Stimulus Check Covid 19 – What you Need to Know at IRS.gov/coronavirus

Finance

Stimulus Check Covid 19:

On March 11, 2020 Individual states put a series of lockdowns in place to slow the spread of Coronavirus after it was announced as pandemic by WHO. To handle the unemployment issues the Federal Government passed relief bills that included an Economic Impact Payment — better known as a coronavirus stimulus check. They began a plan to send $1,200 checks (or digital deposits) to most Americans. You must know how to check the status of their stimulus check. Read the full article below to know the status of your stimulus check.

What is Stimulus Check:

Stimulus checks are known as direct payments to American families provided by the U.S. government in response to COVID-19. During the pandemic three stimulus checks have been paid out.

  • The first check has been authorized by Coronavirus Aid, Relief, and Economic Security Act (CARES Act) which provided up to $1,200 per eligible adult and $500 per eligible dependent child.
  • The second check has been authorized in December of 2020 which provided up to $600 per eligible adult and dependent child.
  • By the American Rescue Plan Act on March 11, 2021 a third check has been provided up to $1,400 per adult and dependent.

Eligibility criteria of getting a stimulus check:

  • Only U.S. individuals with Social Security numbers are eligible to get this stimulus check.
  • The rules of eligibility will depend on the checks.
  • A dependent wasn’t eligible for their own check for the first two payments.
  • Dependents under 17 could receive a payment for them.
  • In the third check dependents were also prohibited from claiming their own checks.
  • Now dependents receive a payment for adult dependents as well as for dependent children over age 17.

Income limits:

  • Americans are automatically eligible for getting the $1,200 stimulus check.
  • Couples making $150,000 per year, persons making up to $75,000 per year will receive the full pay out of $1,200 per adult including an extra $500 per child.
  • Persons make between $75,000 and $99,000 and married couples making between $150,000 and $198,000 can get a reduced payment.
  • Persons who make more than these income limits will not receive a check.
  • These incomes will be based on your last filed tax return.
  • Persons who filed 2019 taxes, the income from 2019 will be used.
  • Your 2020 tax return information will be used in case you have not yet filed.

How to check your Stimulus Check status:

You can check the status of your stimulus payment by a website created by IRS. But now The Get My Payment tool is no longer updating for checking the status of the first or second stimulus check. But to see your third check status you can use it.

  • You can check the status of your payment, and update your payment information on file with the IRS including whether it has been sent, the date issued, and whether the money will be directly deposited or mailed.
  • In case your status reads “Payment Not Available” then your payment might not be processed or you aren’t eligible for one.
  • In case your status reads “Need More Information” then your check might have returned to the IRS after an attempted delivery and you need to give more information to them.

You have to file a 2020 tax return to get the payment in case you did not get your first or second check.

When you will get your stimulus check:

  • The IRS started sending out payments around 15th April.
  • Nowadays, approximately 80 million payments have been sent as of this article’s publication date.
  • Approximately 150 million payments have been expected to send out by IRS.
  • This means that half of all stimulus payments have already been sent.
  • In case you haven’t got yours yet because of some banks may hold the funds for a few days.
  • IRS is encouraging you to use the IRS.gov/coronavirus online tool in case you haven’t got your check yet.
  • Payments could be delayed for Americans who do not have direct-deposit bank account information on file with the IRS.

 

stimulus check

 

How can you get your stimulus check:

  • You will receive the stimulus payment as a digital direct deposit, in case you are a taxpayer who already has direct deposit information on file with the IRS.
  • You will soon get your payments because IRS has already started to send out digital payments.
  • You’ll need to manually submit it online – or, wait for a physical check to be mailed, in case you do not have direct deposit information on file.
  • The informations will be used by the IRS on file from your last tax return.
  • Your reported income, your address and your bank account information will be included within it.
  • You have to update your information as soon as possible if anything has changed.

 

Also Read:

How to Make a Transfer of Bank of America Online

Overview of Betterment vs Lending Club Online

Overview of TD Ameritrade vs Betterment

 

Delay in advance credit payments:

Until late January 2022 for Form 7200 your expected payments od Advance Payment of Employer Credits has been delayed. Taxpayers can file Forms 7200 by facsimile until January 31, 2022 and their applicable employment tax returns by the required due date. You have to keep your patience during their annual system update.

Customer Support:

For general concerns, there is a customer support which will help you 24 hours a day, 7 days a week.

  • First you have to open a browser of your choice.
  • Then visit the home page at www.irs.gov/help/telephone-assistance.
  • You will need to scroll down to the bottom of the page.
  • Then locate to select the Customer Service option.
  • After locating the Customer Service option, you’re now required to tap on Contact Us.
  • After visiting the next screen, a couple of different assistance options will be displayed on-screen to seek help for the particular query or concern you’re looking to solve.

Reference:

www.irs.gov/help/telephone-assistance

IRS.gov/coronavirus


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