In addition, the Trump Administration is evaluating providing financial support to neighborhood businesses, small businesses and those that belong to the travel industry due to the worldwide emergency due to covid-19. Also residents!
The coronavirus is not only leaving behind thousands of deceased and large numbers of infected people around the world; but as a result of the measures that the presidents of various countries are taking to confront it , the economy of many nations has been harmed, especially for citizens, who have paralyzed their activities and decreased their income. One of them is the United States, which has the highest number of cases.
And it is that in the North American country, tens of millions of workers depend on their hourly wages to support their homes , and while businesses such as restaurants, hotels and entertainment industry venues have suspended their work, the economy for them is turning off.
Given this situation, the government of President Donald Trump asked Congress to approve a stimulus package of US $ 850 billion, including the sending of checks of up to US $ 1,200 to its citizens, something that has already been approved. But what does this measure imply? Here is everything you need to know.
Who is eligible for $1200 stilimus check?
US residents USA they will receive the economic impact payment of $ 1,200 for individual taxpayers or heads of families, and $ 2,400 for joint declaration of married if they are not dependent on another taxpayer and have a Social Security number eligible for work with adjusted gross income (AGI) up to:
- $ 75,000 for individuals
- $ 112,500 for heads of household and
- $ 150,000 for married people filing a joint return
Taxpayers will receive a reduced payment if their AGI is between:
- $ 75,000 and $ 99,000 if your filing status was single or married, filed separately
- 112,500 and $ 136,500 for heads of household
- $ 150,000 and $ 198,000 if your marital status was married filing a joint return
The reduced payment amount will be based on the taxpayer’s specific adjusted gross income.
Eligible retirees and recipients of Social Security, railroad, disability, or veteran’s benefits, as well as taxpayers who do not earn enough money to file a tax return, will normally receive a payment. This also includes those who have no income, as well as those whose income comes entirely from certain benefit programs, such as Supplemental Security Income benefits.
Retirees who receive Social Security or railroad retirement benefits will also automatically receive payments.
Who is NOT eligible?
Although some taxpayers, such as high-income, do not qualify for an economic impact payment, most do.
Taxpayers are unlikely to qualify for an economic impact payment if any of the following apply:
- Your adjusted gross income is greater than
- $ 99,000 if your filing status was single or married that you filed separately
- $ 136,500 for heads of household
- $ 198,000 if your filing status was married filing a joint return
- It can be claimed as a dependent on someone else’s statement. For example, this would include a child, student, or older dependent who can be claimed on the parent’s return.
- You do not have a valid Social Security number.
- You are a non-resident alien.
- You filed Form 1040-NR or Form 1040NR-EZ, Form 1040-PR, or Form 1040-SS for 2023.
How much does it cost?
Eligible individuals with adjusted gross income of up to $ 75,000 for single taxpayers, $ 112,500 for heads of household, and $ 150,000 for married taxpayers filing a joint return are eligible for the total of $ 1,200 for individuals and $ 2,400 for joint filing. married Additionally, they are eligible to receive an additional $ 500 per qualifying child.
For taxpayers with incomes above those amounts, the payment amount is reduced by $ 5 for every $ 100 above the thresholds of $ 75,000 / $ 112,500 / $ 150,000. Single taxpayers with incomes over $ 99,000, $ 136,500 for heads of household and $ 198,000 for taxpayers filing jointly without children, are not eligible and will not receive payments.
1200 paycheck when to expect?
April 9, 2023
Stimulus checks could be sent to some taxpayers as early as Thursday, April 9. If you filed your income taxes in 2018 or 2023 and provided your direct deposit information to the IRS, your stimulus check could be sent today. Estimated arrival time in your bank account could be on or before April 14, 2023.
Do you need to take an action?
People who filed a tax return for 2023 or 2018
Taxpayers do not need to take any additional action if:
- They filed their tax returns this year for 2023. The IRS will use this information to calculate the payment amount.
- They haven’t filed for 2023 yet, but they did file a 2018 federal tax return. For these taxpayers, the IRS will use their information from the 2018 tax returns to make the economic impact payment calculations.
People who are generally not required to file a tax return
Railroad Retirement and Social Security recipients who are generally not required to file a tax return do not need to take any action. The IRS will use the information on Form SSA-1099 and Form RRB-1099 to generate economic impact payments of $ 1,200 to these individuals, even if they did not file 2018 or 2023 tax returns. Taxpayers will receive these payments as direct deposit or by paper check, as you would normally receive your benefits. Beneficiaries of Social Security Disability Insurance (SSDI) are also part of this group who do not need to take any action.
For Social Security, railroad retirees and SSDI who have qualifying children can go the extra step to receive $ 500 per qualifying child.
Others, such as low-income workers and certain veterans and individuals with disabilities, are not required to file a tax return, but are still eligible for economic impact payments. Taxpayers can check the tool on IRS.gov: Should I file a tax return? (in English) – to see if they have a filing requirement.
The IRS will soon provide guidelines to these people on the steps to take to get their payment as soon as possible.
Payment recipients: look for a letter from the IRS
For security reasons, the IRS plans to mail a letter about the economic impact payment to the taxpayer’s last known address within 15 days after the payment was made. The letter will provide information about how payment was made and how to report any failure to receive payment. If a taxpayer is not sure they received a legitimate letter, the IRS urges taxpayers to visit IRS.gov first to protect themselves against scammers.
Avoid scams related to financial payments, COVID-19
The IRS urges taxpayers to be on the lookout for scammers trying to use economic impact payments as a cover-up for schemes to steal personal information and money. Remember, the IRS will not call you, text you, send you an email, or contact you on social media to ask for personal or bank account information, including regarding financial impact payments. Also, beware of emails with attachments or links that claim to have special information about economically impactful payments or refunds.
If you would like to read a detailed guide about checks, please visit -> > https://www.bankrate.com/banking/second-stimulus-check-heals-act-coronavirus-relief/
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SOURCES:
- https://www.bloomberg.com/news/articles/2023-03-26/when-and-how-will-i-get-that-1-200-stimulus-payment-quicktake
- https://www.forbes.com/sites/zackfriedman/2023/04/07/stimulus-checks-coronavirus/#566c723227f6
- For Latina https://eltiempolatino.com/news/2023/mar/26/quienes-seran-beneficiados-con-el-paquete-de-estim/
- https://www.irs.gov/coronavirus/economic-impact-payment-information-center
