The State of Stimulus: Update on $1,400 Stimulus Check Plan

congress is back to work this week which

means maybe the house of representatives

will actually and finally pass

the 1400 stimulus check bill the bill is

then expected to go directly to the

senate

the senate however is not expected to

vote on this bill any earlier than the

beginning of march

and quite frankly we expected them to

take it through the middle of march

to actually get this bill done there

have been rumors that maybe the senate

will vote earlier

this is based in the belief that maybe

just maybe

the senate will just be able to entirely

skip committee hearings

and just slam dunk the bill while that's

possible

i think there's less than a 20 percent

chance of that happening

of course in the meantime we have

republicans blaming democrats for

spending too much money and democrats

are saying we're barely spending enough

money

and of course everybody's looking at joe

manchin the one democrat that people

think

could ruin the entire stimulus package

for everyone

though joe manchin has stepped back and

sort of walked back

his antagonism of the stimulus checks

and so the odds are he's just gonna roll

over and vote for it

i think it would be pretty unpopular for

joe manchin

in his next election to vote against

democrats in this one

we'll see in the meantime everyone is

also looking at the senate

parliamentarian to see if the 15

per hour minimum wage will go through

if the 15 minimum wage is considered

to be a fair budget measure by the

parliamentarian

then joe manchin will vote for the 15

minimum wage

that does leave kirsten cinema as a

potential

no vote but we'll see if she ends up

getting convinced to vote for the bill

anyway now in the meantime i have also

surveyed everyone in my discord group

for all of those of you who have been on

within the last couple hours here

what questions you have regarding

stimulus if you want to join that group

make sure to just go to medkkevin.com

discord it's totally free and you can

ask all the questions you'd like there

so let's get into the q a there are a

lot of questions

that you all have about stimulus so

we're going to talk about everything

from checks to unemployment and more

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bf okay let's do the q a so first where

is the 200

social security boost of biden promised

the ssi boost

it's nowhere to be seen it's not in this

bill biden mentioned in

his economic plan that there was a plan

to send 200

checks or sort of boost social security

payments by 200

per month we have not seen that it's not

part of this bill student loan

forgiveness

biden wants 10k he is vastly opposed to

50 000

however 10k as a sort of a forgiveness

of student loan debt

is not in this bill there is also no ev

tax credit in this bill

though there are there are some

infrastructure funds

earmarked for certain cities and states

busy tales says their grandmother passed

away in

february will she get a check if her

account is still

open first of all sorry for your loss

and the answer is possibly

it depends how quickly the irs and

treasury department update their logs so

it is possible that a check could be

deposited into our account

technically though that money could get

clawed back by the government

so just be aware of that technically you

aren't supposed to keep that money

for the targeted eidl if you started a

business in 2019 can you still apply

especially if you started towards the

november december period of 2019

how are you going to compare your

numbers so to speak to 2020

so the rule for targeted eidls is that

you actually can compare

january and february 2020 income to

parts of later 2020 you just have to

compare eight week periods

to compare your income in that case it

would work do dependents

get stimulus checks the answer to this

is no

parents get the stimulus checks so yes

all dependents

who are in in sort of the same filing

the same tax filing

of people who are eligible for the

stimulus checks those dependents will

get checks to 1400

but the checks don't go to those

dependents they go to the people who

filed

so technically mom and dad get the

checks for all dependents

uh for all dependent children and then

if there are adult dependents well then

the main filers they get the check

so the person who files as an

independent filer

whether they're single head of household

or married filing jointly but they are

filing and they're not getting claimed

by anybody else as a dependent

they get all the checks if they have

dependents then they will get 1400

for each dependent no matter what the

age is for that dependent

now this is a little tricky for college

students so if you're a college student

do you get a check well it depends if

you file a loan

and you are not claimed as a dependent

the answer is yes you get a 1400 check

as long as you follow fall within the

income criteria you know if you're

making more than 75 000

as a single college student first of all

hats off to you you know then obviously

your check will get reduced but if

you're making less you would get your

own check but

if you file your own taxes and you're a

dependent claimed by

uh your parents or by you know somebody

else you don't get a check on your

return

uh and they might not either so it gets

complicated there if you file your own

taxes

uh and you're still claimed as a

dependent by somebody else you don't get

a check

and then it's a little blurry as to

whether or not they do in that case

since you are filing your own tax return

but you're still being claimed that's a

really blurry position and you might

want to ask

you know ask your cpa and see is it

worth you filing as a dependent anymore

yet still filing a separate tax return

so double check that

uh maybe you end up filing as an

independent but

that also has implications for for

potentially your parents or whoever's

claiming you

so check on that uh so not 100 clear

answer there but hopefully that gives

you some guidance now uh

the do airlines get any help yes there

is an extension of the airline payroll

support program where airlines

will receive up to 14 billion dollars

and contractors will receive up to one

billion dollars

as long as they agree to certain

restrictions like no stock buybacks or

furloughs furthermore if you want to

switch to an independent

filer uh let's say you were a dependent

filer in 2020 or 2019 and you want to

switch to file as an independent in

2020.

