The IRS and the Treasury Department say Americans will start receiving their economic impact checks in the next three weeks. The payments are part of the $2.
2 trillion rescue package signed into law last week by President Donald Trump aimed at combating the economic ravages of the coronavirus outbreak.
Most people don't need to do anything to get the money. But some — including senior citizens and low-income people who might not traditionally file tax returns — do need to take action. People behind on filing their taxes might also want to get caught up.___Anyone earning up to $75,000 in adjusted gross income and who has a Social Security number will receive a $1,200 payment.
The payment steadily declines for those who make more. Those earning more than $99,000, or $198,000 for joint filers, are not eligible. The thresholds are slightly different for those who file as a head of household.WHAT DO I HAVE TO DO TO GET THE CHECK?The money will be directly deposited in your bank account if the government has that information from your tax return.
However, IRS and Treasury say that they will develop an online portal in the coming weeks for individuals to provide their banking information so that they can receive the payments immediately instead of in the mail. It has not yet set a deadline for updating that information.The IRS and Treasury say the website irs.gov/coronavirus will soon provide information about the check, including how people can file a simple 2019 tax return.
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