Here we are at another #FundMeFriday and money is on everyone’s mind. Before I get into this stimulus deadline that is looming, I need to say my normal Friday reminders. The main reminder is that I hope that everyone has funded themselves today. Reminder number two is to remember that it does not matter how much you deposit into your savings account, the important part is that you make some kind of deposit into that account which you must remember that the purpose of it is that you are building for your future. If you still need to make that transfer today, stop here and take the couple of minutes you need and make that deposit. You can come back and read this blog once you took care of yourself first.
That being said, let us talk about this looming IRS deadline. For those individuals who have not received their stimulus payments yet, the IRS is giving you until noon on Wednesday the 13th to log into their website and record a bank account for your direct deposit of your stimulus payment.
If you do not give the IRS your banking information for direct deposit, they will begin to mail out the stimulus payments in the form of a paper check to the last recorded address that they have for you. The arrival of the checks will be toward the end of May but more likely some time in June. So, if you want your stimulus payment sooner rather than later, I suggest you head over to IRS.gov and give them your information immediately.
On a side note about these stimulus payments, the IRS wants some people to return the money. These are the three main groups of people the IRS is targeting to get their money back from:
First: They sent out stimulus payments to many deceased individuals. The IRS wants the families who accepted these payments to send them back immediately. There is a major bone of contention here though and that is that people were chosen to receive these checks based on 2019 and 2018 income. If the person died in 2020, technically they or rather their family, are entitled to this payment because they earned the right to receive a stimulus payment. The IRS is trying to backtrack quickly by stating that the person needed to be alive at least the day the CARES Act was announced. This is not however how it was originally planned and therein is the problem.
Second: The second group are non-resident aliens and resident aliens. They too have received stimulus money and the IRS is now stating that they were not entitled to this money.
Third: Incarcerated individuals. This one is really up for debate because the CARES Act stated that basically anyone with a valid social security number, which the majority of inmates possess, would be entitled to receive stimulus money but this too is being debated.
The IRS wants you to go to their website and retrieve the information and instructions on how to return the funds. What you need to know though before doing that, is that so far, there is no legal way that the IRS can just come and take this money from you nor has it been deemed that these groups of people are not entitled to the stimulus payment, therefore, you might want to stand your ground and wait until actual action has been implemented regarding these questionable stimulus payments.
Now, The Loris Loop reading choice for today is called Rich Dad Poor Dad and it is very fitting for todays topic on money. If you have not already read this book, please try and borrow a copy from your local library. If that is not an option for you, here is a link to get your own copy from Amazon >>> https://amzn.to/2OTl2S8
If you choose to shop in Amazon, I would greatly appreciate it if you could use the link I have provided. As an Amazon Affiliate, it is possible I can earn a bonus and therefore continue to provide continued content we all enjoy. Thank you in advance!
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