Listen: 3.26.20 Helicopter $ and unemployment compensation details; Student loan stimulus details; IRS filing updates; Taking care of those around you
"More specifics for you on it. So let me deal with the headline on the helicopter. Money helicopter money if you're not familiar with that term that's an informal economics term that when there is a calamity in a nation's economy you try to drop money out of The ideas that money would just flow out of a helicopter and people would grab it as it's falling to Earth so that's the idea of the breathing money. I call it breathing. Money because who is alive and is on file with the IRS from Twenty nineteen or twenty eighteen will receive money automatically as long as they meet the income limits. The income limits are seventy five thousand for an individual one fifty for a married couple. And then there's a phase out beyond that where pretty quickly you phase down to zero helicopter money. But as a general rule if you make an individual income of less than seventy five or a couple income of less than one fifty you receive twelve hundred dollars per person one time only for now there was not the provision about having money would go to people later. This year was dropped. So as of now it will be the twelve hundred and then each kid that you have who is a dependent of yours is worth another five hundred dollars so if you were the theoretical perfect American Family Mama Bear Papa. Bear and two baby bears. Then you get thirty four hundred dollars as long as your income as that theoretical magical. American family is under one hundred fifty thousand now. If you are was known as head of household there is a bonus kick in where you still get the full amount of money and we have a huge number of Americans who can file under head of household status head of household individuals instead of being cut off the phase out. Starting the seventy five grand for you. It goes to one hundred twelve thousand five hundred bucks so you will is head of household get the twelve hundred and then for each child who's Independent. You'll get the additional five hundred so you will get this money pretty easily if you have electronic filed taxes with the IRS and twenty eighteen or twenty nineteen and if you did and you received a refund electronically then it will be just money. That shows up in your account as to win everybody's guessing. If I were to put a best guess on it it will be about one month from right now. More or less is my best. Guess on the other hand if the IRS does not have a valid direct deposit account to deposit money into then you will have to wait for either a paper check or a debit card is not been decided yet and may not be for a."