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14
Jan

STIMULUS CHECK: ROUND 2

Have you checked your bank account?  Yours may be one of the bank accounts that already has the $600 stimulus check deposited!

This second round of stimulus direct payments started December 29, 2020. The checks will continue to hit bank accounts (or mailboxes via paper check or debit card) through the first half of January 2021.

HOW DO YOU FIND OUT IF YOU QUALIFY?

Qualifications is similar to the first round of stimulus payments in March 2020. Individuals earning up to $75,000 a year and couples earning up to $150,000 a year are eligible for the full amount. Parents can receive an additional $600 for each dependent child under 17 years old.

WHAT IF YOU DON’T RECEIVE A SECOND CHECK?

Most people will receive their second stimulus check by direct deposit with the bank account that the IRS has on file. Payments are automatic for anyone who filed a 2019 tax return and/or receives Social Security benefits. If you don’t have direct deposit, your payment will comas a check or debit card in the mail.

If you do NOT receive your payment by the end of January, you can claim credit for it when you file your 2020 income taxes this year. Same for the first stimulus payment. You’ll see it on the 2020 Form 1040 and 1040-SR as the Recovery Rebate Credit.

WHAT ELSE WAS INCLUDED IN THE STIMULUS PACKAGE?

In addition to the $600 stimulus check, an extra $300 per week in federal unemployment benefits for folks out of a job, small business subsidies, funding for schools, health care workers, and renters facing eviction.

WILL THERE BE A THIRD STIMULUS CHECK?

President-elect Joe Biden has said he supports additional aid, including a third stimulus check, once he takes office. He’ll have to work with Congress to get new legislation passed for that to happen, so it’s a game of wait and see for now.

WHAT SHOULD YOU DO WHEN YOU RECEIVE YOUR CHECK?

A great idea is to make the most of any money that ends up in your bank account, right? Here’s where to start:

If you’re out of work or missing a paycheck, use this stimulus money to protect your basic needs:

  1. Food
  2. Utilities
  3. Shelter
  4. Transportation

Keep food on the table, lights on, and your rent or mortgage paid. Give yourself peace of mind so you

GET ON A BUDGET!!  It is the BEST way to make your money go further.

HERE’S THE TRUTH:

You shouldn’t need a check from the government to bail you out. All this back and forth over stimulus payments is proof that you shouldn’t rely on the government for financial help when you really need it. You have the power to change your money situation – even now. Take control of your own money so you’ll never have to wait on the government to get its act together ever again.

You can do it. We can help!!

Holli Lewandowski, Certified Credit Counselor, Educator, and Advocate

Excerpted from D. Ramsey.Com