With the global pandemic sweeping across our nation, good news has become something of an oddity in this day and age. People have been fighting over toilet paper, hand sanitizer, surgical masks, and the like. Quarantines, curfews, and lock downs have even become the current norm.
This past week, it has been announced that American citizens will be receiving a $1,200 stimulus check from the government in the next coming weeks, and for many people, this is a welcome sight given the circumstances occurring in our nation. Check out the information below to see if your eligible to receive the check and how you can make sure it reaches your hands.
$1,200.00 (Restrictions Apply)
An additional $500.00 for every qualifying child age 16 or under
Eligibility to receive the full amount from the stimulus bill is based off income from your 2019 or 2018 tax returns. To be eligible, all individuals must have a valid Social Security Number. Exceptions include members of the military.
People with Full Eligibility
Single adults who have an adjusted gross income of $75,000 or less
Married couples with no children who have a combined adjusted gross income of $150,000 or less.
Taxpayers who have filed as Head of Household who have an adjusted gross income of $112,500 or less.
People with Partial Eligibility
Single Adults with an adjusted gross income between $75,000 and $99,000.
Married couples with no children who have a combined adjusted gross income between $150,000 and $198,000.
People with no Eligibility
Single Adults with an adjusted gross income above $99,000.
Married couples with no children who have a combined adjusted gross income above $198,000.
Adults who have been claimed as dependents. This includes college students that have been claimed as dependent by their parents or legal guardians.
How to Apply to Receive Payments
There is no need to apply to receive a payment. All payments will be sent to all eligible individuals straight to their bank account via direct deposit. Since eligibility is based off your 2019 or 2018 Tax Returns, the IRS (Internal Revenue Service) will already have the correct information to send the payment to your bank account.
If you have not prepared your 2019 Tax Return as of yet, you're stimulus payment will be based off your 2018 Tax Return.
If you have not filed a 2018 Tax Return, we recommend you use a 2019 Social Security statement showing your income to see what an employer reported to the IRS.
Payment Lead Time
Most people will receive their payments within three weeks from the bills signing date of March 27, 2020. This is a statement made by Treasury Secretary Steven Mnuchin.
Eligible people will receive a paper notice via mail within a few a weeks after their payment has been disbursed. This notice would contain information that includes the final destination of the payment and in what form that payment has been made. If you still cannot locate your payment after this point, it is recommended that you contact the IRS for more information.
The Coronavirus Stimulus Bill in its Entirety - CARES Act
Although most of Americans are concerned primarily on the stimulus check they would be potentially receiving from the stimulus bill, there are a number of other topics that are touched within the bill itself that could help thousands to hundreds of thousands of Americans.
Check out the bill itself for more information. Follow [LINK]
At Green Machine Labs we are dedicated to helping our fellow community members especially in this trying time that we are all facing. We send our condolences to all those with a loved one who have been affected by the disease itself and hope for a swift recovery. It is in these times that we discover who we can truly trust and depend on.
Be safe out there everyone - it's a crazy time we're all living in.