The majority of stimulus checks have now been distributed with over 159 million Americans receiving their payments, according to the Treasury.
The majority of stimulus checks have now been distributed with over 159 million Americans receiving their payments, according to the latest data from the Treasury Department.
What if I got the incorrect amount?If you didn’t receive the full amount of the stimulus payment that you were entitled to, you will be able to claim the additional amount on your 2020 tax return. The payment amount is based on the information you have provided on your 2019 tax return, if it has been submitted or processed. Otherwise, the size of your payment is based on your 2018 taxes.
Reduced checks will be available for those who earn above those income thresholds. The payment would be reduced by 5% for every 5% increase in income above $75,000 for individuals and $150,000 for married couples. Eligibility will be based on a taxpayer’s adjusted gross income from their latest tax return.
Who gets the first stimulus payment?As part of a $2 trillion coronavirus relief package, many Americans will get government checks up to $1,200 — plus $500 per child — to help them ride out a job loss, reduced work hours, and other money challenges as the country tries to stem the pandemic. And, Americans who qualify for the stimulus payment and have children will get an additional $500 per child under 17.
The payments will be deposited directly into your bank account if you received your last tax refund or expect to receive this year’s refund that way. The cards will be mailed by the Treasury’s bank agent — MetaBank — along with instructions on how to activate and use the card. The recipients can make purchases, withdraw cash from ATMs, or transfer money to their bank account without additional fees.
Americans with income up to $20,000 are expected to get their checks by May 1, while those with income up to $40,000 by May 15. The rest of the checks will be issued by gradually increasing income increments each week. Households earning $198,000 who file jointly will get their reduced checks on Sept. 4. The last group of checks will be sent on Sept. 11 to those who didn’t have tax information on file and had to apply for checks.
If you filed a tax return in 2018 or 2019 but didn’t provide direct deposit information, you’ll be able to identify yourself, input that banking information, and receive the payment in several days in your account, according to Mnuchin.How can those who don’t file taxes get a stimulus payment?Americans who don’t usually file taxes can register to get their stimulus aid checks on IRS website or use Turbotax’s free tool to file a minimum tax return.The IRS tool is for eligible U.S.
Social Security recipients and those required to file tax returns don’t need to provide additional information, but still must meet the eligibility criteria to get a payment. What about scammers and my stimulus check?Identity thieves will try email, call, or text you with messages linking to a phony government website, but the IRS only contacts taxpayers in two ways: by letter or in person.If the IRS calls you, it will only be after the agency contacted you first by mail. The IRS will also send a letter about your stimulus payment within 15 days after it sends the payment.
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