All of the videos on stimulus was enough to convince people in congress that yeah we need another stimulus check. Well, it might not exactly be for that reason, but we’re getting another check. Nonetheless – and i know everyone just wants to get straight into the details – so i’m – just going to tell you what it is – twelve hundred dollars confirmed of another stimulus check and who qualifies for it, who’s gon na be eligible. Is it people making forty thousand dollars a year or less? The answer is actually no it’s going to be exactly the same as last time, except with a few additional provisions and expansions to encompass a few more people, and it really is that good, a lot of people are going to get this second round of stimulus checks. If you got one last time, you’re going to get one this time, my name is kevin conway. I make personal finance videos and stimulus news, update videos. In fact i just did one this morning and i had toothpaste on my face. So that was great, but i posted it anyway, because i wanted to get the information out and now this information is just breaking on the stimulus checks and i had to make another video to bring you the very latest news. So if you want to stay informed, be sure to subscribe to the channel and give a like to this video – and please just share it with anybody that you know, is counting on another stimulus tag or wondering if it is going to be coming now.

Let’S get right into it, so we’re getting another stimulus check and how do we know that? Because outlets from cnbc to the wall street journal have all reported the administration and the congress pointing out that this new bill from the republicans in the senate is out and the details have been shared by treasury secretary, steve mnuchin, and here is what the details are Of your next stimulus check number one you’re gon na get a stimulus check of twelve hundred dollars of up to twelve hundred dollars, just like last time and it’s going to be deposited just like last time as well. So if you have direct deposit it’s going to be automatically swept into your account and likely it’s going to be a lot faster than what they had last time with all the hiccups of get my payment, etcetera, etcetera, so you’re going to get that twelve hundred dollars. Now that amount will be reduced by five percent of whatever amount you make over certain income thresholds. Now, what are those income thresholds previously? In my other videos, i pointed out that mitch mcconnell was alluding to the fact that people making below forty thousand dollars a year we’re the ones suffering the most and therefore they need another round of direct payments, and that really was kind of the indication. Forty thousand dollars a year now i’m happy to report that it is not forty thousand dollars a year. The income cut off is the exact same as last time in the cares act.

That is if you’re, an individual 75 000 is the amount of money that you could make up to and still get that full 1200 dollar stimulus check if you’re married filing jointly 150 000 is that income threshold that you can get your stimulus check all the way Up to and again, if you’re married filing jointly, you don’t just get that one. Twelve hundred dollar stimulus check you get the two stimulus checks, one for each person, so 150 thousand dollars that’s going to get you 2400 in stimulus checks. Now, what are the other details with the stimulus checks? Again? All of this is going to be very similar to the cares act, so you’re going to get 500 for each dependent under the age of 17, in addition to your 1200 stimulus check. So if you’ve got three kids that’s fifteen hundred dollars totally not worth it, if you got three kids are a lot more expensive than that. Believe me, i just had a kid and it’s just one tiny little blob and he cost more than fifteen hundred dollars, but you get that fifteen hundred dollars if you got three kids in addition to your stimulus check now here is where it is different. The wall street journal has reported that certain adult dependents are going to be eligible for this stimulus check. I know this was a point of consternation last time. A lot of people who were adults and were claimed as dependents by their caretakers or whomever they are were not eligible to receive a stimulus check and the caretaker of that adult also didn’t get a stimulus check because that person did not receive one directly and they Weren’T under the age of 17.

that looks to be rectified, at least in part. In the new round of stimulus check proposals out of the senate. We don’t have the exact details as of now, but it looks like congress has taken a look at that dependent clause and how it left a lot of people out and actually has included them here. This would include people, presumably such as college students, if you’re age, 20, 21 22 you’re likely claimed as a dependent on your parents, tax returns and you’re, also not under the age of 17.. So your parents don’t get that 500 boost for having you as a child, and you don’t get the uh 1200 stimulant check for being above the age of 18., so you’re left in this kind of weird limbo area. Also, people who are disabled – or you know in some way, are being cared for by somebody else, but they happen to be above the age of 18.. Those people fell through the cracks. Last time it looks like, according to the wall street journal, the stimulus check is going to be eligible for those people as well. So by and large the stimulus check provisions the income the amount all that is going to be similar to the cares act, but this provision on adult dependence is going to be more flexible, more open than last time. So now that we have the core of it out of the way let’s talk about some of the common questions that always get brought up whenever we talk about stimulus checks, who is going to be eligible? Does that include people on social security or disability or veterans benefits, and the answer is yes? Those people are also included in this additional round of stimulus checks.

How do we know that treasury secretary steve mnuchin has pointed out that the stimulus check is going to be just like last time and those people on social security veterans benefits, disability benefits? Those people got a stimulus check. Last time there was some hiccups and how long it took to get to them. But if you’re on social security or these programs, where you automatically have direct deposit likely it’s going to be the same way where they’re just going to look at that direct deposit information and use that as the basis for getting you your new 1200 stimulus jet. Additionally, people who owe back child support, yeah it’s likely the case that they’re going to take this additional stimulus check and apply it to the amount that you owe on your back child support. Now, if you only owed say 2 000 last time and they took your hundred dollar stimulus check to apply it there, presumably you would about eight hundred dollars and now that the new twelve hundred dollar stimulus check now you might actually get what the net is. So four hundred dollars but that’s to be determined – and it looks like it’s, going to be the exact same as last time for people who owe back child support. Also, everyone always asks what about tax time when this comes up for taxes again, do i have to pay taxes on this stimulus check? Am i gon na? Is this just a loan from the government? Am i gon na owe anything on this, and the answer is very very clear: it says it very clear in the cares act it’s going to be mirrored in this bill.

