4 MILLION Stimulus Debit Cards Coming This Week 😱

With 140 million Americans receiving some type of economic stimulus payment we have another 10 million still waiting on funds. Now 4 million Americans are receiving pre paid debit cards aka EIP cards or Economic Impact Payment Cards issued by Meta Bank coming this week. We go over in detail the current situation for these stimulus debit cards and what this means for the people.

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#StimulusDebitCard
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"Around 4 million people will get the prepaid debits cards, according to the Treasury, instead of a paper check. The recipients are those without bank information on file who are eligible for the payment and had their tax return processed by the Andover or Austin IRS Service Center.

The cards will be mailed by the Treasury’s bank agent, MetaBank, along with instructions on how to activate and use the card. The recipients can make purchases, withdraw cash from ATMs or transfer money to their bank account without additional fees.

Overall, the government has distributed more than140 million stimulus payment for over $240 billion to provide relief to millions of Americans, Mnuchin said. “The typical family of four received $3,400,” he said.

As part of the $2.2 trillion stimulus package, a total of $250 billion is being distributed to Americans’ wallets to help them financially ride out job loss, reduced work hours, and other money hardships they’re facing. About 175 million Americans are eligible for the payments, according to the White House.

As part of a $2 trillion coronavirus relief package, many Americans will get government checks up to $1,200 — plus $500 per child — to help them ride out a job loss, reduced work hours, and other money challenges as the country tries to stem the pandemic.

“Our updated estimate is that 93.6% of [tax] filers will have a rebate,” Garrett Watson, senior policy analyst at The Tax Foundation, said. “And this works out to approximately 140 million households.”

Your eligibility is based on your most recent tax return and your adjusted gross income. If you already filed your 2019 taxes, your eligibility will be based on that. If not, the IRS will use your 2018 taxes to determine if you qualify.

The benefit is available not only to those who have filed taxes, but also to those who receive Social Security benefits as long as they’ve received their SSA-1099 or RB-1099 forms.

Single adults with income up to $75,000 will get a $1,200 payment. Married couples with income up to $150,000 will get $2,400. Single parents who file as head of household with income up to $112,500 will get the full $1,200 check.

And, Americans who qualify for the stimulus payment and have children will get an additional $500 per child under 17.

Reduced checks will be available for single adults who earn between $75,001 and $99,000 and married couples who earn between $150,001 and $198,000.

The check will be reduced by $5 for every $100 over $75,000 for single adults and $150,000 for married couples. The reduction will apply to the entire amount of the payment including the additional $500 per qualifying child. " - https://money.yahoo.com/coronavirus-stimulus-checks-irs-now-sending-prepaid-debit-cards-as-payout-hits-240-billion-170835117.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAABYVYeGv6q5lutBp9K_XogGpVxA2G0rwc4LqTtil5OEzSrpWJOrqOZ4urydCCXnPwv2jbi7jUNVz-dMdN0xSqvoyqHQJdNtVI8Fk8iiVeDza_VYyBbLG_3o3etYH4tohLHN8Jhe9pFAQiHQmRsQ4o0oKeQEGcs7W_wXnIVL3Vb3m

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Disclaimer: I am not a financial advisor. Brian Jung does not provide tax, legal or accounting advice. This material has been prepared for entertainment purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.
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