According to the analysis Committee of the U.S. house of representatives on ways and means, many Americans will be able to obtain Federal assistance in connection with the coronavirus until mid-September, reports Fox Business.
In mid-April, the internal revenue Service (IRS, Internal Revenue Service, IRS) will begin to translate approximately 60 million payments to Bank accounts of US residents.
These payments will take about three weeks. Then in early may, the IRS will begin to send paper checks by mail.
The IRS will need to send about 100 million checks. The service can send no more than 5 million cheques per week. This means that the process can take 20 weeks. So the last payment may not occur before September. Cheques will be issued in the reverse order, depending on income, that is, to begin with will be people with the least income.
Later this month or in early may, the IRS plans to create a portal so people can check the status of their payments, and also to provide details of their Bank accounts for direct transfer of money not to wait for sending a check.
The head of the Department of the Treasury for Finance Steven Mnuchin said at a briefing in the White house that he hopes that this will allow more people to get their money “within a few days” after providing the information for the payment.
It also encourages taxpayers to file tax returns as soon as possible if they have not done so, although the deadline for tax returns was postponed to 15 July 15 APR.
“In this environment we don’t want the people receiving the checks,” said Mnuchin. “We are planning to put money directly into their account”.
In the document prepared by the Committee of the house of representatives, stated that the Federal payments included in the law on economic assistance amounting to $2.2 trillion, adopted last week to fight the outbreak of coronavirus, can take months. Lawmakers called on the IRS to quickly process payments to the unemployed could use them to pay bills.
The Treasury said that those who are on social security and those persons not required to file a tax return, you do not need to do anything to receive payments. Those who are not required to file tax returns each year, can file a “simple tax return” and provide information about your account to quickly receive Federal aid.
Who gets Federal assistance?
Anyone who earns up to $75 million and has a social security number will receive a payment of $1200. This means that married couples submitting a joint Declaration, will receive $2400 if their income, which they indicated in their declarations is less than $150 thousand.
Those who earn more than $99 thousand, or $198 thousand for married couples are not eligible to receive Federal assistance.
Parents will also receive $500 for each child under 17.
What I need to do to get a check?
For most people, anything.
The money will be directly credited to your Bank account if the government would get this information from your tax return. If you have not filed taxes in 2019, the government will use the information from the Declaration of 2018. Can also use your application to receive social benefits.
Usually I do not submit a Declaration. Will I receive Federal aid?
Yes. People who are not required to file a tax return, such as persons with low income, some elderly people, recipients of social security, certain veterans and people with disabilities, will need to submit a simplified tax return to get Federal aid. In the Declaration it is necessary to provide basic data, including the status of the person, the number of dependents and Bank account information.
I have not filed taxes in 2018 or 2019. Will I receive Federal aid?
Yes, but the IRS urges everyone who must file a tax return and have not yet done so, apply it as soon as possible to get Federal aid. If taxpayers want the money was sent to their account, they must include your Bank information in the Declaration.
I didn’t put my Bank account in a tax return, what do I do?
The government will default send you a check in the mail. However, the IRS and Treasury state that in the coming weeks they will make the online portal, to enable people to provide Bank information with it, and get the money in your account, rather than checks by mail.
Where can I specify my account number?
The IRS and Treasury state that on the website irs.gov/coronavirus soon there will be information about this and about how you can file a simple tax return for the year 2019.
I need more time to file a tax return. How much time I have, so I can get Federal aid?
People who want to personally visit a tax preparer or local public organization in order to help with the tax return does not have to worry. Federal assistance will be charged to all, to whom it applies, before the end of 2020.
As reported ForumDaily:
The Senate approved an unprecedented package of economic assistance of $2.2 trillion, which will go to business, workers and systems of health affected by the pandemic coronavirus.
The bill was supported unanimously, despite concerns of representatives of both parties, that the measures proposed were too ambitious or, on the contrary, not ambitious enough.
Information about who is eligible for Federal assistance, and, when the money to pay, read here.