The US government plans to pay back the financial assistance to Americans affected by quarantine coronavirus, and this amount will depend on the annual income of the recipient, writes Fox Business.
It is expected that the payment will be $1 200 per adult for individuals earning up to $75 000. The threshold income for couples will be $150 000, they will receive $2 400 for a couple and $500 for each child.
The final payout will depend on your annual income, according to the latest tax return. IRS (IRS) will primarily focus on the return for the year 2019. But for those who have not yet filed, the amount of assistance will be calculated on the basis of the data Declaration for 2018.
Therefore, some taxpayers might have the sense not to rush to send Declaration for the 2019 year (especially given the fact that in connection with the quarantine the timing of its submission was extended until 15 June 2020).
For those whose income is close to the threshold, it will be advisable not to rush into filing, so as not to miss the chance to receive assistance.
“If the size of your income in 2019 will be the basis for reducing the size of the payment (for the reason that the amount exceeds the upper threshold) — then wait until you have help on the basis of the Declaration in 2018”, says ed Slott, founder IRAhelp.com
The amount of the benefit to individual taxpayers and married couples will be reduced in the following way: the rate is $5 for every $100 in excess of the maximum amount of annual income. For example, those who for the previous tax period, earned $75 500 will receive a check in the amount of $1 175.
The allowance generally will not be assessed to individuals earning more than $99 000 in a year; heads of families with one child earning more than $146 500, and couples filing a joint return and earning over $198 000 for the year.
However, those who deliberately delays the filing of the Declaration in 2019, will be another issue.
“If you have the right to a tax refund, then you will have to wait longer than usual,” warns ed Scott. Therefore, it is necessary to weigh all “for” and “against”the”.
According to recent information, the average amount of the tax refund is $2 936. Legislators report that a precise timetable for the assistance of persons not yet installed, but we are talking about the next few weeks.
The project aims to support the Americans until the U.S. economy recovers from the turmoil of quarantine coronavirus and begin to function normally. Many enterprises in the country were temporarily closed to prevent the possibility of infecting a large number of people. As a result, many Americans are left without jobs or with minimal employment. In this situation, citizens filed almost a record in the history of the United States the number of applications for unemployment benefits — more than 3.3 million
As previously wrote ForumDaily:
On 27 March, the President of the United States Donald trump signed a bill in the amount of $2.2 trillion, by providing support to businesses and ordinary Americans affected by the quarantine coronavirus.
Details on the conditions for granting this aid, and answers to the most common questions about it can be found at the link.