Second Stimulus Less Than $1,200?

This is my stimulus update for Saturday, July 11th.

Amended EIP Returns

So Larry Kudlow, yesterday, did say some concerning things about the next round of stimulus checks or he was reported to say some concerning things about the next round of stimulus checks.

But first, I want to address those of you who used the IRS Non-Filers tool to get your first stimulus check, but you actually have a 2019 filing requirement. What should you do?

Many of you who used the Non-Filers tool then went to file your 2019 tax return using TurboTax or something, filed electronically, and you discovered that you could not transmit your tax return electronically because you used the Non-Filers tool.

Because, like we said, when I went to the Non-Filers tool, as well as the TurboTax Stimulus Edition, what those tools did was actually file a very simple 2019 tax return for you.

So if you go to file your tax return after that, electronically, it will be rejected.

Well, yesterday, the IRS updated its guidance on its website for those of you in this situation. I’m going to read you the guidance.

IRS says, “Taxpayers who used the Non-Filers tool to register for an economic impact payment, a stimulus payment, and still need to file a 2019 tax return, must file a paper 2019 Form 1040 or 1040 SR tax return by mail, with Amended EIP Return written at the top and pay the tax owed by July 15th.”

They go on to say, “These same instructions apply if you registered for your economic impact payment using tax software or a paper tax return, indicating zero or $1 of adjusted gross income.”

That’s similar to what the TurboTax Stimulus Edition did.

IRS also said, “If you have a copy of the document that registered you for your stimulus payment, you can include it when you file your amended EIP Return Form 1040.”

They don’t say that’s required but if you do have a copy of the Non-Filers document that was submitted, the PDF, print that out, send it in, but that’s not necessarily required.

It’s just that whenever you send in a corrected piece of information, the IRS does like to typically see the original or thing you’re correcting.

In this case, you’d be correcting the tax return you submitted through the Non-Filers tool or the TurboTax Stimulus Edition.

So that’s the guidance for those of you who did use the Non-Filers tool, which was intended for those who do not have a filing requirement, hence why it’s called the Non-Filers tool, but you actually do have a 2019 filing requirement.

That’s what you need to do. Now the IRS says this has to be done by July 15th, which is in all of four days, and they just made this announcement yesterday, July 10th, so doesn’t give you a lot of time, but it is similar to the guidance we’ve given to 40, you had to file an amended return.

But now, we just know that they want you to slap Amended EIP Return at the top of your form.

Maybe those are going to be processed differently than the typical amended return.

Anyway, my point is, you can do this after July 15th.

They just want you to pay your tax by July 15th or else it’ll be assessed a late payment penalty on that tax.

BFS Cancelling Checks

Let’s go to one more thing about the first stimulus before we get to Larry Kudlow.

IRS also announced that the Bureau of Fiscal Services has canceled outstanding stimulus checks issued to recipients who may not be eligible, including those who may be deceased.

Treasury Department is encouraging financial institutions and other check cashing entities to determine the status of EIP checks by using this Treasury check verification tool.

So checks to dead people, at least according to IRS, should be canceled in the IRS systems by now.

Next Round Less Than $1,200?

Now let’s talk about Larry Kudlow. So there was a story yesterday and I cannot find the exact quote for this. I cannot find it; a video clip. I can’t even find an article with the exact quote.

But Fox Business, Fox Business News reported and I quote, that yesterday, “White House Economic Adviser Larry Kudlow said the next round of direct payments would be less than $1,200 and targeted toward people in lower income brackets and without jobs.”

I cannot find the direct quote for this, so please take this with a grain of salt.

Take it with a grain of salt, because A) I don’t see a direct quote for this anywhere on the internet of Larry Kudlow actually saying this. And B) Larry Kudlow can say whatever the heck he wants. It doesn’t mean it’s going to happen.

Sometimes we take what these advisers say as, “Okay well, that’s what it’s going to be.” It’s all talk, folks.

This is just the latest. That could change in negotiations.

But this is what Fox Business News is reporting that Larry Kudlow said.

This is contrary to what President Trump has implied that he wants when he said he wants to do more than the Democrats.

What was he referring to? Was he referring to a stimulus package as a whole or to stimulus checks?

Not sure, but Trump appears to be thinking a bit bigger than Kudlow on this issue.

Now, what we do have quotes of Larry Kudlow saying yesterday at the White House are things like, “The economic assistance will probably be very carefully targeted. It’s not going to be across the board.”

So he used a word like probably. That leaves a little bit of doubt there.

