NEW Bill JUST Out! Full Details on $1,400 Stimulus Check.

the new stimulus bill is out as it

appears ready to be passed by the house

of representatives it is 591

pages long hey everyone meet kevin here

in

this video we are going to go through

the actual text

of the 1400 stimulus check section

in future videos i will break down the

other sections like the child

tax credits unemployment rental

assistance and we'll go through to see

what kind of changes there are

but for now let's just talk about the

stimulus checks all right folks

let's jump right into it but first i

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block five on page 454 we will find the

details for the 1400

stimulus check as usual this will be a

tax

credit and this will be a tax credit

against your 2021

tax return of course if you don't file

and you're on ssi

ssdi va or railroad retirement

benefits you do not have to file you are

an

eligible non-filer but let's get into

the nitty gritty here so the rebate

amount

as expected will be fourteen hundred

dollars and this is the bill as it's

been put together

it just got released today by the house

of representatives

fourteen hundred dollars if you're

single twenty eight hundred dollars if

you are filing a joint

return plus you will get fourteen

hundred dollars

multiplied by the number of dependents

you have now that means all dependents

not child dependence it means all so if

you have an 80 year old adult dependent

or

20 year old college student dependent or

a five-year-old

child dependent as long as they are your

dependent they are eligible to get a

fourteen hundred dollar stimulus check

for you because it goes to you and

whoever's filing is the one getting the

stimulus

check now an eligible recipient this is

a little bit different from the second

stimulus check

the difference here is any non-resident

alien is not eligible

so if you do not have a social security

number in other words

you are not eligible for a stimulus

check you must have a social security

number

there is one exception we'll talk about

in a moment if you are a dependent

and you're filing your own taxes but

you're being claimed as a dependent on

somebody else's taxes

you will also not get a stimulus check

or if you are an estate or a trust which

you're not

because you wouldn't be listening to

this since you're inanimate you're not

eligible either but that's because uh

social security numbers

or tax identification numbers can be

issued to estates and trusts

now limitations so basically what's

going to happen

is once you reach reach certain

thresholds the amount of the check you

get will go to

zero and they're going to do that

proportionally

so basically what that means is if

you're a single filer once you make

over seventy five thousand dollars the

amount of your check will start going

down

and once you make an additional twenty

five thousand dollars in other words

once you hit a hundred thousand dollars

you will go to zero dollars of eligible

stimulus money no matter how many

dependents you have

you can have uh 20 children and be

eligible for like 28 000 of stimulus

checks is that right

1400 yetis you'd be eligible for 1400

times 20 that's 28 000 of stimulus

checks plus your own

you would not get it as soon as your

income hits a hundred thousand dollars

it'll go to

zero if your income is halfway between

seventy five thousand

and a hundred thousand you should expect

to get roughly

half of your stimulus check they're

basically saying it's just gonna scale

from

seventy five thousand dollars to a

hundred thousand dollars going to zero

that's the phase out that's the new

phase out and that's different from

prior stimulus check

uh phase outs if you are a head of

household you will get a hundred percent

of what you're eligible for at a hundred

and twelve thousand five hundred dollars

but after an additional thirty seven

thousand five hundred dollars so once

you hit 150 000

you go to a hard zero and if you are a

filing

jointly as soon as you hit a hundred and

fifty thousand dollars

for joint filers you will begin to lose

your stimulus check benefits and those

will go to

zero once you hit 200 000

of income now here's the tax

identification number requirement you

have to have a social security number

in order to be eligible if there is no

valid social security number listed on

your tax return

you will get zero dollars or that person

who doesn't have a social listed gets

zero

so if you've got if it's you and your

spouse and you have three children and

you never applied for a social for them

you get zero dollars for the three

children but if you both have socials

you would get it now joint returns in

the case of joint returns twenty eight

hundred

dollars uh is being treated as such that

you will get fourteen hundred dollars if

only one spouse has a tax return

so this is good because there were cases

previously where a family might have an

itin

spouse and then the entire family was

not eligible

but here they're basically saying hey as

long as one of you has it

you'll still get that fourteen hundred

dollars for the spouse

and dependents they will only be

included if they have a

valid social security number listed on

the tax return

in theory the way this is written and i

would verify this but in theory the way

this is written is

if both parents do not have a social

let's say they use an itin

but the children do have socials

technically the way this looks like it's

written

the children would be eligible for a

stimulus check which would go to the

filer

just the way this is written so it seems

like everything is being tied directly

to

social security numbers for adoption

purposes in the case of a dependent who

is adopted or placed for adoption the

term valid identification number

shall include adoption taxpayer

identification number

special rule for members of the armed

forces

this rule that you have to have a social

will not

