Tag Archives: Stimulus Check Link

Third Stimulus Check Details, Our Observations, Key Planning Techniques, Where’s My Stimulus Check Tracker Site

As mentioned last week here in this post, the $1400 + all dependents stimulus checks were approved and officially “On Their Way” or as they say the “Check is in the mail” a little over a week ago!

The most important item to know in this third round of checks are the almost “hard stop/cliff like” phase outs, unlike the prior stimulus funds, this phase out is steep and sharp. Single filers lose all benefits at $80k and joint filers $160k AGI.

Our Informal Observations Spotty Delivery

Delivery of the stimulus funds were much more spotty using our internal informal poll. Some families and their grown children as of today have seen nothing, even though they received funds immediately in the prior two rounds. Then in other situations after continued polling, we found no problems, with all grown children and families receiving their funds last week.

This popped into my inbox Monday from the IRS – Issue Number:    IR-2021-62

More Economic Impact Payments set for disbursement in coming days; taxpayers should watch mail for paper checks, debit cards

WASHINGTON – The Internal Revenue Service announced today that the next batch of Economic Impact Payments will be issued to taxpayers this week, with many of these coming by paper check or prepaid debit card.

For taxpayers receiving direct deposit, this batch of payments began processing on Friday and will have an official pay date of Wednesday, March 24, with some people seeing these in their accounts earlier, potentially as provisional or pending deposits. A large number of this latest batch of payments will also be mailed, so taxpayers who do not receive a direct deposit by March 24 should watch the mail carefully in the coming weeks for a paper check or a prepaid debit card, known as an Economic Impact Payment Card, or EIP Card. No action is needed by most people to obtain this round of Economic Impact Payments (EIPs).

In a misery loves company, if you have not received your funds yet, YOU ARE NOT ALONE!

So do not worry.

Key Planning Technique

For those on the edge of the cliff phase out of single $80k or JT filing $160k this is for you.

if your 2019 Return is under these thresholds… do not file your 2020 until you get your funds.

If your 2020 Return will get you under the threshold… run, don’t walk to file your return.

If you fail both of the above filing years, you have a chance if your 2021 return falls under the threshold you will get the stimulus in the form of a refund after you file your 2021 Return.

Here is what this looks like in flow chart form:

Where to Check For Your Stimulus

Just as in the prior two instances of stimulus, the IRS has updated their site to help you find your availability, amount and how you may receive your stimulus.

Here is the direct link to the website for security purposes, as there are very important/confidential questions you must answer to get this information – do not let your browser jump to a different address as sensitive information is needed to do the check:

https://www.irs.gov/coronavirus/get-my-payment

Here is what the page should look like

There you have it….

Third round of stimulus findings, planning tips and techniques…

Have a Great “Third Stimulus Update” Day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.

A Dallas Texas based fee only

Financial Planning Total Wealth

Management firm.

jkfinancialinc

street-cents

January 2021 Financial Planning and Capital Market Review – By John Kvale

Hello and Welcome to our January 2021 (First Monthly Review of the New Year) Financial Planning and Capital Market Update!

If you are too busy to read, feel free to listen as we describe our post and thoughts in friendly podcast audio format as well as Video!

Newbies –

We like to articulate our thoughts and review on a Monthly basis our Financial Planning Tips, Capital Markets and current events!

Hope you enjoy!

January 2021 Video – First of Year

YouTube

Financial Planning Tips

Required Minimum Distributions Now 72

As mentioned here in our post, do not feel bad if you lost track of changes, as in just over 12 months there were THREE – yes three major laws implemented.

Late December of 2019, the SECURE act (Setting Every Community Up for Retirement) among other things, upped the first mandatory RMD (Required Minimum Distributions) from Qualified/IRA/401k type plans to 72!

The Covid 19 related Cares Act passed in late March of 2020 nullified RMD’s for all of 2020, making for some confusion.

Second Stimulus Check Update

In this post, we review the new Stimulus check amounts, and where you can CAREFULLY go to check the status of your check…. here are the highlights…

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.

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!

Capital Market Comments

Buffett Back Of Napkin Valuation Metric

After happily receiving an “OK” to reprint graphs directly from the CEO of this industry publication – Look Out, there are tons of Great Articles that we look forward to bringing you!

Up first, a great broad Buffett “Back of the Napkin” Market Value Metric- This is the Market Capitalization of the S&P 500 divided by the US Gross Domestic Production…. This measure has never been this high before- sending a warning signal for Current Valuations.

“Price is what you pay, value is what you get!”

Chart Via Jill Mislinski 1-5-21 (Advisor Perspectives)

Happy Start to the New Year!

Have a Great Day and Super Start to the New Year!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.

A Dallas Texas based fee only

Financial Planning Total Wealth

Management firm.

jkfinancialinc

street-cents

Where’s My Stimulus Check Link – BREAK IN- Possible Third Stimulus Information …. Friday, Reminder Monday Financial Institutions Closed, Early Day for Us Today!

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.

jkfinancialinc

street-cents