The Appropriations Act of 2021, signed into law very late in December, as mentioned here, provided for a $600 per qualified person in your household, stimulus deposit.
With multiple data points of folks receiving their stimulus, most on January 4th or 5th of this month via ACH Deposit from the IRS, if you have not and were thinking you should…. read on!
BREAK IN – THIRD STIMULUS OUTLINE ANNOUNCED
Yesterday afternoon, the first crumbs of an outline of a third stimulus began hitting our screens. As mentioned in the original post (link above) there were some debate on a $600 or $2000 amount, with the afore mentioned $600 already being processed. The new stimulus plan, so far (not in law yet) calls for a $1400 amount, basically getting the total to the argued $2000 amount. Nothing iron clad yet, but since we were on he topic, thought we would give you a heads up….
Now back to our regularly scheduled Post!
Who and Where on the Stimulus Check
This stimulus deposit is being provided through the Internal Revenue Service office and as such they are using 2019 Tax Return information to send the stimulus. If you have had a change of bank account or other information since filing your 2019 US Tax Return there may be confusion on getting the funds to you.
Who is eligible for the second Economic Impact Payment?
Generally, U.S. citizens and resident aliens who are not eligible to be claimed as a dependent on someone else’s income tax return are eligible for this second payment. Eligible individuals will automatically receive an Economic Impact Payment of up to $600 for individuals or $1,200 for married couples and up to $600 for each qualifying child. Generally, if you have adjusted gross income for 2019 up to $75,000 for individuals and up to $150,000 for married couples filing joint returns and surviving spouses, you will receive the full amount of the second payment. For filers with income above those amounts, the payment amount is reduced. (This from the IRS site)
Here is the link to the US Government tracking site:
https://www.irs.gov/coronavirus/get-my-payment
Once open need to Click on “Get My Payment” Tab
Be very careful when opening this site to NOT allow your browser to jump to any other site than that associated with the IRS as you will be asked for confidential information!
Holiday Reminder
Monday, in honor of Martin Luther King (MLK), banks, Capital Markets and our offices will be closed. With kiddos hitting the ground via early release today, we will also be out of the office early in order to keep the streets safe (haha), but tethered electronically for emergency needs.
Have a Great Friday and Weekend!
John A. Kvale CFA, CFP
Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.