Most seniors will receive a coronavirus stimulus check, if you meet the income limits.
Many seniors and retirees are confused by the 2020 coronavirus stimulus check program, wondering if they are going to get a check or not. There is a lot of confusion especially if you haven’t filed taxes in the past two years. Based on current information, here are answers to your questions about the coronavirus stimulus checks and how they impact seniors:
Who is sending the check?
The Treasury Department and the IRS are responsible for sending stimulus checks. You will not receive your check from the Social Security Administration or any other agency.
Am I getting a check?
Under the CARES Act, individuals and married couples qualify to get the stimulus check if you meet the income requirements:
• Individuals: adjusted gross income of up to $75,000 will receive a coronavirus stimulus check worth $1,200.
• Married couples: joint adjusted gross income of up to $150,000 will receive a coronavirus stimulus check worth $1,200.
• For those with higher incomes: payment reduced by $5 for each $100 above the $75,000 individual or $150,000 joint thresholds.
• Ineligible: Individuals with adjusted gross income above $99,000; Married couples with joint adjusted gross income above $198,000 are ineligible for a coronavirus stimulus check.
The IRS said it will calculate and automatically send these payments to eligible individuals and married couples using information from their 2019 or 2018 tax filings.
When am I getting my check?
Treasury Secretary Steve Mnuchin has said coronavirus stimulus payments will begin sometime the week of April 12, 020, mostly by direct deposit or paper checks.
Where are they sending the check? How do I get my money?
The agency will deposit coronavirus stimulus payments directly in the same banking account reflected on the most recent tax filing, according to the IRS.
If you get your Social Security benefits on a government Direct Express debit card instead of direct deposit you will probably get your money that way, but that is still unclear.
What if I didn’t file a 2018 or 2019 tax return?
Federal retirees who receive Social Security benefits and did not file tax returns in 2018 and 2019 will automatically receive coronavirus stimulus checks, according to the Treasury Department and the IRS. If you didn’t file a return in 2018 or 2019, the Treasury will find other ways to locate you, including your Social Security information. The department will use information from standard SSA forms to generate the coronavirus stimulus checks. Payments will be sent via direct deposit or by paper check, just as regular Social Security benefits are made.
The Treasury and the IRS announced that Social Security beneficiaries who are not typically required to file tax returns will not need to file an abbreviated tax return to receive an Economic Impact Payment. Instead, payments will be automatically deposited into their bank accounts.
However individuals who don’t usually file tax returns can enter their banking and financial institution information directly on the IRS website through its new Free File tool. This is important if your banking information is not on file with the IRS, or you don’t have a bank account. Here is the tool for you to enter your payment information: https://www.irs.gov/coronavirus/non-filers-enter-...
Should I enter my payment information with the IRS tool?
• You haven’t filed a 2018 or 2019 return because you are under the normal income limits for filing a tax return. This may include single filers who made under $12,200 and married couples making less than $24,400 in 2019.
• You receive veterans’ disability compensation, pension, or survivor benefits from the Department of Veterans Affairs, and you did not file a tax return for the 2018 or 2019 tax years. The IRS has not extended automatic direct deposit to those folks but says they are working on it. In the meantime, the IRS says you can use the tool now or wait until the IRS reviews automatic payment options to simplify delivery for these folks.
• You are a Social Security, SSDI, and Railroad Retirement beneficiary with qualifying dependents. As noted earlier, you will automatically receive your $1,200 Economic Impact Payment, but if you have qualifying children under age 17, you can use the tool to claim the $500 payment per child.
• You are above the income limits to receive a payment.
• You receive Social Security, SSDI, or Railroad Retirement benefits without any qualifying dependents (you’ll automatically get a check).
• Your direct deposit information is already on file with the IRS.
• If someone else claimed you on their tax return, you will not be eligible for the Economic Impact Payment or using the Non-Filer tool.
The IRS is building a second tool expected to be available by April 17. The new tool, “Get My Payment”, will provide payment updates, including the date your payment is scheduled to be deposited into your bank account or mailed to your address.
Get My Payment will also let you provide your bank account information to receive your payment more quickly rather than waiting for a paper check. This feature will be unavailable if the payment has already been sent or scheduled.
NOTE: this information is sourced from public domain sources and provided for educational and informational and entertainment purposes only and should not be construed as financial or tax advice. Contact your accountant or tax professional before taking any action based on the information provided in this article.