It is a\u00a0very\u00a0important day for the stimulus bill. Yesterday it passed that Senate and it is expected to be voted on in the House. Based on everything I have read, there\u00a0may be some\u00a0House\u00a0members who are\u00a0skeptical\u00a0about the bill but\u00a0the Speaker does expect it to pass.\u00a0The President seems to also support the bill so I would expect him to sign it very quickly\u00a0when it passes the House.<\/p>\n
Today I want to focus on\u00a0the part of the stimulus bill that\u00a0will impact the largest number of people.\u00a0In the bill it is called \u201cRecovery Rebates for Individuals\u201d. I\u2019m sure you\u2019ve all heard about this provision\u00a0and I had a lot of questions about this from people\u00a0after yesterday\u2019s email.<\/p>\n
Most adult individuals will be entitled to receive $1,200\u00a0and dependent children will receive $500. To be entitled to receive the money, you must be a citizen of\u00a0the United States and have a social security number.\u00a0The rebate phases out for higher income people.\u00a0\u00a0The amount of income you can earn and still receive the full amount of the rebate\u00a0is\u00a0determined by your tax return filing status and are as follows:<\/p>\n
Individual – $75,000<\/p>\n
Head of Household – $112,500<\/p>\n
Joint – $150,000<\/p>\n
The qualified income numbers will be determined by your 2019 income tax return\u00a0if you have already filed it. If not, by your 2018 income tax return. The most frequently asked question I had yesterday was from people who are on Social Security. Many Social Security recipients are not required to\u00a0file tax returns so most\u00a0don\u2019t file. But don\u2019t worry, if you are on Social Security you are still entitled to the rebate\u00a0even if you don\u2019t file tax returns.<\/p>\n
It is important to note, if you are a wage earner and haven\u2019t filed either your 2018 or 2019 tax returns, it does not appear that you will receive a rebate check.\u00a0So, I recommend that you make sure to quickly file either 2018 or 2019 tax returns if you don\u2019t have either of them filed. Don\u2019t worry if you owe the IRS money and can\u2019t pay it right now. As long as you have either the 2018 or 2019 return filed, you will get your rebate because the bill states that the rebate\u00a0cannot\u00a0be used to offset taxes\u00a0previously owed.\u00a0The purpose of this money is to help individuals and families make it through this tough financial time and also to provide a little stimulus to the economy.<\/p>\n
I hope that you found this information useful. Tomorrow I am going to discuss the expansion of unemployment\u00a0benefits. I think this part of the bill will\u00a0really help a lot of people survive this economic\u00a0crisis.<\/p>\n
Together, we will get through this.<\/p>\n
Don Golden<\/p>\n
The Golden Law Group<\/p>\n
(813)413-8700<\/p>\n