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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 individuals under $ 200. The income threshold for married couples is $ 75 - they will receive $ 000 per couple and $ 150 per 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 your income in 2019 warrants a lower payout (because the amount is above the cap), then wait until your 2018 tax return is calculated,” 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 are eligible for a tax refund, you will have to wait longer than usual,” warns Ed Scott. Therefore, it is worth weighing 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 due to the coronavirus quarantine and begins to function normally. Many factories in the country were temporarily closed to prevent the possibility of infection of large numbers of people. As a result, many Americans were left without work at all, or with minimal employment. In this situation, the 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 link.

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Miscellaneous taxes quarantine tool Educational program taxes 2020 coronavirus Special Projects material aid

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