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The Year of the Plan: How does the new stimulus affect you?

By: billkrusehkaglobal

My thanks to the US Congress and the new Biden Administration for their quick reaction to get the stimulus bill signed in advance of our webinar Thursday March 25, Noon CST, slated to discuss the stimulus bill.

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My favorite items of interest:

  • Stimulus check: Are you getting one? Forbes has a terrific calculator designed to help you estimate if you’ll get a check or not. If you haven’t filed a 2020 tax return yet, then the IRS will use the 2019 tax return for basis of the check. If you were claimed as a dependent in 2019, but not in 2020, then you need to get your 2020 filed. If you claim fewer dependents in 2020 than in 2019……..
  • Housing benefit: Our neighbors in need have benefited from a federal foreclosure moratorium which expires in June. The stimulus package adds additional funding of $20B to the fund.
  • Health insurance: As previewed in our last stimulus webinar, the Affordable Care Act is getting new funding and a better program. Credits for use will be higher and the marketplace is getting more focus. Big news, NO cap on eligible income levels for using the credits and it can be used for COBRA coverage. Finally, still no mandate for use!

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