Welcome back we're answering your
questions about stimulus checks,
an filing your taxes.
We have a couple of experts here with us,
Mark Hensley, Scott Braddock,
an Kevin Robinson.
You can text us your
questions to 336-379-5775.
This is a very popular topic at gentleman.
We already have more questions coming in.
When will Social Security recipients
get their third stimulus check?
I think that the best answer is soon
those recipients are in the system,
so that's kind of a key.
Just like if you have continued
to file your taxes, the IRS knows
how to do direct deposit with you.
If you've received a refund in the past,
so Social Security recipients as
well as other railroad retirement
employees from the federal government,
those will be some of the first
that go out based on past history.
Someone writes in if I.
Filed my 2020 taxes.
How do I go back and claim
the $10,200 waiver for
unemployment compensation?
Well, basically
that they will have to wait to.
IRS will have to basically
upgrade their systems Mattie,
and then they'll have to tell the
tax software companies how to
do the upgrades on the system.
So it's if they've already filed it,
maybe through the amended return channel
that they go back an go that route.
If in it basically worse,
that's going to be a wait and see
I used TaxSlayer for example,
so they are waiting to hear from the IRS
and know how to upgrade their software,
know whether or not and when they can
basically forgo paying taxes and 10th.
First $10,200 of unemployment compensation.
Keep in mind that that is there's a wage
limit on that right around 150,000,
so anybody over that may not be eligible
to have that 10,200 dollars wave.
So it sounds like they already filed
is more of an amended return scenario.
All right, well families with five
plus kids each get stimulus checks.
Yeah, so I did a little calculation.
I'm going to do the family of four married
filing jointly with two dependants.
That family is going to get $5600.
That's a you know,
that's an incredible boost.
So take your number of dependents, Ann,
and the number of filers, time 1400.
And that's what you should expect
in this round of stimulus payment.
I understand we're getting this
question quite a bit, so I would love
if we could repeat this answer if back
child support is owed, will it be
garnished from this stimulus payment?
Well, we have some really good news there.
Just like the second round folks that
oh back taxes or back child support.
Their stimulus payment will not
be garnished as long as they meet
the income qualifications they
will receive that stimulus check.
And just to point out that folks that
didn't receive that second round of
stimulus and they're having to claim it
on their 2020 tax return on that line.
30 as Kevin is mentioned,
if you're expecting a refund that
will increase the amount that
you're going to be anticipating,
so it's in addition to that.
Refund, however,
here's where we have a little caveat.
If you owe the IRS that stimulus
check will go towards what you owe,
so that's the only difference here,
especially where the IRS can
take that stimulus.
Are there any stipulations on how
I can spend my stimulus check?
Well, Fortunately no there is.
There is no rules or regulations on
how you use that stimulus check.
The government would love to
see you spend that money.
The first round of stimulus.
I can tell you I don't think the
facts aren't in on the second round,
but that first round of stimulus.
Amazing amount of people actually
save that money or used it
to pay down debt button.
That could be great for the individual
family and I'm all for that.
However, of course Uncle Sam would
love to see us spend that money and
help us stimulate the economy and the
small businesses out there which.
You don't make up a lot
of a lot of us receiving
the stimulus. An one more person
asking if I didn't file taxes in 2019.
Am I going to get this stimulus check?
I think that's a good question,
Matt. I mean basically,
if they didn't file taxes in 2019,
they really need to go ahead and
make sure they get in the system.
And if there's,
that's really the best way to go
about it is go ahead and file taxes.
And in 2019, while they had to do 2020
just to make sure that they're in there,
even if they owe nothing,
that that's getting their name and
their address and their contact
information from the system.
So they have a chance of
getting the stem explain.
Alright, excellent answers this evening.
Thank you for talking to us tonight
and getting some information
out there to people. Of course,
if you missed any of this information,
you'll be able to find it all on
our website thatswnynews2.com.
Just make sure you are looking under the
two wants to know section Mark Kevin Scott.
Thank you so much.
Have a good weekend.