Stimulus Bill PASSED, Second Stimulus Checks Coming – The Credit Shifu

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Hey Credit Warriors, well a new stimulus bill has passed the house and senate. It went through the house with 359 votes to 53 and through the senate 92 to 6. And the bill will now need to be signed by Trump, the white house has indicated that Trump will sign the bill. So unless there is something really nasty hidden in those 5000 pages (yeah it is a long bill) Trump should sign it. Maybe he has already signed it by the time you see this, I am in the UK for christmas, so I am recording this while you are all still asleep.

Anyway, let’s talk about the second stimulus checks, which are authorized by this bill. The checks will be for $600, so half the amount they were last time. They will apply to the same income thresholds as last time single filers earning up to $75,000 a year will get the whole amount, head of household 112,500 and joint filers $150,000. Then the amount will be reduced by 5% of the amount of income over that threshold. So for every $1000 over $75,000, your check will go down by $50. So once you earn $87,000 you no longer get anything. For joint filers, getting $1200 between them, it is the same, so you would have to earn $174,000 before you get nothing.

In a moment we will talk about when these payments will be sent out, but first a few more rules.
This time dependents aged under 17 will get a $600 check paid to their parents and they haven’t changed the rules on adult dependents, so kids in college still listed as dependents on their parents tax return will still lose out since they wont get their own checks or dependent checks sent to their parents.

They have changed one thing though and that is if you are married to someone who uses an individual taxpayer identification number instead of a social security number and file a joint return with them, that will no longer disqualify you from getting a check, it did last time. They still wont get anything, because they perhaps don’t have a legal immigration status or they have some other kind of visa that doesn’t allow them to work in the normal way, but you will still get a check.

Also if you made less money in 2020 than in 2019 and that has made you eligible for a payment this time around, when you file your taxes there will be an option to apply for this stimulus payment as a tax refund.

When will these payments be sent out? Well treasury secretary Steve Mnuchen has said the beginning of next week. No schedule has been released yet, last time they did it on a weekly basis with the lowest income earners getting payments first. But I think since they have the system in place from last time, there shouldn’t be a problem and I would expect people to get payments faster this time. Perhaps because they already have everyone’s info they could just do it in one go? Payments can be delivered through direct bank transfer, physical check or even stimulus debit cards that are mailed out.

So we will update you when we know more. Thanks for watching, smash the like button if you want more stimulus updates, remember I only update you when something actually happens, no rumors these days. See you next time, bye.

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