The shutdown and social distancing due to the COVID-19 outbreak are taking a toll on all sectors of the economy and the lives of most individuals. It has become difficult for many to sustain themselves and their families during this lockdown period, a situation that has seen more than 16 million Americans registering for unemployment. The IRS has stepped in with Coronavirus Aid, better known as COVID-19 Stimulus Checks under the Relief and Economic Security (CARES) Act to give financial relief to the majority of Americans. In this post, we share a guide for getting COVID-19 Stimulus Checks. Read on.
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Check if you qualify and the amount you stand to receive
Most people are eligible to get a stimulus if they meet the required threshold. If you do not file taxes or receive Social Security benefits, you qualify for a Stimulus Check. You may also have been exempt from filing unfiled tax returns in the past because your income did not qualify to file for tax returns, you are eligible to receive payment. Here are the categories in which the IRS will qualify individuals for the economic impact payments and the amount of money they will receive:
- Single or married filing separately
If your filing status is single or married but filing separately, and your adjusted gross income is less than $100,000, you qualify to receive $1,200 per individual.
- Married filing jointly
If you are married, the title reflects on your filing status, you file tax returns jointly, and your joint income is below $198,000, you will receive $2,400.
If your filing status is head of household, and your adjusted gross income (AGI) is not more than $136,500, you will receive $1,200 and an additional $500 for children below the age of 17.
What are the requirements?
While some individuals will automatically receive their payment without taking any action, others are required to submit the necessary information, as the IRS may not have sufficient information such as the taxpayer’s account details and residential address. You will have to submit your personal information to the IRS to receive payments. The IRS launched two web portals through which individuals can upload their details to receive economic impact payments – one for those that have already filed their returns and the other for those with unfiled tax returns for the periods 2018 and 2019. You can also count on unfiled tax help from IRS tax attorneys to navigate the requirements for Stimulus Checks.
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When will I receive payment?
The IRS began giving out economic impact payments in April 2020. Some payments are deposited directly into the bank accounts of recipients while others are sent by check. You will have to wait a little bit longer if the IRS is sending you a check.
The guide to COVID-19 Stimulus Checks gives you a clear picture of how much aid you will receive under different filing statuses. While some people will receive their COVID-19 Stimulus Checks within a few days, others may not qualify or will receive delayed payments. Contact our team of experienced IRS tax attorneys in Dallas to get IRS problem resolution and file unfiled tax returns. Simply call (972) 627-4580 or email us at jamie@myIRSteam.com.