vlog

NOWCAST vlog News at 10pm Weeknights
Watch on Demand
Advertisement

Rossen Reports: Here’s how your family can get $12,800 in relief money
Jeff Rossen
Rossen Reports: Here’s how your family can get $12,800 in relief money
Ah, yeah. Good to see you. Congress is out of the office this week. Must be nice. So what does that mean for your money if they're not working to pass the newest relief bill on the table? What does that mean for your unemployment benefits that are set to expire in less than a month? And when will we see those stimulus checks we've been hearing about for so long here to break it all down? What's happening in Washington? Pete Don Pizza, host of the pizza planner show and CEO of your money line and money. Pete, What is the timeline here if they're back in the office next week, Is that right? Could we see something passed then? I think that's what's gonna happen because I don't think this is a much about the stimulus checks, Jeff, as it is, the unemployment benefits if those things expire, if there is a gap in benefits, then you're going to see a lot of progress undone very, very quickly. So I think there's urgency based on unemployment. Although the media, you and I tend to talk a lot about stimulus checks because it's the most tangible thing for people But for those unemployed, it's those unemployment benefits, and they're back next week. You were saying right? We think something could happen pretty quickly after that. How long after that? When we start. I mean, if they if they okay the unemployment benefits, that's immediate. But what about those checks? The checks are always about 10 days after the president signs the bill. Well, I say always. Well, this is a new thing, right? It is what we figured out in the last 12 months. It's about 10 days now for the direct deposits to start and about 17 days for paper checks to flow to those that do not have deposits on the system. We've been talking about the child tax credit that would give parents monthly checks for each kid up to a year. This is on top of the stimulus check that would cover dependents. Two separate things. Doing a little math. You're a family of four with two kids, both under the age of six. That could mean $5600 in stimulus checks between the parents and the kids, plus the tax credit. On top of that, we're talking about $12,800 total. Can these families double dip and get all that money? Or is it one or the other? Or your math is impeccable today, Jeff. Yeah, they can't double that. But here's the thing. They've always gotten the tax credit. The issue here is that it is actually paid out. Usually, we settle up the tax credit at the end of the year to determine your refund in your taxable obligation. Now they're sending it out. I actually love this because this is one of the truest form of stimulus to get it into people's hands so they can stimulate the economy. You started this segment by calling the rest of this bill a rescue bill. Yeah, a big portion of it is still a rescue bill because people are in big trouble. This is a stimulus plan, and I love it because it will stimulate the economy. So you're gonna get those stimulus checks and you're gonna get money. Mailbox money is I like to call it money. Right in the mail for the tax credit is Well, so you're getting it all together, and it really could stimulate. Yeah, it simplifies the system, actually, so people might freak out that the government is sending everyone $12,000. It's sort of splitting hairs. You're already getting credit for that money on your taxes. They're just actually giving it to you. Now Pete is always thank you for being here. We're going to keep you updated on the new relief bill every step of the way and everything that has to do with your money right here and online. 24 7 at Rawson reports dot com. You can also sign up for our newsletter there, where I bring you updates straight to your inbox. It's easy, it's free. You get to sit back on the couch and read it, which is my favorite back to you.
Advertisement
Rossen Reports: Here’s how your family can get $12,800 in relief money
Jeff Rossen
Time and money are running out. Federal unemployment benefits are expiring in less than a month.Here's an expert's take on a timeline to get more potential money in your pocket.Pete Dunn is the host of the "Pete the Planner Show" and the CEO of "Your Money Line" and "Hey, Money."Rossen: What's the timeline here? If Congress is back in office next week, could we see something passed then? Dunn: I think that’s what’s going to happen because I don’t think this is as much about the stimulus checks as it is about the unemployment benefits. It those things expire, if there is a gap in benefits, then you’re going to see a lot of progress undone very, very quickly. So I think there’s an urgency based on unemployment. Although, the media, you and I, tend to talk a lot about stimulus checks because it’s the most tangible thing for people. But for those unemployed, it’s those unemployment benefits.Rossen: And they’re back next week, you were saying. We think something could happen pretty quickly after that. Then after that would we start — if they okay unemployment benefits then that’s immediate, but what about those checks?Dunn: The checks are always about 10 days after the president signs the bill. Well, I say always, but this is a new thing, right? This is what we’ve figured out in the last 12 months. It’s about 10 days for the direct deposits to start and about 17 days for paper checks to flow to those who don’t have direct deposits on the system. Rossen: We've been talking about the Child Tax Credit. It would give parents monthly checks for each kid for up to a year. This is on top of a stimulus check that will cover dependents. Two separate things. Doing a little math here: A family of four – with two kids – both under the age of 6 – that could mean $5,600 in stimulus stimulus checks between the parents and the kids, plus the tax credit on top of that. We’re talking about $12,800 total. Can these families double-dip and get all that money — or is it one or the other?Dunn: Your math is impeccable today Jeff! And yeah, they can double-dip but here’s the thing: They’ve always gotten the tax credit. The issue here is — it’s actually paid out. Usually we settle up the tax credit at the end of the year to determine your refund and your taxable obligation. Now they’re sending it out. I actually love this. Because this is one of the truest forms of stimulus. To get it in the people’s hands, so they can stimulate the economy. You started this segment by calling the rest of this bill a "Rescue Bill." Yeah, a big portion of this bill is still a rescue bill because people are in big trouble. This is stimulus plan and I love it because it will stimulate the economy.Rossen: So you’re going to get those stimulus checks and you’re going to get money … mailbox money as I like to call it … money in the mail … for the tax credit as well. You’re getting it all together. And it really could stimulate?Dunn: Yeah, it simplifies the system actually. People might freak out that the government is sending everyone $12,000. It’s sort of splitting hairs. You’re already getting credit for that money on your taxes; they’re just actually giving it to you now.

