Subscribe for Good Luck With Your Stimulus Check: When will I receive my stimulus check?
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Who will get a stimulus check?
Why many Americans won’t be getting a stimulus check
-As you probably know as a part of the 2 trillion dollar stimulus bill congress agreed to send out a $1200 check to most of america.
However in order to get this stimulus out as quickly as possible, Congress opted to send checks to every tax paying citizen, leaving millions in the dust.
They choose to send this check to every tax paying citizen because they decided this group would be the most affected by an economic downfall - which makes sense: the 15 year old tax dependent is not as affected as the 25 year old single office worker.
This seems good in theory but there’s undoubtedly people in need who won’t receive aid
Here's a look at who falls through the cracks:
College students and 17-year-olds
People who get disability benefits from the Social Security Administration or Veterans Affairs are eligible for the payments
Recently divorced or estranged
Seniors living with their kids
Parents who split custody
Immigrants without Social Security numbers
Babies born in 2020
People who owe back child support
High earners who lost their jobs
The size of the payments starts scaling down for those who made more than $75,000 last year and zeroes out at $98,000 or more.
But what if you exceeded the limit in 2019 only to lose your job or get a lower-paying job this year? You won't get a payment now, but you will get a credit on your taxes next year when the system catches up.
The stimulus law puts on hold other debts that typically lead to tax refunds' being garnished, such as overdue student loans or back taxes. But not child support. The coronavirus money can still be garnished if you're overdue on those payments.
Even if you’ve been on track and making payments
High Income Earners:
Single up to $75k - Married up to 150k - Full benefit
Scales down to $99k single or $198k married
If you earned under 75k in 2018 and over 75k in 2019 but have not filed your 2019 taxes yet you will receive the full $1200 stimulus BUT you will have to pay that back in 2021 when you file your 2020 taxes. For example if you earned 60k in 2018 and 120k in 2019 but haven’t filed your taxes yet you will receive the $1200 stimulus however you will be required to pay back the entire amount in 2021 because you are over the eligible range.
If for whatever reason you don’t receive your stimulus payment it is not gone forever.
The best way to get payment as soon as possible is if you have your bank account registered with the IRS. If you don’t you can expect to receive a paper check however that could take several months to receive. The solution here is in the next month or so the IRS will be opening a portal that will allow you to add your bank account information in and get payment electronically.
Again you will receive the money either way so long as you qualify but money today is always worth more than money tomorrow
Finally unless you’re a social security benefit recipient you need to have filed your 2018 and 2019 taxes as soon as possible to not be overlooked. The silver lining here is Turbotax is offering a free tax prep / stimulus register service for this exact reason. Do this as soon as possible.
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Disclaimer
This presentation does not constitute legal or tax advice. It is provided solely for informational and educational
purposes and does not fully address the complexity of the issues or all the steps businesses must take under
applicable laws. You should consult your professional advisers regarding your individual situation. Max Maher
undertakes no obligation to update the information in this presentation, and no representations are made that
the content is error-free.
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