“When will my money arrive?”
Here are answers to your questions about the coronavirus stimulus checks
Mar 31 2020
CNBC – Millions of individuals or couples will receive one-time payments of $1,200 or $2,400, respectively, based on new efforts by lawmakers to prop up the ailing economy.
Plans for how and when those payments will be delivered are still coming together.
Here are the answers to your most pressing questions, and the questions the government still has to answer.
Those government stimulus checks should be on their way soon to millions of Americans.
Many people have still have a lot of questions about them.
Last week, Washington lawmakers approved a $2 trillion relief bill in response to the coronavirus outbreak that includes a payment of $1,200 for single taxpayers with adjusted gross income up to $75,000.
The amount of those checks is reduced incrementally for people earning up to $99,000 in income, where they are phased out completely.
Taxpayers who are married and file jointly are eligible for $2,400 for up to $150,000 in income. Those sums are reduced up to $198,000 for couples who file jointly and have no children.
Yet many of the details surrounding these payouts are still being sorted.
Here are the biggest questions that have come up, and the answers we know so far.
“Treasury Secretary Steven Mnuchin has said he expected most people to get their payments by April 17. Presumably those people using the new portal would not get money until a few weeks after they are first able to provide their information. The I.R.S. has not said when those receiving paper checks would get them.” – The New York Times, March 31, 2020
Will they use my 2018 or 2019 tax returns?
Your check will be based on your adjusted gross income (line 7 of your 2018 Form 1040 tax return or line 8b for 2019).
If you have filed your 2019 return, that information will be used. If not, the government will use your 2018 filing.
“The vast majority of people do not need to take any action,” the IRS stated in March 30 guidance. “The IRS will calculate and automatically send the economic impact payment to those eligible.”
If you have not filed either your 2018 or 2019 tax returns, the IRS suggests that you file immediately and include your direct deposit information to expedite your stimulus payment … Read more.
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