The IRS deposited the first round of coronavirus stimulus checks into Americans’ bank accounts this week. But Uncle Sam hasn’t paid everyone what they’re owed just yet. Many U.S. residents who were expecting their cut of relief funds Wednesday morning are still waiting to collect. Others have received unexpectedly (and often, incorrectly) low relief payments. Here’s a quick primer on who is entitled to relief under Congress’s recently passed CARES Act, why you might not have received your check yet, and what you can do to make sure the IRS eventually gives you what you’re owed.
Who is eligible for a stimulus check (and how large should that check be)?If you file your taxes as an individual and earned less than $75,000 a year (as measured by adjustable gross income), you are entitled to a $1,200 check. Those who earned between $75,000 and $99,000 are still entitled to some relief. But the dollar value of their checks will decline by $5 for every $100 they earned above $75,000.
If you file your taxes as a married couple (or are married and do not file taxes) and earned less than $150,000, then you’re eligible for a $2,400 check. As with individuals, those who earned between $150,000 and $198,00 are still entitled to some relief, but the size the check declines as your income goes up.
If you are unmarried but file your taxes as head of your household, you should get the full $1,200 check, so long as you earned below $112,500. Those who earned under $136,500 will receive checks of lesser value.
Finally, families who earned less than the income cap are entitled to a $500 payment for each child in their care.
Why some eligible Americans still haven’t received their checks (and what they can do about it).Congress put the IRS in charge of dispersing the coronavirus relief payments, and the IRS can distribute those payments most easily to Americans who have already provided the agency with their banking information in order to receive a tax refund as a direct deposit. Thus, the first round of payments were issued to the subset of eligible Americans who requested and received direct-deposit tax refunds in 2018 and/or 2019.
If you are not one of those Americans, don’t worry:
• If you did not file federal taxes last year, you can still receive a $1,200 check by entering your information into a new tool for non-filers on IRS.gov.
• If the IRS has your postal address, but not your direct-deposit information, you should receive a check in the mail later this month.
• If you did receive a tax refund last year — but filed your taxes through a preparation service such as H&R Block, TurboTax, or Jackson Hewitt — you may have not received a stimulus payment yet. This is because the IRS actually sends your tax refund to those companies, who then deduct their fees and deposit the remainder in your bank account. The IRS is aware of this issue, however, and believes it has found a fix. You can check on the status of your payment, or provide the IRS with your direct-deposit information, using the agency’s new “Get My Payment” tool. (The site is updated only once a day, however, and checking multiple times in a single 24-hour period can get you temporarily locked out of the tool).
• Finally, if you are an eligible Social Security recipient, you should receive a $1,200 bonus benefit later this month.
Why your check may have been too small.If you are a parent or guardian who receives Social Security retirement, survivors, disability, or SSI benefits, you may have received a $1,200 boost to your benefits, but no accompanying $500 payment for each of your children. In order to access those child benefits, you will need to use the tool for non-filers at IRS.gov, and input the Social Security number or Adoption Taxpayer Identification Number of each of your dependents.
You can find more information about the CARES Act’s other relief programs, including those aimed at small businesses and the unemployed, here and here.
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April 17, 2020 at 04:05AM
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Why Your Coronavirus Stimulus Check Isn’t Here Yet - New York Magazine
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