Coronavirus stimulus package questions answered

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WASHINGTON — A $2.2 trillion relief package passed the Senate Wednesday night. President Donald Trump has said he will sign the legislation when it hits his desk.

The bill would provide one-time direct payments to Americans of $1,200 per individual adults and $2,400 for married couples and an additional $500 for each eligible child.

RELATED: Senate passes $2.2 trillion coronavirus rescue plan; House still to vote

The full amount will be available for individuals making less than $75,000 and couples making less than $150,000 annually. The amount a person receives will phase out if they earn more, ending for those earning more than $99,000 annually.

Some of the top questions that have been received: Will I get a stimulus check if I receive Social Security or if I’m on disability? What about those who did not file tax returns in 2018 or 2019?


News outlets, including the Associated Press, are reporting that U.S. citizens receiving Social Security as well as retirees are eligible for the money.

As far as those who did not file tax returns, the answer is a bit more unclear.

Here’s a break down the answers to these questions from Fortune and Kiplinger Magazines.

Will Social Security beneficiaries receive checks?

According to Fortune Magazine, the proposed bill includes language that allows people who receive Social Security – many of whom are retired and do not file taxes – to receive money from the stimulus package.

In such cases, the government would access their data through the Social Security Administration to determine their rebate.

Will those on SSI receive checks?

Steven Wamhoff with the Institute on Taxation and Economic Policy think tank told Fortune Magazine that the current bill excludes recipients of Supplemental Security Income (SSI), a federal welfare program granted to elderly and disabled people who are often living in poverty and not required to file tax returns.

What if I didn’t file a tax return for 2018 or 2019?

Some people did not file tax returns for 2018 or 2019 because their income did not reach the filing requirement threshold.

According to Kiplinger Magazine, the IRS can pull information from a 2019 Social Security Benefit Statement or Social Security Equivalent Benefit Statement if it does not have your tax returns from these years to calculate your stimulus check amount.

But what does this mean for those who did not receive Social Security or other retirement benefits in 2019?

Kiplinger reports that it is unclear right now what will happen in the situation but, at this point, there is a chance that you could receive a stimulus check.

Kiplinger does recommend, though, that people in this position may want to file their 2019 tax returns quickly. You can still file a return even if you will not get a refund and do not owe any tax.

For the stimulus checks in 2008, the IRS told people to file a return showing just $1 of income and at least $1 of adjusted gross income – even if you did not have it.

Those who get their return in before the IRS starts processing their stimulus payments should get a check.

What happens if I don’t get a check now?

Kiplinger reports that those who don’t get a check now won’t lose out on the money – they’ll just have to wait until next year to get it.

As the bill is written right now, checks that will be sent now are actually just advanced payments of a new refundable tax credit for the 2020 tax year.

If you do not get a stimulus payment in 2020, you can claim it next year as a refund or reduction of the tax you owe if you file a 2020 tax return by April 15, 2021.

Will the money I get be taxed later?

No. The check you receive is really just an advanced payment of a tax credit for the 2020 tax year, according to Kiplinger. It won’t be included in your taxable income.

And no, you will not have to repay the money.  

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RELATED: Will you get a $1,000 check from the coronavirus stimulus package?

 





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Editor is WebTech Group (WTG). WTG is a web hosting, design, SEO, press release distribution company and news agency located in St. Louis, Missouri. Site is owned and operate multiple news sites in the region. Our objective with STLNewsMissouri.com is to offer readers a one-stop news site for Missouri news. We aggregate news from news media across the state. We do not aggregate news from all sources. We pick from those that offer RSS feeds and pick the best with eliminating those that might produce the same news stories, written differently.
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