The top question of the week is will I get a stimulus check. Using Family Feud as our style of answering the top answer is:
Here are the answers you need to know
How much are the checks?
Individuals earning a gross adjusted income up to $75,000 a year will be eligible to receive a $1,200 check. From there, the checks will be reduced by $5 for every $100 in income north of $75,000. They phase out completely if you earn $99,000 or more.
Married couples earning a gross adjusted income up to $150,000 will receive $2,400. Checks phase out completely at $198,000 for couples. Heads of household will receive $1,200 if they earn up to $112,500, phasing out completely at $136,500. Additionally, heads of households and married couples will receive $500 per child under 17.
You need a Social Security number to qualify for a relief check.
You do not need taxable income to receive a check. The Treasury Department announced that Social Security recipients who typically do not file taxes do not need to file a return now. Payments will be automatically deposited into their bank accounts using information the IRS and Treasury already has.
How Will the Checks Be Sent?
The checks will be sent via direct deposit if you’ve already provided the IRS with your bank account information. If you received a refund this year deposited directly into your account, you’re all set.
If the IRS doesn’t have your direct deposit info, you will get a check in the mail.
When Will I Get My Check?
According to Treasury Secretary Steve Mnuchin three weeks. I think that is unrealistic and will take until nearly May 1, 2020. I hope that I am wrong.
Will it Be Taxable in 2020?
BEWARE OF SCAMMERS
The Federal Trade Commission recently warned consumers that the government will never ask you to pay money upfront to receive the checks or call you to ask for personal information like your Social Security number or bank account number, all of which are typically scams.
You will either receive a direct deposit or a check in the mail. The government will not send you the payment via Venmo or another app. Direct deposits are more secure than paper checks, so if you are relying on the latter, be vigilant about checking your mailbox.
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Finally a very biased plug for my favorite pizza and Italian food.
If you are looking for a local restaurant to support, I encourage you to try Covinos’
From my annual BYOB blog
Covino’s Pasta and Pizza – Covino’s has been serving its Plano neighbors since 1990, and on the weekends, the place is jammed with families waiting patiently for solid pizza, calzones, and hearty pasta dishes served by sweet-natured high schoolers. The Abruzzi bread—perfect flour-dusted pizza dough stuffed with sausage, pepperoni, provolone, and fresh spinach and then sliced—is worth that weekend wait. The family runs the place and makes you feel like your dining at home. How well do I like it? I have celebrated 3 of my last 4 birthdays at Covino’s. Tell Joe I sent you!
Call and order to go 972-5190-0345
Michael Tannery CPA CDFA® AIF® ● CEO
Registered Principal | Tannery & Company
Be A Financial Olympian™