A second round of stimulus payments are coming. Elizabeth Scheiderer, Senior Financial Advisor answers some of the most common questions about the payments.
1. Who is eligible?
a. Eligibility is based on your adjusted gross income from your 2019 return.
i. Single – AGI below $75,000 get full amount
ii. Married couples– AGI below $150,000 get full amount
b. The last stimulus check was based on your 2018 tax return if you had not filed your 2019 return yet.
2. How much money will individuals receive?
a. $600 per person and $600 for children under the age of 17, but this will vary based on the income of your household and number of children, and filing status
3. When will you receive payment?
a. Direct deposits for most, starting today. And all payments are targeted to be sent by end of January.
4. How can a person track their potential payment?
a. The IRS GET MY Payment Tool
5. Anything else we should be considering with these payments?
a. Two things:
b. Be aware of scammers
i. You do not need to pay back the money
ii. A third party cannot help you get the funds faster
c. If you do not need the funds for immediate use, consider using to pay off holiday credit card debt. And if not holiday debt, help the economy!
Aired on 1/4/2021 WTAM AM 1100
Elizabeth Scheiderer, CFP®
Senior Financial Advisor