should you file sooner rather than later

the answer here is probably yes

because the sooner you file your taxes

the sooner your taxes are likely to be

accepted

and if your taxes get accepted before

you uh end up getting checked to see if

you're eligible for a stimulus check

then you'll get a stimulus check

otherwise you might have to wait until

next year when you go file your tax

return for 2021.

if you made money in 2020 but not in

2019

can you get a check well as long as you

made less than the income thresholds the

answer is yeah

totally sure if you made money in 2020

as long as you're under that 75k single

150

married filing jointly or the other

threshold sure do people who are locked

up get a check

well technically there's nothing in this

new bill that says people in prison or

jail do not get a stimulus check so i

believe the answer to that is in this

case yes

you would get a 1400 check how do i know

if there is still ppp money well all we

know right now is that there is

but we don't know how much is left

mortgage forbearance for those with uh

fannie and freddie mac loans

you have gotten a three-month extension

up to 15 months of forbearance

uh for the other programs i have not

heard of additional extensions yet

though they might come we'll have to

stay tuned for that when will the

stimulus check come

probably between the end of march and

mid-april you do okay here's a question

about citizenship you do not have to be

a citizen to get a stimulus check you do

need a social security number though

if you haven't received any stimulus

checks yet the twelve hundred dollar one

the six hundred dollar one

you'll be able to claim those on your

2020 tax return if you don't end up

getting the 1400

check you can claim that on your 2021

tax return as long as you're eligible

and if you have questions you can

contact the irs directly by googling the

irs get my payment

portal to log in to see what's going on

with your check eligibility or call

1-800-919-9835

just be careful there are a lot of scams

so make sure you're contacting the

correct

folks make sure you're on an

official.gov website and the number i

just gave you

you should google that and make sure it

goes to the irs webpage it's a good

habit to get into

1-800-919-9835 keep in mind there are

also a ton

of scam bots in the comments that are

asking you to send bitcoin to them

these are scams i will not ask you to

whatsapp me i will not ask you to send

me money

if you want to buy the courses i sell

that is obviously an option at

meetkevin.teachable.com

but beyond that i'm not going to ask you

for money on

the child tax credit lil spud 11

says they have kids and they usually get

a tax refund of about a hundred dollars

they're worried about taking monthly

payments meaning that they might owe

taxes at the end of the year by taking

the child tax credit this year

yeah so this is an issue somewhat maybe

not so much this year because this year

at most you'd only be getting about

half of your child tax credit so you

might not have an issue this year

because the current child tax credit is

a good chunk larger than the old child

tax credit

but it could be close so yeah you're

getting a larger credit

yeah you're getting about six months on

a monthly basis but you might want to

run your tax situation

run your numbers to see if you need to

potentially put

you know take a little bit of less or

take a little bit less money

so that way you don't end up owing taxes

especially when you're this close you

want to make sure you don't end up owing

it taxes

that is you're taking too much and then

you don't have enough left

to cover your tax bill so you got to be

careful about that

uh and you certainly don't want to end

up owing taxes because then you could

end up paying penalties so if you're

running it that close where you're

getting tax refunds of 100 bucks

you might want to rerun your numbers or

maybe opt out of getting the monthly

payments when that portal opens up in

the summer

and then just see what kind of tax

refund you get next year and then maybe

make an adjustment next year that's

always

an option that you can do now can you

choose

not to take the payments and the answer

to that is yes for the child tax credit

you can choose not to take them there'll

be a portal this summer that'll give you

options

on limits are there any limits i don't

see limits for

child tax credits or the stimulus checks

however there are child

dependent expense credit limits that do

exist and that's when you get a refund

for

child dependent care expenses of up to

four thousand dollars

at a 50 rate for one child or up to

eight thousand dollars for two children

or more that does have a limit

if you haven't filed your 2020 yet will

you be eligible

for a stimulus check you will they will

look at your 2019 check to see if you

qualify income wise

so i guess whether or not you will does

depend on what your income was in 2019

but they will look at your 2019 tax

return

if your 2020 is not available so if your

income plummeted in 2020

you'll either get the check right away

if you file taxes soon enough or you'll

get the check as part of your tax return

when you file your 2021 taxes

in the spring of 2022. if you made less

than 75 000 should you file your 2020

taxes sooner

well look if you made less than 75k in

2019 and you make less than 75k in 2020

there's probably no reason for you to

file your taxes any sooner than you

ordinarily would

i don't see a particular rush there it

looks like you would be eligible if

you're 19 or 20.

