The IRS Has You Covered During Covid-19 Pandemic
Here is how to get your stimulus check from the IRS.
Check distribution starts this month of April, which traditionally has been income tax deadline. But that has been pushed out to July 2020. Instead, due to Covid-19 pandemic the Treasury Department and the Internal Revenue Service are sending you checks.
The good thing is you just need to wait for it if you haven’t yet received it. There is nothing for you to do, unless you have changed banks recently, or you haven’t filed income tax since year 2017. Read further to hear what to do.
Most Are Eligible for the Covid Stimulus Checks With Some Exceptions
Here is what to expect:
- Individuals get up to $1,200.oo
- Married couples get up to $2,400.00 and up to $500.00 for each qualifying child.
- Eligible railroad retirees and social security recipients don’t have to file a tax return to receive the stimulus check.
- Individuals with adjusted income up to $75,000 and married couples filling joint returns up to $150,000 get full payment. But, above that expect a reduction of $5 for every $100 above those amounts.
Not Eligible are:
- Individuals with income exceeding $99,000
- Joint filers with no children income exceeding $198,000
- Individuals listed as dependents on someone else’s tax return
Where Will the IRS Send Your Check?
During this Coronavirus pandemic, expect your check to be automatically deposited in the account you have on your most recent tax income return provided you did file for years 2018 and 2019.
- If you haven’t yet filed you still can do so but the sooner the better.
- If you have changed banks during that time contact the bank to temporarily reopen your account.
- If the IRS doesn’t have your direct deposit information they plan to provide a website link where you can input your information to immediately receive payments. Just be sure at that time that you are already on the IRS website so that you are not tricked by scammers’ Plishing tactics. Feel free to check back here in the reference section below for the IRS link.
- Expect the check to be mailed to you if you don’t want to submit your information online.
SSA-1099 and RRB-1099 Forms
If you are not required to file tax returns then your SSA-1099 form or RRB-1099 form are used to generate your Covid-19 stimulus payment. This goes for any eligible recipients including social security recipients, railroad retirees and senior citizens.
Since you don’t file taxes the IRS won’t have any information about possible dependents so do expect to receive just the $1,200 per individual.
Will You Miss Out If you Cannot File Right Away?
No, you will still have the rest of year 2020 to receive the stimulus check. That will give time for churches, community centers, tax professionals and other organizations to assist those who need help with filing their income taxes.
Escape Any Financial Related Pandemic In Future
This coronavirus upheaval has been a wake up call for anyone who needs money to participate in the economy and that is most likely 100% of the world. Even in these times we are glad to get money from the government, for those who are qualified.
For those who are not, it’s either because you are off the grid or have earnings beyond a certain threshold. Either way, you are informed what you can receive and not receive with which you may or may not agree.
For many reasons coming out of this experience, many people will decide to control their own financial destinies instead of waiting like part of shell shocked herd. Dependency on someone else happens. But, it doesn’t need to be the normal way to get out of a bad situation next time. When the dependency is on an individual, a government or a business it is a stressful uncertainty when you don’t know quite what to expect.
Take Control of Your Finances
Don’t be the part of the population that gets left behind as the virus is ultimately contained and we get moving again. Make a change. Start with creating your own online business.
The resources available to you now to make your dreams a reality makes it near ridiculous not to step into that direction. Remove limits from the amount of money you can receive and create your own long-term sustainable passive income. Here is my No. 1 recommendation and all the reasons why.