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Do you qualify for a stimulus check in Senate’s coronavirus response bill?

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https://www.foxnews.com/politics/do-you-qualify-for-a-stimulus-check-in-senates-coronavirus-response-bill

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Do you qualify for a stimulus check in Senate’s coronavirus response bill?

One of the cornerstones of the Senate coronavirus stimulus package is the direct payment of money from the federal government to American individuals and families.

In the middle of the bill's hundreds of pages are details regarding exactly who can expect to receive money and how much they can expect. Here is a breakdown.

Who is eligible?

The bill makes clear that everyone is eligible except for nonresident aliens and those who can be used as the basis for deductions for another person.

"Seniors, veterans, the unemployed and low-income Americans would be eligible too," Senate Finance Committee Chairman Chuck Grassley said Wednesday.

The bill text indicates those who receive social security can collect checks: For those not required to file 2018 or 2019 tax returns because of social security benefits, tax returns aren’t required to claim the money -- the government can use information from a Form SSA-1099, Social Security Benefit Statement, or Form RRB-1099, Social Security Equivalent Benefit Statement.

With that in mind, here is how much people can expect to get.

People filing individually

People who file their taxes as individuals are eligible for payments up to $1,200, but that decreases for people who earn more than $75,000 a year. The bill says that the payment is reduced by five percent of every dollar above that mark, or $50 for every $1,000 above $75,000.

What that ultimately means is that for people who make more than $75,000 the payment is less the higher their earnings are, with it being reduced to zero for those who make $99,000 or more.

People filing jointly

Couples who file a joint tax return are eligible for a payment of up to $2,400, plus and additional $500 per child. However, that amount decreases for couples who earn more than $150,000 in a year at the same rate of 5 percent of every dollar above that mark.

This translates to less money the more people make, with it being reduced to zero for joint filers without children who earn $198,000 or more.

People filing as heads of households

People who file as heads of households are eligible for payments of up to $1,200, but that amount is increased by $500 per child. That amount is reduced for people who earn more than $112,000 a year. The extent to which it is decreased, of course, depends on how many children they have, as illustrated by the chart above.

The following chart, courtesy of the Tax Foundation, illustrates how it all works.

image.png

Income is based on people's tax filings for 2019, but if they have not filed for that year, then their filing for 2018 applies.

"If the individual has not filed a tax return for such individual's first taxable year beginning in 2018," the bill says, the information should be used for 2019 provided in their SSA-1099 or RRB-1099 Social Security Benefit Statements.

When and how are payments made?

Payments, according to the bill, will be made “as rapidly as possible” and no later than Dec. 31, 2020. They will be made via direct deposit to an account that the person has authorized for tax refunds or federal payments on or after Jan. 1, 2018.

Notice will be sent to the person’s last known address within 15 days of payment informing them of the method and amount of payment. A phone number will also be provided so people can call the IRS in the event they did not receive it.  

  

 

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to_dave007

I'm SURE I qualify..  Please mail it to my Toronto address.

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battleborn

The money will come in handy, now lets see of they send a second check in a couple of months.

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Dafey
1 hour ago, battleborn said:

The money will come in handy

Yup, I can get a six pack of TP and a bottle of Purel with that!

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Daddle

The bride and I should get US$2400. I suggested she get bigger boobs. She said she's rather have a new scooter. Whatever do I do? Heh.

My US tax guy says marrying the filipina was the best thing I ever did. That painful paperwork has saved us an unexpected huge amount of tax money. I'm still a US resident for tax and immigration purposes. She is just a tourist in the US when here.  Stuck here in California now for the pandemic...expensive.

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softail

Stuck here in Seattle waiting for my check😂

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TimL

Payments, according to the bill, will be made “as rapidly as possible” and no later than Dec. 31, 2020. 
 

Geeze, good luck with that... 🙄

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Edwin
10 hours ago, Daddle said:

The bride and I should get US$2400. I suggested she get bigger boobs. She said she's rather have a new scooter. Whatever do I do? Heh.

My US tax guy says marrying the filipina was the best thing I ever did. That painful paperwork has saved us an unexpected huge amount of tax money. I'm still a US resident for tax and immigration purposes. She is just a tourist in the US when here.  Stuck here in California now for the pandemic...expensive.

Your bride needs to be a resident alien or citizen of the USA to qualify. 

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Daddle
6 hours ago, Edwin said:

Your bride needs to be a resident alien or citizen of the USA to qualify. 

Well then, she can kiss the new scooter goodbye.

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Irenicus
On 3/27/2020 at 9:27 AM, battleborn said:

now lets see of they send a second check in a couple of months.

The US is about to get pummeled by this thing, more so than any other country in the world.  Expect more checks in about three months.

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rfm010
On 3/27/2020 at 3:51 PM, Daddle said:

Well then, she can kiss the new scooter goodbye.

Or you can kiss her boob job goodbye.   

So to speak.

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profits101

my tax accountant back in the US sends out newsletters about developments like this. Here is the relevant part, FWIW, not an endorsement, investment advice etc:

STIMULUS-NO SIGN UP NEEDED

Stimulus Check Calculator

Find out how much your economic stimulus check will be using this handy tool.  This is an ESTIMATE ONLY your actual check may vary.  

https://www.kiplinger.com/tool/taxes/T023-S001-stimulus-check-calculator-2020/index.php

However, even if you don't get a check now, you won't lose out on the money—you'll just have to wait until next year to get it. The way the law is written, the checks that will be sent now are actually just advanced payments of a new refundable tax credit for the 2020 tax year. So, if you don't get a stimulus payment in 2020, you can claim it next year as a refund or reduction of the tax you owe if you file a 2020 tax return by April 15, 2021.

What we don't know is if your income is higher in 2019 and you qualified for the stimulus payment based on 2018 will you have to pay it back on your 2020 return.  

When will I get my check

The IRS can make electronic payments to a lot of people. This method of payment takes far less time than printing and mailing a paper check. The IRS will attempt to make payments electronically for anyone who authorized the direct deposit of a refund into their bank account at any point after 2017. If a direct deposit is rejected (e.g., if the bank account information is incorrect), the IRS will receive a rejection notice. At that point, the payment will be converted to a paper check and mailed to you.
 

What If My Check Doesn't Arrive?

Within 15 days of mailing your check (or directly depositing it into your bank account), you will receive a notice in the mail indicating the method of payment, the amount of payment, and an IRS phone number to call if you didn't receive your payment.

Both the payment (paper check) and notice will be mailed to your last known address the IRS has on file. If you have recently moved, you should file a Form 8822 with the IRS and a change of address notice with the U.S. Postal Service. This will ensure correspondence and payments from the IRS will be sent to your new address.

 

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Daddle
8 hours ago, rfm010 said:

Or you can kiss her boob job goodbye.   

So to speak.

Yeah, truly, when a dollar amount is quoted I suddenly like 'em just the way they are.

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