President Donald Trump gave the green light for the distribution of stimulus checks on March 27, 2020.
IRS has been managing this major distribution of stimulus checks. Most Americans got their checks within three weeks but others needed to take action.
Those who should act include the elderly, people with low-incomes, and others who don’t file tax returns. You will learn more about this from Stocks Reviewed article on stimulus checks.
This massive payout was going to be 2.2 trillion dollars. Trump was on board to fight the dire economic implications of the corona pandemic.
Read on to know what you need to understand the scope of the stimulus check giving out. We cover the basics so it will help you collect yours. We’ll also talk about the next potential round of checks.
How Much Are We Talking About Per Person?
The average first check was decided to be $1200 per adult and $500 for every child.
This amount of money may not help to last throughout the entire pandemic.
However, it will do for now. People will be able to stay at home and families will be safe.
Who Qualifies For A Stimulus Check?
If there is no record of 2019 tax filing then you need to turn to your 2018 tax return. Either way, you have to look at your taxable income.
If the record says that your income is $75,000 or less, congratulations, you qualify. This is true for people who file individually. As for joint filing, couples have to show $150,000 or less to get the stimulus check.
What If I Make More Money Than The Qualifying Amount?
So what about people who are better off? Well, if you are making more than the qualifying digits then you will get a smaller check.
Individual filers who are earning within $75,000 to $99,000 will receive less in their check. Furthermore, Joint filers who earn within $15,000 to $198,000 are also eligible for smaller checks.
Some special cases may cause delays. For instance, if you are on social security you have to file a tax return. This is just to show the IRS that you were here.
The same goes for people who did not make enough money or others without tax return records. All these people can expect their check after they complete the extra step.
Where Do You Get Your Check?
The first thing that you need to know is that the checks were few actual checks. They were mostly direct deposits to the bank accounts that the IRS already had from your last tax filing.
The truth is, paper checks are for a minority of the eligibles. These are people who don’t have a bank account or didn’t use direct deposits for tax returns.
When Did The People Get The Money?
Most people have already received their money in the second and third weeks of April 2020.
In fact, to help the taxpayers, IRS launched a tracking tool named “Get My Payment.” the tool helps the users to check the status of their payment and update their direct deposit information with the IRS.
Development of an Online Portal
The IRS and the Treasury are coming up with a new online portal within weeks. This portal is for people to submit their bank details so they can get the money fast. This will eliminate the need for a much slower mailing system.
You will know more about this in the coming weeks. The irs.gov/coronavirus website will give you more information about the check and filing of their tax return for 2019.
Who Didn’t Get Stimulus Checks?
Though We know that everyone in America was supposed to get stimulus checks, millions did not receive it. This includes dependent college students and immigrants without social security numbers.
Here are the people who did not receive a compensation check. If you are one of the following, these could be the reasons.
- You have high adjusted gross income
- You’re not eligible due to your previous tax returns
- You missed the deadline to update the account information.
- You study in a college or you’re dependent.
- You’re a parent who owes child support.
It is upsetting that so many people among us had to try and survive without a fair share. If you are among the majority of recipients, follow your heart. Try to help a fellow man out especially if you have more than enough to get through this.
There are many ways to help out without direct contact of any sort. You can give money or resources such as food and other necessities.
Will There Be More Compensation in The Future?
Last week, President Donald Trump said they are working on something good and dramatic when journalists asked him about the second stimulus check. We are waiting for a compromise between the Republicans and Democrats to decide the right time for it.
The word is, that it might come as soon as late June if necessary. Mitch McConnell, the Senate majority leader says it’s on the wishlist but might not become law. On the other hand, Pelosi says that the Democrats are eager to negotiate.
The Stimulus check is for the majority of Americans. Most people will get it without hassle. Others need extra measures if they are under the special circumstance category.
Other than that, some people will not receive a check. This includes those who are dependent and refugees.
But if you are eligible, you will soon have the option to receive your money quickly through an online portal. When that happens you do not have to wait around for it to come in your mail.
There is talk of a second distribution stimulus check very soon. Republicans and Democrats need to get together and decide on the right time for this second wave of money.