for kids born in 2020 will you get the

stimulus check if you filed your 2020

tax return

the answer is yes as long as you include

their social security number so child

born in 2020

they should actually get the twelve

hundred dollars the six hundred dollars

and

they should get the fourteen hundred

dollars just make sure when you file

their taxes you include their social

security number

how do people who don't need to file a

tax return get the check

you need to go to the irs get my payment

portal so again google irs

get my payment and then go to the

non-filers portion and fill that out

for pandemic unemployment it is being

extended to

74 weeks there was a question about that

there are currently no plans for a

fourth stimulus check

if your income goes up in 2021 will you

have to pay back your stimulus check the

answer is no you do not

they are regarding what income line they

use they will use your adjusted gross

income to determine if you qualify for a

stimulus check

a child born in january of 2021 will get

a stimulus check when you file your

taxes in 2021

for a monthly tax credit you'll have to

wait until the portal opens in june or

july and then

apply your child and social security

number to

start getting your monthly payments for

the child tax credit

if a person is in mortgage forbearance

on their primary residence

can they still refinance on a rental

property the answer to that is

no you can't be in forbearance uh for at

least 60 days

if you are trying to get a new loan

regarding custodial parents in divorce

the person who gets your stimulus check

is the person

who claimed that the child on their tax

return not the person who's paying all

the bills

so that's obviously something that is a

problem for some people

will capital gains count as income and

effect qualifying for the 1400 stimulus

check

so yeah i mean the way calculated

capital gains are calculated depends if

they're long or short-term but yeah

capital gains do end up above the line

so they get calculated in your adjusted

gross income

so yeah if you have a ton of capital

gains like let's say you sold a house

and you had like 300 000

in capital gains yeah you could end up

losing your stimulus check benefit

absolutely

uh if we've had no issues receiving the

past stimulus checks will we get the

stimulus check paid out now or will we

have to wait until 2022 when we file our

2021 taxes

so if you've had no issues in the past

and let's say you filed your 2020 tax

return and your income is under the

threshold

you should have no issue with this 1400

check it should arrive like the others

have

is the stimulus going to be tied into

the 2020 tax return

i made 6k more dollars in 2020 and i

would rather hold off doing my taxes if

it means i get a bigger check

uh yeah so possibly i mean i i would

just maybe in that case wait a few weeks

obviously don't wait past the the

deadline which i think is april 15th but

i have to check exactly what the

deadline is

uh but yeah maybe you wait a little bit

especially if you're in that threshold

where you're making more than 75

thousand dollars

recovery rebate credit that is the same

as the economic impact payment the

recovery rebate credit line is just

something on your tax return

that lets you claim your economic impact

payment if you didn't get it when you

were supposed to

if my son was born at the beginning of

2020 do i get all three stimulus checks

yes

you do uh meet kevin on the child tax

credit someone who is on

ssdi and does not file taxes are they

eligible for the child tax credit

technically the answer to this is yes

how exactly this will work i don't know

yet

the green act is not part of this

stimulus check bill then we have abe

asking how do i submit proof of my

self-employment in 2019

can i use a 1099. so this is complicated

obviously you can use a 1099 to evidence

that you were self-employed but

usually they're going to want to see

your net income which you generally have

to have your taxes for or some kind of

statements for them

i would ask them sometimes every state

is different on this okay some are going

to say look we need your schedule c

maybe some will say hey we could use

your the statements that you have for

now and your 1099s

so it all depends that is a really good

specific question that i would ask your

unemployment department

and maybe what you can do in the

meantime is literally just send them the

1099 and then if

you start getting the money well there

you go if you don't start getting the

money then you'll probably get a letter

explaining why you haven't gotten money

yet and why they need more information

and then give them the more information

they need okay folks

those are all the insights i have for q

a thank you so much for submitting

questions if you submitted questions

today hopefully i have answered yours

and you found this very helpful if you

did consider sharing the video and folks

we'll see you in the next one

just make sure don't forget get your

blockfy account set up go to

metkevin.combf

and get your interest look at that 112

bucks rolling in

in just two days i've only had this for

two freaking days it's awesome

go set that up alright folks thank you

so much for watching we'll see you next

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