Many Americans will get government checks to help them weather money challenges from the coronavirus outbreak. Here’s what you need to know.
The majority of stimulus checks have now been distributed with over 152 million Americans receiving their payments, according to the latest data from the Internal Revenue Service. So far, $258 billion in payments have been issued, with the average amount totaling $1,695.
“Our updated estimate is that 93.6% of [tax] filers will have a rebate,” Garrett Watson, senior policy analyst at The Tax Foundation, said. “And this works out to approximately 140 million households.” And, Americans who qualify for the stimulus payment and have children will get an additional $500 per child under 17.Story continuesReduced checks will be available for single adults who earn between $75,001 and $99,000 and married couples who earn between $150,001 and $198,000.
Who gets their stimulus check by paper check?If the IRS doesn’t have direct deposit information on file, checks will be mailed, which could take longer to get to Americans. Adding to the complications, about 6% of U.S. adults — or about 12 million Americans — do not have a checking, savings, or other bank account, according to a 2018 Federal Reserve report.
When are you getting the stimulus payment?This week, the IRS starts sending paper checks on a weekly basis to individuals whose direct deposit information isn’t on file. Social Security and other benefits recipients who haven’t filed taxes in the last two years will receive their automatic payment at the end of April.
“There are as many as 10 million Americans who are not required to file a tax return,” TurboTax said in a statement. “Because the IRS will use the federal tax return to determine and send individual stimulus payments, these individuals are at risk of not receiving their stimulus payment.” Do you have to pay tax on the stimulus check?No. The stimulus payments are federal income tax refunds and aren’t subject to federal income tax.
Be wary of websites, emails, and social media attempts asking for money, personal data, or banking information. Don't click on the links or the attachment in the body of the email. Instead, type in the bank’s address in the browser yourself. At first, the service will attempt to answer the caller’s question with an automated message. Those who need additional assistance have the option to talk a representative after they go through the automated messages, according to the IRS.
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