The Internal Revenue Service (IRS) released more information Monday on how people can get checks from the federal government as quickly as possible after Congress passed a $2 trillion stimulus package amid the CCP virus pandemic that has cost millions of people their jobs.
Americans who are eligible to receive stimulus money under the new relief package should make sure that they have filed a tax return for 2018 or 2019 with their bank information to make sure they can receive a direct deposit.
The IRS says it will use a person’s 2019 return to calculate whether people are eligible and will automatically send the cash to qualified individuals. Those who didn’t file in 2019 will still be able to receive money based on their 2018 return.
“The vast majority of people do not need to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible,” the agency says. “In the coming weeks, the Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail,” it adds.
The agency said it will soon post more information about the new package on its pandemic website portal.
Top White House officials, including Treasury Secretary Steven Mnuchin and adviser Larry Kudlow, have said they hope to have the cash sent to Americans within three weeks of the passage of the bill last Friday.
American residents with a Social Security number who earn under $75,000 and married couples who earn less than $150,000 are eligible for as much as $1,200 per person, with an additional $500 per child under 17. People who make more than the threshold will see decreases by $5 per every $100 earned after that, ending at $99,000. Other people who are not eligible are those who owe back child support payments.
The IRS states that Americans who were required to file taxes recently will have to file a “simple tax return” and provide basic information such as bank account numbers, their filing status, and the number of dependents.
“People who typically do not file a tax return will need to file a simple tax return to receive an economic impact payment. Low-income taxpayers, senior citizens, Social Security recipients, some veterans, and individuals with disabilities who are otherwise not required to file a tax return will not owe tax,” according to the agency.
Last week, U.S. unemployment claims spiked more to more than 3 million, shattering an all-time record, as businesses close down and lay off workers amid the Chinese Communist Party (CCP) virus pandemic. The virus first emerged in Wuhan, China, last year before the CCP mismanaged and covered up the crisis, leading to a global pandemic.