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How to CLAIM Stimulus Recovery Rebate Tax Credit | WHO QUALIFIES? - YouTube
Channel: Chris Edoria | Cinematic Tax & Finance
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did any of the following happen to you
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in 2020
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did you have a baby or even multiple
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babies
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adopt a kid how about graduating college
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and getting a job
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or what about getting laid off or just
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making less money
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maybe you got married
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or the opposite
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you got a divorce
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and lastly
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to get to the main reason of this video
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did you not just get your stimulus
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payment
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in general if one or more of the above
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occurred then you might be entitled to a
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fool or partial stimulus recovery my
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name is Christian and I'm a licensed tax
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professional and CFO of multiple
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multi-million dollar businesses
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let's break it down
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[Music]
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before we begin I'm a big believer in
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Saving Time so I'm gonna do you guys a
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solid if you don't have any kids and you
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make over 98 000 and you're single or
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your head of household and you make over
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136 000 and 501
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or you're married and you make over 198
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000. then go ahead
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stop this video watch something else
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because you will not be able to recover
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any more
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stimulus payments
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now if you just want to watch this video
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for your own information
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continue right on ahead and if you have
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kids continue right on ahead and if you
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made less than those just some amounts I
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just talked about that continue right on
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ahead let's get you some more money let
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me break it down so for category number
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one you either had a child
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multiple children birth
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or adopted
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a kid or multiple kids and this topic is
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a lot easier than the rest and because
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for the economic stimulus it was based
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on your 2018 or 2019 tax return right so
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obviously if you had a kid or adopted a
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kid in 2020 they did not exist in your
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life
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before and they now exist newly in 2020
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you automatically are put in a threshold
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where you could be eligible for stimulus
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payment
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now I'm going to make it very easy for
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you guys
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the threshold is 22
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000 Okay so
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remember the threshold we just talked
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about earlier 98k for single 136k if I
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had a household
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198k for married if you made an
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additional 22k for each child over that
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amount then you are not eligible
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but if you are somewhere in between
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those amounts
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then you are eligible to recover at
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least full or partial stimulus for each
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new additional child all right so the
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maximum you can get for each kid is 1100
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because that's stimulus payment number
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one and two so category number two first
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and foremost I want to congratulate you
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because now you're a college graduate
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and you've probably got a job
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hopefully you don't have too much debt
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and hopefully Biden ends up forgiving at
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least some of your student loan debt if
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you have some
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but recall back in 2020 you are still in
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college and your parents are kind of
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upset because you weren't making any
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money and you couldn't get the stimulus
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and they couldn't even claim you to get
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a stimulus because you were too old over
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17.
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fast forward to 2020 you're a college
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graduate you got a job and made some
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money you are going to file your own tax
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return in 2020 so therefore now
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you qualify to get the full or partial
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stimulus as long as you make under the
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thresholds
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that we talked about earlier in this
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video
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your maximum recovery is eighteen
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hundred
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congrats
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so for category number three these are
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for the groups of people that are
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probably newly unemployed you had
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reduced wages you had less hours but
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overall you just made less money if you
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recall again the stimulus is based off
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of your 2018 or 2019 tax return
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and if you made too much money in those
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years and depending on when it was
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executed you might not have gotten your
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full return or you got a partial
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stimulus payment
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now
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fast forward to 2020
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you are now eligible for the full
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stimulus or partial stimulus because you
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made less money
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we can go ahead and recover that on your
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tax return so go ahead and find someone
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that could do that for you will get you
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your stimulus recovery
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all right so category number four this
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one's a little weird and not a lot of
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people thought about the scenario for
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anyone that got married you might
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be eligible for additional stimulus
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seems kind of weird right but a few of
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my clients did get married and we ran
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into a situation where they are now
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eligible for stimulus
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take the scenario for example
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John made 100K in 2019 doesn't get a
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stimulus because he was single
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Emily made 30k
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in 2019 so she got the full stimulus in
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2020 but they got married in 2020 so now
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their combined income if it's the same
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is a hundred and thirty thousand dollars
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right that actually puts them in the
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category would they be eligible for a
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full stimulus as a married couple
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so then while Emily got the 1800s John
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didn't get his 1800 and when we filed
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the tax returns we can get John's full
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stimulus payment
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now that's a pretty
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easy explanation and some couples might
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be in varying situations where both got
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partial one got full one got partial but
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the way the numbers land in 2020 you can
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still recover some payments we can go
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ahead and do that on your tax return
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make sure to find someone that can do it
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your maximum recovery would be 3 600 if
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both of you didn't get the stimulus in
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2019 and saw reduced wages in 2020 that
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now allows you to be eligible for the
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full stimulus for both of you guys
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so the fifth category is a doozy and it
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involves you getting a divorce
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look first of all it's better off that
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you got a divorce but we're gonna have a
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little bit of minor headaches here
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in this situation
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you either as a couple made too much
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money or got partial payment
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got a divorce right now you're single or
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maybe had a household and you are now
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under the threshold and you're eligible
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to get
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more stimulus recovery all right so that
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would be the scenario in where you would
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be able to probably foreign infrequent
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depending on how the numbers land but at
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least you know that there is a
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scenario where this could work out
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the headache is in
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you're gonna have to work with your
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ex-spouse to determine how to split the
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stimulus that you guys may or men have
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not gotten
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in 2019 or in 2020 because
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there is no rule governing on let's say
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you got a reduced stimulus
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how to split it on your tax return
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let's say you got 1200.
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does she get 600 and you get 600 as you
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report and then you gotta end up getting
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an extra recovery later on that's for
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you guys will have to work that out
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unfortunately I can't do that for you
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you're gonna have to do this one last
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step with them this time
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so for number six
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I know we talked about having a child at
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number one but for this category is now
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you're able to claim like your sister
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brother Mom Dad uncle niece nephew
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basically a relative that allows you to
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claim head of household status so then
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now you might be making the same amount
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of money maybe a hundred thousand as
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single ineligible for the stimulus but
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now your head of household make the same
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money you're claiming you know your
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sister
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puts you above a threshold so now you
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can claim
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additional or a full stimulus in this
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scenario
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[Music]
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and last but not least number seven the
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one you all been waiting for and
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probably most of you guys are eligible
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for are the ones that who just never got
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the stimulus if you didn't get the
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stimulus number one or number two you
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didn't get the debit card you didn't get
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the check
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we didn't get the direct deposit
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file in on your tax return
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we can recover
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your stimulus
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payments that's all we got to do let's
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file it on tax return
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I will say though as an aside an FYI you
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got to be truthful on all of these
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categories right make sure at the very
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least you put the correct amount of
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stimulus that you got
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and repeat it make sure you put the
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correct amount of stimulus that you
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received otherwise there can be delays
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in processing your return delays in your
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refund and nobody wants that and that's
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it I know it's a lot of information to
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digest but I know it's going to go a
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long way in helping everyone in this
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time but a little bit of more money in
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your pocket so that way we can all get
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through this
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again if you feel like this content was
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helpful in the way that I produced it
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please click that subscribe button and
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hit that notification Bell so that way
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you can see more videos from me
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again I'm a finance and also a film
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professional my content will be geared
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in that direction so if you like that
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kind of content make sure to come back
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for more again remember business is like
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a movie I'll see you guys in the next
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video
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peace
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[Music]
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