That leaves an open door to, “Well, this isn’t how it’s going to be,” but he did say, “It will be targeted,” probably because they had that $1 trillion figure in mind and they’re trying to keep things underneath that.

Kudlow also said, “The key now is helping folks get back to work. We’ll have some unemployment reforms. We’ll have some re-employment bonuses. We will have some additional economic impact assistance in a targeted way.”

Of course, when he talks about economic impact assistance, he’s referring to stimulus checks.

Of course, earlier this week, I told you about Mitch McConnell implying that $40,000 cap on the next round of stimulus payments.

Personally, I think that’s a bit low. If they do target it in some way, I certainly hope that it covers those who make a little bit more than that, because I know there’s a lot of people who make more than that who are definitely struggling right now.

I also hope that it’s not just limited to those who have a job, because McConnell was talking about those who make $40,000 or less, especially those in the hospitality industry, while there are plenty of folks who make zero except for federal benefits.

I certainly hope they’re not neglected, as well. Kudlow did say, “I think it’s going to be a tighter bill. We can’t keep posting three, four trillion every three months or every two months.”

Well, we’re not asking you to do that, Kudlow. We’re just asking for a little bit more boost here for the people.

I know that a lot of you are going to be staying indoors, both to the COVID-19 and also due to that heat.

If you’re in Southern California like I am or the Southwest or the South, you know exactly what I am talking about.

It’s going to be 103 degrees outside here today where we live. So we’re going to be kicking back inside around the A/C, just hanging out as a family.

33 comments

  1. I’m extremely impressed with your writing skills as well as with the layout on your weblog. Is this a paid theme or did you modify it yourself? Anyway keep up the excellent quality writing, it’s rare to see a nice blog like this one nowadays..

  2. Do you have a spam issue on this blog; I also am a blogger, and I was curious about your situation; many of us have created some nice methods and we are looking to exchange techniques with other folks, why not shoot me an email if interested.

  3. I want to convey my gratitude for your generosity for folks that require guidance on in this content. Your real commitment to passing the message around appeared to be extremely productive and have in most cases helped many people much like me to arrive at their desired goals. Your amazing warm and friendly publication means this much a person like me and additionally to my office colleagues. With thanks; from everyone of us.

  4. After reading your article, it reminded me of some things about gate io that I studied before. The content is similar to yours, but your thinking is very special, which gave me a different idea. Thank you. But I still have some questions I want to ask you, I will always pay attention. Thanks.

  5. Very interesting information!Perfect just what I was looking for! “To be without some of the things you want is an indispensable part of happiness.” by Bertrand Russell.

  6. I truly enjoy reading on this internet site, it holds superb content. “And all the winds go sighing, For sweet things dying.” by Christina Georgina Rossetti.

  7. Hi, I think your site might be having browser compatibility issues. When I look at your website in Safari, it looks fine but when opening in Internet Explorer, it has some overlapping. I just wanted to give you a quick heads up! Other then that, fantastic blog!

  8. Howdy would you mind letting me know which webhost you’re working with? I’ve loaded your blog in 3 different internet browsers and I must say this blog loads a lot faster then most. Can you suggest a good internet hosting provider at a honest price? Thanks, I appreciate it!

  9. Pretty nice post. I just stumbled upon your weblog and wanted to say that I have really enjoyed surfing around your blog posts. In any case I’ll be subscribing to your feed and I hope you write again soon!

  10. I?¦ve been exploring for a little for any high quality articles or weblog posts in this sort of area . Exploring in Yahoo I finally stumbled upon this website. Reading this information So i?¦m happy to convey that I have an incredibly just right uncanny feeling I found out exactly what I needed. I most without a doubt will make sure to don?¦t fail to remember this web site and give it a glance on a constant basis.

  11. I have been exploring for a little for any high quality articles or blog posts on this kind of house . Exploring in Yahoo I finally stumbled upon this site. Studying this information So i¦m satisfied to show that I’ve an incredibly good uncanny feeling I discovered exactly what I needed. I most certainly will make certain to do not overlook this site and give it a glance regularly.

  12. Howdy I am so grateful I found your website, I really found you by mistake, while I was searching on Google for something else, Anyhow I am here now and would just like to say kudos for a remarkable post and a all round enjoyable blog (I also love the theme/design), I don’t have time to read it all at the minute but I have book-marked it and also added your RSS feeds, so when I have time I will be back to read a lot more, Please do keep up the superb job.

Leave a reply

Please enter your comment!
Please enter your name here