$1200 so if you guys are waiting on the stimulus check of $1200 we'll have some very important updates for you guys as well as the reasons why you may not get the check hey what's going on this is Sam Kwok here one of the quad pillars and in this video I'm gonna go and provide you a latest update on the stimulus check of $1,200 now before we get into the video be sure to subscribe to our channel if you want more updates about the stimulus check as well as information on real estate investing so first let's going to talk about who is qualified and eligible to receive the 1200 or check versus who is not eligible to get the $1200 check as well so if you're making $75,000 or less adjusted gross income as an individual tax filers you are qualified for the full $1,200 stimulus check according to the IRS website now the key word here is adjusted gross income which means that if you are a self-employed individual or you're an independent contractor you may have an opportunity where you do qualify for the full $1,200 stimulus check even if you make more than $75,000 so that's for example and say you made $150,000 as a self-employed business owner but you had a $75,000 worth of business tax write-offs or business expenses that was incurred in part of making that $150,000 ultimately what it means is that they're gonna take $150,000 gross income and subtract your business write-offs and expenses and that is now your adjusted gross income so technically you've made $75,000 therefore you qualify for the full $1,200 stimulus check even if you made a million dollars last year and you had let's say nine hundred and twenty five thousand dollars of business write-off now it still means that you have 75 thousand dollars of adjusted gross income which out to me now you are still qualify for the full $1,200 stimulus check now if you make more than seventy five thousand dollars in terms of your adjusted gross income the amount of money you can get on the stimulus check sort of tapers down until ninety nine thousand dollars if you make more than ninety nine thousand dollars as a single individual you will unfortunately not get the stimulus check of twelve hundred dollars now same concept applies if you are married and you're filing jointly for married couples filing joint it is $150,000 adjusted gross income so if you and your spouse together are self-employed and let's say you have $250,000 of gross business revenue and you hundred thousand dollars of business expenses you would still qualify for the full twelve hundred dollars of stimulus check which in this case both you and your spouse will be getting twelve hundred dollars each totaling up to twenty four hundred dollars of stimulus check in addition to the twelve hundred check if you have a dependent or a child that's qualified you can also get five hundred dollars additional per child included additionally to the twelve hundred dollar stimulus check now I am little curious as to how you're gonna spend your twelve hundred dollar checks so leave your comments down below what will you spend or invest your twelve hundred dollars on we'll love to see you guys leave your comments down below now if you guys are wondering how I would spend my stimulus check on here's a little funny clip to show you how hey Rebecca so your dad's gonna get twelve hundred dollars and you're not gonna get any of it two hours later [Music] a few moments later [Music] [Applause] [Music] so that's a little funny clip that my wife and I made with my three-month-old daughter Rebecca I hope you guys enjoy that little clip and know my three-month-old is not that ebo she's a sweetheart and she probably wouldn't do that knock on wood additionally if you want to get the stimulus check you do need a file at least you're 2018 tax returns if you already filed your 2019 tax returns you can go and use that information from 2019 to go and then direct deposit the stimulus check in to your bank account now if you're a qualified individual that doesn't have to file taxes the IRS has opened a portal where you can go and create an account and putting your information in there so that you can get the $1,200 stimulus check so if you had not to file taxes 2018 and 2019 you can still qualify for the 1,200 stimulus check by entering your information and going into the iris link which is gonna be down below in the video description now before I go and talk about the latest update I got from the IRS let's go and talk about who is not eligible and why you won't be able to get your stimulus check of $1,200 so if you're an individual filing taxes and you make 99 thousand dollars or more an adjusted gross income unfortunately you don't qualify and same is true if you are a head of household making one hundred thirty six thousand five hundred dollars or more in adjusted gross income if you're filing jointly with the married spouse if you make more than hundred ninety eight thousand dollars unfortunately you do not qualify for the stimulus check as well again the key word is adjusted gross income be sure to talk to a tax professional as far as what your adjusted gross income is if you have a self-employed business or you are a 1099 independent contractor now another reason why you may not qualify for the twelve hundred dollar check is that if someone can claim you as a dependent on their tax return you unfortunately will not be qualified for the stimulus check so let's say you're 18 years old or 19 years old you're in college and you're like oh my gosh $1,200 for free of course I'll take it right but unfortunately if your parents are claiming you as a dependent on their tax return then you unfortunately do not qualify for the stimulus check sorry guys no party money for you also if you don't have a social security number and you're not eligible to work here in the United States you also don't qualify for the stimulus check as well that also includes non-resident alien which means if you're a non-resident you're here as a tourist or you may have visas that may not qualify you to be a permanent resident here in the United States unfortunately you don't qualify for the stimulus check as well or in a rare situation if you filed a different form of tax return such as the 1040 NR 1040 and our ez 1040 PR 1040 SS in 2019 you also don't qualify for the stimulus check for the $1,200 payment and of course the obvious one is if you have not filed your taxes for 2018 and 2019 and you don't qualify to have a status of not having to file taxes of course you fall in the category of not qualifying for the stimulus check as well so go ahead and take care of your taxes with your local professionals if you have not filed your 2018 or 2019 tax returns now the latest update we're getting from the IRS is that they are starting to pay out the stimulus check as of yesterday so some individuals are getting their 1200 or chest and if you are one of those individuals go ahead and smash the like button for hooray you got your $1200 stimulus check now the IRS is opening up a portal where you can go and enter your direct deposit information so this is your bank account number and your account number so that the IRS knows where to send them money now if you don't let them know where to send the money or if they don't have any information as far as where to send it throughout deposit to they'll send out a paper check in May so if you want your money ASAP you want to go ahead and enter your information with the IRS portal so that you can get your direct deposit your stimulus check ASAP so I'm gonna leave the link for the IRS portal website down below is straight from the IRS I didn't make this link go ahead and enter your information through the IRS portal to get your direct deposit into your bank account ASAP and also once the IRS does a direct deposit payment or sends you a paper check they will send out and letter notice within 15 days of payment in case that you have not received your payment so if you have not received a payment from the IRS but you got a letter from them you may want to check to see what's going on because the money might be floating around somewhere and you may want to take action to correct it so that you can get your stimulus check ASAP and unfortunately with all this update going on there are also scammers pretending to be IRS calling individuals asking to verify the bank account information just thing you know the IRS will never call you to verify any information most of the communication that you'll get from the IRS is through letters so if anyone calls you saying that they're from the IRS and they're asking you information about your account number your social security number do not give them any information to not verify any information don't even give them your street address no information over the phone so please guys be careful when a supposed RS agent calls you and they want to verify information in which if they do it might be a scam and only there's some rumors going around that this $1200 need to be paid back to the IRS which is simply not true this $1,200 will be administered to you no matter what and is a credit to rebates to you so you don't have to pay it back so guys to squash the rumor to debunk it no you do not have to pay back to $1200 it is yours to keep and again I want to hear how you guys will be spending your 1200 or check we're gonna be investing it are you gonna spend it away we'd love to hear how you're gonna use it and be sure to subscribe to our channel if you want more updates as far as what's happening with the stimulus truck SBA loan programs and how this entire situation is affecting the real estate market now this is a little friendly reminder that all tax returns are now due on July 15 instead of April 15 be sure to consult with your tax professional for a clarity as to how you should file your taxes so for those who've been following us for a while you guys know that we've been doing our videos very professionally we have a video camera a video set the whole nine yards but in this video I'm gonna give you a raw look on a rental property that I bought for twenty five hundred dollars down now to begin how he found it was being bonded through a software called