Stimilus money

Did you file a tax return in 2018 or 2019?

 

Go to IRS.gov and you can click on and find out when you will get your money.

 

Its not all out yet.

Veterans are getting theirs DD through VA affairs and IRS and Treasury.

SSA people including SSI and SSdI will get theirs in due time.

The rest about 80 million Americans if they do not upload current address and DD info to IRS etc they will recieve a paper check at 5 million per week. It will be approx September before this round is fully paid to everyone.

We do not expect to get ours until after may 1 anyway. And if we did get it today, its already spent on paper last week. So there is no point. Even if it never arrived for weeks or months, the money that we spent it on is covered in normal income.

It is a gigantic cluster right now. Combined with the states and their unemployment systems. We went from like 150,000 filers in the entire USA a month ago in weekly claims all the way to a minimum of 23 million unemployed who did file successfully and are all waiting in three weeks.

There is a percentage more than that number who will not get any money at all. And if they got the 1200 its already evaporated in aprils rent with may 1 coming up in about 10 days from now. Never mind the rest of the necessary bills and family to feed.

 

Here is the thing to think about... 2018 was a good year. Lots of o/os earned over $75k even after deductions.
On the other hand, 2019 was mediocre, at least for me...So if you did not file 1040 for 2019 yet, they will look at your return from 2018 and qualify you based on the numbers there.
Am I correct?

 

An additional problem is that USAA has intercepted the 1200 stimulus payments to pay off those debts owed by their members. They are sorry they did that and are in process of refunding. I am a member of that USAA and saw it happen. Not necessarily with me because we both are square zero balance all around.

Banks are also having the 1200s intercepted by those who have obtained judgements and so on and can do it. Grab the whole thing. (Debt collectors, credit card etc) The reason is that unlike 4 specific incomes such as SSA, the 1200 is not coded and is open to any garnishment or capture. And there is nothing the person for whom the money is due to can do about it.

Its also in my area created a bad run locally on all banks. There is one who is going through about 150,000 cash in one ATM each friday. POOF. The people are restricted to 600 daily on ATM, wait until after midnight then come back to it to get the other 600.

POOF. Same with the drive thrus. Pallets of cash going out.

 

Yes.

2018 or 2019. Whichever. If you aint did 2019 then... they go back to 2018.

 

Here is a horrible thought.

Tens of thousands have died.

ALL of them will need estate and probate court.

That 1200 paid to them will be tied up as asset until discharged in the Probate. Takes about a year or two.

With the pending crush of tens of thousands? And courts being closed? It will be years before uncle sam sees those cashed.