Run me my money!

2 Trillion Dollar Stimulus Bill

The Senate has passed the largest stimulus package in U.S. history in the amount of 2 trillion dollars!! Let’s breakdown what it means for us!

• The bill provides funding for $1,200 tax rebates to individuals, with additional $500 payments per qualifying child. The rebate begins phasing out when incomes exceed $75,000 (or $150,000 for joint filers). This is for EVERYONE who can’t be claimed as a dependent.
• So if you make more than 75K your tax rebate will be reduced 5 bucks for every $100 of income above those thresholds; So, if you are a single filer earning $75,100, your check will be $1,195 ($1,200-$5) etc. 
• Now make sure you have file your taxes for 2019 as the IRS will have your most current information to send your check. If you didn’t file last year or moved it would be ideal to do so asap so there is no delay when the checks starts rolling out. Yes direct deposit is an option.
• If you are currently unemployed, You will receive an additional $600 bucks a week on top of your current state benefits. If you are getting $200/week (200+600) you take home pay would be $800.
• Student Loans payment can be defer for up to 60 days with no interest. The good part about this deferment is it wont affect your time you are allotted for deferment and the interest accrued during that time wont be added to your principal balance. Don’t worry we going to talk about student loans soon.

$1,200 may not seem like alot but you spend it wisely. Saving your stimulus during this time of uncertainty would be ideal. Think about it. If you can save it. Start your saving journey with the help of the government.