IRS submits the Economic Impact Payment for coronavirus
The Internal Revenue Service maintains the calculation and sending of checks for Payment of Economic Impact by coronavirus. This benefit was approved in the Coronavirus Economic Aid, Relief and Security Act (CARES Act) and began to apply from April. In Hispanic Entrepreneurs We explain who is eligible and clarify your doubts about it.
Economic stimulus for citizens
Due to the economic impact of the coronavirus, a series of benefits were approved through the CARES Law to provide financial assistance to workers and business owners. Among these we find the Economic Impact Payment that began to be delivered from April.
The economic stimulus checks They are issued by the Internal Revenue Service (IRS) and most Americans are eligible. In the first four weeks alone, $ 200 billion was released to around 130 million people. This according to information published by the Treasury Department and the IRS.
People who filed a tax return in 2018 or 2019 will receive their payment automatically. In addition, Social Security, Railroad Retirement, and Veterans Affairs Department beneficiaries who are not required to testify will receive automatic payment. However, there are other cases of people who are not required to testify and qualify to receive this benefit.
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7 questions about Coronavirus Economic Impact Payment
Below we clarify some frequent doubts about the Economic Tax Payment.
1. Who is eligible?
To receive this payment you must be a US citizen or resident alien, have a valid Social Security Number and not appear as a dependent on someone else's tax return.
In addition, you must have an adjusted gross income level of up to:
- $ 75,000 for individuals.
- $ 112,500 for heads of household.
- $ 150,000 for married people filing a joint return.
Those who receive Social Security, retirement, disability, survivor, train system, or veteran benefits can automatically qualify. There are also people who are not required to testify, but who qualify to receive the stimulus payment. In these cases it will be necessary to provide your information to the IRS through the tool for non-filers.
2. How much will the payment be?
- If the individual's income is $ 75,000 or less, they will receive a payment of $ 1,200.
- Married couples filing joint returns with incomes of up to $ 150,000 will receive $ 2,400.
- Parents with qualifying children will receive a payment of $ 500 per child.
- Those with gross income greater than this will receive a reduced payment.
Individuals earning more than $ 99,000 or couples with incomes greater than $ 198,000 will not receive any payment.
If you want calculate the Economic Impact payment check the IRS information.
3. What do I have to do to receive the payment?
If you filed a tax return in 2018 or 2019 you should not take any action. Similarly, recipients of Social Security, retirement, disability, survivor, rail system retirement, or veterans may receive automatic payment.
The IRS will use the information you already have to send payments. However, there are people who must send their data. This can be done through Get my payment if you already filed taxes.
Taxpayers who did not file a 2018 or 2019 return must file the latter to receive payment. But if you are not required to testify, you must give your information to the IRS through the tool for non-filers.
4. How will I receive the payment?
The IRS will deposit the payment into the beneficiary's account if you already have this information. They can offer this data through the application Get my payment. If the IRS does not have your account number, it will mail a check to the address on file.
You will also be delivering prepaid debit card payments.
5. How can I check the status of the payment?
Entering the application Get my payment You can check the status of the payment, as well as your data.
6. Will the IRS request information from me to send the payment?
The Tax Service will not send any type of message requesting personal or bank account information. If someone asks you to verify your data on behalf of the IRS or an organization that is associated with it, it may be a scam. We recommend that you notify the IRS immediately.
Another form of scam is to ask you to call a phone number to collect a fake check sent to you.
7. Should I include the payment in the next statement?
Coronavirus economic stimulus checks are not part of gross income. Therefore, this benefit will not be included on the 2020 federal tax return.
All information related to the economic impact of COVID-19 is updated frequently. Stay tuned for official information on benefits such as Coronavirus Economic Impact Payment, as well as guidelines for opening businesses in official sources.
