US President Donald Trump had announced a coronavirus stimulus package, the largest emergency relief bill in the history of the US. Donald Trump had announced a coronavirus stimulus package under the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act.
Coronavirus stimulus involves a one-time cash payment of up to $1,200 to Americans who are eligible.
What is a coronavirus stimulus check?
Sources say that a stimulus check is technically an advance tax credit meant to offset the federal income tax of 2020.
How can an American avail the check?
You can get a check if you:
- Own a social security number
- Have filed taxes in 2018 or 2019, or unable to pay enough to file tax but get Social Security payments.
- Are not claimed by someone else as a dependent
- Earned not more than $99,000 for single filers, $136,500 for heads of household, or $198,000 for married filers, as per the most recent tax return filed.
Who is not eligible for a Coronavirus stimulus?
On the other hand, dependents older than 16, people without a Social Security number, and those earning above $99,000 (or $136,500 if you file as a head of household) will not get coronavirus stimulus check.
How much will an American get?
According to the international news agency, the maximum payment is $1,200 for single filers with an AGI below $75,000 or single parents (heads of household) with an AGI below $112,500. Married couples who file jointly and have an AGI below $150,000 will get a total of $2,400.
Payments will be made at a rate of $5 for each $100 over the AGI threshold before ceasing at an AGI of $99,000 for single filers, $136,500 for heads of household, and $198,000 for married filers. There’s also an additional $500 allotted to parents who have an AGI within the phaseout range for each child younger than 16.
Is there a need to sign up for anything?
An American does not need to sign up to get the stimulus check. The payments are given through automatic Americans who qualify. However, s/he must own a social security number.
If you do not file taxes but own social security payments, the government will access that data for your payment. If you do not file taxes or get Social Security payments, the IRS will set up a “simple web portal” for the Americans to submit the information.
How to receive the stimulus?
Most of the applicants will get the money deposited directly into their bank accounts.
People who cannot get through direct deposit will be mailed a proper check.
People who do not file taxes but own social security payments will be given the same way as they get Social Security payments.
People who do not file taxes or get Social Security payments will be given through a simple web portal.
When will the Americans get a stimulus check?
- Treasury Secretary Steven Mnuchin said in a White House press briefing, “If we if have your information, you’ll get it within two weeks,” “Social Security, you’ll get it very quickly after that. If we don’t have your information, you’ll have a simple web portal. We’ll upload it. If we don’t have that, we’ll send you checks in the mail.”
- Taxpayers who can use direct-deposit will be paid in mid-April.
- Other people who cannot avail of direct payment will be given in up to five months.
- The Americans will still get a check if they qualify. The money is not taxable.
Will I get a call, email or Facebook message?
No. the US government will not contact through calls, email, Facebook messages. The IRS generally gets in contact with taxpayers through snail mail, and in the case of stimulus checks, it doesn’t need to contact you for any type of additional information