$1,100 Stimulus Check for the Low Income | $1100 Fourth Stimulus Check Specifically Focused On Low Income

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$1,100 Stimulus Check for the Low Income $1100 Fourth Stimulus Check Specifically Focused On Low Income
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Are you included to receive a potential $1100 fourth stimulus check, as we discussed in that previous topic earlier today? I want to talk through the details on this because there are a lot of moving parts and this is specifically civically focused on certain groups of the low income. Therefore, let’s get into it and discuss all the details.

All right, so if you happen to catch that topic from earlier today, I was out with yet again, another new proposal, another new idea floating around out there to send out a $1,100 4th stimulus check specifically focused on the low income. So first off, if you did not see that topic from earlier today, I would say go back and check that one out. It’s just a couple of videos back. You can see it right there. There’s a lot of good information.

However, there are a couple of confusing aspects of this proposal here, which I do want to talk through in this topic because even I’m going to be honest with you, when I read through it the first couple of times, I thought, wait, what does that say? Who does this include? So I want to talk through the details on this because I’ve done some additional research on this. I’ve ran a couple of numbers, and I want to talk through this because I want you to understand who may be eligible for this in the event it actually does get approved.

All right, so first off, this proposal is calling on a $1,100 4th stimulus check specifically focused on the low income. And it says right there in the article, and I’d say, go back and watch it if you haven’t seen it yet. But it specifically says for those people who have an income 8% or less of the median household income. But wait, what does that mean? Yes, exactly.

Let’s talk through some numbers here, and then I want to give you a further explanation on this, because depending on how they derive at these numbers, it could be a totally different outcome for a lot of people. So we’ve got to understand this a little bit more clearly. All right. So let me tell you this much so far. So the last three stimulus checks that we’ve received over the last two years here, they’ve all been income based, right?

You remember the numbers we’ve talked through many, many times in previous videos? $75,000 as an individual, 150 as a married couple. You know the numbers, right? So that’s basically how the last three stimulus checks were actually distributed, right? If your income is below the level, boom, Congratulations, you are in.

However, this one is a little bit different. They said, right. There 8% or less of the median household income. Okay. So that means we need to figure out what is the median household income.

Now, here’s what I did. I did some research on this because I wanted to know myself, what is the median household income? This number does adjust every so often. So I wanted to see what is the latest number as of 2022. I’m going to be honest with you.

As I did the research on this, I came across multiple different numbers. Either way, it doesn’t matter what the number really comes in at. Let me explain this a little bit further here. So I came across multiple numbers. Number one, I got an average household income.

This is not what we want. We do not want to know the average. The average is not the number. But anyway, if you’re curious, apparently the average household income as of 2022 is $87,864 each year. So that’s what the average household income is.

However, the average is very different than the median. We want to know what the median household income is. Now, I’ve always thought that the median household income was just below $70,000. When I’ve previously done research on this, I’ve always found a number very similar to 70,000. It was like 69,000 and just under 70,000.

However, when I just did the research now it’s telling me that as of 2022, January 2022, they said that the median household income in 2022 is $61,937. Well, the previous times that I’ve researched this, I’ve always seen under $70,000 just like 69,000 some dollars. So it wouldn’t have gone down by $8,000. There’s just no way. So I don’t really trust that number.

But I did see another number. Like I said, I saw a lot of different numbers here. I kind of had a hard time coming up with a real number as far as what the median household income is in the United States. I saw another number that came out saying it is $79,900. I don’t believe that number either.

And here’s why. Like I said a minute ago, the median household income that I’ve always seen over the last year or so has been just under $70,000. I can tell you this much. It did not go down by $8,000, and it did not go up by $10,000. So either way, let’s just call it a window.

$61,000 to call it $79,000. It’s somewhere within that range. Again, I’m not really sure why it was so hard for me to find the median household income. I don’t know, but I saw a lot of different numbers. But here’s what it all comes down to.

Let’s just say that. Let’s just call it $70,000 is the median household income, 8% of that would be $5,600. If my mental method is correct, seven times 856, $5,600. However, we might be looking at it and thinking, okay, that’s like a really low income even me. You know what I mean?

Like, you might be thinking, even me receiving SSI at $841 even I wouldn’t be included for that, right? Or maybe you receive SSDI benefits of, say, $700 or $900. You might be thinking, okay, that’s even less income than what I get with my very small benefit. But let’s talk about this a little bit more clearly here, because like I said a minute ago, depending on how they derive at these income, numbers is going to be determined on who would actually be eligible to receive this payment. So let’s talk through this again.

I remember my example a minute ago where I said the last three stimulus checks that we’ve received were all based around income 75,000, 150,000, 200,000, 400,000. Remember these numbers? Yeah. Well, let’s talk about this. So here’s the deal.

Basically, what they do is they count income based on what you would claim on your tax return in the event that you file a tax return to the IRS. However, there’s something else we need to take into account. Here’s the deal. If your income is essentially $12,500 or less, your income is essentially in the eyes of the IRS, it’s zero. Why?

Here’s why. Because of the standard deduction. So there’s something on your tax return. Everybody is eligible to take this. It’s about $12,500.

