Your Federal Stimulus Check Questions Answered

With us here mid-morning, President Trump and Congress hope to pump money into our struggling economy with direct payments to many Americans. The relief

check

s are part of the largest

stimulus

package in history, but it's something so massive that you know it's going to come with a lot. of good

questions

because they put this together quickly, they had to find a way to do it and okay, I don't want to say it's a disaster either, but it's a complicated scenario, isn't it? I was talking to someone. from the IRS yesterday and he just said please, please have a little patience because think about what we're being asked to do in this very short period of time, we're being asked to come up with all kinds of new programs to get money. everyone's trying to avoid fraud, they're trying to avoid piracy, so they're in the process of trying to figure this all out right now, there's a lot to unpack here, so Jason, why don't you start shooting?

Okay, we can get to us. most Americans will get a

check

, what do you know, who knows, so more than 80% of the people who won't, is if they make too much money, if they are what is called a non-resident alien and here this. The third group is a large one, this is where I hear a lot of people ask if they can be claimed as a dependent on someone else's tax returns, which would include many college students and many young adults who live with their parents. I have it and then on one hand you look and say, well, they're adults, why don't they get this money?, on the other hand you say, well, you're a dependent, you're not even a tax return, yeah, and that's it. , as?

Do they solve it well? How much money are we talking about here? So if you make up, and this is an adjusted gross income of $75,000, you will receive the full $1,200 check, between 75k and 99k, it's a sliding scale, any individual making over 99 thousand dollars without a check essentially for married couples, you just want double those numbers, the numbers are the limits are slightly higher for families with children. Here's something else I hear from people: If you have kids, you get an extra $500 per child, but it's only kids under 17, so I hear from a lot of people who have 17-year-olds.

No,

your

17 year old son doesn't give you that extra 500, so 17 18 19 20 no, there is no extra money, how do you solve it? If you filed

your

2019 tax return, they will use the money your income is based on and also use your direct deposit information from there. If you didn't file your taxes in 2019, they'll go back to 2018 taxes. Qualify that you understood that because some people could certainly see that you made a career change and maybe you were a well-paid executive or something and then you started your own business and you are bankrupt. I have heard these three. weeks, so I really like everyone to understand, this is what Treasury Secretary Minuchin told us on CBS News.

He told Face the Nation that yes, they want to start shipping these weeks via direct deposit in three weeks, but I spoke to a group of tax book sex experts yesterday and they say it's a very optimistic timeline precisely for the reasons of the What I was talking about, they're trying to create this massive program in such a short period of time, what happens if you don't do it directly? deposit like, how do they know where to send you the check? So, a couple of things there, you might get the check in the mail. It will probably arrive in a couple of months, but it's another option for you if you've never made the direct payment. deposit, the government says they are creating a website that you will be able to go to and your direct deposit information, the website has not been created yet, so you just have to keep checking with the IRS to find out when that will happen now.

Someone asked me this morning if they owe taxes, have a judgment pending against them or something, from what we understand, if you owe taxes, your check won't be reduced, so if you owe back taxes, that's still fine. The only thing we could find that would reduce your check is if you owed child support and that child support has been reported to the government, then they could reduce your check. What about retirees? So I have received this frequently. I have a couple of

questions

that people have asked, if I get Social Security, will I still get this check and yes, the only people who are outside of that are the people I mentioned at the beginning, but there are some people who do get Social Security Social.

Security they are not required to file right, turn right, so what they recommend to those people is to go ahead right now and file a simple tax in 2015 so that they can get the direct deposit information for the year there, but do it soon because they I'm absolutely going to use this and since I have it on the website, I'll be sure to put it on my social media, but there is a page on the IRS website that has all this information right now, They say to double check for updates which we don't do. I don't have much information, but that's where you'll find the most up-to-date information.

Very good, yes, there are many good answers.