Economic Stimulus

UPDATE (4/2/2020):

The Treasury Department has now updated its guidelines for those who receive Social Security or have not filed taxes in a number of years. 

According to the updated rules, beneficiaries will receive their $1,200 stimulus check in the same way they receive their benefit checks. 

From the Treasury Department's website: “Social Security recipients who are not typically required to file a tax return do not need to take an action, and will receive their payment directly to their bank account,” said Secretary Steven T. Mnuchin. 

For more information on the update, click here


 

In this week’s edition of our “You Asked Series,” Robert asks “Will people who receive Social Security be getting a stimulus check?”

The short answer is yes. But there’s a catch: you have to file a tax return. This is how the IRS is tracking who gets a check and who doesn’t. If you filed a return for 2018, you’re in the clear. But if you haven’t filed in a few years, file a simple return ASAP for 2019. How you choose to receive your tax refund is how the stimulus check will be sent, i.e. direct deposit or snail mail. 

Below are some more tips from Hannah Stiff at the Better Business Bureau, along with potential scams to be aware of. If you have any more questions, you can head to their website.  

 

With the passing of the CARES act, each American will receive a one-time payment to help during this crisis. It isn’t as simple as counting the number of Americans and writing each one a $1,200 check. The guidelines of who receives the funds, how they will receive the funds, and when are questions we at BBB Northwest + Pacific have tackled, and we break the information below.

Household payments – Direct Stimulus Checks:

· One-time payment of $1,200 to each American and $500 / child (16 and under)

o Single taxpayers receive the full amount if AGI is under $75,000; head-of-household (HH) AGI under $112,500; married taxpayers AGI under $150,000

o Singles taxpayers with AGI over $99,000; Head-of-household over $136,500; Married taxpayers over $198,000 will not receive any check

o For incomes in between: the payment will be reduced $5 for every $100 over single-$75,000; HH - $112,500; married - $150,000.

Additional eligibility requirement information

· People who aren’t required to file a tax return need to file a simple return to receive payment. In this group are:

o Low-income taxpayers

o Senior citizens

o Social security recipients

o Some veterans & individuals who are disabled.

· People who aren’t eligible:

o Dependent adults 17 years old and older.

Time Frame

· Treasury says payments will be sent three weeks after the passage of the Stimulus bill (bill signed on 3-27-2020.)

· Economic impact payments are available until the end of 2020.

Stimulus funds receive methods.

· If you have filed your 2018 and / or 2019 Federal return, you will automatically receive the stimulus funds.

· If you haven’t filed your 2018 and / or 2019 Federal return, you will need to file a simple tax return to receive payment. IRS recommends including direct deposit information on your tax return.

· Direct Deposit / Checks

· If you have received your refund via direct deposit to your checking or savings account in 2018 or 2019, the funds will be sent to that account.

· In the coming weeks, the Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online so that individuals can receive payments immediately as opposed to checks in the mail. – WARN CONSUMERS TO VERIFY WEBSITE AS WE KNOW SCAMMERS WILL TAKE ADVANTAGE.

 

News For You