Hoping To Get A Coronavirus Stimulus Check? Here are 10 Reasons You May Not Get One
I bet you have your eye on that 70-inch flat-screen TV at Walmart, huh? You’re counting down the days for your coronavirus stimulus check to buy it.
Well, my friend, get your hopes up and spend that money yet. Why? You may not be getting that $1200 that President Trump promised you.
Here are five reasons you may not get one:
1. College Students And Their Parents Who Still Claim You As A Dependent Won’t Receive A Coronvirus Stimulus Check
You won’t get a check if someone else claims you as a dependent on their taxes. The bad news is neither will mom and dad if you’re a college student.
Nearly 20 million college students who are claimed by their parents as dependents are ineligible to get checks. They won’t get checks and their parents won’t get an extra $500.
2. Disabled People Won’t Receive A Coronavirus Stimulus Check If You Are Disabled And Your Parents Still Support You
People who get disability benefits from theSocial Security Administration or Veterans Affairsare eligible for the payments. However, disabled adults claimed as dependents by their parents or other relatives on their taxes are not eligible.
3. No Coronavirus Stimulus Check For Seniors Living With Their Kids
Also, senior citizens who are on Social Security or make less than the income cap are eligible. However, the “dependent” rule also applies to them. Seniors who live with their adult children or other relatives and are claimed as dependents also won’t get checks.
4. No Coronavirus Check For Babies Born In 2020
The $500 payment per child is based on 2019 taxes. So parents who welcomed babies into the world in the first months of this year won’t get money for them. However, they’ll likely get $500 credits next year when they file their 2020 taxes.
5. No Coronavirus Stimulus Check For High Earners Who Lost Their Jobs
The size of the payments starts scaling down for those who made more than $75,000 last year and zeroes out at $98,000 or more.
But what if you exceeded the limit in 2019 only to lose your job or get a lower-paying job this year? You also won’t get a payment. However, you will get a credit when you file your 2020 taxes next year when the system catches up.
6. No Coronavirus Stimulus Check For Parents Who Split Custody
Parents who aren’t married and split custody of their children may not be eligible for a coronavirus stimulus check. If parents take turns each year claiming them on their taxes, the parent who didn’t claim the children on their 2019 tax return is out of luck.
7. No Coronavirus Stimulus Check If You Are Recently Divorced Or Estranged
Not everyone who filed taxes jointly with a spouse in 2019 is still married to that spouse or even on speaking terms.
Couples who filed their taxes jointly last year get a combined payment of up to $2,400. The funds will be deposited into whoever’s bank account was used to deposit your most recent tax refund. However, unless you must update your direct deposit information with theIRS,there’s no system to inform the IRS that you have divorced or are estranged.
8. No Coronavirus Stimulus Check For People Who Owe Back Child Support
The stimulus law puts on hold other debts that typically lead to tax refunds’ being garnished. However, not child support. As a result, your coronavirus money can still be garnished if you’re overdue on child support payments.
9. Your Coronavirus Stimulus Check Could Be Used To Pay Debts If You Have A Garnishment
Could a debt collector end up with your stimulus stash? It is in all reality certain if it’s directly deposited into your account and you have a garnishment.
Lauren Saunders of the National Consumer Law Center told the Detroit Free Press that the Treasury Department needs to take action to make sure that stimulus payments aren’t taken out of bank accounts by debt collectors.
10. Your Coronavirus Stimulus Check Could be Used To Pay Certain Student Loan Debts
The temporary student loan relief applies to federally insured student loans only. The CARES Act does not apply to private student loans. So, the interest rate on your private student loans will not become 0% through September 30, 2020.
Similarly, your private student loans are payable based on your normal payment schedule. There are no deferments. As such, your student loan lender can still come after your stimulus check. You can contact your lender and student loan servicer to discuss potential options.
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