𝐋𝐞𝐭’𝐬 𝐭𝐚𝐥𝐤 𝐚𝐛𝐨𝐮𝐭 𝐭𝐡𝐞 𝐬𝐭𝐢𝐦𝐮𝐥𝐮𝐬 𝐩𝐚𝐜𝐤𝐚𝐠𝐞.
If you made less than $75k (single) or $150k (married) you are eligible for $1,200 or $2,400 (married) PLUS $500 for each child in your household under 17.
THE DETAILS + WHAT WE SHOULD DO
1️⃣Decide what you’re going to do with the money NOW!
Will you use it to save? Buy groceries? Pay a bill? Hire help in your biz? Start investing? You need a plan for every dollar! It’s important to start thinking about this now, so that when the money comes there is no question or anxiety around it!
2️⃣Open up a HYSA
If you don’t have one already, then NOW IS THE TIME! A high yield savings account averages anywhere between 1-2% interest, which is WAY more than the 0.01% your regular savings account is getting.
3️⃣If you’ve been laid off/fired because of COVID-19
Let’s focus on the necessities first! Get your unemployment applications in. Money is coming your way! Don’t worry about the “extra” things right now, let’s just make sure the basics are taken care of.
4️⃣If you would qualify in 2018, but not 2019 (and you haven’t filed your 2019 taxes yet)
Then let’s WAIT to file your taxes until after the money is sent out. The 2019 tax deadline has been extended to July 15th. So if you would be qualified in 2018 but not in 2019, then let’s wait to file taxes until AFTER the money comes in!
5️⃣WHEN to expect the money
The payments can be expected sometime around or shortly after April 17th. If the IRS has your account info it will be direct deposited! If not you will be receiving checks in the mail!
🌈Basically the moral of the story - 𝘉𝘌 𝘐𝘕𝘛𝘌𝘕𝘛𝘐𝘖𝘕𝘈𝘓 𝘸𝘪𝘵𝘩 𝘵𝘩𝘦 𝘮𝘰𝘯𝘦𝘺 (as you always should be). Really think about how you can make this money work for you!
👇🏻Comment below - how are YOU going to use the extra $1,200?!
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