- When will you get your stimulus check?
How much money will you receive?
I am here to get your questions answered.
(bright melody)
Hi, I'm the deal guy Matt Granite
from Matt's daily deals dot com,
I'm sure if you've seen me before you know
that I hunt down every single deal that you can think of
from items on your shopping list.
But these days, I've shifted to essentials,
and not only with the changing times,
but the very uncertain times,
and I want to ensure that anyone looking for relief
from the government, assistance amidst everything
going on right now, these massive changes in society.
I don't know one profession or person
that is safe right now.
I'm here to show you how much money you'll get,
when you'll receive that money,
and then hopefully dispel many of the myths.
This is a phenomenon where we are not only
all in this together, but if you look at the people
that have frequent paychecks still coming in,
or their employment is unaffected,
chances are, their health might be based on their job.
So, it's a really tough time for everyone
whether the paycheck is coming in or not,
and let's start with how much you will receive.
There's many rumors floating around
tied to these $1200 checks that apparently
everyone is going to get it, that's the big myth.
Not everyone is going to get a $1200 check,
in fact, unless you make under $75,000 a year,
and I'm gonna show you the calculator on this,
you won't get that $1200 check.
And if you make over $75,000,
that money gets depleted based on how much money more
you make than that $75,000 threshold.
So, before we take a look, a reminder,
I have all this information on Matt's daily deals dot com,
you go to my blog section,
you'll see filing for unemployment in 2020,
your guide to the 2020 stimulus check.
And then even things within the market themselves,
and essentials that you need right now.
I do have a stimulus check calculator,
right on my website in the blog.
But let's take a look at filing
for a single person for example.
And let's say you have no children that qualify.
And let's say your 2019 tax return was $75,000,
you get $1200, just like that.
Now let's make some adjustments for a single person,
and I'm gonna show you how this money changes
based on your current filing status
or your prior filing status.
Let's give the person a raise of $85,000.
The stimulus check drops to 700,
let's go to 7500, 1175,
let's go up in smaller increments okay.
$76,000, 1150.
$78,000, keeps dropping.
Let's increase the number of children in the household.
See, goes up a little bit.
Right, you got two kids, that money goes up.
So when you enter the number of children
in your household who have qualified
for a child tax credit in 2019,
that number is going to differ.
Let's look at someone that is not single.
Let's say you are married and you're filing jointly,
and let's look at a slightly different situation.
Perhaps this would be my situation,
one child, and let's say I make $100,000 a year.
2900, right, still looking pretty good.
I change this to single, $450.
It drops significantly.
So when you are entering your step three,
this is your adjusted gross income
from your 2019 tax return,
please be advised, especially when you're submitting
the information to the government,
you wanna be extra careful.
I know you're thinking to yourselves,
"wow, this is great information,
you're telling me to be extra careful
when I enter my information".
You would be amazed at the typos
professionals and other people make
under these circumstances.
I have to pick up a routine prescription for my daughter,
and her pediatrician and the pharmacy
both made mistakes on her birthdate.
They reversed the numbers, and these are people,
I mean you imagine right, a pharmacist,
500mg versus 50mg, they deal with numbers all day long,
those are not people that you would ever expect
to make a mistake, but people are making mistakes
just based on the stress of the situation,
and sometimes the subject matter with which we're dealing.
So, that is the calculator that you're gonna see,
but you're going to notice that number changes,
let me take a guess for the average subscriber,
or someone like myself, I really am not
bringing in the bucks just yet,
although I am hoping to one day.
Let's say single, let's say there are no children,
and let's say your adjusted gross income is,
I don't know, $45,000.
$1200 secure, right.
Let's add a couple of kids right here, number goes up.
Let's say you're the head of your household,
number stays the same.
Qualifying widower, number stays the same, right.
None of these factors matter
if you're making under $75,000 a year.
So all of those differentials,
everything I'm showing you right now,
are all tied to the number of children
available for a taxi credit,
and then the factors that will most greatly impact
your stimulus check, are the number of children
in your household who've qualified for that tax credit,
and then if your income is under $75,000.
