Giving my thoughts on the $2000 Stimulus Proposal and answering some commonly asked questions about the $1200 checks ► My Stock Portfolio:
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#1 I didn’t receive my full $1200 amount, what gives? You should have received $1200 if you make $75k per year or less, which is most of America. IF you make more than that much of Adjusted Gross Income, which can be found on line 8b of your 1040 tax form, it will phase out $5 for each $100 after that, until it completely disappears at $99,000. Or $112,500 for head of household, or $150,00 if filing jointly as a married couple.
#2 I’m getting the PAYMENT STATUS NOT AVAILABLE when I check the status of my payment.
Apparently the most common issue for that payment status not available, is due to address verification - so here’s what you should do:
If you live on something like 123 Main St, you may want to try putting in 123 Main, and drop the street. If you live on a street like 123 Abraham St. SW, then you would drop St. AND SW so it would be just 123 Abraham. Also try running your address through the USPS Zip Code look up tool. You can enter your address and USPS will give you the proper formatting:
You might also get this error because they just accepted your tax return info and it hasn’t processed in their system just yet.
#3 My Bank is not working, I can’t check my balance: That’s normal right now, everyone is checking every single day, all their systems are crashing, so here’s something to try: most bank accounts should have this feature where you can set an automatic notification to be emailed or notified about any deposits over a certain threshold. Set it to something like $100, and you’ll be automatically notified if you get a deposit.
#4 What if my bank account is not the same as my previously filed tax years? In that case, the IRS will mail the check to you if you couldn’t use “get my payment” to set up direct deposit.
#5 What if I owe money? The IRS will not take your money or “garnish” your stimulus check if you owe taxes, but banks can come after your check if you are overdrawn on your account.
#6 Why didn’t I receive the $500 dependent credit? If you’re trying to get the $500 dependent credit because you have a child, your child has to be 16 or younger to qualify. If you qualify but did not receive it still, it's best to get in touch with the IRS directly.
#7 I’m a college student, will I receive my money? If someone claimed you as a deponent then you will not receive it unfortunately. But if you’re working and paying taxes, and you meet all the other income criteria, you should receive it.
#8 Will I receive my money by check or by direct deposit? You will receive your money the same method you received your tax refund last year. If you didn’t get it through direct deposit, you will be mailed a check. However, the IRS released a new tool called “Get My Payment” where you can set up direct deposit.
#9 What if I had a change of address from the last time I filed taxes? Here is what you do, the quickest way is to hop on with a live IRS agent, the best time is early in the morning: 1-800-829-1040. Alternatively, you can fill out the change of address form:
#10 What if I don’t have a bank account? The IRS will begin sending paper checks April 24th, with 5 million checks mailed each week to the people with the lowest adjust gross income, it will take between May to September for people to get their checks. If you want to speed that up, use the Get My Payment tool to get direct deposit. They’re starting Phase 2 today, another 15 million direct deposits.
#11 Do I owe taxes on this money? No you will not.
#12 Can I Quit And Receive Unemployment? No you cannot.
#13 I’m on social security, will I receive a check? YES you will, you don’t have to have paid taxes to be eligible to receive the check if you’re on social security benefits either.
#14 What if I’m NOT a US citizen or I’m a DACA recipient. Will I still get my money? YES, but In that case, you need your social security number or your Individual Taxpayer Identification Number to qualify. You have to be here legally and actually be paying taxes.
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