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There is still time to send your bank account information to the IRS to get your stimulus payment faster, but not long.
the Internal Revenue Service said On Friday, taxpayers who qualify for the 2020 lump-sum payment have until noon on Wednesday, May 13 to get their money faster by submitting direct deposit information in the Get my payment site.
What happens if I didn’t file a tax return?
The IRS also offers a web tool for people who generally do not file tax returns to Submit basic information (such as a bank account number) so that the stimulus payment is quickly deposited into your bank account. People who have little or no income and did not file a tax return, and who do not get Social Security retirement, survivors or disability benefits, railroad retirement benefits, supplemental security income or VA compensation and pension benefits, are also eligible for a stimulus payment but need to register through that non-archiving tool on the IRS site.
Payments are expected to be automatically sent to Americans receiving government benefits through Social Security, Supplemental Security Income, Railroad Retirement, or Veterans Affairs.
How much does the stimulus check cost?
Single adults who reported AGI $ 75,000 or less on your 2019 tax returns (or 2018, if you haven’t filed a 2019 return yet) get a one-time stimulus check for $ 1,200. Married couples who filed a joint return with an adjusted gross income of less than $ 150,000 qualify for a stimulus payment of $ 2,400. Families also receive an additional $ 500 in stimulus money for each child under the age of 17.
For those who earn more, the payment amount is reduced by 5 percent of the amount the adjusted gross income exceeds $ 75,000 (or $ 112,500 for taxpayers filing as heads of household or $ 150,000 for taxpayers filing a joint return) until you reach $ 0.
The stimulus payment of $ 1,200 for eligible individuals (or $ 2,400 for married couples filing a joint return) without qualifying children would decrease to $ 0 once adjusted gross income reaches these thresholds:
- $ 198,000 for taxpayers filing a joint return
- $ 136,500 for taxpayers filing as head of household
- $ 99,000 for everyone else
You still have a few days to submit bank information to get your stimulus payment faster.
If I earned more, can I continue to receive dependent payments?
Yes, but the amount of the payment is reduced by 5% of the amount that exceeds the adjusted gross income $ 75,000 (or $ 112,500 for taxpayers filing as head of household or $ 150,000 for taxpayers filing a joint return) until it’s $ 0.
Payments would drop to $ 0 for those with a AGI of these amounts or more.
- $ 208,000 for taxpayers filing a joint return
- $ 146,500 for taxpayers filing as head of household
- $ 109,000 for everyone else
Who is considered a qualifying child?
According to the IRS definition, a rating the child must be the son, daughter, stepchild, eligible adoptive child, brother, sister, stepbrother, stepsister, half brother, half sister, or a descendant of the taxpayer and under the age of 17 at the end of the taxable year.
When will my stimulus payment arrive?
the Treasury Department announced Nearly 130 million payments totaling approximately $ 218 billion have been delivered on Friday so far. It is expected to send around 150 million payments in total. (The Treasury Department provides state-by-state figures. here.)
You can use the Get my payment tool on the IRS site to track the status of your payment and obtain a projected deposit date. The IRS said the information is updated once a day, usually overnight.
If you don’t meet the deadline for adding your bank information and qualify for a payment, you should receive it in the mail. Starting this month, the number of paper checks issued to taxpayers is expected to increase dramatically. But it could still take weeks for all checks to be delivered.
The IRS plans to send a letter to each recipient within 15 days of delivery or deposit of payment. It will provide information on how the payment was made and how to report any failure to receive payment.
What if my stimulus check is not the correct amount?
If you didn’t get the full amount you thought you were entitled to, the IRS says andYou can claim the extra amount when you file your 2020 tax return. Unfortunately, that means you won’t see that money until 2021.
Related stories:
The stimulus check has not yet arrived? This may be why
Everything you need to know about your $ 1,200 stimulus check
The smartest ways to use your stimulus check
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