ORLANDO, Fla. — President Trump and Congress recently singed off on a $2 trillion emergency stimulus package to provide financial aid for Americans amid the coronavirus pandemic.
Here are nine things you should know about the delivery of your stimulus checks:
- How Soon? – The IRS announced it will begin distributing the $1,200 stimulus checks between now and April 20.
- Do I need to do anything? – No, not if you filed your taxes in 2018 or have already filed for 2019. However, some seniors who do not file tax returns will need to file a return to receive the payment. The IRS will calculate your check and send it electronically.
- Electronically? – If you have received tax refunds in the past via direct deposit, then you don’t have to do anything. If not, the Treasury is developing a website, not online yet, where you can enter banking info to get the money electronically.
- One Time Payment? – Yes. For now. Members of congress have hinted that a fourth stimulus may be needed as the US economy remains on hold through April.
- Did I make too much? – Take a look at you 2018 tax return line-7 (Form 1040). That is where you will find your adjusted gross income. If you made above $75,000 ($150,000 married) your check will be reduced. If you have already filed for 2019, you need to look at line 8b.
- SSI/Veterans – People on SSI and veterans will also be eligible to get checks.
- Repay the money? – No. You will not need to repay the money, nor will you be taxed on it. This is actually an advanced payment of a tax credit for 2020.
- Green card? - If you have a green card and file taxes then you will get a check. Non-resident aliens without a green card will not get a check.
- Where can I read the bill? – Here.
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