Are You Getting a Stimulus Check?
On Friday, the President signed the largest economic relief bill in U.S. History into law. Part of the bill provides for one-time direct payments to Americans of $1,200 per individual adult or $2,400 for married couples, plus an additional $500 each eligible child.
There are income limitations for this package. If you are individual and made less than $75,000 you’ll receive the full amount. If you made more than $75,000 the amount you receive will be gradually phased out up to $99,000. If you made more than $99,000 you will not receive a check. Married couples that made less than $150,000 will receive the full $2,400. If the combined income was more than $150,000 the amount you receive will also be phased out.
The government will use your 2019 tax return to determine whether you are eligible for a stimulus check. If you haven’t yet filed your 2019 returns, the government will use your 2018 returns. If you are on Social Security and not required to file tax returns the government will use your Social Security benefits statement to qualify for the payment.
It is unclear when exactly these payments will go out, though the government is hoping to have them out in mid to late April.
Hopefully these stimulus checks will help to replace any income you may have lost due to the pandemic. However, if you find that these funds aren’t enough to make up for the lost income and worry about creditors attempting to collect from you in the future we can help. Call us today at 314-802-8328 (office) or 314-282-5557 (cell) for a free consultation. We can stop foreclosures, repossessions, garnishments, levies and lawsuits.