The Internal Revenue Service (2020, March 31) has released on Monday new information on how to get the Coronavirus stimulus check from the government.
Thankfully, the majority of people will need to do nothing to get it. As long as they filed their Tax Return for 2019 or 2018, they will just have to wait for it in the mail, and it will hopefully arrive within the next 3 weeks, according the IRS website.
The big question is who is eligible? According to the Internal Revenue Service, single people earning under $75,000.00 a year or married couple earning under $150,000.00 are automatically eligible as long as they filed their Tax Return for the 2018 or 2019 and provided a bank account for direct deposit. The payout will be $1, 200.00 per person, with an additional $500.00 for child under 17 years of age.
For every $100.00 earned beyond $75,000.00 for singles or $150,000.00 for couples, the check amount will decrease by $5.00 until it zeroes out at $99,000.00 for singles or $198,000.00 for couples.
The IRS also said that Americans who weren’t required to file taxes in the last two years will have to file a ‘simple tax return’ with basic information like filing status, number of dependents, and bank information so the government can send the money.
Coronavirus Tax Relief | Internal Revenue Service. (2020, March 31). Retrieved March 31, 2020, from https://www.irs.gov/coronavirus