hey there Tiffany Thomas with a wealthy Tiffany dot com and the guess what you guys
the two trillion dollar stimulus bill has passed the House and the Senate and
Trump signed it on March 27th of 2020 so this means a lot of Americans are going
to be getting checks in the mail hopefully this bill will give the
economy the boost that it needs because it includes so many different things but
for this video we're just gonna be talking about who is going to receive
the stimulus check and it includes those on Social Security will talk about how
much everyone's going to receive and how they will receive their check so if you
are ready for the breakdown hit that like button and we're gonna get started
all right with so much back and forth and so many versions of the bill here
are the final details that I have found and I'm going to reference my sources in
the description so you can check out the full articles if you would like to the
stimulus check for 2020 will be one thousand two hundred dollars per adult
so if you are a couple and filing jointly you'll receive twenty four
hundred dollars and an extra five hundred dollars will be added for each
child that is claimed in the household and is under seventeen years of age in
order to qualify for the full check amount you'll need to know your adjusted
gross income this is your income minus all of your deductions so if you take a
look at your tax returns just look for adjusted gross income and
that is the amount that we are talking about in order to be eligible that
adjusted gross income needs to be $75,000 or lower for singles one hundred
and twelve thousand and five hundred dollars for the head of household and
one hundred and fifty thousand dollars for those that are married filing
jointly now here's the tricky part the check amount would start to reduce at a
rate of five dollars per an extra hundred dollars that was made and it
would completely phase out at 99 thousand dollars for singles one hundred
and forty six thousand five hundred for head of household with one child one
hundred and ninety eight thousand for joint filers with no children for
example if your adjusted gross income was eighty-five thousand dollars
and you are a single that would be $10,000 over the limit so you would take
that $10,000 divide it by a hundred which would give you a hundred and then
you multiply that by five which would give you five hundred dollars so your
check would be five hundred dollars less which would be a total of seven hundred
dollars and if you find this math confusing I'm going to leave a link in
the description for a calculator that will help you easily figure this out
let's talk about who is eligible for the stimulus check the bill requires you to
file a tax return in either 2018 or 2019 so now would be a really good time to
file your taxes if you didn't the year before so that you can be eligible for
the stimulus check however any additional money someone is entitled to
will eventually come to them when they file their 2020 tax return in the form
of a credit against taxes owed but those filings aren't due until next year so it
wouldn't help you now but it would come to you later
eligible u.s. residents need to have a work eligible Social Security number and
must not be claimed as a dependent by another tax payer in order to receive a
check so how will they know where to send your stimulus check the checks will
be sent by using your previous tax returns so if you put your bank account
information on your latest tax return that you have filed they will use that
to do a direct deposit for the stimulus amount which would be faster than
getting a check in the mail if your bank account information is not up-to-date
with the IRS you can call them to update your bank account information but they
are short on staff and now that they have a whole bunch of stimulus checks to
process I'm guessing they're going to be pretty busy so if they can't find an
accurate bank account number for you most likely they will send a check to
the address that you have on file and if you didn't already give them a bank
account number on your previous tax return then they are going to mail you a
check and they will use the address that they have on file and if you have a new
address that you haven't yet with the IRS I'm going to leave a
link below this video and you can click on that to update your address plus
update your name if you had a name change if you got married or changed
your name so make sure your physical address is up-to-date right now
when will we be receiving our checks the text of the bill actually states that it
will be processed as rapidly as possible and no later than December 31st of 2020
I know Trump has said he is pushing to get these out within the next two to
three weeks I don't know if that will actually happen in 2008 it took about
two months to start distributing the checks so hopefully it will be quicker
than that this time but we will just have to wait and see what actually
happens if you filed a return on a financial instrument like a prepaid card
or tax advance alone then you will receive a check in the mail and if you
are receiving a stimulus check comment below and tell me what you're going to
spend your check on I recently did a video on some ideas on what you could
spend that money on to help better your life so I will leave a link for that but
I want to know where you're actually going to spend it on so comment below
now regarding those on Social Security individuals who are collecting Social
Security benefits for retirement disability or Supplemental Security
income will be eligible for stimulus checks based on their tax returns or
Social Security Administration data if you are receiving Social Security
benefits but didn't file taxes in 2018 or 2019 you will be eligible to receive
a stimulus check without a tax return based on data available to the IRS from
your annual Social Security benefits statement and the government will send
you a direct deposit or a check using the information from your form SSA 1099
social security benefit statement or your form rrb 1099 Social Security
equivalent benefit statement you will not have to file a two
in nineteen Tex returned to get a stimulus check and those who do not
receive Social Security benefits and also do not typically file taxes because
their income is very low they will need to file a 2019 tax return in order to
receive a stimulus check most low-income taxpayers are eligible to file tax
returns online free through the IRS free file program which I will leave a link
to below in the description and I just want to mention now beware of scams a
lot of people are going to try to scam you if anyone calls you about the
stimulus check it is a 100% scam the IRS or government is not going to call you
about your stimulus check they will most likely send you a letter in the mail the
second thing to watch out for is that people are asking for your personal
details because the government doesn't need your personal details they already
have those details so please do not give out your personal information to anyone
and last I want to mention you do not have to pay anything to receive this
check if someone reaches out to you and says oh you need to send me this amount
and I can send you the amount for the stimulus check no that's not true it's a
scam do not be giving anyone money in order to receive this stimulus check
let's do a quick recap US residents will receive a $1,200 check and an extra $500
for any child that is under the age of 17 and it will start to phase out at $5
per an extra hundred dollars that was made over seventy five thousand for
singles and one hundred fifty thousand for married filing jointly you need to
file a 2018 or 2019 tax return in order to receive the stimulus check this year
and the checks will phase out completely at ninety nine thousand for single and
198,000 for those that are married filing jointly and without children and
where will the stimulus check be sent if the IRS has your bank account on file
from your previous tax return they will use that for a direct deposit if they
don't they will use the physical address that they have on file so make sure to
update your physical address on their website if you haven't already is this a
one-time check or well checks currently it is a one-time
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for watching I'll see you in the next video
you