Coronavirus Relief Checks: Here’s Everything You Need To Know To Get Yours
The coronavirus pandemic is currently ravaging the United States economy and millions of Americans are in the process of waiting to receive coronavirus relief money.
Direct cash payments to Americans are going to be issued. President Donald Trump came together with congressional leaders to pass a bipartisan deal that will provide an emergency payment to the American people.
The $2 trillion package is designed to assist the nation during this crisis period. The Republicans and Democrats in the Senate passed the bill with a 96-0 vote. The House passed the bill Friday in a voice vote. President Trump signed the bill into law just a few hours later.
There is a wide range of questions that need to be answered, though.
Who is going to be
eligible to receive a check? How much will they be able to receive? The federal
government is here to answer all of the questions that are currently being
posed:
1. How Much Will I Be Able To Receive?
The answer depends
on how much you make. If you are single and made less than $75,000 last year,
you are going to be eligible for the entire $1,200. If you are part of a married
couple that filed jointly and earned a combined total of less than $150,000,
you will receive $2,400.
An additional $500
can be obtained for each child that the filer has in their household. For those
who made over $75,000, the payment is going to be reduced by $5 in $100
increments. For every $100 worth of income that exceeds the $75,000, $5 is
removed. For example, someone who made $80,000 in 2019 would only be taking
home $950.
If the individual made more than $99,000, they are not going to be eligible to receive any payment. Couples that made $198,000 or more are also ineligible. A qualifying family of four can receive a maximum payment of $3,400.
Taxpayers filing as head of household will receive the entire payment if they earned $112,500 or less.
2. When Will The Payment Arrive?
Treasury Secretary
Steven Mnuchin stated that the checks will be issued in roughly three weeks. If
you already have payment information on file with the IRS, you are going to
receive payment more quickly than someone who does not. Those who have been
gainfully employed and paying their taxes since 2018 do not need to sign up or
fill out any forms to receive their payments.
A public awareness program is also going to be run by the Treasury Department so that the general public can receive all of the necessary information about the relief checks. If you did not file a tax return in 2018 or 2019, this program will let you know more about the options you have available.
3. Will Multiple Payments Take Place?
The legislation only provides the
American taxpayer with a one-time payment. If the coronavirus pandemic
continues to keep people from being able to work, the issue could be revisited,
though. House Speaker Nancy Pelosi said
as much during a recent discussion with CNN. Pelosi said that there may be more direct
payments offered to the American public in a future bill.
4. Where Can I Sign Up?
There is no sign up
necessary. If you have filed a tax return or received Social Security benefits
over the past two years, the payments are going to be sent out automatically.
The IRS is urging taxpayers not to flood their phone lines with questions about
the status of the payments. There will be a website that can be checked as soon
as further updates about the program have been made available.
5. How Is The Money Going To Be Sent?
Those who opt for
direct deposit when it is time to claim their tax refund can just keep an eye
on these accounts. Everyone else will receive a check at their last known
address. The IRS will have a 15-day notification period and a phone number is
going to be sent, so that you can let them know if the check did not arrive.
Let the IRS know if you have recently moved.
6. How Are My Earnings Calculated?
Checks will be
based on the 2019 return, if it has been filed already. If you have not yet filed a 2019 tax return,
your 2018 tax return will be used. Check
your adjusted gross income line for more information.
7. Will Social Security Recipients Get a Check?
As long as you received a Form SSA-1099 last year, you remain eligible for a check. These are the forms that are sent to those who are collecting disability and Social Security checks.
8. Do Disabled Vets Qualify?
Yes. The IRS is working
tirelessly to make sure that these vets do not fall through the cracks.
9. Do College Students Receive Checks?
If the college
student is being claimed as a dependent on their parent or guardian’s taxes,
the answer is no. Those who have been filing their own taxes and working
independently may qualify.
10. I Made Too Much To Qualify. I’m Laid Off Now. What Can I Do?
You won’t be
eligible immediately. Once you have filed your 2019 tax return and if you are
below the $99,000 threshold, you will be able to receive payment. If not, the relief bill passed by Congress
includes provisions for unemployment benefits that you may qualify for.
11. Do Non-American Citizens Qualify?
Help is dependent on your immigration status. As long as you
live and work in the United States legally, you will qualify. Green card
holders and work visa holders with valid Social Security numbers are able to
receive payment.
12. Are These Payments Going To Be Taxed?
No.
13. What About Citizens of Other United States Territories?
Special provisions
have been made, ensuring that citizens of Puerto Rico and other United States
territories can receive payment.
14. What If I’ve Been Released From Jail Recently or I’m
Homeless?
As long as you have
a Social Security number, you remain eligible.
15. What If I Owe Back Taxes?
The bill will not keep those who owe back taxes from receiving payments.
