For those of you still waiting
for your stimulus payment,
your money could be on the way.
An if you owed more on your tax
return this year because you
filed unemployment last year,
you may be getting some more money back.
We're talking stimulus,
and we're talking taxes today on
two wants to know we've got AARP's
North Carolina's Mark Hensley
and Kevin Robinson with Robinson
tax and accounting services,
and for the next 15 minutes
we're answering your questions on
all things stimulus and taxes.
To get your questions answered,
we want you to text your question
3363793755775, again 3795775.
This is a text line,
so please don't call it,
but you can text us your questions.
Alright, gentlemen,
we already have questions in the hopper.
Of course,
this first question is if I
haven't filed my 2020 taxes yet.
Does that mean I will not be able to
get the latest stimulus check Kevin?
No, it should not hold up
anything on that Tanya.
'cause basically that goes by the
latest tax return they have on hand
and the related stemless check the
$1400 that's coming out is actually
going to apply to the 2021 tax year,
so they actually should not hold
him up if they otherwise qualify.
OK, so that means you
can get the stimulus check and worse,
appan worse if you don't get something
in the Mail or direct deposited you file
taxes and that is the big way to do that.
OK, Mark, this question is how is this
third round of payments going out?
Is it direct deposit?
Is it check? Is a debit card?
So it's a combination.
This legislation was passed in March,
but payments started to go out pretty
quickly in the form of direct deposits.
But just this week batches went out
four million back before 4,000,000
payments actually went out.
Two million of those for checks to more
million were in the form of direct deposit,
but things concerning people is those
on Social Security and those on SSI
haven't received their payment yet.
But now we have been updated.
They will receive a direct deposit primarily.
On the 7th of April, alright,
and I think we've got a graphic for
that as well so that we can make sure
that folks who are on Social Security,
SSI, SSDI, railroad retirement,
that they know that the payment
for stimulus #3 is coming on.
April the 7th and so April.
The 7th is the due date that is,
the day that they will be able to
see that in their bank account,
so they may see a pending status
this weekend, right mark?
But it's not really going to be
released until that Wednesday.
That's correct, so the IRS website
irs.gov get my payment is supposed
to be according to our sources
updated on the 3rd and 4th of April.
Also keep in mind if you're
relying on veterans benefits,
those payments will not be deployed
until sometime in mid April.
OK, we got a
tax question here. Kevin.
This person is asking.
I'm still waiting for my tax refund.
Will it be bundled with my stimulus check?
Uh, well, no Tanya base of the tax refund.
Normally they are normally
paid within 21 days weather,
typically direct deposit or if a
check in the Mail may take a week
longer so there should not be
any bundling of the refund in the
stemless check the the one thing
that could happen on their return.
Basically if they were do recover
rebate credit may increase the refund
on that they're getting on their
return or reduce what they owe.
But basically it should still be 2
separate transactions OK and that is line 30.
That recovery rebate credit so.
That is what you would look for
for last year's stimulus that
would see stimulus number two.
We are now on stimulus #3 and Mark.
This is a funny question.
I don't think we've ever
actually had this question.
Do I get to decide how the
stimulus will get paid to me?
Actually, that is a good question.
And no, we have not been given a choice
through this entire stimulus process.
Now we're on the third one.
It is not consistent.
Now I have received my personally
always direct deposit because
I typically get a refund.
But we have seen people in the last
stimulus who typically got direct
deposit and ended up getting a check.
It seems to be whatever works
best for the Treasury.
Yes, I agree.
Yeah, whatever works
best for the Treasury.
And sometimes they don't give us an idea
of why it works best for the Treasury.
Alright, so this person is saying I
still don't have my taxes from last year.
What should I do about that?
They don't have their like tax,
refund or what's what's? I'm
guessing that's what it is.
They don't have their tax
refund from last year. What
should I do? They don't have their tax
refund and obviously something is wrong.
Then I would start, you know,
calling the IRS and see how
far I can get with that.
Otherwise they may have to go to the
Taxpayer Advocate Service
and enlist their help.
Of course, we have heard that if
they filed by paper last year,
it could still possibly be
sitting on someone else's desk.
Yes. I mean that is an option.
Alright, so let's go back to some of
the questions about the stimulus.
This person says what is the reason
my stimulus check was lower than 1400
Mark. So first of all you want
to check the income guidelines.
Now in this third round of
stimulus they did not change that,
but that cap number of 100,004.
A single individual.
At that point you're just
a gross income is 100,000.
Then it begins to drop so
much for every $100 earned,
they actually drop the cap much lower.
So you're not going to see as
much because they're actually
making a very tight window
on what you're eligible for.
Once you hit that cap, right?
We're continuing taking your stimulus
an your tax questions.
Feel free to text us in the break.
We will be right back.