We are getting ANOTHER $1,400 CHECK!!

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We are getting ANOTHER $1,400 CHECK!!

Jaime Schekaiban • Mar 10, 2021

When are we getting it?? Who is eligible? What to do with it?? Read Below!!

The $1.9 Trillion Dollar Relief package is done and dusted! Everyone that received money with the 1st and 2nd stimulus payments will be receiving more money in March-April timeframe.

There is a catch though, not all people will be eligible, and let me show you if you are and what you can do with your money!!

It is great that Congress got to work and passed this bill to be signed by the president. They said it was going to be before the unemployment benefits ran out on the 14th, and it happened just like that!

The big question here is WHEN are we getting it and AM I ELIGIBLE??

Well, my friends, the first ones to receive the stimulus checks will be: People that filed their 2020 TAX RETURNS already!!

If you filed your 2020 tax return, you should already have an updated bank account where you will receive your money from your return.

The IRS will grab that amount and bank account and just deposit you the $1,400 there.

What if I did not file my 2020 Tax Return just yet??

Well, then in April timeframe you will start receiving deposits to the account that was on file for your 2019 Tax Return.

If the account is wrong, then the deposit will bounce back, and you will be eligible for a physical check. Those take longer and might get to you around mid-April timeframe.

Remember some people are holding on to file their 2020 Taxes for several reasons, and I think it is the most intelligent thing to do, here’s why:

1. Some people made more money on 2020 than on 2019: If your income was larger on 2020 than it was on 2019, you will most likely hold on to doing your taxes, so the IRS takes the 2019 number for your check!

2. The IRS is analyzing the amount of unemployment that will be taxed vs tax-free. The faster you file taxes, the least amount of tax-free money you could get.

3. People can claim their 1st and 2nd stimulus payments they missed any time they do their taxes from March until July, since the deadline is in July now.

So, the question is: AM I ELIGIBLE? The answer is SURE!!

If you make less than $80,000 a year on your last tax return as a Single Filer or less than $160,000 as a Joint filer.

Otherwise, you will not get any money.

Congress cut the Stimulus Payments $38,000 a year on every American to reduce its eligibility and pay money to less people this time.

It used to be $98,000 and $198,000 the threshold but it’s been reduced to $80k and $140k.

If you make less than $75k or $150k jointly you will receive the full amount or $1400 or $2800.

For every qualified dependent you will also receive the $1400. People need to have a SSN to get the stimulus check unless you are in the military or you are a surviving spouse of a military.

Let me add to this post another question that is very important: WHAT TO DO WITH IT??

$1,400 or $2,800 is a good chuck of change. These should be your priorities:

1. Housing: Secure your Rent or Mortgage so you don’t get so far behind on your payments.

2. Debt: Put that money into any outstanding debt that you might have to reduce interest.

3. Emergency Fund: If you have 0 debt then put the money away for your EF, remember it should be 6 months of living expenses including all debt payments

4. DOGECOIN: You are stable, don’t need those $1400 anyway? Buy DOGECOIN at a nickel per coin, that’s 28,000 coins. I’m not kidding!! You could make a lot if that goes up to a dollar or five! Mark Cuban is accepting DOGE as payments for his tickets!

There is a 6.3% unemployment rate in the US today. It is not as bad as we think. We can get through this.

As soon as people get vaccinated and they open up businesses 100% and people are comfortable being inside with their masks off, we will see unemployment drop under 4%, hopefully by the end of the year.

Although people think it is the new norm to work from home, I don’t agree. When we get back to normal, companies will ask people to return to the office again and kids to school. It will just be a bad memory in everyone’s head to forget, just like a Hurricane or an Earthquake.

Foreigner Insight:

Follow my guidelines as what to do with the $1400 check, do not go and spend it on booze or Amazon shopping please! I don’t think there will be another one, and they will slowly cut the benefits to recover the economy. If you are in number 4 in my list, congrats and let’s get the DOGE out!!!