12 million Americans could lose unemployment aid after Christmas without stimulus
Published Date: 11/19/2020
Source: CNBC Television
Ylan Mui joins Shep Smith to report 12 million Americans are at risk of losing jobless benefits without fiscal stimulus from Congress. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi If you still haven’t received your $1,200 stimulus check, you may be in luck. There’s one last deadline to submit your information to the government in order to get your payment this year. But you have to act before 3 p.m. this Saturday, Nov. 21. If you miss that cutoff, you may still be eligible to receive a tax credit when you file your taxes in 2021. As a result of the CARES Act, the government began sending about 160 million stimulus payments this spring of up to $1,200 per individual or $2,400 per married couple, plus $500 per child under 17. Families had to be below certain income thresholds to qualify. The payments were disbursed based on data the IRS culled from 2018 or 2019 tax returns, whichever was most recent. People who did not have their information on record because they don’t typically file tax returns because their income is too low may have been left out. Others may have received checks that excluded their spouse or eligible dependents. The IRS is encouraging people in those situations to use the non-filer tool on its website before the Nov. 21 cut off. Individuals should not use the tool if they have already submitted their information, previously filed tax returns or qualify for tax benefits like the earned income tax credit or child tax credit. The government plans to continue to issue outstanding payments through the rest of 2020. Those who are waiting on a payment can check on its status via the Get My Payment application. Those who did not receive a payment, or who received less than they were due, may be able to claim the recovery rebate credit on their taxes next year, according to the IRS. Those who wish to claim the credit should use Form 1040 or Form 1040-SR when filing next year. » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide. The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30: https://www.cnbc.com/2020/09/29/the-news-with-shepard-smith-podcast.html?__source=youtube%7Cshepsmith%7Cpodcast Connect with CNBC News Online Get the latest news: http://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC https://www.cnbc.com/select/best-credit-cards/ #CNBC #CNBCTV