Hi everyone this is Dr. Nitin Chhoda. If you're like most Americans you're asking
yourself this question. I'll talk to you about exactly when
you're going to get the stimulus check and I'm going to cover two things who's
going to get the stimulus check and number two when you're going to get the
stimulus check. Now as you probably know in the past few weeks Congress and the
Senate and the President have signed what's known as the CARES Act. It is the
biggest economic stimulus ever in the history of the US government
it's a $2.2 trillion plan that includes up to
$500 billion for distressed industries up to
$350 billion in the first version for small businesses up to
$260 billion to expand unemployment benefits but if you're like
most Americans you're asking yourself this question. You're saying all right
that's fine but what about the direct stimulus payments to working-class
Americans and to seniors that's $300 billion out of the $2.2 trillion bill.
Again in this video I'm going to talk to you about who's
eligible and when you're going to get your money. So you're asking yourself who
gets stimulus money well it's determined by your income whether you are a
dependent or not and whether you have a social security number so fundamentally
the IRS the Internal Revenue Service is going to be looking at a person's
adjusted gross income which means your income from W-2, any 1099 work you did
any miscellaneous income you had, dividends things like that so the IRS is
going to be looking at the adjusted gross income of an individual and
they're going to be looking at your filing status are you a single filer, are
you the head of the household which means you have dependents or are you
married filing jointly. They're also going to look at your most recent tax
returns now keep in mind for 2019 the tax filing deadline was April 15 2020
but that's been pushed back to the middle of July 2020 so if you filed your
2019 tax returns they'll look at that but if you haven't they'll go back and
look at your 2018 tax returns. So again they look at whether you're single file
or whether you're the head of the household or whether you are a married
couple filing jointly. So with these thresholds most Americans
are going to end up getting a stimulus check. Now high income earners are not
going to be getting stimulus checks so how do they define high income earners.
According to the CARES Act, if someone's a single filer with over
$99,000 in adjusted gross income they are not going to get
the $1200 stimulus if someone's a head of household with more than
$136,500 in adjusted gross income that
person will not get a stimulus check and if someone's married filing jointly with
the in excess of $198,000 an adjusted gross
income that person or those individuals will not get stimulus checks. Now what if
you're in between the two thresholds what if you make more money than the
thresholds I mentioned earlier but less money than these so-called high income
earners in that situation for every $100 in adjusted gross income you'll get $5
less so basically if you are above the lower threshold depending on
your filing status but below the upper threshold beyond that you don't get any
money if you're between those thresholds that means that you'll basically get a
little less money than the$1,200 or the $2,400
depending on your filing status. So as an example a single filer with
$80,000 in adjusted gross income would receive $950
instead of the maximum stimulus check payment of $1,200
Now besides high income there are other disqualifying factors which
will prevent you from getting the stimulus check one of them is if you are
a dependent aged 17 and over and that by the way that includes senior citizens if
you are a dependent on someone else's tax return you are not going to get the
stimulus money so many college-age students and many senior citizens that
are dependents would simply not get the money also if you don't have a social
security number in other words if you are a non citizen without a social
security number you're not going to be eligible for this benefit. Now here's the
good news households with qualifying children aged 16 and under will receive
an additional stimulus check payment of $500 per child and here's the best part
and I get this question over and over again in the comments section and here's
a good news if you're a senior receiving Social Security you are eligible for the
stimulus check payment even if you haven't filed a tax return so what the
IRS will do is the IRS will access the direct deposit record from the Social
Security Administration and directly deposit the check the stimulus check or
the stimulus payment directly to the accounts of the Social Security
beneficiaries. So what that means is out of 330 million
Americans which is 140 million households a majority of American
households will indeed be getting a stimulus check so now you're probably
thinking okay fine that's good to know but when am I going to get the check? So
here's the answer. If the IRS has your direct deposit information on file
they'll start doing direct deposits on during the week of April the 17th so
essentially that direct deposit process has already begun. Now this applies to
about 80 million Americans so that's one out of every four Americans will get a
direct deposit whether it's $1,200 or $2,400 depending on your adjusted gross
income depending on your filing status that has already begun so check your
account and see if you've got that direct deposit if the IRS has your bank
account information on file if they have your direct deposit information on file
now if you haven't got that money yet there are tools that can help you track
this I'll be covering that in another video training on what to do if you
still haven't gotten the money how you can keep track of it and how you can
look into that. Now what happens if the IRS does not have your direct deposit
information on file and you are eligible in other words now they need to mail you
a paper check the IRS is now going to start mailing paper checks every week
and I'll give you a breakdown and let you know when you can expect your check
but the IRS can only mail around 5 million checks a week. They can't send
out several million checks a week their limit essentially that they're trying to
do it as fast as they can but they can mail out about 5 million checks a
week. So how is the IRS going to figure out who gets the check and what the
criteria is for mailing those paper checks are they going to do it at random
are they going to do it without any criteria. No they have a specific
criteria and that criteria is the adjusted gross income of the individual
based on their most recent tax returns. So I'm going to show you a chart right
here on the screen and you'll see that based on your adjusted gross income for
your most recently filed tax returns your paper check is going to be mailed
and those increments that are increments of $10,000 as you can see
on the chart on this screen. So this will give you a precise idea on when you can
