VSECU Within the next three weeks, you should have a stimulus payment in your bank account. For many, this will offer much-needed financial relief and help you pay off some of those overdue bills. What can you expect to receive and how will you receive it? We've rounded up the basics for you here and you can visit our blog for more detailed information.
If you are an eligible taxpayer who filed in 2018 or 2019 as an individual with an adjusted gross income of $99,000 or less, you will receive as much as $1,200. If you filed jointly with an adjusted gross income of $198,000 or less, you will receive up to $2,400. In addition, parents will receive up to $500 per qualifying child. The amount you receive will depend on your income, so read our blog to find out how much you can expect to get.
If you filed taxes in 2018 or 2019, you don't need to do anything to receive your check. Social Security recipients and railroad retirees, who are not required to file a tax return, are eligible for a stimulus check and do not need to file a return.
You will receive your payment electronically or by check based on how you have received IRS payments in the past. If you receive your payment electronically, you will likely receive your payment sooner. Paper checks will be slower to arrive. If you have not used direct deposit in the past, you may have an option to provide your bank details via an online portal currently under development by the Treasury Department.
Stimulus checks will be available throughout 2020, so if you haven't filed, you still have time. You can learn more about the stimulus checks and get additional guidance by visiting the IRS's Coronavirus Tax Relief web page.
Source: Vermont State Employees Credit Union. Montpelier 4.4.2020