How much money will I receive from the CARES Act Stimulus payment?
Every adult with income under $75,000 will receive $1,200 ($2,400 for a couple with income under $150,000) and an additional $500 for every child under 17. The IRS will base your payment on the information in your 2019 tax return, or the 2018 return if you haven’t yet filed for 2019.
If a single persons’ income is higher than $75,000, or $150,000 for a married couple, the payment will be reduced. Individuals with income over $99,000, or couples with joint income exceeding $198,000 won’t receive a payment.
How will the IRS send me my Coronavirus stimulus payment?
If you requested a direct deposit for your 2019, or 2018 tax return, the money will be directly deposited into your bank account. If you receive social security, you will receive the payment the same way you receive your social security benefits.
If you do not receive social security and do not file taxes, the government recommends you submit a 1040 form to notify the government of your current address and ensure you will receive a payment. If you receive a physical check, we recommend depositing it in a pre-paid debit card to protect the money from bank garnishments.
Who won’t receive a stimulus payment?
The following individuals won’t receive a Coronavirus Stimulus Payment. Individuals without Social Security Numbers, Undocumented Immigrants, and adults over the age of 17 who are claimed as a dependent on someone else’s tax returns won’t receive a stimulus check.
Individuals that don’t qualify for a Stimulus payment can still file bankruptcy. We can develop a custom payment plan for you.
What Unemployment Benefits does the CARES Act provide?
The CARES Act provides an additional $600 per week in unemployment benefits, for up to four months. Also, it provides an additional 13 weeks of unemployment benefits through Dec. 31, 2020, for those who remain unemployed after state unemployment benefits are no longer available.
Is my stimulus payment protected if I file for bankruptcy?
Yes, Steffens Law Office won’t file a bankruptcy unless we know we can protect your stimulus payment. The payment is protected by an exemption shield of $5,000 per person.
Our Experienced Nebraska Bankruptcy Attorneys Are Here To Help
For more information, please contact our office and ask for the report titled, “How to Protect Yourself and Your Money from Bank Garnishment.” If you have questions about how the Coronavirus pandemic may impact your financial situations, call the experienced bankruptcy attorneys at Steffens Law Office at 308-221-8924, or fill out our form to contact us today.