Bipartisan legislation passed by the Senate on Wednesday evening — (which still must be passed by the House,) Will send checks — or direct deposits — to most Americans to help people survive financially.
- Individuals earning up to $75,000 a year will be eligible for the full $1,200 check,
- Reduced checks will go out to individuals making up to $99,000 a year.
- Married couples are eligible for a $2,400 check as long as their adjusted gross income is under $150,000 a year.
- And an additional $500 for every child. (There are no limits on the number of kids).
- If the number of kids changed since your last tax return, you would get the refund when you file your 2020 tax return
- People who file as a “head of household” (typically single parents with children) are eligible for a $1,200 check if they earn up to $112,500 a year.
Reduced checks, on a sliding scale, will go out to married couples who earn up to $198,000 or for heads of households earning up to $136,500 annually.
The payment amount falls by $5 for every $100 in income above $75,000/$150,000/$112,50 Or up to $99,000/$198,000/$136,500
You can calculate how much your stimulus check will be here
When is the Check Coming?
Checks will be processed and direct deposited to eligible US citizen bank accounts in as quick as two weeks!
How Will The IRS Know Where To Send My Payment?
The vast majority of people do not need to take any action. The IRS will calculate and
automatically send the economic impact payment to those eligible.
For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment. The economic impact payment will be deposited directly into the same banking account reflected on the return filed.
The IRS Does Not Have My Direct Deposit Information. What Can I Do?
In the coming weeks, the Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online so that individuals can receive payments immediately as opposed to checks in the mail.
People who typically do not file a tax return will need to file a simple tax return to receive an economic impact payment. Low-income taxpayers, senior citizens, Social Security recipients, some veterans and individuals with disabilities who are otherwise not required to file a tax return will not owe tax.
You can register with the IRS for free with the TurboTax Coronavirus Tax Center
Post Credit: Pincus Schiff – CHS Payroll P: 929-276-9072 E: email@example.com W: Chspayroll.com