apply where at least one spouse was a

member of the

armed forces of the united states at any

time during the taxable year

and the valid identification number of

at least one spouse

is included so as long as one spouse has

a social security number and was

included on that tax return and

one of them was in the military boom you

are

eligible for a stimulus check

all right let's move forward to some of

the other sections here this tax credit

is refundable which means even if you

have zero income

you still get to take advantage of

getting this stimulus check

then any individual who passed away

before january 1 2021

basically will not be eligible for a

stimulus check they'll be treated as

basically

having no social security number that is

valid

now if someone passed away and they were

in the military the person who passed

away was in the military

then the other spouse can still get

treated as being eligible for a stimulus

check

now in order to determine whether or not

you are eligible for the stimulus check

the irs is going to look at your 2019

tax return

unless you've already filed your 2020

tax return

and that tax return has been accepted by

the

irs so as soon as your tax return is

accepted by the irs

and the irs or treasury department says

okay let's send you a stimulus check

they're going to go with your 2020 tax

return if they

look to check if you're eligible for a

check before your tax return actually

gets accepted

they're going to use your 2019 data this

sets up some interesting scenarios

because basically if your income went

down in 2020 then

there's a chance maybe you weren't

eligible for a stimulus check in 2019

but you are eligible in 2020. if you

rush to file your taxes maybe you'll get

your stimulus check early

if your tax return gets in and accepted

before the stimulus checks start coming

out

if you miss that deadline and you're

eligible for your 2020

stimulus check but your income was too

high and they read off your 2019

eligibility

then you will get your stimulus a check

on your 2020 well you'll get it in 2022

when you file your 2021 taxes

so you'll get it next spring basically

so there's an incentive if your income

declined to file your taxes sooner

if however your income went up in 2020

and let's say you were eligible for a

check in 2019 but you're not anymore

because of your 2020 income

you might be tempted to wait to file

your tax return

and this is of course for the stimulus

check purposes

most of the child tax credits for

example those are all beginning on your

next year's tax return

anyway so your 2021 tax return so those

don't have anything to do with your

2020s

anyway now if you've received a stimulus

check debit card this section here says

payments made by the secretary to

individuals under this section

shall not be in the form of an increase

in the balance of any previously issued

debit card prepaid debit card

so in other words they do not plan to

reload the debit cards which honestly

three stimulus checks it kind of seems

like a waste that they're not reloading

them

but that's how it works another question

that comes up has to do with

garnishments and basically bottom line

they're saying

no garnishments they say right here that

any refund payable by reason

of well the rules of the stimulus check

shall not be subject to reduction or

offset pursuant to

the following sections here which you're

welcome to look these up to

and you should you should look these up

to verify yourself but my understanding

of this

is at no you can't get any stimulus

check withheld

for administrative claims administrative

debts

child support federal debts state debts

unemployment debts now it's very likely

that also means that

banks can't garnish your money i'm not

100

sure on that that's what they used in

the language last time

those sections are so legally difficult

i'm going to go with the assumption that

banks can't garnish either

especially since they're making it very

clear that they do not want any other

garnishments

to apply interestingly there's also

nothing

no mention of the word prison or

incarcerated or incarceration

in the stimulus czech language that i

could find

and i looked for it so technically

if you're in prison this bill kind of

implies you would be eligible for a

stimulus check now i want to verify that

because sometimes you know command f can

miss something

although i try really hard to find it so

from what i can tell

there people in prison are not excluded

from this one

so that's just what i'm seeing right now

so for those of you wondering okay kevin

when the heck is it going to come well

right now the senate is planning to get

this bill

passed by march 14th which is crazy

because that feels like another three

and a half weeks away

at this point if they pass it by march

14th which is kind of slow

then technically we should be able to

start seeing stimulus checks

go out via direct deposit within the

next week some people last time were

really lucky and they got the

stimulus check within a week some people

got them within the first two weeks

the vast majority of people started

seeing the checks somewhere between two

to six weeks out through deposit or the

mail

that would mean most of us are probably

going to see these checks arrive

in the month of april and the lucky

people with direct deposit

and no issues at all with the government

like

nothing nothing getting caught up or

snagged at all

they're going to get it within the first

two weeks afterwards so sometime between

the ides of march and the end of march

but hey if you set your expectations

for the end of march to mid april

that's probably going to be the average

if this bill gets passed

which right now democrats have control

enough control to get this passed

and it looks like it'll go through the

minimum wage however

that remains to be seen anyway if you

found this helpful consider sharing this

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