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There has been much discussion about the $2 trillion stimulus that the
Senate just passed unanimously and the House will vote on today. So
we compiled a list of answers to some of the questions being asked as
to how it effects the people of Springdale and around the country.
Q: How much do I get?
A: If you made less that 75,000 last year you will receive the full amount of $1,200. Couples who filed with joint status and made less than $150,000 will receive $2,400. Those who filed Head of Household and also earned less than $112,500 get $1,200. For each child aged 16 and under you will receive an additional $500.
Q: What if I exceed the income limitations?
A: For every $100 an individual makes over $75,000 their stimulus payment is reduced by $5. An individual making $99,000 or more and a couple making $198,000 or more will be ineligible for the payments.
Q: When will I receive the payment?
A: According to Treasury Secretary Steven Mnuchin the payments will be sent out within 3 weeks to those for which the IRS has information. No need to take any action if you have been working and paying taxes since 2018 or if you have been receiving Social Security benefits.
Q: How will I receive my payment?
A: If you have agreed to receive direct deposit in the last two years on your tax returns or via Social Security benefits then your money will be directly deposited into your bank account. If not, the IRS will mail your paper check to your last known address. They will have 15 days to notify you of your method and amount and will provide you means to contact them if you didn't receive your check.
Q: I collect Social Security benefits and don't make enough to file taxes. Am I included in the stimulus?
A: Yes. As long as you receive form SSA-1099 for the year 2019 you will receive the payment.
Q: Is the stimulus payment taxable?
A: No, it is not.
Q: Do members of the homeless population receive the payment?
A: Yes, as long as you have a valid Social Security number you should be eligible.
I hope this quick Q and A helps answer some questions about the new stimulus package for you and I hope it helps you get life back on track after 4-5 weeks of uncertainty for many.
Q: How much do I get?
A: If you made less that 75,000 last year you will receive the full amount of $1,200. Couples who filed with joint status and made less than $150,000 will receive $2,400. Those who filed Head of Household and also earned less than $112,500 get $1,200. For each child aged 16 and under you will receive an additional $500.
Q: What if I exceed the income limitations?
A: For every $100 an individual makes over $75,000 their stimulus payment is reduced by $5. An individual making $99,000 or more and a couple making $198,000 or more will be ineligible for the payments.
Q: When will I receive the payment?
A: According to Treasury Secretary Steven Mnuchin the payments will be sent out within 3 weeks to those for which the IRS has information. No need to take any action if you have been working and paying taxes since 2018 or if you have been receiving Social Security benefits.
Q: How will I receive my payment?
A: If you have agreed to receive direct deposit in the last two years on your tax returns or via Social Security benefits then your money will be directly deposited into your bank account. If not, the IRS will mail your paper check to your last known address. They will have 15 days to notify you of your method and amount and will provide you means to contact them if you didn't receive your check.
Q: I collect Social Security benefits and don't make enough to file taxes. Am I included in the stimulus?
A: Yes. As long as you receive form SSA-1099 for the year 2019 you will receive the payment.
Q: Is the stimulus payment taxable?
A: No, it is not.
Q: Do members of the homeless population receive the payment?
A: Yes, as long as you have a valid Social Security number you should be eligible.
I hope this quick Q and A helps answer some questions about the new stimulus package for you and I hope it helps you get life back on track after 4-5 weeks of uncertainty for many.
Simplified Answers About What The Stimulus
Means For You And Who Gets Checks