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3 months ago · by · Comments Off on What You Need To Know About The Stimulus Payment

What You Need To Know About The Stimulus Payment

 

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The $2 trillion stimulus bill in response to the COVID-19 pandemic was passed by the House.  The plan includes a one-time direct payment to Americans, which Treasury Secretary Steven Mnuchin said should arrive within three weeks. Individuals will receive up to $1,200, married couples will get up to $2,400 and $500 will be added for every child.  You don’t need to apply for the checks. The money will automatically be transferred directly to the bank account you included in your most recent tax return. If the IRS doesn’t have your direct deposit information, you’ll get a check in the mail.  People receiving nontaxable income would still get checks and those receiving Social Security benefits.  Anyone behind on child support payments will not receive any payments.

There are income restrictions: If you earn more than $75,000 as an individual or $150,000 as a couple, the total amount you’re eligible to receive starts to decrease. If you earn $99,000 or more as an individual or $198,000 as a couple, you aren’t eligible to receive a stimulus check.  The more you earn, the less money you’ll get. If you earn $75,000 or less as an individual, you’ll get the full $1,200. If you earn more than that, $5 will be subtracted for every additional $100 of income. (The checks phase out completely if you earn $99,000 or more.) The same sliding scale applies for couples earning between $150,000 and $198,000.

The IRS extended the federal income tax filing due date from April 15, 2020, to July 15, 2020 but this deadline did not extend to state income taxes.  For those who have already filed 2018 and 2019 taxes and whose information is up to date and accurate, there’s no need to do anything at all.  If you have not filed your 2019 taxes, they will use the 2018 return.  The IRS is urging people to not wait to file their taxes and to file electronically.  Filing now will give them the most up to date information to get stimulus payments out.  They encourage anyone with a tax filing obligation who hasn’t filed a tax return for 2018 or a previous year to act now.  This step is especially important for low-income Americans who don’t typically file taxes. In that case, they would still need to file a form.

Taxpayers can defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, corporations and other non-corporate tax filers as well as those who pay self-employment tax.

 

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