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Will You Get The $1200 Stimulus Check? Frequently Asked Questions - YouTube
Channel: The TEC Show
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what's going on everybody David here so
I just posted a video yesterday and I
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talked about the new stimulus package
and they $1,200 and how that will be
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issued out to people and I got a lot of
responses and I'm gonna go over some of
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those questions that people had in this
video but if you want to catch all the
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details as far as a stimulus package
then you want to check out the video
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it's posted right here I'll post a link
so you can check that out you'll find
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out all the details there are a few
details that I did miss and I will
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mention those in this video
so really want to watch both videos but
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first off on this channel we talked
about inspiring people to travel more
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recent points if that sounds like
something interesting to you hit that
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subscribe button don't forget to the
little Bell notification so you can get
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future updates on my videos okay so I'm
gonna go over the questions there's
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about 10 10 or 11 questions that were
that kept coming up when it came to the
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comments and so let's go ahead and get
started okay so the first question here
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so is this going to be taken out of our
tax returns for 2020 so that's a very
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very good question are they going to tax
this and the answer is no they're not
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going to text this this is money that's
going to be given to us and we don't
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have to file for it in our taxes in 2020
so the $1,200 or however much you
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receive will be tax-free so that's good
okay next question my husband and I
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received Social Security and our retired
our son claimed this as dependents in
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2019 can we still receive a simulus
check well when it comes to the stimulus
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check if you are a dependent they're not
gonna they're not going to allow you to
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get the stimulus check so unfortunately
in this situation you're probably not
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going to be able to get the check and
that's unfortunate there are some people
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that are claimed as dependents and they
fall into that area where they're not
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where they don't qualify because of that
so unfortunately no to this question
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next question my wife and I are both US
citizens with only my income living
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overseas I have been filing my taxes
from overseas for the last 12 years
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well people living overseas get this
payment that's a very good question then
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the answer to your question is yes you
can still qualify and as long as you're
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making 75,000 or less then you'll
qualify for the $1,200 if you and your
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wife if you make less than a
fifty-thousand than you guys both will
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qualify now if you make a little bit
more let's say you make up to 99
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thousand for one person or one hundred
ninety-eight thousand for both of you
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guys then you still will receive some
money but you they they did ducks
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they're gonna deduct a little bit five
percent for each hundred dollars so
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that's what we're looking at there so
you do still qualify and plus if you
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have children you get five hundred
dollars per child 16 and under okay next
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question
hey David in your opinion if I owe taxes
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and I am on a payment plan will they
apply this money to that that's what I'm
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thinking or will it come directly to me
that's a really good question as well
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when it comes to this if you're if you
have a payment plan and you're paying
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that payment plan on time then there
should be no issues they'll just mellow
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out the check to you or direct deposit
the check to you the full amount now
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even if you do owe money part of this
this stimulus bill is they're putting a
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hold on all that so if you owe money
they still will probably cut you the
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full check or direct deposit you the
full check and let you use it how you
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want to and this is because there could
be situations where that $1,200 can
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really come in handy to buy food and
things like that so they didn't want to
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just attach that to something else that
you owe and most situations you'll be
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okay as long as it's with the federal
government now if it's a child support
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or something like that you might run
into some problems if it's like a state
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a state saying that you owe money as
opposed to the federal government so I
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hope that answers your question okay
next question do you know when we are
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supposed to be getting these checks okay
so the Treasury Secretary has said that
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we're supposed to be giving checks
within three weeks and that's for the
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direct deposit now if it if they do have
to mail the checks out to you it might
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take a little bit longer and then wait a
third they're basing this is 2019 2018
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that's what they're looking at so if you
file your taxes in 2018 or 2019 they're
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looking at that information and if you
have direct deposit so if you have the
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direct deposit already set up with the
government then they can go ahead and
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follow through and send that right to
you now if you do not have direct
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deposit let's say you receive a check
for your for your taxes well then that's
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what I'm gonna have to mail out the
check to you now there is a situation
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where you've changed your address into
your last tax return since you received
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your last check in the
well you can go on the IRS website and
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make those changes to your address so
they'll know where to send it
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okay next question and this is actually
really a statement not a question
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I really wish people who are making
videos would specify AGI adjusted gross
