Season 3

Where’s my stimulus check?

Episode Notes

If you and your spouse or partner make less than $150,000 (if filing jointly) or $75,000 (if filing as individuals), you should have received an economic stimulus payment ($2,400 for couples, $1,200 for individuals) that was part of last year’s COVID-19 relief legislation. In January of 2021, you should also have received an additional payment ($600 for individuals/$1,200 for couples) as part of the new relief legislation passed in December.

If you didn’t receive your payment, you have several options. The IRS Get My Payment tool will tell you whether the IRS sent you these payments and in what form–a check, a debit card, or a direct deposit to your bank. If the IRS says it’s sending your second payment as a check, you can see when it’s being sent using the U.S. Post Office’s Informed Delivery service, which will provide you with digital images of the exterior, address side of all mail sent to you.

If you never received your payments, there may be several reasons. A check or debit card may have been set to an outdated or wrong address. Or, if in the past you filed your tax return electronically and used a now-closed bank account for online payment or refund transactions, the IRS may have tried to deposit your checks to that account and failed.

If these or other situations left you without stimulus payments or the full amount you were entitled to, hope is not lost. You can claim a tax credit for these amounts on your 2020 Form 1040 or 1040-SR. These tax forms will include a Recovery Rebate worksheet you can use to determine how much of a tax credit you’re eligible for. You’ll enter the amount on line 30. Even if your income level doesn’t require you to fill a 2020 federal tax return, file it anyway if only to claim the stimulus amount you deserve.

For further research:

Terrysavage.com, Get the Original Stimulus AND the New One!

Recent Podcasts

Season 8
Tax Tips — Don’t Procrastinate!

Show Episode Notes

The clock is ticking towards Tax Day, April 18. Here are some timely tips for tax form procrastinators.

For further research:

Season 8
Annuities for Retirement Income

Show Episode Notes

Mention the word “annuity” and most investors recoil. There seem to be so many hidden secrets and costs.  And high pressure sales tactics along with "free dinners."

In today’s podcast we unravel those mysteries – with the one man who has consistently worked to educate the public to the ins and outs of annuities – as well as some of the better uses of these insurance company contracts.  Stan Haithcock’s website – www.StantheAnnuityMan.com -- is a great resource for free basic information and good advice on annuities.  And Stan is one of the most entertaining financial speakers you’ll ever meet.

So, sit back and enjoy our podcast.  We devote special attention to Multi-Year Guaranteed Annuities (MYGAs), now yielding over 5.5%.  They’re the insurance industry’s version of a bank CD, without the FDIC backing.  And they are a great way to improve yields either inside or outside your IRA.

To read more about MYGAs, here’s a link to Terry’s column on the subject:  https://www.terrysavage.com/an-annuity-that-works-for-you-myga

And if you’d like to listen to more of Stan’s terrific approach to financial markets, both Terry and Pam have recently joined him on HIS podcast.  You’ll find the links to these conversations here:

Terry Savage: The Savage Financial Truth in 2023
https://www.stantheannuityman.com/fwa-terry-savage-january-2023

Pam Krueger: Your Wealthramp to Fiduciary Advice
https://www.stantheannuityman.com/fwa-pam-krueger-february-2023

 

Show Episode Notes

Podcast Hosts

Pam Krueger

Pam Krueger

Terry Savage

Terry Savage

Richard-Eisenberg

Richard Eisenberg

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