Coronavirus Relief Economic Impact Payments; The Internal Revenue Service (IRS) and the U.S. Treasury Department announced today that distribution of economic impact payments will begin in the next three weeks. Along with the initiation of economic impact payments will be distributed automatically, with no action required for most of the people. However, those individuals who typically do not file returns, i.e. some seniors and others, will need to submit a simple tax return for receiving the stimulus payment. The Treasury Department and the Internal Revenue Service are making joint efforts to facilitate taxpayers during the coronavirus health crises all across United States. With the beginning of distribution of economic impact payments in the next three weeks, taxpayers can surely get some relief. Black Ink is presenting every important thing you need to know about the economic impact payments and their distribution in USA. Read the complete post and if you have any further query, reach our representative via requesting call back.
Who Is Eligible For the Economic Impact Payment in USA?
Most of the taxpayers are eligible to claim economic impact payment, which include:
- Tax filers with adjusted gross income up to $75,000 for individuals will receive the full payment.
- Tax filers with adjusted gross income up to $150,000 for married couples filing joint returns will receive the full payment.
- For the Tax filers (individuals & married couples) with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds.
- Eligible individual taxpayers will automatically receive an economic impact payment of up to $1,200 who filed tax returns for either 2019 or 2018.
- Eligible married couple taxpayers will automatically receive an economic impact payment of up to $2,400 who filed tax returns for either 2019 or 2018.
- Parents will also receive $500 for each qualifying child.
Who Is NOT Eligible For The Economic Impact Payment In USA?
Following taxpayers in the United States do not qualify for receiving economic impact payment:
- Single filers with adjusted gross income exceeding $99,000 are not eligible for economic impact payment.
- Joint filers with no children having adjusted gross income exceeding $198,000 are not eligible for economic impact payment.
How Will The IRS Know Where To Send My Economic Impact Payment?
Those taxpayers who qualify to receive economic impact payment are not required to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible tax filers. The IRS will use the information of taxpayers who have filed their 2019 tax returns for the calculation of the economic impact payment amount. For those taxpayers who have not filed 2019 tax returns until now, the IRS will use information from their 2018 tax filing for the calculation of the economic impact payment amount. Furthermore, the IRS will direct deposit economic impact payment amount into the same banking account reflected on the return filed. The process is made easier so that the taxpayers do not need to file any form or application to the IRS in coronavirus pandemic hit. Stay Home, Stay Safe; this is all what the IRS and the U.S. Government wants from the nation.
What Can I Do If The IRS Does Not Have My Direct Deposit Information?
If your direct deposit information is not available to the IRS, do not panic. The Treasury is planning to develop a web-based portal in the coming weeks especially for such individuals whose direct deposit information is missing with the IRS. On the upcoming web portal, those individuals will be able to provide their banking information to the IRS online, so that their economic impact payments can be sent immediately as opposed to checks in the mail.
Can I Still Receive My Payment If I Am Not Typically Required Filing A Tax Return?
YES, people who typically do not file a tax return will also receive economic impact payment from the IRS. Such individuals will be required need to file a simple tax return for receiving an economic impact payment. Low-income taxpayers, Social Security recipients, senior citizens, some veterans as well as individuals with disabilities who are otherwise not required to file a tax return will not owe tax. File your taxes now to become eligible for economic impact payment as the IRS has already extended tax deadline till July 15, regardless of amounts owed.
How Can I File The Tax Return Required To Receive My Economic Impact Payment?
The IRS will soon update the information to file the tax return needed for receiving economic impact payment amount. Black Ink will soon bring all the latest details for taxpayers on how to file a 2019 tax return with simple as well as necessary information. The updates will cover their filing status, number of dependents and direct deposit bank account information.
Can I Still Receive An Economic Impact Payment If I Have Not Filed My Tax Return For 2018 Or 2019?
YES, you can receive an economic impact payment if I have not filed my tax return for 2018 or 2019. In this regard, the IRS urges individuals with a tax filing obligation who have not yet filed a tax return for 2018 or 2019 to file as soon as possible. Filing their returns help them to receive an economic impact payment. Furthermore, the IRS instructs taxpayers to include their direct deposit banking information on the return for receiving fast economic impact payment.
I Need To File A Tax Return. How Long Are The Economic Impact Payments Available?
The economic impact payments will be available throughout the rest of 2020. So those people who are concerned about filing a tax return can contact Black Ink to get their economic impact payments as soon as possible. We are working remotely during the coronavirus pandemic situation for filing your returns.
Where Can I Get More Information On IRS Economic Impact Payments?
All the latest information on IRS economic impact payments and their distribution throughout the United States will soon be posted on IRS coronavirus tax relief page. Black Ink Team is working remotely to file your returns in order to facilitate economic impact payments receiving into your bank accounts. Plus, we are working continuously in an effort to bring all the latest happenings in the IRS department to provide coronavirus relief support. Stay connected with us via Black Ink News and make the most from coronavirus tax relief programs by the U.S. government. So that was all you need to know about Coronavirus Relief Economic Impact.