Monthly Archive March 2021

ByTodayLoan

How to Apply and Spend your Free Money

As the US and all countries print their way out, there are free benefits being handed out – left, right and centre – literally and proverbially.

Click here and go and APPLY NOW for Free. The value of every currency is being inflated away so might as well make sure you have some of it. If you want your payment directly deposited into your bank account, which is faster than getting a paper check, you can also provide your account information through the tool.

To be sure that you get it, file your 2020 tax return. If you are wondering how to get their payment, particularly if you don’t file taxes. The good news is that you may still be eligible to receive the payment—you can also claim the other two if you haven’t received them already. The bad news is that you may need to file a 2020 tax return even if you don’t traditionally file.

The IRS hopes most non-filers will go online and use the “Enter Your Payment Info Here” tool, but it also announced alternative procedures for filing “simplified” tax returns.  If you file one of these simple returns by October 15, 2020, you will receive a stimulus check before the end of the year. The first type of simplified return is for anyone who isn’t required to file a 2019 return, but who wants to file just to get a stimulus payment (the second type is described below). This type of return can be filed electronically or by mailing in a paper return. However, the IRS spelled out very precise instructions on how the return should look. In addition to including your name, address, Social Security number, filing status, dependency status, and other basic information required on Form 1040 or Form 1040-SR, you must:

  • Write “EIP2020” on the form (for paper returns, write it above the printed material at the top of page 1; for electronic returns, it must be included in the designated field);
  • Leave Column 4 in the dependent information section blank (complete the rest of the section for each dependent who was under the age of 17 at the end of 2019);
  • Enter $1 on Lines 2b (taxable interest), 7b (total income), and 8b (adjusted gross income);
  • Enter the applicable standard deduction amount for your filing status on Line 9 if you’re filing electronically;
  • Enter $0 on Line 11b (taxable income);
  • Leave the box on Line 21a unchecked, because stimulus payments can’t be divided among multiple accounts;
  • Leave all other lines blank, even if the values for these lines are in fact not zero; and
  • Provide your identity protection personal identification number (IP PIN), if applicable, and sign the return under penalties of perjury.

As far as spending your stimmy cheques, here are some tips:

  • pay down highest debt – whether payday, student loan or credit card debt.
  • splurge on your parents and kids
  • Buy something nice for your significant other and friends
  • Save for a rainy day
  • buy something nice and shiny – an iphone, a fitbit or the latest Yeezys.