The Coronavirus, Aid, Response, and Economic Security (CARES) Act includes direct monetary payments that will provide immediate relief for families, workers, and small business owners across the nation.
Here is what you need to know:
The government will send direct payments of up to $1,200 for individuals, $2,400 for couples, and $500 per child under the age of 17.
The IRS will calculate and automatically send the economic impact payment to those eligible. Payments will be directly deposited into your bank account using information from your 2018 or 2019 tax returns. The IRS expects to make direct deposit payments in mid-April. Information on how those without direct deposit information will receive their check is below.
Here are answers to the most frequently asked questions:
I am a Social Security recipient. Do I still qualify?
Yes. Everyone is eligible for the full rebate payments as long as they have a Social Security Number and their household income is not too high. This includes Social Security beneficiaries (retirement, disability, survivor) and Supplemental Security Income (SSI) recipients.
I am not typically required to file a tax return. Can I still receive my payment?
Yes. Social Security beneficiaries who do not file taxes will receive their payment the same way that they receive their Social Security check.
The IRS is still working to ensure that low-income seniors who receive Supplemental Security Income (SSI) or those who receive Social Security Disability Insurance can also be paid directly. You can stay up to date on this here.
What do I do if the IRS does not have my deposit information?
For other taxpayers who do not file taxes, you will need to file a “simple tax return” that will likely only ask a few questions including your name, your Social Security Number, any dependents, and your deposit information. You will then receive the payment via direct deposit.
The IRS is working on a web portal with how you can file a simple tax return. You can stay up to date on this here.
For more information, please visit Congressman Ruiz’s website.