Pandemic benefit for Americans: is it worth the rush to file a 2019 declaration

The US government plans to pay material assistance to Americans affected by the coronavirus quarantine, and this amount will depend on the recipient's annual income, writes Fox Business.

The payment is expected to be $1 per adult for individuals with incomes up to $200. The income threshold for married couples is $75 - they will receive $000 per couple and $150 for each child.

The final amount of payment will directly depend on your annual income, according to the latest tax return. The United States Internal Revenue Service (IRS) will primarily focus on 2019 declarations. But for those who have not yet submitted it, the amount of assistance will be calculated based on the data of the declaration for 2018.

Therefore, it may make sense for some taxpayers not to rush to submit a declaration for 2019 (especially considering the fact that due to quarantine the deadlines for submitting it were extended until June 15, 2020).

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For those whose incomes are close to thresholds, it would be advisable not to rush to submit reports so as not to miss the chance of getting help.

“If your 2019 income would warrant a reduction in your benefit (due to the amount exceeding the cap), then wait until you receive benefits based on your 2018 return,” advises Ed Slott, founder IRAhelp.com

The amount of benefits for individual taxpayers and couples will be reduced as follows: the ratio is $ 5 for every $ 100 in excess of the maximum amount of annual income. For example, those who earned $ 75 over the past tax period will receive a check in the amount of $ 500.

The allowance will not be accrued at all to individuals who have earned more than $ 99 a year; heads of families with one child who have earned more than $ 000, as well as married couples who file a declaration together and earned more than $ 146 per year.

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However, those who deliberately delay the filing of the declaration for 2019 will have a different problem.

"If you're eligible for a tax refund, you'll have to wait longer than usual," warns Ed Scott. Therefore, it is worth weighing all the pros and cons in advance.”

According to the latest information, the average amount of tax refunds is $ 2. Legislators report that the exact schedule for receiving assistance by persons has not yet been established, but we are talking about the next few weeks.

The goal of the project is to support Americans until the US economy recovers from the shock of the coronavirus quarantine and begins to function normally. Many businesses across the country have been temporarily closed to prevent large numbers of people from becoming infected. As a result, many Americans were left without work or with minimal employment. In the current situation, citizens of the country filed almost a record in US history number of applications for unemployment benefits - more than 3,3 million.

As ForumDaily wrote earlier:

• 27 March US President Donald Trump signed a bill worth $ 2,2 trillion, which provides support to businesses and ordinary Americans affected by the coronavirus quarantine.
• Details about the conditions for providing this assistance, as well as answers to the most common questions about it, can be found here to register:.

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