Who is getting a check?
How will this impact my taxes?
When will I get my money?
All questions about stimulus and today
we're answering those questions about the
newest rounded stimulant stimulus checks at
the American rescue plan has been signed.
We're also going to be taking
your questions about taxes,
so we have a couple of experts here this
evening to answer those questions first,
Mark Hensley is with the AARP.
Scott Braddock is with Scott Braddock
Financial an Kevin Robinson is
with Robinson tax and accounting.
Services alright to get your
questions answered,
you need to text them to us.
The number is 336-375-5775 again.
We want you to text those questions
then don't call that number.
We can take your questions that
way and but we will be able to
get them if you text them to us.
Of course,
many people have questions about
this newest round of stimulus checks.
the American rescue plan signed
into Wall yesterday,
and now the Biden administration
is saying people could see direct
deposit as early as this weekend.
Mark,
what do we know
so far? So it's it's all very good news.
Um, AARP is advocated that a dependent
of any age should also be included,
and I'm happy to say that
provision has been put into place.
So if you're independent of any age,
including age 17 years of age or older,
including older adults,
that may be carried as a dependent
by their younger children,
they too are eligible for
a $1400 stimulus payment.
That is good news.
And of course many people are wondering
do I need to go ahead and file my
taxes in order to get that payment?
What do we know about that?
Oil Mattie I think
basically obviously the
sooner they filed the taxes.
But you know, there's a better chance
of him not being having identity theft,
but we couldn't get your latest
tax returning them in the e-file
system you know basically,
but I know it would probably going
to be based on the latest they have,
whether it's 2020 or 2019,
so a lot of that we understand
this stimulus payments were
starting to go out by this weekend,
so the sooner the better.
But it's going to be based on the
latest information the IRS has on hand.
If that's 2019, then this 2019.
And so at the point of these stimulus
payments is to boost the economy,
to stimulate the economy.
So what does the binder ministration
hope to get from these $1400 checks?
And how do you think this will
impact our economy here? Well,
I really hope that folks are going
to receive this much needed stimulus,
and they're going to be able to go out and
buy the essential items that they need.
And while they're out there spending
this mean less payment, there are going
to be helping to stimulate the economy.
And that's really the objective here is,
you know, not to just help.
Of course, a lot of struggling families,
but to help the economy as well because
in the end that's going to help a lot
of folks that have been without work.
And, you know, been having to deal
with cutbacks and their hours of work.
And really, to help to stimulate the economy,
we're going to not see any taxation
of this stimulus.
So this is a credit as a tax free credit,
and it's
really going to help
all around. That is good news.
OK, we're already getting some great
questions and people asking if I
make more than $75,000. Am I going
to get this stimulus payment?
So that is 1 change that this
this provision has changed.
Yes, the income level of adjusted
gross income of $75,000 or less.
You would be eligible for the
$1400 payment and in the past
it is done all the way up for an
individual to get a smaller amount.
It would drop by $5 for every
$100 above that 75,000 that went
up to 99,000 in this provision
for an individual it only goes up
to 80,000 if you make more than
80,000 then that is the cap and
you would not receive any
stimulus. Got his had somewhat
of a graduated scale there.
But much smaller than in the last two,
this is our third stimulus.
The last two had a much wider range
for you to get a smaller amount,
but they did cap that for
an individual of 80,000.
I understand. Thank you.
Well, stimulus payments mean
that tax refunds are going to
be delayed this year. No Mattie,
I am not aware of any stimulus
payments making tax refunds
delayed or anything like that,
so should not have any impact.
Basically, people might just want
to be sure when they filed 2020
taxes that they are reconciling
this credit that is stemless payment
basically is on their 2020 return,
and if they didn't get the stimulus payments,
they should have gotten based
on the credit that the return is
showing that they need to make sure
to record and reconcile the credit
recovery rebate credit line 30.
The return against the stimulus payment,
so they may be eligible for
a credit for the difference.
Like they didn't
get Kevin, what do we know about
the tax deadline this year?
Last year it was pushed back.
Is it still April 15th?
Right now to answer that in
the short answer is yes.
It's still April 15th.
I know there is some discussion
through the to the IRS,
maybe look at June 15,
but for all we know now will
have to just go with April 15.
Absolutely Anna mark.
We started off with this,
but many people are asking again,
do adult dependents get
this round of stimulus?
This is really really good news.
Maybe I'm glad it's being ask again.
Yes, I've received email from
several viewers this week
already saying is this true?
And yes an adult dependent.
The tax filer would receive a 1400
dollar additional stimulus for them.
It does not go to the dependent,
it goes to the adult tax filer.
Absolutely thanks for explaining that.
Alright gentlemen, stick around.
We're going to come back in just a
moment to answer more of your questions
if you have one at text it to us.
33637985775 will be back.