For many, the rescue package provides financial help, but it includes questions about who is qualified, how much money they can actually expect, when they will receive their payment, and what could delay the receipt of a check. The discussion about the aid package now also includes the possibility of aper person.
We will try to answer your general questions about how the stimulus check works, including:
If you are looking for further personal financial information, you will find recommendations here on how you canand how and .
How many stimulus checks have been sent so far?
As of late last week, the IRS said it had made more than 152 million payments and plans to continue sending checks to those who are eligible until the end of the year.
Do you have to pay taxes on your economic payment? Will it affect your refund next year?
No. You do not have to pay taxes on a stimulus payment that you receive from the IRS. The IRS does not consider it income, and a payment you receive in 2020 will not reduce your refund or increase the amount you owe when you file your 2020 tax return next year. It also does not take into account the benefits you get from the federal government.
You can spend your stimulus money just like cash. The IRS will only reduce the payment to offset overdue child maintenance payments.
Using the Economic Impact Payment prepaid debit card
On May 18, the US Treasury announced that it would begin shipping approximately 4 million prepaid debit cards called EIP cards. The Treasury said it sends these cards to some eligible U.S. citizens for whom the government has no bank details, instead of checks. We asked the Treasury Department to clarify who received a card versus a check.
The Treasury said you can use the card to make purchases, get cash from ATMs on the network, and transfer money to your personal bank account without a fee. You can also use the card in stores that accept Visa debit cards. Once you've received your EIP card in the mail, go to the EIP card page to set it up.
Find the schedule when you can expect your check.
You can use the IRSto view a schedule for your payment. The US Postal Service also has a free service that can notify you . You have to register for it.
When are the checks paid out in full?
For those who expect to receive their payments by mail, the IRS will have shipped most of the payments by the end of June. The agency said it would greatly increase the number of checks sent this month. However, a smaller number of checks could continue to arrive until the end of the year.
However, if you would like to receive your payment directly from your bank via direct depositthe period for providing your bank details in the IRS Get My Payment portal has expired. Those who previously provided their bank details to the IRS can continue to receive their payments directly.
The Social Security Agency stated that Suppliers of Supplementary Security Income (SSI) who have not submitted a return for 2019 and 2018 and do not do so A representative payee should make their electronic payment from the IRS by May 13, 2013, or to their Direct Have received an express card. For SSI recipients who receive their monthly SSI payment by check, the IRS began sending checks on May 15.
We know the following about. If you have moved since you last submitted your taxes, you can update your address with the IRS here.
How much stimulus money you receive depends on your taxes.
The total amount of your stimulus check is based on your adjusted gross income or AGI from your tax return for 2019 or – if you have not submitted this year – your 2018 filing.
If you haveyou will find this number on line 8b of the federal tax form for 2019 1040. It is line 7 on the 2018 tax form 1040. If you have not submitted this year, do so don't worry. The U.S. government has postponed the tax due date for 2019 to July 15 due to the corona virus.
Here is who is eligible for a stimulus payment
The amount you receive depends on your total income in 2019 or 2018. If you qualify, you will receive a payment. Here's who qualifies:
- If you are single in the United States and have an adjusted gross income of less than $ 99,000.
- If you submit as head of household and earn less than $ 146,500.
- If you submit without children and you earn less than $ 198,000
Read on for how your payment is calculated and how much you can expect. You can also check out this Washington Post calculator.
The IRS said that someone who died before receiving the payment, a non-resident alien, or someone who is detained is not eligible for a check. These payments must be returned when they are received, the IRS said.
How much do you get as a single taxpayer?
A single US citizen must have a social security number and AGI below $ 75,000 to receive the full $ 1,200. The total decreases with increasing AGI. If your adjusted gross income reaches $ 99,000, you are not eligible for the incentive.
Head of Households
If you submit as head of household, you will receive the full payment of $ 1,200 if your AGI is $ 112,500 or less, with the amount decreasing until you reach $ 146,500.
