The US Government has created a $2 trillion stimulus package that provides families with checks for $1,200 or more, depending on salary and size of household. Many people are not aware of what they need to do to receive their share. Below you will find details on how to get your check, if you qualify.
1. MUST HAVE A SOCIAL SECURITY NUMBER
To get a stimulus check, you will need to have a Social Security number.
2. MUST FILE A RETURN FOR 2018 or 2019
Your stimulus check amount is based on the adjusted gross income from your the latest tax return you filed, for this year (2019) or last year (2019).
If your adjusted gross income was less than $75,000 you will receive the maximum of $1,200. Reduced payments are sent to single filers who earned between $75,000 and $99,000, or married filers who earned between $150,000 and $198,000. There’s also a $500 payment per child under age 17.
According to the IRS, “Low-income taxpayers, senior citizens, Social Security recipients, some veterans and individuals with disabilities who are otherwise not required to file a tax return will not owe tax,”. The simple tax return will only ask for filing status, number of dependents, and bank information in order to receive the payment. Instructions on how to file a return will be found here.
3. YOUR DIRECT DEPOSIT INFORMATION
The IRS will disburse the funds based on the direct-deposit information you provided on the last tax return you filed. (2018 or 2019)
4. PROVIDE MOST UPDATED BANK INFORMATION TO IRS
The IRS won’t be sending out paper checks. If you didn’t provide bank information on your last tax return, you’ll have the opportunity to do so online soon.
The IRS stated “In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail,”
The IRS will be updating the details at this link.