Starting this Wednesday the IRS will start deposit the citizens eligible Americans on Wuhan coronavirus relief money to solve the economic problems caused by the terrible pandemic of the Wuhan coronavirus.
However, millions of Americans have questions about that money, they want to know if they have to return it, if they pay taxes, among others, here are some answers given by CNBC Make It.
The coronavirus checks are not taxable. Checks starting at $1,200 are for individuals earning up to $75.000 annually, and up to $2.400 for couples earning up to $150.000 annually. Plus $500 for dependents under the age of 17.
Explained Tax foundation that even people who do not file taxes qualify for these payments.
If all the information in your tax returns is correct will not return the money you receive for the help of the coronavirus.
Both the United States Department of the Treasury and the Internal Revenue Service, agencies in charge of distributing the money, confirmed to the agency Associated Press which people will not have to repay the money in next year's tax filing.
Treasury spokeswoman Patricia McLaughlin said, "This it is not an advance and there is absolutely no obligation to pay it back«, so highlighted telemundo51.com.
For his part, IRS spokesman Eric Smith stated that the 2020 tax form has not been printed, but relief checks will have nothing to do with your income deductions next year.
People who do not have to file taxes #IRS, including those with incomes too low to file, now have a new option to register online for an Economic Impact Payment. It's free and easy: https://t.co/YHSdAWWAdX #COVIDreliefIRS pic.twitter.com/5nSimvsRyQ
— IRS in Spanish (@IRSenEspanol) April 14, 2020
Receiving the money will not take months, since if the IRS has your direct deposit banking information, you should receive your payment in the coming weeks, as reported by the federal agency.
In turn, the Treasury Department The US government reported on Monday that millions of Americans will receive their deposits starting this Wednesday, April 15, adding that "it expects a large majority of eligible Americans to receive Economic Impact payments within the next two weeks."
For receive the money do not have to register anywhere, since the citizens' information is in the 2018 or 2019 tax return, based on the information issued by the filer, the IRS has all the necessary bank information to receive the payment automatically.
The IRS explained that sOnly low-income people who do not file taxes should give their data to that federal agency, that's how he highlighted it on his portal irs.gov.
If there are people who have not yet given their bank account information to the IRS to receive the payment faster than waiting for the check by mail, you can enter the following link to check the status of the deposit or provide the bank information. irs.gov/coronavirus/getmypayment.
with certain exceptions, as long as have a Social Security number and meet the income eligibility requirements, you will receive a check or deposit.
What about retirees?
people who receive Social Security Retirement, SSDI, and Railroad Retirement benefits will not need to file a new tax return to receive their payments, if they qualify; the IRS will use the bank account information you already have.
Notably If you have not yet filed your 2019 taxes, if you are eligible you will receive a check or deposit. The IRS will use your 2018 return to estimate your credit or coronavirus deposit amount.
In the cases in which the IRS overpaid a person, the agency won't ask for the money back, but scams are now rampant, and the Federal Trade Commission has warned that there are some related to coronavirus checks. "The most common is that the scammers send a check supposedly from the" IRS ", then claim that they overpaid and that you must return some money," he stressed. telemundo51.com.
"If you get a check - which looks official - for more than you expected, say $3,000, the next call you're likely to get is from a scammer, so you should report them to the FTC, highlighted the agency.
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