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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.

Photo: Shutterstock

The payout is expected to be $ 1 per adult for people with incomes up to $ 200. The income threshold for couples is $ 75 — they will receive $ 000 for a 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).

On the subject: Interest cancellation and deferred payments: what you need to know about student loans during a coronavirus outbreak

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 the amount of your income in 2019 will be the basis for reducing the amount of payment (due to the fact that the amount exceeds the upper threshold) - then wait until you get help on the basis of the declaration for 2018,” 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.

On the subject: Trump has signed a $ 2,2 trillion coronavirus relief bill

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

“If you qualify for a tax refund, then you have to wait longer than usual,” Ed Scott warns. 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 the Americans until the US economy recovers from the shock of coronavirus quarantine and begins to function normally. Many of the country's enterprises were temporarily closed to prevent the possibility of infection of a large number of people. As a result, many Americans were left completely without work, or with minimal employment. In this situation, the citizens of the country filed almost a record in US history the 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 link.
Miscellaneous taxes quarantine tool Educational program taxes 2020 coronavirus Special Projects material aid

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Russian-speaking immigrant spoke about isolation regime due to COVID-19 in the USA

Heroes, villains and victims: how people and the media reacted to epidemics before COVID-19

9 tips for creating an emergency cash reserve

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