After sounding the call to shut down the American economy, the government is here to help.
Capitol Hill has talked for weeks about providing direct payments to beleaguered taxpayers thanks to the $2.2 trillion CARES federal stimulus bill — but until now it’s just been numbers on a piece of paper.
According to the Department of the Treasure and the IRS — the agencies responsible for dispersing the money — the first payments will be going out beginning next week to those who filed tax returns with direct deposit information on their 2018 or 2019 forms. The Treasury Department has said that everyone with direct deposit should get the payments before April 24, so try to hang on for two weeks.
If you received a tax refund through direct deposit in the past, you don’t have to do anything, the IRS will just deposit the money into your account. If you don’t have direct deposit, the IRS will send a physical check, but that could take some time, so the IRS is working on setting up a form on its website for people to fill in their direct deposit information to get that money faster.
If you have a Social Security Number, and you made less than $99,000, you qualify for the payment. Those with income of up to $75,000 will receive payments of $1,200. Couples with household income of up to $150,000 will receive a $2,400 payment. Single parents who file their taxes as “head of household” who make up to $112,500 will get the full $1,200 benefit. Parents with children ages 16 or younger will get an additional $500 per child (as long as you’ve claimed them as a dependent on your tax returns). This money is not taxable!
But will there be more, especially if lockdowns and stay-at-home orders persist and the economy stays bundled up? The $2 trillion coronavirus bill only authorized this onetime payment, but congressional leaders are already talking about the need to pass more stimulus packages as the coronavirus outbreak drags on. But it is too early to say what will be included in future legislation. Congress has also topped up unemployment insurance, paying out $600 per week on top of state benefits, but they must be filed through the state you live in, and Floridians have had widespread issues getting registered with the Department of Economic Opportunity.