The answer is no. You do not owe taxes on your stimulus check. Why is that? What is the actual reasoning behind there? Well, technically, the stimulus check is something called a refundable tax credit it’s, the same thing as, for example, the earned income tax credit that some of you may be receiving. It is a tax credit created out of the tax code, and it has nothing really to do with the amount of taxes that you have paid already. It’S, not a function of getting a refund of money that you’ve already paid. It is created out of whole cloth and amount of money that you’re able to claim to refund to yourself from the federal government this amount of money that’s. Technically, what the stimulus check is, and so because of that, because it’s a refunding of a tax credit that the government just creates it’s, not actually income to you and therefore you don’t owe any income on it. It’S very clear in the cares act. You don’t owe any money on this stimulus check whatsoever, so no need to sweat it. If you get a stimulus check, you’re not going to have to owe additional money on it. So how soon can you expect to get this stimulus check? Well, here’s kind of an interesting thing: congress has not actually passed this bill yet and it looks like they’re not going to pass one gigantic 2.2 trillion dollar bill. Just like the cares act, they’re probably going to break it up, and that comes from the wall street journal.

It looks like they’re going to break up the pieces of this additional stimulus bill and actually make it a lot of similar spills. So what they’ll probably do? According to the wall street journal and cnbc and forbes is that they’re going to pass first, the unemployment insurance extension they’re going to pass that right away. So there’s not a there’s, not some sort of gap between what you were receiving last time, and you know the fact that it ends on july 31st, they’re, probably going to pass that unemployment insurance benefit right away and then they’re going to work on the additional things. Such as the stimulus check, the ppp loans, liability protection, additional money for testing, etc, etc, etc, and the stimulus check looks like it’s, probably going to pass. According to some people, like kevin mccarthy in the house in the first week of august, which means that once they pass, it, it’s probably going to be one or two weeks for most people to receive that stimulus check. If you have direct deposit already set up with the irs or if you’re, on social security or disability veterans benefits – and they already have your information there, it’s going to be just like last time, it took around 10 to 15 business days to actually get that stimulus Check out the door last time it was passed, but remember that was brand new. Now we already have the infrastructure in place. We’Ve already done it once before.

That means that check is going to get out a little bit faster than last time, so most people it’s, probably going to be around mid august when you can expect to get that stimulus check and the administration wants to get it out right away. Part of the reason why the payroll tax credit or the payroll tax cut wasn’t actually in this bill is because they wanted the money right away into people’s hands. They have an incentive to get that money out to actually get people spending money again, because the election is coming up really quickly sooner they get that money out the better, so we’ve had all of these discussions this whole time, whether it’s, a monthly stimulus check the Heroes act or all of these other bills and provisions, but this bill, the republican bill out of the senate, is going to be the core the basis of the new stimulus bill. It is without question the white house and the senate are controlled by the republican party. The house of representatives is controlled by the democrats, but all of the provisions in this republican bill are roughly the same as some of the provisions already signed off by the house and the heroes act. So this core bill is going to pass. This core bill is going to be signed into law you’re, going to get your second stimulus check. It is going to come in roughly the same way and remember it’s, not taxable.

It is true money to you it’s as good as it gets. I didn’t believe it last time and we were all talking about stimulus checks and even though i did all this research and everything i just something about, it seemed off. You know that you were going to receive this check and that was it no strings attached. But lo and behold i looked in my bank account and boom. It was right there and if you are looking for a good bank, account, i’ve got to have this plug because i love this account and you know it’s a really good deal for most people. Sofi money is the account that i recommend i always link it below, and i never really talk about in the video but it’s a really good account. You can get a good bonus right now, it’s around 25, if you deposit 500.. So, if you’re, looking for your new stimulus check open that account use that information with the irs boom, your stimulus check comes in and you get another 25 pretty good deal. So when are we gon na know the nitty gritty details of everything like the adult dependents and who qualifies there and all the other provisions of this new round of stimulus? And the answer is, it was supposed to be today, but it looks like congress got a little too tired, it’s been a long vacation for them and going back for a full days of four days of work, kind of tired them out.

I guess, and so they’re going home and they’re going to give the full details of the bill. It looks like on monday the administration is actually going to be reviewing some of the provisions pushed forward by the president’s party in the senate and so they’re going to kind of get some of those more fine tuned, nitty gritty details over the weekend. But we’re going to get the full text of this bill on monday. So if you want to know the very latest, the most important details, straightforward and honest, be sure to subscribe to this channel and give a like to this video so that we can spread the word a little bit more. If you guys have any questions at all, please leave them in the comments below i do my best to respond to as many comments as i can. I really make an effort, and i love reading the comments, especially for those people who have made comments on every video in the past couple weeks. Some of those repeated you know people who are subscribed. I really really love reading. All of those so be sure to subscribe to the channel like the video. If you haven’t already and stay healthy, i’ll, see you next time and i mean come on – have a good weekend, because you’re getting another stimulus check, it’s going to be, you know a pretty good situation. Twelve hundred dollars, doesn’t really hurt, could be more of course.