Monday, 06 April 2020 12:59

Coronavirus stimulus checks: When to expect up to $1,200, what you need to do, and more

Many Americans will get government checks up to $1,200 to help them financially weather job loss, reduced work hours, and other money challenges as the country tries to stem the spread of the coronavirus outbreak.

But when taxpayers will receive their checks depends on what banking information the Internal Revenue Service has on file for them and other factors.

Here’s what you need to know.

When will the stimulus check arrive? It depends.

Treasury Secretary Steven Mnuchin said at a White House briefing on Thursday, that those Americans who have signed up for direct deposit will receive their payment within two weeks.

“Social Security, you’ll get it very quickly after that,” Mnuchin said. “If we don’t have your information, you’ll have a simple web portal, you’ll upload it. If we don’t have that, we’ll send you checks in the mail.”

The payments will be deposited directly into your bank account if you received your last tax refund or expect to receive this year’s refund that way. You’ll also be able to provide your banking details online once a portal is set up, according to the IRS

Otherwise, checks will be mailed, which could take longer to get to Americans. Adding to the complications, about 6% of U.S. adults — or 12 about 12 million Americans — do not have a checking, savings, or other bank account, according to a 2018 Federal Reserve report.

The New York Times, citing IRS guidelines that detail how Americans who aren’t usually required to file tax returns will need to do so to receive payments, noted the guidance “will almost certainly mean longer waits for those who must file new returns to be eligible to receive a stimulus payment.”

Americans with the lowest income will get mailed checks first, according to reporting by the Washington Post. Here’s the timetable for the first checks, per IRS documents seen by the Post:

  • Taxpayers with income up to $10,000: April 24

  • Taxpayers with income up to $20,000: May 1

  • Taxpayers with income up to $40,000: May 15

The rest of the checks will be issued by gradually increasing income increments each week. Households earning $198,000 who file jointly will get their reduced checks on Sept. 4. The last group of checks will be sent on Sept. 11 to those who didn’t have tax information on file and had to apply for checks, according to the Washington Post.

Who gets a stimulus check?

“Our updated estimate is that 93.6 percent of [tax] filers will have a rebate,” said Garrett Watson, senior policy analyst at The Tax Foundation. “And this works out to approximately 140 million households.”

Read more: Tax deadline postponed: Why you should still file as soon as you can

Your eligibility is based on your most recent tax return and your adjusted gross income. If you already filed your 2019 taxes ,your eligibility will be based on that. If not, the Internal Revenue Service will use your 2018 taxes to determine if you qualify.

The benefit is available not only to those who have filed taxes, but also to those who receive Social Security benefits as long as they’ve received their SSA-1099 or RB-1099 forms.

(full article)

Nate

Disclaimer: The ideas expressed below are the personal thoughts and opinions of Nate Covington and do not necessarily reflect the position of Barrett Township or the Board of Auditors.

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