Couples Submitting Together
Married couples submitting together without children with adjusted gross income below $ 150,000 will receive a payment of $ 2,400, which will decrease to $ 198,000.
Parents receive a payment of $ 500 for each child aged 16 or under in the family. Parents do not receive payment for children born, adopted, or fostered in 2020 because the payment is based only on information from your 2019 or 2018 tax return. The IRS said you could claim the child next year for additional credit in your 2020 tax return. Older children and other dependent people may not be entitled to payment.
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If you haven't filed federal taxes for 2018, do so now.
The IRS said if you haven't, you have filed your federal taxes for 2018, which could affect your stimulus review, and have asked anyone who has not yet filed a 2018 tax return to file them now. Make sure you provide direct deposit banking information when returning.
If you don't normally have to file a tax return, you can still get a payment anyway
Many who do not normally need to file a tax return – including the elderly, recipients of social security and social security benefits for the disabled, and railroad pensioners – do not have to submit a simple tax return to receive payment, IRS said.
The IRS said that additional security income recipients automatically receive the full $ 1,200 economic impact payment without any action on their part.
Others, including those who have not filed a tax return for 2018 or 2019 because they are below normal income limits for filing a tax return, can use the Non-Filers portal to receive their payment. To get started, go to the IRS website "Non-Filer: Enter Payment Information Here" and tap the button Non-Filer: Enter Payment Information Here . As part of the process, you provide personal information and, if you would likebank information.
What about social security recipients?
The finance department The social security policyholders, who normally do not have to submit tax returns, do not have to submit an abbreviated tax return to receive payment. Instead, the IRS will use the information on Form SSA-1099 for social security holders who did not file a tax return in 2018 or 2019.
The IRS said that automatic payments to recipients of social security, survivor's or disability insurance should already receive benefits and railroad pension benefits.
What about those who receive federal benefits and have children?
The IRS said that those receiving federal benefits have dependent children and did not have to file a tax return in 2018 or had to act in late April or early May in 2019 to receive full payment this year.
Without submitting this information by the due date, the IRS will send you $ 1,200 this year and the additional $ 500 per eligible child with your tax return for the 2020 tax year – in about a year.
SSI and VA beneficiaries had until May 5 to update the IRS.
The update deadline for those receiving social security, survivor, disability, or railroad pension benefits was April 22. According to the IRS, recipients in these groups should receive checks.
For more information on using the Non- For more information, see the section "If you don't normally need to file a tax return …"
Angela Lang / CNET
The deadline to set up a direct deposit to transfer the check to your bank account has expired.
If you have not made a direct deposit into your bank account, the deadline for providing your bank details applies. The IRS Get My Payment portal was May 13th. Those who previously provided their bank details to the IRS can continue to receive their payments directly. And you can still use the Get My Payment portal to check the status of your payment.
To avoid fraud, the IRS warns you not to disclose your direct deposit or other banking information to anyone who can help you set up an electronic card transfer.
Do you need to register, request or request your check?
In most cases, the federal government will automatically send your check to you electronically or by mail if you qualify. If you haven't submitted a tax return for 2018 or 2019, the IRS may require you to file a tax return to receive payment. Scroll down to the "If you don't normally have to file a tax return, you can still get a payment" section to find out who has to file how.
What to do if you do not receive your tax return? check
If you qualify for a payment, the IRS plans to send you a letter about your payment to your last known address within 15 days of sending the money. The IRS said the letter contains information about how the IRS made the payment and how to report that if you did not receive the payment, it would not have received the payment. However, several CNET readers report that the letter does not contain clear instructions on what to do if you do not receive the payment. We asked the IRS for clarification.
As of May 18, the IRS added 3,500 phone agents to help with potential payment issues. However, representatives cannot help with problems specific to your payment. CNET readers report that they are able to get through to the service and get help.
We have tips forand . In addition to the stimulus package, the US government has postponed the income tax filing deadline . If you need further help, you can find out here .