If it's over $75,000, doesn't really matter
how many factors you adjust, you're not going to see
much more than $1200, let alone any of the numbers
that I've just shown you.
When will you get your money?
There are varying reports tied
to when people will receive the money,
but if you have direct deposit already set up with the IRS,
it means when you get refunds back on the taxes you've paid,
they already have that payment structure set up,
you could get paid within three to five days.
There's also been reports of people taking about ten days,
and since this is all very new,
if you are going to receive a check through the mail
after you submit this information,
it could be up to two weeks in certain situations.
With that being said, a reminder,
you need to enter all of your information accurately,
and if you make any false statement
tied to your income, or how you're filing to the government,
well they may not catch up with you
under these circumstances immediately.
I guarantee you, at some point soon, they will.
Just because the left hand might not know
what the right hand is doing at all times,
eventually, they figure each other out.
And not only could you face fines,
but you could be responsible for back payments,
possible other consequences later down the line,
nothing that we need to discuss right now.
With that being said, you do need a social security number,
and there are two exceptions to the rule.
A child who is adopted that has an ETIN,
or the spouse of military personnel
do not need social security numbers
to qualify for the check,
everyone else does, including both spouses and or children.
The next question I've received a lot of,
when you receive the stimulus check,
what happens if you owe back taxes,
or you're not quite caught up
or in the good books with the IRS?
Generally and historically,
I'm not speaking in all situations,
and obviously this is new and unnavigated territory,
they will not take any money out of your stimulus check
if you owe back taxes.
There's not been any report generated yet
at the time I'm recording this,
with that being said, will you get taxed on this money?
Well, this stimulus package has been set up
essentially as a prepayment for your 2020 tax credit.
So it means it will not count toward your income for 2020.
What do you do if your check never arrives?
The IRS will send you payment via direct deposit
using the information they have from your last tax filing,
or they will send a paper check your last known address.
Within 15 days of sending payment,
you will also receive a confirmation by mail
that the payment has been sent.
The confirmation you receive will have information
on what to do if you do not receive your payment.
I'm sure I don't need to tell any subscribers
of this channel, but please tell
other members of your household, grandparents, seniors,
anyone that's not computer savvy,
there are no deposits from the government
in the form of gift cards, they will not overpay you,
so you need to go into your account and then pay them.
None of that, you get one payment,
and please watch out for all of the scams
that are running rampant.
Obviously, the most frequent scam
is someone gets into your account,
or they get your account information,
and they move money within your accounts
to make it look like you've received a larger over deposit.
And with that money moving around,
they may say, "oh, we accidentally gave you $4000,
you owe us $2000, here's the account to send that $2000 to,
and by the way you can keep $500 for being so honest."
That's the most typical scam,
and they're just moving money around within your account.
Don't do anything, the IRS is not
calling anyone tied to the stimulus check,
nor is there any phone number set up,
at least at the time I'm recording this,
to phone your information in to someone else.
It is all done online, and you have to make sure
that you're doing this through the reputable website
that is in fact tied to the government.
Please don't click on any links from emails.
How should you spend your stimulus check?
Well, chances are, if you've used any of the advice
or you've watched this video,
you don't have a paycheck right now.
Or you aren't quite at that paycheck to paycheck point
but it's a very rough time.
Use this for an essential,
something to keep yourself or your family safe.
And if you're in the rare situation right now
where you do have a little bit more disposable income,
treat this as a gift that you wanna keep very safe
in the event things get worse.
Don't invest it, don't spend it on any so called deal,
or product on sale, because I can guarantee you
that anything that is a so called deal right now
will be a deal for a very long time.
Stores are desperately looking to help you spend your money,
and there is no way to spend wisely right now
unless it's on an essential, in my personal opinion.
So, hope this information helped,
I'll be handling all sorts of other topics,
more in depth, including unemployment
and how to get back on our two feet again
now that the time comes.
So, thank you for watching,
I wish you guys a safe and healthy rest of your week,
I love you, bye-bye.