- It took 5,593 pages to get you a $600 stimulus check.
That's how many pages this bill is.
But the whole point of me doing this video right now is
because the big question that I had,
and I know many of you also had, was what about my kids?
What about my dependents?
Am I going to get a check for every single one of them?
Or is there going to be a cutoff?
Like this was definitely one
of the big questions that I had.
And I was looking at a bunch of different articles,
watched a few videos
and I didn't really find the answer I was looking for.
And then finally here comes the bill.
They finally launched it,
so I started going through this monster package.
I don't know how I'm still awake, but I am.
And I want to show you what I found.
So here is what we are looking at.
So as we, hopefully, you know
now they finally came to an agreement.
They've got this new bill coming
out $600 for every, every American, every taxpayer
as long as you meet, you know, certain income restrictions
which I'm gonna show you here in one second.
But this is what I initially what I've found, you know
$600 for each dependent child.
You know, give this scenario here.
We're a family of two parents
with two children could receive up to $2,400.
So there is that.
But then I was really curious because it really didn't say
and there are a lot
of other stimulus proposals that were put out there.
Most of them had a larger initial amount where
they were going to cap you
at the number of dependents that you could qualify for.
And there was like three dependents.
I think there was four.
So I was concerned that there would be some cap on this one
because if you don't recall, if you don't remember,
that with this current bill, they are giving $600
for your dependents as opposed to $500 from the CARES Act.
So there is a $100 increase, you know, which is awesome.
So there is that.
So as I'm going through this thing
and I'll have a link to this, if you care,
but here you can see right here, 5,500 pages.
55 and 93 is where this is.
And the information I was looking for was here
on page 1,966 is where I found this.
And if you actually do want to quickly find
the exact same page and go to that,
I just ended up doing a control F search for $600.
I thought that was a quickest way that I could get
to showing what the
the recovery rebates were for individuals.
So if you go here
and then you will find you got the $600, you know
for eligible individuals filing a joint return,
plus an amount equal to the product
of $600 multiply by the number of qualifying children.
So that is the key thing, the number of qualifying children.
And then it says within the meaning of section 24(c).
So just so that you are, we are all clear
if you're trying to, like, if, if you just may
you just want to go through this thing
cause you've got nothing else to do on a Monday afternoon.
So 24(c) is not a section in this bill.
What is referring to is the tax code.
So if you go to us tax code 24
and is referring to the US child tax credit.
So trying to determine, you know,
who qualifies as far as dependents go, you can go here
and I'll have a link to this also in the show
notes where you can just do a quick Google search
for US tax code 24, child tax credit.
And you will find the definition here.
So we're looking at, if I scroll down a little bit.
So the term qualifying child means qualifying
qualifying child of taxpayer
as defined in section 152(c) who has not
attained age 17 is what we're looking for.
So we are going back
and one of the big complaints for adult, adult children,
but those that were working, you know,
those that had a part-time job
but their parents were still claiming them
as a dependent, the parents would get the $500 check
in the CARES Act, but the kids wouldn't.
And what is looking like right now is
unless there is a change, unless there's an update.
It looks like that is going to be the same thing here
with this current bill.
So there is that.
So that this is the definition,
so if you're trying to figure out, okay, can I claim
you know, all my, am I getting a check for all my kids?
Is there some limitation?
What I did not find in the bill was trying to see,
'cause there are situations where parents are taking care
of their parents.
You know, they have an elderly person in their home
and can they then claim them also in, get, also get a check,
get credit for them as a right now I'm not seeing that.
If, if you know, if you've heard otherwise,
if that's the case, you know, let me know,
let me know in the comments below.
If you have a source for that, that'd be great.
So I can link it up
for anybody else that would have some interest
or if that would apply to them.
So that is what we have right now.
So it looks like, you know, there is no cap.
$600 for each parent, you know,
mom and dad, also $600 for each child.
So that is great.
That is awesome.
So then if we look at, so how I, in theory, how
much are we looking for?
It is all based off of, you know, what is your income?
So this is a calculator that I've found.
This is Omni calculator.
There might be some others out there.
You actually can't see my screen right now.
Let me go ahead and show you what I am actually referring
to so you can see it.
So this is a calculator that shows you exactly much.
Your stimulus check is going to be for this
this new round. So you need to answer a few questions.
You don't have to put in any personal information,
your email or phone number or anything like that.
So don't worry about that.
So have you filed taxes in 2019?
We're gonna say, yes, your filing status.
Let's say you are married.
How many dependents?
Let's go four since I've got four kids.
And then what is your AGI?
Your adjusted gross income in 2019.
And we're going to put you down for 134,000, and that shows
that you should get a stimulus check of $3,600.
So that's where the $3,600 is coming from there.
But here let's, say you're, you're high,
you're a super motivated baby maker.
And you have another child.
Well, there's an extra 600 bucks.
Now you're at 4,200.
But then we do have the phase out limits.
So if you are making over that 150 ,
let's say it's 155 that you are making.
Then here is your new amount.
As you can see, it goes down to 3,950.
You're not completely phased out, meaning that
if you go above that amount, you're not completely done.
It just starts reducing the amount that you get.
And so if you, and you can roughly see here how
much that is now, remember this is adjusted gross income.
So this is not gross.
This is after your expenses, after your credit,
after all your deductions.
So if you are contributing to like to a 401k,
if you have other expenses that you can write off,
this is the amount that they are using to
determine how much your check is going to be.
And once again, if you want to know what this is,
what the amount could be, we'll have a link
to this in the description that you can check out.
And then hopefully you're not getting retargeting
ads for Nike.
As you can tell, I'm doing some Christmas shopping.
I promise it wasn't for me, but for some family members.
So that's what that is all about.
So this is how much you could get
depending on how many kids you have,
what your income limits are and all that stuff.
Now, as far as when is going out
as I mentioned earlier today,
they're saying possibly next week, we'll see.
We'll see.
I don't think that will happen.
Personally. Government prove me wrong, prove me wrong.
Let's see if we get those checks
out before the end of the year.
Doubtful.
Ain't hold my breath on that one, but we'll see.
We will see. All right y'all, if I have another update,
obviously you'll see it
unless you haven't subscribed or hit that notification bell.
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Alright y'all, Jeff Rose reminding you
that it's your money, it's your life,
and only you can make it awesome. Until next time. Peace.