Stimulus Check Questions: How Do I File? Will I Owe More Taxes?
Eighty million Americans have already received their stimulus payment checks since last week, but more than 90 million are still waiting for it according to a recently published article.
HOW MANY HAVE RECEIVED AND HOW MANY ARE STILL WAITING?
Millions of Americans are still waiting for their stimulus payment checks. There are around 171 million who are expected to receive this financial support from the federal government amid COVID-19.
Out of 171 million Americans, 80 million have already received their checks through their banks. The other more than 90 million will receive their checks in the coming weeks, but there could be many reasons why there is a delay in receiving the stimulus.
He also urged the Americans that to make sure that they can get the cash quickly, they need to make sure that their direct deposit information has been shared with the Internal Revenue Service through the new "Get My Payment Tool."
The checks or money to be received are slated in the following manner:
- $1,200 for individuals
- $2,400 for couples
- $500 for dependent children under 17 years of age
However, the recipients need to be below the following thresholds:
- Up to $75,000 in adjusted gross income if you are single
- $112,500 if you file as head of household
- $150,000 if you are married and file jointly
It is essential to take note the check will be based on the 2018 and 2019 tax returns or depending on the latest and updated available information with the IRS.
WHEN WILL YOU GET YOUR PAYMENT?
Janet Holtzblatt, a senior fellow at the Urban-Brookings Tax Policy Center, said: "What puts you first in the queue is if you had filed your tax return and put a direct deposit number in it."
However, if you have not yet filed direct deposit information, you have to wait for a paper check. If you want to get your money faster, then the federal government is urging you to submit your bank information using the new Get My Payment tool.
WHY IS YOUR PAYMENT LOWER?
There are many Americans who are asking why they received lower amounts. One of the factors seen is that the basis of your payment could be your 2018 tax return if you have not yet filed your 2019 tax return, or it is still on process.
WILL YOU OWE TAXES ON THIS MONEY?
The answer is, "NO." If you receive a refund next year, it will not be reduced because of what you get now.
It is also imperative to take note that the speed on how a person gets his or her stimulus payment check depends on the filing method and if the government has their banking information. Moreover, electronic payments can be disbursed quicker than cash.
Read a related article: $2 Trillion US Stimulus Package: Who Gets It and Who Don't
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