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WASHINGTON – New information from the IRS on Monday reveals what people can do to get the checks from the government as soon as possible, while many families are concerned about the coronavirus crisis that has cost millions of people paying the bills and buying groceries jobs.
For Americans who are eligible for stimulus cash under the new relief law, the fastest way is to make sure that they have filed a tax return for 2019 or 2018 with bank information so the government can deposit the money directly.
The IRS says it will use a person’s 2019 yield to calculate eligibility and automatically send the money to those who qualify. If you haven’t submitted a return for 2019, it will be based on the return for 2018.
Treasury Secretary Steve Mnuchin said he hoped the money would flow to Americans three weeks after the $ 2 trillion stimulus package was adopted late last week.
Payments of up to $ 1,200 per person and an additional $ 500 per child under the age of 17 are made to US citizens with a social security number who earn less than $ 75,000. The amount decreases by $ 5 per $ 100 earned thereafter and is $ 99,000. For married couples, the exit range is between $ 150,000 and $ 198,000.
The IRS said that Americans who haven’t had to file taxes in the past two years have to submit a “simple tax return” with basic information such as registration status, number of dependent people, and banking information for the government to send the money.
“Low-income taxpayers, seniors, social security recipients, some veterans, and people with disabilities who otherwise do not have to file a tax return do not owe taxes,” said the IRS.