Your stimulus check might be coming sooner than you think
To combat the coronavirus pandemic’s harsh effect on the U.S. economy, including the nearly 17 million people who filed for unemployment benefits over the last three weeks, the Trump administration and congressional leaders rolled out a $2 trillion economic recovery package. The Coronavirus Aid, Relief and Economic Security Act, or CARE Act, is delivering much-needed money to Americans suffering financially because of the COVID-19 pandemic.
Am I eligible for a stimulus package payment?
U.S. residents who have an adjusted gross income of up to $99,000 for individuals, $112,500 for head of household filers, and $150,000 for married couples filing joint returns are eligible, according to the Internal Revenue Service website.
Individual taxpayers who have an AGI between $75,000 and $99,000, head of households making $112,500 and $136,500, and married couples filing jointly with an income between $150,000 and $198,000 are eligible for reduced payments, the IRS states.
Individuals who earn more than $99,000 a year will not be receiving a check. Heads of household who make more than $136,500 and joint filers with an AGI of more than $198,000 are also not eligible.
Students who are age 17 or older don’t qualify for a stimulus check if their parents or guardians claim them as a dependent. Parents can only be eligible for a child payment if their son or daughter is 16-years-old and younger.
How much will my stimulus check be?
U.S. residents can receive the maximum stimulus payout of $1,200 payment for individual or head of household filers, and $2,400 for a married couple filing jointly if they are not a dependent of another taxpayer and have a work eligible Social Security number.
U.S. citizens and resident aliens will receive the full one-time stimulus payout of $1,200 for individuals, who are making less than $75,000. Heads of household are eligible for $1,200 if their adjusted gross income is as much as $112,500. Married couples filing joint returns with an AGI of up to $150,000 are eligible for the full $2,400 Economic Impact Payment.
Parents are eligible to receive $500 for each child under the age of 17 that they claim on their taxes.
The Economic Impact Payment decreases by $5 for every $100 if a person’s income is above $75,000 and under $99,000. The same goes for a head of household with an adjusted gross income between $112,500 and $136,500, they’ll receive a reduced payment. Joint filers who have an AGI between $150,000 and 198,000 are eligible for reduced payments, according to the Consumer Financial Protection Bureau.
The stimulus check is based on your income and the filing status on your 2019 tax return. If you haven’t filed your 2019 taxes, your 2018 return will be used to calculate if you’re eligible for a economic stimulus payment or not.
Will taxes be taken out of the check?
No, the checks will not be taxed.
When is my check coming?
There will be two types of payment: direct deposit and physical paper checks. Americans who filed their income taxes in 2018 or 2019 and provided direct deposit bank information to the IRS will receive the first payments. Stimulus payments could have been deposited in some taxpayers’ bank accounts as early as Thursday, April 9, and should be delivered in bank accounts by April 14.
The IRS is expected to mail out paper checks on April 24. Taxpayers with the lowest adjusted income are expected to receive their paper checks first.
“The checks from the Treasury and the IRS probably start going out…I think this week, perhaps early next,” Larry Kudlow, Director of the U.S. Economic Council, said on Tuesday.
The IRS is developing a resource for those who did not have their direct deposit listed with the government and would prefer the payment sent to a bank account. The tool is called “Get My Payment,” and it is scheduled to be functioning by April 17.
You can find out more information on the IRS website.
From Attorney Rob Xides – He is still open for business
I can help with anything relating to real estate, trusts and estates. Specifically, that includes things such as starting LLC’S, handling foreclosures and evictions and drafting wills, trusts and living wills.
How to access and use Covid 19 SBA cash – by Lance Armstrong.
LASTLY, we at Pittsburgh REIA are going to come out of this chaos way ahead of the curve. We have two days worth of training already set up for this month to keep you ahead of the competition.
How to Become a Deal Architect, Find Keller Deals, & Money During a Pandemic
This is the best description of the note buying seminar that we have on deck for the 21st and 25th. See registration links below.
Lately I’ve become acquainted with Brian Lauchner from NoteSchool and I am super excited to announce that Brian will be doing a 90 Minute Presentation titled “Double Your Profits on all of Your Real Estate Deals in 2020” at our monthly meeting.
If you’re not familiar with Brian and NoteSchool, let me fill you in quickly.
NoteSchool is the biggest Note Buyer in the Country.
NoteSchool has bought more than 40,000 notes in the past 40 plus years.
They know what they are talking about.
If you’re not familiar with investing in notes, here’s why I love them…
? You don’t have to deal with the property & the tenants
? True passive income, “Be the Bank”
? Make money now and money for the next 30 years
The list of benefits goes on.
So what does this have to do with you?
Notes are not an area of real estate that most investors are very familiar with.
Which is a real shame because they are so lucrative and so hands-free.
Aside from being an active note investor, Brian has devoted a great deal of his time and attention to helping investors like us learn how to invest in notes.
This stuff is so cool you cannot afford to miss out on what Brian will teach you!
So, not only will Brian be doing a 90 minute presentation at our monthly meeting on Tuesday April 21st, 2020, he has also agreed to do a full day class (9:00 AM – 3:30 PM) on Saturday April 25th, 2020 to teach us more about investing in notes.
Again, the full day class is on Saturday April 25th, 2020 from 9:00 AM to 3:30 PM
The information you’ll learn from NoteSchool can completely transform your business.
You’ll discover how to “double your offer versus acceptance rate for your Wholesale or Fix & Flip” business, increase cash flow, minimize risk, take the stress out of Real Estate and most importantly how to become a “Deal Architect”.
But if you want to attend (why wouldn’t you), you’ll have to hurry. Seating is limited.
All you have to do is visit this pages below to register:
I trust I’ll see you there?
NoteSchool’s Brian Lauchner with Pittsburgh REIA on Apr 21, 2020 6:00 PM CDT at:
Gold in Notes with Brian Lauchner on Apr 25, 2020 9:00 AM CDT at:
When is your stimulus check coming? How much will you get?
Your stimulus check might be coming sooner than you think
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