YOU MIGHT NOT GET A $1200 STIMULUS CHECK (here's why)

TL;DR

High school students, college students, senior citizens, low-income earners, and immigrant families may be ineligible for the $1200 stimulus check and its associated credits.

Transcript

so it is 8 o'clock on a Wednesday night and I just read an article about some major changes to who will and will not receive the $1200 stimulus check and a couple of days ago I did a video talking about some of the important caveats associated with this $1200 stimulus check that many Americans are going to get for example those who had not filed th... Read More

Key Insights

• 😫 The IRS is set to establish an online portal for expedited payments but has not provided a specific release date.
• 😘 The requirement for social security disability income recipients and certain veterans to file a simplified tax return has faced criticism due to potential hardship for the elderly and low-income earners.
• ✋ High school and college students, as well as their parents, are excluded from the stimulus check and associated credits.
• 👪 Immigrant families without valid social security numbers are also ineligible for stimulus checks.
• 😚 The stimulus check exclusion impacts a significant demographic of service industry workers who have lost their jobs.
• 💨 Direct deposit recipients can expect faster payment compared to those receiving paper checks.
• 💱 It is crucial to stay updated on any future changes or developments related to the stimulus check.

Questions & Answers

Q: When will those with direct deposit receive their stimulus payment?

Those with direct deposit set up should receive their payment by April 17th. The date for paper check distribution has not been announced yet.

Q: What additional step do social security disability income recipients and certain veterans need to take to receive their stimulus check?

They may need to file a simplified tax return this year if they have not filed before. The simplified return is expected to be available in the coming weeks.

Q: Why are high school and college students who are working not eligible for the $1200 stimulus check?

High school and college students who are claimed as dependents on their parents' tax returns are not considered eligible for the stimulus check. The same applies to their parents, who will not receive the $500 credit per child.

Q: Why are immigrant families ineligible for stimulus checks?

In order for a household to receive a stimulus check, all members, including children, must have a valid social security number. Immigrant families without valid social security numbers will not qualify.

Summary & Key Takeaways

• Those with direct deposit set up should expect to receive their stimulus payment by April 17th, while those without direct deposit will receive a paper check at an undetermined date.

• Social security disability income recipients and certain veterans may need to file a simplified tax return before they can receive their stimulus check.

• High school and college students who are claimed as dependents will not receive the $1200 stimulus check, nor will their parents receive the $500 credit per child.

• Immigrant families are also ineligible for stimulus checks if all household members do not have a valid social security number.