplies intended to be used for food, clothing, utilities, and anything else that adds to the budget and stimulates the economy.

Let's say your son rightly believes that the money is for his uses and could (or should) be used for his own expenses – from meals with friends to new sneakers. In that case, he should have independent funding and pay for everything else: rent, food, transportation. I feel like $ 1,400 would be gone pretty, pretty, pretty quickly.

If you have credit on your credit card for family purchases, what reason would your son have for not using part of the total economic premium to pay out that credit? This is an opportunity to unmask the economy of a household so your son can get a bird's eye view of managing a budget and the costs of each family member.

"
“The problem with putting food in the cupboards: some kids think it seems magical there. And I don't just mean that existential accounting conjures up food. "

– The money is

The problem with putting food in the cabinets: some species think it magically appears there. And I don't just mean that the food is conjured up by existential accounting, but that it actually gets from the supermarket bags to the cupboards without human intervention. It takes time to make the money, shop, and put that groceries away.

As an adult over the age of 16, your son did not qualify for the first two stimulus checks. However, under President Biden's US $ 1.9 trillion rescue plan, parents can claim their adult children as dependents. The amount is based on your income (payments fall for those earning $ 75,000 per year or more and couples earning $ 160,000 per year or more).

The $ 1,4000 is not based on your son's circumstances. Hence, the money should be used at your discretion. However, if you can afford it, I suggest discussing your son's priorities and working with him on how to spend all or part of the $ 1,400. You may be able to help your son feel empowered to spend on his own support.

But – and that's a big "but" – if he wants you to buy the bare minimums while he uses the money for his own pleasure, then the "pocket money" means no payment for economic repercussions, and he gets that as a child or given must earn. When deciding on a possible compromise, the ultimate answer will be determined by your son's own financial priorities.

The money is: I am a farmer in my late 30s, live a frugal lifestyle and my son has a disability. Should I pay extra for my mortgage – or save for retirement?

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