In March of this year, Congress passed the CARES Act as part of a COVID-19 stimulus package of Economic Impact Payments that included $1,200 checks to eligible Americans plus $500 checks for eligible children. A couple with two children could receive up to $3,400. Not everyone was eligible for payments as phaseouts begin at $75,000 of income for individuals and $150,000 for joint filers.
Payments automatically went out to Americans who filed a 2018 tax return, received Social Security retirement or disability checks, Medicare, or Medicaid. If you think you should have automatically received a check (i.e. filed a 2018 tax return, are receiving Social Security, Medicare or Medicaid, VA benefits, etc.) but did not, you can check your status at IRS.Gov/coronavirus/get-my-payment
There are an estimated 260,000 Alabamians who are eligible but have not received their checks. Many of these people are from our underserved communities…people who need the money but, perhaps, do not know how to apply or need to provide additional information to the IRS to get their Payments.
The deadline for applying has been extended to November 21st. If you know someone who might need a helping hand, tell them to go to www.IRS.Gov or use this hotlink: Economic Impact Payment Information Center
Follow The Welch Group every Tuesday morning on WBRC Fox 6 for the Money Tuesday segment.
FOX 6 TALKING POINTS
Did You get Your $1,200 Stimulus Check?
- 260,000 Alabamians eligible Economic Impact Payments
- $1,200 per individual; $2,400 per couple (Joint Filers); $500 per child
- Application deadline extended until November 21st
- Visit irs.gov
Stewart H. Welch, III, CFP, AEP, is the founder of THE WELCH GROUP, LLC, which specializes in providing fee-only investment management and financial advice to families throughout the United States. He is the author or co-author of six books, including J.K. Lasser’s New Rules for Estate, Retirement and Tax Planning- 6th Edition (John Wiley & Sons, Inc.); THINK Like a Self-Made Millionaire; and 100 Tips for Creating a Champagne Retirement on a Shoestring Budget.
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