Another round of Covid stimulus checks is coming. Here’s what to expect. – Community News
Stimulus Check

Another round of Covid stimulus checks is coming. Here’s what to expect.

After President Donald Trump signed the $900 billion Covid-19 relief bill Sunday night, millions of Americans will receive another round of direct payments.

For most recipients, the checks will be smaller than those in the previous Covid-19 aid package, but still a welcome sight for Americans struggling through the pandemic economy.

Here are some answers to the big questions about the soon-to-be-sent payments.

How much do I get?

Individuals who earned up to $75,000 in 2019 will receive $600. Couples who earned up to $150,000 will receive $1,200. Filers listed as “heads of household” who earned $112,500 or less will also receive $600. And families get an additional $600 — up from $500 in the spring — for every dependent under 18 in the household.

If your 2020 income qualifies for a greater benefit than your 2019 filing, the difference in payment can be claimed on tax returns filed next year — a process beginning next month.

The program is structured similarly to last spring’s, with checks shrinking and eventually reduced to zero as you progress from $75,000 for individuals, $112,500 for heads of household and $150,000 for joint submitters.

The House will vote Monday on raising the figure to 2,000 per person from $600 — something Trump has demanded — but the measure is unlikely to pass the GOP-controlled Senate.

When will I get my money?

In all likelihood even faster than earlier this year – possibly as early as next week.

That would be faster than last time, when payments took a few weeks for most (and longer for others). The checks could come faster as the government is now better prepared after collecting information on certain individuals – including those who may not have filed recent tax returns – during the previous round.

For those who receive paper checks instead of direct deposits, the turnaround time will likely be longer.

Where do I sign up?

Just like in the spring, you don’t have to sign up for anything. If you’ve filed a tax return in the past few years, are a Social Security or disability beneficiary, or are a disabled veteran, you qualify for the payments and the federal government sends the checks to the direct deposit account it has registered for either your tax refund or benefits.

If you received a paper check in the spring and did not provide wire transfer information to the government in the following months, the payment will be sent to you in a few weeks. Should you have moved in time since the last payment round, it is a good idea to update your address with the IRS as soon as possible.

Just like last time, the Treasury department is also rolling out an information campaign to help people with check questions. You can also check out the IRS’ handy “Get My Payment” tool on their website. Finally, if you have not filed taxes in recent years, have no Social Security or disability benefits, and are not listed as a dependent, it is recommended that you file tax return papers so that the government can have a direct deposit on file. if you qualify.

How does the government determine how much I earned?

If you filed taxes for 2019, the total is based on your “gross adjusted income,” which you can find on line 8B of Form 1040 on a 2019 return.

What if I am a student?

It depends on whether you are dependent on your parents. Then you are not eligible. But if you’re independent from your family and have filed taxes, you may qualify.

Are there any significant changes to the eligibility requirements from last time?

The largest change in eligibility relates to households where one or more people have a Social Security number and another member or members do not. In the spring, such households were completely barred from receiving such payments. This time, payments will be sent to every eligible member of such households – those with a Social Security number.

The change is retroactive, so these households can claim money from the first round of stimulus checks as part of the tax returns they file next year.

What if I am not a citizen?

Just like last time, you are eligible as long as you have a valid Social Security number.

Are these payments taxable and do I have to pay anything back?

New.

Will these checks also have Trump’s name on them?

The government has maneuvered to get the president’s name on the latest round of scrutiny despite some reluctance from critics, but it’s unclear if it will happen again. The Treasury Department did not respond Monday to a request for clarification about the signature.