Call MCIL if you need information about the COVID-19 Stimulus payment
By Christina Clift
In mid-April most Americans will begin receiving “economic impact payments” which is part of the CARES Act law that Congress passed, and the President signed in response to the COVID-19 pandemic. This 2.2 trillion dollar rescue package will provide some help to Americans impacted by the Covid19 virus, but it will not be the only solution needed to begin combatting the economic fall-out this virus caused on our city, state, country, and world. Many people are wondering if they are eligible, how much money will they receive, and how they will get their money. These are all valid questions given the initial confusion when this law was passed, but I’ve done my best to answer some of them below:
In mid-April most Americans will begin receiving “economic impact payments” which is part of the CARES Act law that Congress passed, and the President signed in response to the COVID-19 pandemic. This 2.2 trillion dollar rescue package will provide some help to Americans impacted by the Covid19 virus, but it will not be the only solution needed to begin combatting the economic fall-out this virus caused on our city, state, country, and world. Many people are wondering if they are eligible, how much money will they receive, and how they will get their money. These are all valid questions given the initial confusion when this law was passed, but I’ve done my best to answer some of them below:
Who will be eligible for payments?
- You filed a tax return for either 2019 or 2018.
- Your income is below the guidelines for the payments. $75,000 a year for individuals and $150,000 for married couples filing jointly
- People with higher incomes get less or no money. See the IRS information for more details.
- Social Security beneficiaries
- You are not a dependent on someone else’s tax form.
- You have a social security number
How much money should I expect?
Anyone earning up to $75,000 in adjusted gross income and who has a Social Security number will receive a $1,200 payment. This means married couples filing joint returns will receive$2,400 that make under $150,000.
The payment steadily declines for those who make more. Those earning more than $99,000, or $198,000 for joint filers, are not eligible. The thresholds are slightly different for those who file as a head of household. Parents will also receive $500 for each qualifying child.
How will I get the Money?
Don’t worry, payments will be direct deposited in your bank account or mailed to you in a check. The IRS will use the information you gave them when you filed your 2019 taxes. They will only use your 2018 tax information if you have not filed for this year. It’s important to remember that the IRS will use the following information from your return to distribute your payment:
- The bank account you gave the IRS for direct deposit of your refund
- The address where you got a refund check
- The address on your most recent tax return
Social Security beneficiaries will not be left out. You will receive payments just like everyone else, but will not be required to file a tax return. The IRS will use the information from Social Security to send you a payment. They will do this for senior citizens, Social Security recipients and railroad retirees who otherwise don’t file a tax return.
The IRS is working on a way for individuals to update their information on the internet so you can get a payment quicker. Check back at
www.irs.gov/coronavirus in the next weeks. Direct deposit means you get the payment faster than if they send you a paper check. If your address has changed you can visit the IRS website for more information at:
Remember, we are all in this together and MCIL will keep you up to date on issues that impact your life. Please stay home, stay healthy, and stay tuned for more information.
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