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In an effort to soften the economic effects of the novel coronavirus epidemic, U.S. President Donald Trump approved a $ 2 trillion economic stimulus package on March 27, which would include a payment of up to $ 1,200 for taxpayers from that country.
In addition to giving money to individual taxpayers and their families, this economic stimulus will also support businesses and industries impacted by the epidemic. About 9 out of 10 households could receive a recovery reimbursement under this economic stimulus. Not everyone would receive the full refund and there would be those who do not receive any payment.
Here is what we know about these individual and family stimulus rebates: including knowing if you would be eligible, how much you could receive, and how you would receive this payment.
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The amount you receive will depend on your last annual tax return
The total amount of your economic stimulus will be based on your adjusted gross income (AGI) declared in your 2019 federal taxes or – if you have not yet filed the declaration this year – in 2018.
Who qualifies for the stimulus payment?
The amount you would receive will depend on your total income in 2019 or 2018 and on whether you have filed an annual tax return. These would be those who qualify to receive it:
- If you are a single US resident and have an Adjusted Gross Income (AGI) less than US $ 99,000.
- If you declared that you are the head of the family and earned less than US $ 146,500.
- If you filed a joint return without children and earned less than $ 198,000.
- If you are a foreign resident who lives and works in the United States and has a valid Social Security Number (SSN) —this includes people with work visas such as H-1B, H-2A and L, and people protected under the Deferred Action for Arrivals (DACA) and Temporary Protected Status (TPS) programs.
The legislation passed for the fiscal stimulus indicates that there are people who have not filed an annual tax return in 2018 or 2019 and who could receive the stimulus, in which case, the United States Treasury Department should obtain their information from your Social Security number, to deliver the stimulus if applicable.
However, the Internal Revenue Service (IRS) published on Monday, March 30, a notice on your website clarifying that people with low incomes, senior citizens, some veterans and people with disabilities who have a Social Security number and who are not required to file a tax return will also receive the economic stimulus. However, the publication adds, which in this website soon They will be informed of the procedure they must follow to receive the stimulus.
Following this announcement, as published by The Washington Post, 41 senators from the Democratic Party sent a letter on Wednesday, April 1, to the White House to question the reason for such a charge imposed on older adults and other citizens with disabilities. For its part, the newspaper asked for a statement from the IRS and the Treasury Department, but received no response.
Read on to find out how your payment would be calculated and how long you can expect. You can also check this calculator.
Who does not qualify for the stimulus payment?
- People with B1 / B2 and F1 visas since they are considered as nonresident aliens.
- Undocumented immigrants who pay taxes using an ITIN number.
- Families with mixed immigration status. That is, families that have citizen members and others do not.
- High-income people with no children who earn more than $ 99,000 a year.
- Childless married couples earning more than $ 198,000 a year.
Does receiving the stimulus qualify as a public charge?
The United States Citizenship and Immigration Service (USCIS) urged everyone, including foreigners, to seek medical assistance if they have symptoms of COVID-19 and indicated that this will not adversely affect foreigners in their citizenship application under the rule. end of Inadmissibility for Reasons of Public Charge.
However, USCIS indicates that if an alien “It must depend on public benefits during the duration of the COVID-19 pandemic and the recovery stage” it must provide an explanation and documentation to justify the support.
How much will you receive as an individual taxpayer
As a single US resident, you must have a social security number and an AGI under $ 75,000 to receive the full amount of $ 1,200. The amount decreases as your AGI increases. If your adjusted gross income reaches $ 99,000, you will not qualify for the stimulus.
If you declared as head of household, you will receive the full payment of $ 1,200 if your AGI is $ 112,500 or less, and the amount would decrease until you reach $ 146,500 of adjusted gross income.
Couples with joint declaration
Couples who have jointly declared childless and with an adjusted gross income of less than $ 150,000 will receive a payment of $ 2,400, reducing to zero if their AGI is $ 198,000. For every child age 16 and under in the family, parents will receive a payment of $ 500.
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If you haven’t filed your 2018 federal tax return, do it now
The IRS said that if you haven’t filed your 2018 federal tax return, it could affect your stimulus payment and recommends that anyone who has not filed their 2018 return do so now.
Read more: The best 2020 tax filing software: TurboTax, H&R Block, TaxSlayer and more
If you’re retired and didn’t file a tax return in 2018 or 2019, you could still get paid
The IRS will use your Social Security benefit statement number to determine if you can receive a payment.
Youth between 17 and 23 will not receive payments
University students between 19 and 23 years old are not eligible to receive the stimulus, nor are young people between 17 and 19 years old (whether or not they are students).
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When would payments come out
At a press conference on Thursday, March 26 at the White House, Treasury Secretary Steven Mnuchin said he expects people to receive their payments in the next three weeks. after the law was passed if have a direct deposit registered with the IRS. If you don’t have direct deposit on file with the IRS, the government will send you a check in the mail.
More about taxes in 2020
Do you need to register, fill out an application or request for your payment?
The federal government will automatically send you your payment, in case you are eligible, as indicated by the IRS.
What to do if you don’t receive your payment
If you are eligible for the stimulus, you should receive a notification from the government through the mail with information about when and where the payment will be sent to you. If you receive the notification but not the payment, contact the IRS using the information received in the notification.
In addition to the economic stimulus package, the United States government has pushed the deadline to file your taxes to July 15.
With the collaboration of Alejandra Ramos.