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income that makes a huge difference it's
not based on the income that you make on
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your payroll check big difference and
that is actually great catch there and I
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don't know I guess I did not mention
that
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so AGI they are looking at that so
they're not looking at how much you
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gross over all they're looking at the
adjusted amount and if you look on your
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w-2 form the 8b section if you look at
the 8b section you will see that
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adjusted gross and so that should help
you out to know if you fall under that
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seventy five thousand or if you're over
275 thousand so that's really really
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good information good catch there thank
you for catching that and so when you
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check your w-2 that's what you want to
look at 8b next question I read
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elsewhere that Social Security
recipients get a check if we received a
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1099 last year that is correct so Social
Security you still qualify SSI
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disability you guys all qualify for the
twelve hundred dollars so even if you
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did not file taxes you still qualify so
you want to check into that there's
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nothing that you have to do you're
pretty much you can look into it if you
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want to look into it go to the US
Treasury website and see all the
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information there but for the most part
Social Security SSI disability you guys
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do all qualify next question do you have
to pay this back great question do you
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have to pay it back is this like a loan
or they just giving us this money so
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basically this is not something that you
have to pay back so it's not alone
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they're giving the $1,200 there's no
payments that they have to take place
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they're gonna give you the money it's
the stimulus you're trying to stimulate
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the economy in this time so you will
receive the money and you do not have to
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pay it back next question what if
married couple made a hundred and eighty
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thousand but have five kids okay so if
you made a hundred and eighty thousand
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you have five kids so you will get
something back because the way that you
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look at it if you're a married couple
and you make less than
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98,000 you will receive something back
now you're not gonna receive the full
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amount the full 1200 per per person
you're not gonna receive the full amount
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but you will receive some of that so
you're gonna have to do the calculations
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here it's basically five percent for
every hundred dollars so if you do the
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calculations and you'll figure out
exactly how much you'll receive when it
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comes to the stimulus plus you also get
five hundred per child so you have five
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children you're gonna get five hundred
four per child as long as they're
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sixteen or younger
next question what about people who have
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no income and haven't filed in many
years will they get a check okay so if
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you have not filed they're looking at
2018-2019 if you have not filed in many
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many years
my advice to you if you have not filed
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in years then start then file file
2018-2019 and then maybe you can go back
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in in the future and get up to date when
it comes to filing your taxes but that's
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the only way that you're gonna qualify
if you have not filed in a long time
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then you're not gonna you're not gonna
be able to get this stimulus next
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question if you are on workmen's comp
will that qualify for a stimulus check
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so if you're on workman's comp and you
have a job your workers comp you file
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your taxes then you shouldn't have any
problems getting this the stimulus check
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so something that depending like I said
I keep going back to this but depending
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on how much income you make per year if
it's between seventy-five thousand and
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ninety eight thousand per person then
you should be okay when it comes to
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getting the stimulus check so you just
had you have to check out all those
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details but be because you're on
workman's comp that doesn't have any
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effect on you getting this check so a
last frequently asked question was what
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do I have to apply for this or is this
like an automatic thing this is an
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automatic thing as long as you file
taxes within the last two years and you
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fall within that range of income then
you'll be fine so I would follow up
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though and basically what what they've
said that they're going to do is they're
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going to direct deposit or they're gonna
mail depending on what what information
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they have and they're also going to mail
out a letter to you that's going to
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state that you should have received this
money so you'll know that it that it
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should have come to you so if it's
direct deposit you never seen anything
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in a direct deposit they are gonna mail
something out to you saying hey you
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should have received this money now if
they mail it to you
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then if they mail the check to you then
they're probably going to mail that
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letter to the same address so let's say
you've changed your address you might
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want to look into making sure the IRS
knows what your address is you can go on
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the website and check that out
and make sure that everything will be
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sent to the right the right location but
that's it that's all you have to do if
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you guys have any other questions please
post it down below I'll make another
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video if you guys want me to do that if
you like this video please give me a
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thumbs up please subscribe for more and
check out this video over here this goes
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over all the details when it comes to
the stimulus check all right thank you
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guys later
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