Many will have to wait until September: when and how Americans will receive financial assistance in connection with the coronavirus
According to the analysis of the US House of Representatives (GKPP) Main Committee on the distribution of tax proceeds, many Americans will be able to receive federal assistance in connection with coronavirus no earlier than mid-September, reports Fox Business.
In mid-April, the Internal Revenue Service (Internal Revenue Service, IRS) will begin to transfer about 60 million payments to the bank accounts of US residents.
These payments will take about three weeks. After that, in early May, the IRS will mail out paper checks.
The IRS will send about 100 million checks. But the service can send no more than 5 million checks per week. This means that the process is likely to drag on for 20 weeks. That is, the last payments can take place no earlier than September. Checks will be issued in reverse order, depending on income, that is, they will start with those with the lowest income.
In late April or early May, the IRS plans to create a portal so that people can check the status of their payments, as well as provide their bank account information for direct money transfers, so as not to wait for a check to be sent.
The head of the US Department of Finance, Stephen Mnuchin, said at a briefing at the White House: he hopes that this will allow more people to get their money “within a few days” after providing information for payment.
He urges taxpayers still not to hesitate in filing tax returns if they have not already done so, even though the deadlines have been postponed to July 15 instead of April 15.
“In such an environment, we do not want people to receive checks,” said Mnuchin. “We prefer to deposit money directly into their account.”
A document prepared by the State Committee on Transmission indicates that federal payments included in the $ 2,2 trillion economic assistance bill passed last week to combat the coronavirus pandemic may take months. Lawmakers have called on the IRS to process payments quickly so that unemployed people can use them to pay bills.
The Treasury said that those who are on social security, and these people do not need to file a tax return, do not need to do anything to receive payments. And those who are not required to file tax returns annually can file a “simple tax return” and provide information about their account in order to get federal assistance faster.
Who will receive federal assistance
Each of those who earn up to $ 75 thousand and have a social security number will receive a payment of $ 1200. This means that couples submitting joint declarations will receive $ 2400 if their income, which they indicated in their declarations, is less than $ 150 thousand.
Those who earn more than $ 99 thousand (or $ 198 thousand for couples) are not eligible for federal assistance.
Parents will receive $ 500 for each child under 17 years old.
What you need to do to get a check
For most people, nothing.
Money will be directly credited to your bank account if the government receives this information from your tax return. If you have not filed the 2019 declaration, the government will take into account the information from the 2018 declaration. They may also use your application for social benefits.
Will those who do not file a tax return receive federal assistance
Yes. But people who are not required to file a tax return (and these are low-income people, some older people, social assistance recipients, some veterans and people with disabilities) will need to file a simplified tax return in order to receive federal assistance. The declaration must provide basic data, including the status of the person, the number of dependents and information about the bank account.
If there was no declaration for 2018 or 2019, is federal assistance eligible
Yes, but the IRS urges everyone who must file a tax return and have not yet done so to file it as soon as possible in order to receive federal assistance. If taxpayers want money to be sent to their account, they must include their banking information in the declaration.
What to do if a bank account is not indicated in the tax return
The government will by default send you a check by mail. However, the IRS and the Treasury say that in the coming weeks they will create an online portal so that people can use it to provide banking information and receive money in their accounts, rather than checks by mail.
Where can I specify a personal account number
The IRS and the Treasury say that the site irs.gov/coronavirus will soon receive information about this and how to file a simple tax return for 2019.
If you need more time to file a tax return, in what time frame you need to meet
People who want to personally visit a tax professional or local community organization to get help with a tax return do not have to worry. Federal assistance will be accrued to all those to whom it is due until the end of 2020.
As reported by ForumDaily:
- Senate approved unprecedented economic crisis relief package $ 2,2 trillion, which will go to businesses, workers and health services affected by the coronavirus pandemic.
- The bill was unanimously supported, despite the fears of representatives of both parties that the proposed measures are too large or, conversely, not large enough.
- For information on who is eligible for federal assistance and when this money will be paid, read here.
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