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A senior Treasury official told Fox News on Friday that by the middle of next week, tens of millions of eligible Americans will have money from the federal government directly deposited into their bank accounts.
The official told Fox News that the Treasury will transmit the batch of payments to the Federal Reserve for distribution to financial institutions across the nation. Those financial institutions will then distribute the payments into Americans’ bank accounts.
The official explained that this first batch of payments will be received by Americans who filed their taxes in 2018 and/or in 2019 and received a refund via direct deposit.
Filers who did not receive a refund electronically in the last tax year will soon be able to expedite their payment by submitting their bank information to the IRS via the “Get My Payment” app, which the federal government is launching next week.
Those who do not file taxes are now able to go to the IRS website and use the “Non-Filers: Enter Payment Info Here” section to enter their bank information in order to receive their payment faster than they would via regular mail.
originally posted by: musicismagic
Is it just for Americans living in America only?
Found this Forbes article for you with a bit of shoe box money advice, lol.
originally posted by: Maverick1
I wonder if we unlucky bastards that owe the IRS will get it?
Damn, I hope so, but the answer seems kind of elusive, and I really wouldnt be surprised if they just kept mine , lol
“If people are worried about debt collectors, they should take the money out right away,” says Lauren Saunders, Associate Director at the National Consumer Law Center. The NCLC advises those consumers who are at risk of garnishment to keep a close eye on their accounts and move the money out as soon as it arrives by withdrawing it as cash, transferring it electronically, or using it to pay for groceries or other essentials.
The federal government, on the other hand, will not be able to take money you owe for defaulted federal student loans or back taxes out of a stimulus check. It will be able to take the money for back child support. (The CARES Act also blocks the IRS from taking money from your tax refund for defaulted student loans.)
Who’s eligible for a check from the government?
Congress will spend about $250bn for checks up to $1,200 per person that will go directly to taxpayers.
To be eligible for the full amount, a person’s most recently filed tax return must show that they made $75,000 or under. For couples, who can receive a maximum of $2,400, the cutoff is $150,000.
If a person makes more than $75,000, the amount given goes down incrementally by $5 for every $100 increase in salary. So a person who makes $85,000 would get $700 while a person who makes $95,000 would get $200.
If a person makes above $99,000, or a couple makes above $198,000, no check will be given.
There are some requirements and exceptions. Those getting a check must be living and working in the US and have a valid social security number. If a person is listed as a dependent on their parents’ tax return – the case for many college students – they are excluded.
What about parents?
Taxpayers will be given $500 per child 16 or under listed as a dependent on their latest tax return.
What if a person did not file their 2018 or 2019 return?
The IRS recommends people file their 2018 or 2019 tax return as soon as possible to get the payment. A check will be sent to any qualified person so long as they file their return within 2020.
What if a person does not file their taxes?
A person may still be eligible even if they do not file the taxes. The IRS says people who typically do not file taxes – low-income taxpayers and some veterans – will need to file a “simple tax return” in order to get the payment. Social security beneficiaries will not need to fill out the tax return, even if they do not file their taxes, to get the payment.
I wonder if we unlucky bastards that owe the IRS will get it? Damn, I hope so, but the answer seems kind of elusive, and I really wouldnt be surprised if they just kept mine , lol