expect to receive your stimulus check once again if the IRS has your direct
deposit information on file you should be receiving the money the week ending
the 17th of April if your adjusted gross income
is up to $10,000 you should expect a paper check by the end of the week on
April 24th. Now keep in mind that these checks are put in the mail which means a
United Postal Service which is also pretty overwhelmed shout out to all the
United States Postal Service workers and you know we salute you for the work that
you're doing now but you should be getting it by the week ending April 24th
it might be a couple days longer because the postman still has to deliver it to
you. If you're making between $10,000 and $20,000 in adjusted gross income the
week ending May 1st is when the IRS will mail out these paper checks so as you
can see on the chart over here depending on your adjusted gross income and your
filing status you can expect those checks to be mailed so if we scroll down
you'll see all the way down to the down in this chart you see if you make
between $180,000 and $190,000
an adjusted gross income you can expect your paper check
by the week of August 28th and if you make between
$190,000 and $198,000 which is
essentially the highest year the couple's filing jointly you can expect
the paper check the week of September 4th
Now the reason they've set it up this way is that the IRS is trying to send
the checks essentially to people who need it the most
Now obviously if your direct deposit information on file with the IRS which
is around 80 million Americans you should have already received it by now
but if you haven't hang in there the check is coming and depending on your
adjusted gross income and your filing status you will be getting the check you
might have to wait a little bit longer depending on your AGI and your filing
status. So let's repeat this one more time single filers who reported less
than $75,000 in AGI on their most recent tax returns are eligible for the check
head of household filers who reported less than $112,500
in AGI in their most recent tax return are
eligible and finally married couples filing jointly with less than
$150,000 in AGI on their most recent tax returns are eligible. If you
start making more money if you're a high-income owner you start to get less
and then beyond the high-income owner threshold which is basically$99,000
in AGI for single filers, $136,500
in AGI for head of household filers and $198,000 in AGI for
married filing jointly they're the individuals who are not going to get it
so if you're beyond the threshold you're not going to be getting anything with
this sound of stimulus checks. Now I understand that debate between hey you
know just because I make a little bit more money why should I have to wait
longer for my stimulus check I have more you know I have more bills to pay so on
so forth but you have to think about it this way the government is doing the
best they can the federal government is under tremendous pressure to get this
money out to as many people as possible states are under pressure in fact states
are underfunded right now so all we have to do is just hang in
there and wait for this and you know hopefully it'll come as quickly as
possible. So the logic that is being followed by the IRS is that the
individuals with the least income get the money first, paper checks. The
individuals with for whom direct deposit information is already available
should already have gotten their money and the individuals who are making more
income as they AGI increases and again I'll put up that chart here on the
screen you can see the chart here as you make more money in AGI you start to get
checks gradually because they have the capacity to send out up to 5 million
checks a week. Now based on the current payout schedule you'll notice that all
single filers most single filers who qualify should receive their stimulus
checks by the end of June as you can see on the chart over here so if you're a
single filer, depending on your adjusted gross income with your most
recent tax return you should expect your check by the end of June it might be a
few days longer because again the United States Postal Service has to essentially
deliver checks to most Americans so again shout out to them.
If you're a head of household filer depending on your AGI
you should be able to receive your stimulus payments no later than the 24th
of July so you'll have to wait a little bit longer and finally if you might
couples filing jointly with higher income levels you are essentially going
to wait longer and you'll but you still receive a payment check depending on
your AGI you could receive your payout as late as the beginning of September so
hopefully these guidelines gave you a general idea of how long you'd have to
wait to get the stimulus check I know a lot of us are waiting I know a lot of us
are hurting but we simply have to wait till we get it. Hopefully your direct
deposit information is on file with the IRS and hopefully you already got the
money by now but if you haven't and the IRS is going to is going to send you a
paper check then you essentially have to wait your turn because of the payout
schedule that's been established by the IRS. I'll be making another video
training on how you can track the status of your stimulus checks and in
that training and also talk about what you can do if you feel you should have
got it by now and you haven't because that's an that's an entirely separate
subject and in off itself and I'll be releasing that very quickly. Thank you so
much for watching if this video was beneficial please click like please
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notification as soon as the next training is released. Please submit a
comment I read every single comment and I try to respond to as many comments as
I can I really appreciate you all being here be sure to check out the other
video trainings I've released I've talked about the $2,000 per month
proposed stimulus plan I'm also going to be talking about the free rent and the
free mortgage proposal that I think that I think is quite quite extreme in my
opinion but I'll be talking about that as well and I'll give you my opinion on
subjects that influence your financial life, that influence your professional
life and hopefully we can all get through this together and hopefully we
can all emerge stronger on the other side. Be strong guys I'm going to do
everything I can to give you information as soon as it comes and hopefully this
was valuable, hopefully this gives you a clear idea on exactly when you'll get
your stimulus check so that you can plan accordingly
and so that you can get some relief from this situation that we find ourselves in
Once again everyone thank you so much! Please click
like, please click Subscribe, please smash the notification button so you can get
in a lot as soon as I release the next video training and finally please
comment below I'm looking forward to chatting with you I appreciate you all.
Thank you!