Get the LARGEST 3RD Stimulus Possible!! - How Your Choice COULD Make or Break Your THIRD Check
Did you know one little choice can possibly make or break your third stimulus check? There is one simple thing you can do to tip the odds in your favor regarding the next stimulus package and the amount of your 3rd check.... all you have to do is put a little thought into your situation, how it has changed from 2019 to 2020, and use that info to decide when to file your 2020 tax return. Stimulus checks are based on AGI (Adjusted Gross Income) and this time they may make the checks even more "targeted" to families who need the money the most. This means that there will possibly be larger amounts given to a smaller number of families. The idea is to keep from sending stimulus checks to people who don't "need" them. Some proposals have the phase out of a single person at 50k AGI. This means if you made more in 2020 than 2019 you may wish to hold off on filing, but if you made more in 2019 and lost your job or had reduced income and made less in 2020, it might be in your best interest to file your 2020 taxes asap. Another scenario: if you had a baby, adopted a child, or in some way added a dependent in 2020 you would want to file sooner than later, because that dependent wouldn't be reflected on your 2019 return if they were to go off of that prior year return. On the other side of that, if you lost a dependent you might be better off to wait and file your 2020 taxes later. Many different scenarios and of course with Congress, there is no sure way to know how things will play out, but it's worth hedging your bets by putting a little thought into your personal situation. Hopefully we will get this next round soon and help people who are in desperate need of relief. Thanks for watching and all the support. YOU GUYS/GALS ROCK!
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Source: https://www.cbsnews.com/news/stimulus...
3rd Stimulus - What we know so far.... American Rescue Plan
*Many felt the second stimulus of $600 was too little too late (9 mo to pass) (especially for those who haven't received it yet)
*Seems very likely there will be a third stimulus check and the timing right now feels like it would be mid/late March
Democratic Senate leader Schumer said "a month to 6 weeks away"
*Biden's proposal 1400 per person, including dependents (possibly adult dependents & mixed status families (one or more person isn't a US citizen as well)...some progressive democrats are pushing for 2k - push back about 2T+ so Biden did 1400 to keep under 2T
*$1400 to me seems like strong possibility for middle ground between progressives & conservatives
*Quick math example... family of 4 (2 adults 2 kids)....
1st stim - 1200+1200+500+500=$3400
2nd stim - 600+600+600+600=$2400
3rd stim - possibly 1400+1400+1400+1400=$5600 (possible cap on dependents?)
*Could be passed, (60 votes to overcome filibuster), or broken down into "piecemeal" to get the stimulus & vaccine distribution money out faster, or use process known as "budget reconciliation" which would allow it to pass with a simple majority
Sources: https://www.cnet.com/personal-finance...
https://www.kiplinger.com/taxes/60215...
https://www.cnet.com/personal-finance...
https://www.cbsnews.com/news/stimulus...
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