If you’re still someone waiting and wondering about the status of your Stimulus Check, we are here to help you understand it all.
The following information will focus on what you need to know about the stimulus checks the government will be sending out in the weeks to come.
Who is Getting Stimulus Checks?
In Mid April, the IRS started sending out stimulus checks to all American taxpayers who fall within the stimulus check guidelines. What people are looking for is clarification about who should be expecting a payment.
First, all American taxpayers 18 years of age or older who have had any form of income (wages/social security/investment income) in 2018 or 2019 could be eligible to receive a payment. The full payment amount will be issued to single taxpayers with an income of $75,000 or less. For married couples, the magic number is $150,000. For individuals who make between $75,000 and $99,000, a partial payment will be forthcoming. For married couples, partial payments will extend to couples who make between $150,000 and $198,000. Anyone above these thresholds will not be eligible for stimulus payments.
What is the Amount of the Stimulus Check?
The full amount of the stimulus checks will be $1,200 for single individuals and $2,400 for married couples. Partial payments will graduate down from this amount as income moves towards the top-level thresholds. In addition to their base stimulant payments, qualified individuals and couples will also be getting an additional $500 for each dependent listed on their tax returns provided the dependent is 16 years of age or younger; dependents 17-24 do not.
How Will Payments Be Issued?
Anyone who has provided the IRS with banking information from their 2018 or 2019 tax returns will be getting their stimulus payments via direct deposits. For Social Security recipients who are not required to file tax returns, the IRS will be extracting any available banking information from the SSA.
In cases where the IRS does not have banking information, those individuals will be receiving checks in the mail. The checks could take up to four months to receive checks as stated by IRS officials.
The good news is the IRS just came up with a viable way to get banking information from qualified recipients who have not filed tax returns. These individuals can go to the irs.gov website where they can get access to a temporary portal that will allow them to enter their banking information without filing an actual tax return. The portal is available now.
If you have not received your stimulus check, find out how you’re being paid — and, if you want, update your bank direct deposit information to get your stimulus payment as fast as possible. Click: GetMyPayment
Other Relevant Information
For now, this is a one time only stimulus payment. It is possible further payments might be forthcoming should the Covid19 lockdown continue. Congress and the President are currently considering their options.
After the current stimulus payments have been dispersed, taxpayers will be getting a letter from the IRS confirming said payments have been made. These letters are expected to be mailed out within two weeks of the checks going out. Anyone who gets a letter but doesn’t receive their payment should contact the IRS as soon as possible. Stimulus payments will remain available until the end of the year.