stimulus

According to the most recent data from the Treasury Department, the government has distributed over 159 million stimulus checks to Americans. However, for those who have not received their stimulus checks yet are encouraged to take action.

Treasury Secretary Steven Mnuchin says in a statement that “These payments are an integral part of our commitment to providing much-needed relief to the American people during this unprecedented time.”

Those who have received their stimulus checks already had the necessary information filed with the IRS. However, there are other Americans who remain eligible that, “did not yet receive their payments, and need to take action,” according to a press release with Mnuchin.

 

If you didn’t get a check: 

It’s possible to submit your information through the IRS Non-Filers Tool if you don’t pay taxes or have not received a check. Do this by October 15 to receive your payment. Those whose income is below $12,200 and did not file a tax return in 2018 or 2019 can use the non-filers tool to add basic information to receive a check.

For those who do pay taxes and believe they’re eligible for coronavirus stimulus checks but have yet to receive one, the best thing to do is wait and claim it on a tax return for 2020.  It’s possible to speed up payments by calling the IRS Economic Impact Payment line at 800-919-9835.

 

What if my coronavirus stimulus check was  incorrect?

If you did receive the correct amount of money you were entitled to, you can claim the deficit on your 2020 tax returns. However, before you do this, make sure to check your 2019 tax return, since that is what the stimulus check amounts are decided from.

If there is no information under your 2019 tax returns, the IRS will base your stimulus check amount on your 2018 returns.Parents who did not receive the extra $500-per-child bonus can also claim the amount they are owed when they file their 2020 taxes.

 

What would the second round of stimulus checks look like?

The House of Representatives has passed another coronavirus relief package called the HEROES Act. The HEROES act will provide up to  $1,200 per person, capping at a maximum of $6,000 per household.

The HEROES act will be similar to the coronavirus stimulus payments with single adults with income up to $75,000 being eligible for a full $1,200 payment. Married people with income up to $150,000 are eligible for $2,400, while single parents who file as head of household with income up to $112,500 will get a $1,200 check.

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