Coronavirus :: Stimulus Questions Answered

  1. How much will I get? 
    The U.S. Treasury will disburse up to $1,200 per adult and $500 per child under age 17. A married couple with two kids could get $3,400, for example.
    This link (CLICK HERE) has a calculator that you can use to determine how much you will receive based on factors such as adjusted gross income, filing status on your tax return, and how many dependents you claim.
  2. When will I get it? On April 2, Treasury Secretary Steven Mnuchin said at a news conference that money should start arriving within two weeks.
  3. Check this link often for up-to-date information:  IRS TAX RELIEF SITE. The IRS has issued the following points:
    • Do not call
    • No action is needed by taxpayers who:
      • have already filed their tax returns this year for 2019. The IRS will use this information to calculate the payment amount.
      • haven’t filed yet for 2019 but filed a 2018 federal tax return. For these taxpayers the IRS will use their information from 2018 tax filings to make the Economic Impact Payment calculations.
    • Watch for a letter in the mail. For security reasons, the IRS plans to mail a letter about the economic impact payment to the taxpayer’s last known address within 15 days after the payment is paid. The letter will provide information on how the payment was made and how to report any failure to receive the payment.
    • Watch out for Scammers. Remember, the IRS will not call , text you, email you or contact you on social media  asking for personal or bank account information – even related to the economic impact payments. Also, watch out for emails with attachments or links claiming to have special information about economic impact payments or refunds.
  4. How will I get paid? Many of the mechanical details are still in the works, but one method the Treasury will use — perhaps the fastest one — is direct deposit; many people have already provided the necessary bank account information to the IRS on their tax returns
  5. Does this Stimulus have to be repaid? No, and it will not be taxed as income.

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