ORLANDO, Fla. – President Donald Trump recently signed a $2 trillion coronavirus relief bill that will provide direct payments to Americans in hopes of lessening the blow the pandemic has had on the country’s economy.
Under the CARES Act, anyone earning $75,000 or less will receive $1,200 as a direct deposit into their bank account, distributed by the IRS. Married couples who make less than $150,000 a year will receive $2,400 plus $500 for every child under 17.
Those who earn more than $75,000 but less than $99,000 will receive money as well, but the amount will be reduced by $5 for every $100 they make over $75,000, according to the IRS. For example, someone who earns $76,000 would receive $1,150 while someone who makes $95,000 would get a $200 check, assuming that neither has children.
Income is determined by each individual’s 2018 and 2019 tax returns, even if you haven’t yet filed your most recent taxes.
But what about people on Social Security and others who are not typically required to file a tax return? The short answer is yes, they will receive a stimulus check as well.
The IRS was initially asking low-income taxpayers, senior citizens, veterans, those with disabilities and all other individuals who are not typically required to file their taxes to file a simple tax return instead but on Wednesday, the agency reversed course and said those people mentioned will not need to take action in order to receive a stimulus payment.
“The IRS will use the information on the Form SSA-1099 or Form RRB-1099 to generate Economic Impact Payments to recipients of benefits reflected in the Form SSA-1099 or Form RRB-1099 who are not required to file a tax return and did not file a return for 2018 or 2019. This includes senior citizens, Social Security recipients and railroad retirees who are not otherwise required to file a tax return,” information on the agency’s website read. “Since the IRS would not have information regarding any dependents for these people, each person would receive $1,200 per person, without the additional amount for any dependents at this time.”
If you receive food stamps, Social Security or other benefits, you can also count on receiving a stimulus check.
Direct deposit is the preferred method for distributing the cash pay outs but if the IRS doesn’t have someone’s banking information, the money will instead be sent in the mail, which could take longer. The agency plans to set up a web-based portal in the coming weeks at IRS.gov/coronavirus to allow citizens to submit the necessary information.
As Floridians wait for their payments due to be sent out next month, the state’s attorney general reminds them to be vigilant and not fall prey to scammers looking to steal their money. You can find tips on avoiding fraud here.