Скачать или смотреть $600 Stimulus Checks Agreed Upon! 12-21-20 Update

After months of negotiating the House and the Senate have agreed on a stimulus package that includes $600 individual stimulus checks!

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Congress will vote today to pass a new stimulus package that includes $600 stimulus checks for all individuals in your home. This is half the stimulus check that was included in the CARES Act. However, you do get more for each child as the cares act was only $500 per child.

The full text of the new stimulus package has not been released so the exact wording is not known. However, if this stimulus package is similar to the CARES Act (the first $1200 stimulus checks), then we know the following:

1. To be eligible for the $600 stimulus check you need to make $75,000 or less in a year. That income threshold doubles if you are married. This means a married couple that makes $150,000 or less in a year will qualify for the $600 per individual in their home. There is a phase out for individuals making up to $99,000 in a year and $198,000 a year for a married couple.

2. When: With congress most likely passing the stimulus package today checks will likely be sent out within the next two weeks. It is unlikely that you'll receive stimulus checks before Christmas. However, the IRS did a lot of work in sending out the first round of $1200 stimulus checks with the CARES Act so in theory they should be able to distribute this new $600 stimulus check quickly.

Those who have direct deposit information on file with the IRS will likely receive their stimulus checks the quickest. If you received your fist stimulus check via mail you can go register direct deposit information with the IRS to get your $600 Stimulus Check quicker.

The stimulus checks are a advance on a refundable tax credit you'll take on your 2020 taxes. This essentially means the government is going to charge you less in taxes for the year 2020 and is giving your part of your tax return now instead of making you wait until early 2021 when you file your actual taxes.

For those who are struggling financially due to our economic situation, please don't give up hope. With the Lord's help you can do all things.

If you have the ability to use the $600 stimulus check for something besides providing basic necessities consider the following:

1. Invest: If you would have taken your $1200 stimulus check and invested it in Tesla TSLA your money would be worth more than $5000! That is over a 400% return! Investing in the stock market is a great way to make your money work for you and have it grow over time. Consider investing your $600 stimulus check!

2. Pay down debt: If I take my $600 stimulus check and put it on the balance of my mortgage I can save $1500 in interest over the life of my loan and knock a few months of my mortgage. This is a great way to save money and pay off debt quicker!