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Home / Tips and Tricks / Coronavirus stimuli answered questions: Your eligibility, your payment plan, your prepaid card

Coronavirus stimuli answered questions: Your eligibility, your payment plan, your prepaid card



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Here is what you need to know about the current round of stimulus payments sent by the IRS.


Angela Lang / CNET

For the latest news and information about the coronavirus pandemic, see the WHO website.

For many Americans, a critical part of the CARES law passed by Congress in March is in the form of stimulus checks that are used to stimulate the US economy . In addition to supporting qualified individuals and families, the financial rescue package provides support for businesses, tenants and unemployed people due to closings and job losses due to the coronavirus pandemic ].

The Financial Relief Act has raised complex questions about who is qualified, how much money they can actually expect, when they will receive their payment, and what could delay the delivery of a check. The discussion about the aid package now also includes the very real possibility of a second stimulus check for up to USD 1,200 per person.

We will try to answer your general questions about how the stimulus check works, including:

If you are looking for more personal financial information, here are some recommendations on how to spend the stimulus money like Coronavirus affects your rent payment and how you can get financial relief otherwise during the outbreak .

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What we know about another stimulus check by the IRS

As the US economy continues to weaken as a result of the coronavirus pandemic, pressure is increasing in Washington to approve another round of aid for individuals and families. The House of Representatives has already proposed a second stimulus package, and the Senate could soon start working on a package and take a final decision in about a month. Senate majority leader Mitch McConnell indicated that this could be the final stimulus check, according to the CNBC.

Details of prospects for a second stimulus check are still developing, but we are breaking up on the current proposal for another $ 1,200 check for individuals (maximum), an expanded relief for tenants and the unemployed . We also outline arguments for rejecting the proposal and what might happen next.

How many stimulus checks have been sent so far?

By the end of May, the IRS said it had made more than 152 million payments and plans to continue sending checks to eligible individuals by the end of the year.

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Angela Lang / CNET

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 paper 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. When you receive 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 IRS Get My Payment to view a schedule for your payment. The US Postal Service also has a free service that can notify you when your check arrives by mail . You have to register for it.

As part of the 2020 economic stimulus package, you can meet the requirements for payment by the federal government.


James Martin / CNET

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 deposit the deadline 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 indicated that Suppliers of Supplemental Security Income (SSI) have not submitted returns for 2019 and 2018 and do not do so. A representative payee should make a direct payment or payment to the IRS through May 13, 2019 have received their Direct 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 how you track your stimulus payment . If you have moved since you last submitted your taxes, you can update your address with the IRS here.

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Every little bit helps.


Angela Lang / CNET

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 have submitted your federal tax return for 2019 you will find this number in 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 Earn Less Than $ 198,000

Read On 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 payment, a non-resident foreigner, or someone who is detained is not eligible for a check. These payments must be returned when they are received, the IRS said.

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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 drop to zero at $ 198,000.

For Children

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.

If you haven't filed federal taxes for 2018, do so now.

The IRS said if you haven't done so, you have submitted your federal taxes for 2018, which could affect your stimulus review, and urged anyone who has not yet submitted a 2018 tax return to file them now. Make sure you provide direct deposit banking information when returning.

Read more: The best tax software for 2020: TurboTax, H&R Block, TaxSlayer and more

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 senior citizens, recipients of social security and social security benefits for the disabled, and rail 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 economic impact payment of $ 1,200 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 like to receive your stimulus check by direct deposit bank information.

What about social security recipients?

The finance department The social security policyholders, who normally do not have to file 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 a full payment this year.

Without submitting this information by the due date, the IRS will give 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 Filers tool, see the section above, "If you don't normally need to file a tax return …" for more information.

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Among other things, the stimulus tests aim to make it easier to make stimulus tests Food on the table.


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 in 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 provide your direct deposit or other banking information to anyone who can help you set up an electronic card transfer.

Do you need to sign up, 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 for how to best use your stimulus check and how to avoid fraud . In addition to the stimulus package, the US government has postponed the income tax filing deadline to July 15 . If you need further help, you can find out here how to get financial relief .


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