So basically what they say is the first $12,500 of your income is not taxable because let’s just say that you were in $12,500 or any dollar amount under that. Basically what happens is if you were to go to file a tax return, you would apply the standard deduction and your income would be zero. It would be automatically zeroed out because the standard deduction, let’s just say again, is about $12,500. You apply it against any income. And anything that’s 12,500 or less is zero makes sense.

So here’s what I have to say about that. If your income is essentially $2,500 or less, again, the standard deduction, your income in the eyes of the IRS is zero. Therefore, according to this new proposal that I just talked about earlier today in that other video, and as we’re talking about right here in this video, they specifically said anybody with income 8% or below the median household income would be eligible for the $1,100 check. And that’s why I’m saying we got to figure out where they derive these numbers from. If they’re pulling these numbers off of the tax returns.

Well, guess what? Basically, anybody that has an income, once you apply the standard deduction and you zero your income out by the in the eyes of the IRS, your income is now zero. Makes sense. So if they’re looking at tax returns or they’re looking at all this information to determine who would be eligible, even if your income is below. Oh, sorry.

Even if your income is above the $5,600, which technically is about 8% of the median household income, essentially, you’d still be eligible, if that kind of makes sense. I know it’s very confusing. I’m running through a lot of different numbers here. I’m talking about a lot of different things that we usually don’t talk about here on the channel. I know it’s confusing.

But my point is that’s why you got to watch very closely where these numbers are coming from and how they actually determine who would be eligible for this and where they run the income numbers from. So I do know that there’s a lot of you here in the community that typically do not file a tax return. Why? Probably because you’re receiving fixed income benefits and your benefits are below the standard deduction. Therefore, again, your income is zero.

Right. Like I said, your income is technically not zero because you actually are getting income from your monthly benefits, but because of the standard deduction, zeroing out your income. Therefore, your income is still zero. Kind of makes sense there. So this would actually encompass far more people than we actually think it would.

When we looked at this proposal, the 8% of the median household income, initially, it’s like, oh, wow, that’s only going to encompass a very small percentage of people. But then again, depending on how we derive at your income, it’s actually going to encompass many, many more people. So something else we got to look at very closely. So again, too, even if your income was say, I don’t know, I’m just going to say $17,000. Again, if your income was $17,000, again, we could apply the $12,500 or thereabout standard deduction.

And then again, even your income minus the $12,000 or $12,500 deduction, your income would still be about $5,000. Therefore, even somebody earning about 17,000, 17,000, maybe even $18,000 would still potentially be eligible for this kind of get what I’m saying here? So we got to look at where they would actually derive the income numbers from. I would highly anticipate it would be from a tax return.

Why do I think that? Because as it says right there in the article, they’re calling on the IRS to send out these checks. Well, how would the IRS send out the checks if they didn’t look at your tax returns to determine your income and where to send the money to who would be eligible. Right. So therefore, that’s usually the baseline that they use as far as to determine who is eligible for money, who’s eligible for programs, kinds of things like this.

What is your income based on your tax return or in the event you’re receiving a benefit, maybe like SSI, something like that. In the event of SSI, your income is essentially capped anyway, because if you earn too much money, you’re just basically not eligible for SSI anyway. So the point is, if you’re receiving SSI, they pretty much already know what your income is because you can’t really earn much on SSI, otherwise you don’t get SSI. You know what I mean? Right.

If you’re receiving SSI right now, you know exactly what I’m talking about. So otherwise, in the event of other incomes, like that they always just use the income that’s reported to the IRS Because that is the best it’s the most equal way to determine somebody’s income and to figure out who’s eligible for benefits and or who’s eligible for stimulus checks, tax refunds, tax rebates, tax credits, all kinds of things like this. It’s all based on the income off of the IRS tax return. So kind of makes sense here. So I know it’s very confusing, a lot of different steps here.

But the moral of the story is even somebody receiving about $17,000 to $18,000 of income could potentially still be eligible for this $1,100 check in the event they actually do bring something like this to the floor and provided they actually do pass something like this. However, as I mentioned here previously in other topics, there’s a lot of talk right now about direct payments, direct checks, stimulus checks, all kinds of things like this right now floating around, for whatever reason, over the last four or five or so days here, I’ve seen multiple different headlines, multiple different people coming out. Anyway, I hope this offers a little bit more clarification.

I did see some comments down on that last video earlier saying, would I be included? I’m receiving SSDI. Does this include Social Security? Does this include SSI? Who would this actually include?

So again, I want to lay this all out for you, but again, at this time we need to wait and see. What is Congress going to do? Are they going to do something? Is the President going to call on a check? What are they going to do?

We’re kind of waiting for them to pull something out of their hat and figure out what they want to do for the American people, of course, struggling so badly right now. Anyway, the ball is in the court of Congress and the President and we’ll see. Do they know how to play ball or do they just fumble? I think that’s the word, yeah. Do they fumble?

And then they go off into follow land and then we don’t get to play. So I don’t know that analogy. I’m not a very good sports person. I don’t know much about sports. Anyway, hope this one helps you out And I hope it offers a little bit more clarification.

Enjoy day and I’ll catch you again later.

 

 

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