The Economic Impact Check can pay your mortgage or rent. According to the IRS and Treasury Department, Americans could begin receiving these checks in approximately three weeks.
Palm State Mortgage, who helps make your dreams come true, wants you to know how to receive your Economic Impact Check. We want you to understand when and what to expect.
This topic blog topic may seem a little unusual to some. However, as a Florida licensed mortgage broker and brokerage corporation, it’s more on track than you might realize.
Caution: Economic Impact Check
While the payment system and procedures look to be “cut and dried,” there could be some last-minute changes. So, if you have concerns or experience delayed receipt of your check, go to the Internal Revenue site to recheck possible changes.
What is an Economic Impact Check?
The devastation of the Coronavirus is well known by literally everyone in America. You can’t turn on the television without seeing the number of new victims and the death rate by what the president calls, “the Invisible Enemy.”
As a result of the Coronavirus (COVID-19), many Americans have been laid off or lost jobs. Others have felt the crunch of medical bills and other expenses. Most of us are concerned about how we keep paying bills. These include such things as our mortgage payments or and car payment. Then, there is the little matter of how do I feed my children?
As most of you know, Congress passed a bill that the president signed last week. Some refer to it as a stimulus package. In addition to assistance to U.S. businesses, the bill provides cash payments to each American to relieve the pressures of lost income, as well as calming our concerns and fears.
The cash payment is known as an “Economic Impact Check.” Officially, it is “aimed at combating the economic ravages of the coronavirus outbreak.” The payment is part of the $2.2 trillion rescue package, previously mentioned.
When Do I Get My Check?
The check is the part that most of us are interested in at the moment. We have bills to pay and many of us do not have any other way to do it.
The IRS and the Treasury Department say Americans will start receiving their economic impact checks in the next three weeks. Whether the IRS will take several weeks or longer to complete payments for everyone is uncertain.
How Do I Get the Money?
Many people can sit back and wait for the money to come to them. According to the IRS and Treasury Division, the check will be deposited directly into your bank account.
So, when a surprising amount of cash suddenly shows up in your checking account, it probably isn’t a mistake. The IRS uses your bank account information, taken from your last federal tax return. This assumes that the government has that information from your last tax return.
If you haven’t filed your 2019 taxes, the government will use information from your 2018. Either way, the IRS uses your return to calculate your payment and determine where to send it. It can use your Social Security benefits statement as well.
What if I didn’t file tax returns for 2018 or 2019?
If you are required to file taxes but did not file in either of the two years, you will need to take “special action” in order to receive a check. You may have to complete your returns for those years in order to get the Impact check. Go to this IRS site for more details on what you need to do.
Additionally, individuals who fall into the low-income bracket and who might not traditionally file tax returns need to check with the IRS for instructions.
Am I Eligible for the Economic Impact Check
Unless you make too much money, you probably are eligible. Here are the guidelines from the IRS and Treasury Department.
- Anyone earning up to $75,000 in adjusted gross income and who has a Social Security number will receive a $1,200 payment. That means married couples filing joint returns will receive the full payment — $2,400 — if their adjusted gross income, which what you report on your taxes, is under $150,000.
- The payment steadily declines for those who make more. Those earning more than $99,000, or $198,000 for joint filers, are not eligible. The thresholds are slightly different for those who file as a head of household.
- Parents will also receive $500 for each qualifying child if they were reported as dependents on your last tax return.
What if I Didn’t Use Direct Deposit On My Tax Return?
The IRS stated that they will send you the check by mail if you did not use direct deposit.
However, IRS and Treasury say that they are developing an online portal in the coming weeks so individuals can provide their banking information. Then, this should speed up your payments and allow you to receive the payment much faster than by mail.
The IRS and Treasury stated that the new coronavirus website will soon provide information about the check payments. The site will include information on how an individual can file a simple 2019 tax return if needed.
For additional questions, delays or special problems, check with the IRS website or the special site that is scheduled to come online soon.
Thank you for reading our Palm State Mortgage blog. Please, stay healthy and do come back.