Time and money are running out. Federal unemployment benefits are expiring in less than a month.

Advertisement

Here's an expert's take on a timeline to get more potential money in your pocket.

Pete Dunn is the host of the "Pete the Planner Show" and the CEO of "Your Money Line" and "Hey, Money."

Rossen: What's the timeline here? If Congress is back in office next week, could we see something passed then?

Dunn: I think that’s what’s going to happen because I don’t think this is as much about the stimulus checks as it is about the unemployment benefits. It those things expire, if there is a gap in benefits, then you’re going to see a lot of progress undone very, very quickly. So I think there’s an urgency based on unemployment. Although, the media, you and I, tend to talk a lot about stimulus checks because it’s the most tangible thing for people. But for those unemployed, it’s those unemployment benefits.

Rossen: And they’re back next week, you were saying. We think something could happen pretty quickly after that. Then after that would we start — if they okay unemployment benefits then that’s immediate, but what about those checks?

Dunn: The checks are always about 10 days after the president signs the bill. Well, I say always, but this is a new thing, right? This is what we’ve figured out in the last 12 months. It’s about 10 days for the direct deposits to start and about 17 days for paper checks to flow to those who don’t have direct deposits on the system.

Rossen: We've been talking about the Child Tax Credit. It would give parents monthly checks for each kid for up to a year. This is on top of a stimulus check that will cover dependents. Two separate things. Doing a little math here: A family of four – with two kids – both under the age of 6 – that could mean $5,600 in stimulus stimulus checks between the parents and the kids, plus the tax credit on top of that. We’re talking about $12,800 total. Can these families double-dip and get all that money — or is it one or the other?

Dunn: Your math is impeccable today Jeff! And yeah, they can double-dip but here’s the thing: They’ve always gotten the tax credit. The issue here is — it’s actually paid out. Usually we settle up the tax credit at the end of the year to determine your refund and your taxable obligation. Now they’re sending it out. I actually love this. Because this is one of the truest forms of stimulus. To get it in the people’s hands, so they can stimulate the economy. You started this segment by calling the rest of this bill a "Rescue Bill." Yeah, a big portion of this bill is still a rescue bill because people are in big trouble. This is stimulus plan and I love it because it will stimulate the economy.

Rossen: So you’re going to get those stimulus checks and you’re going to get money … mailbox money as I like to call it … money in the mail … for the tax credit as well. You’re getting it all together. And it really could stimulate?

Dunn: Yeah, it simplifies the system actually. People might freak out that the government is sending everyone $12,000. It’s sort of splitting hairs. You’re already getting credit for that money on your taxes; they’re just actually giving it to you now.