Stimulus Bill Resources
How Does The Stimulus Bill Effect Me?
Every American who makes under $75,000 a year will receive a payment of $1200.
The IRS has opened a new, online portal and launched a new, free app for economic impact payment tracking. This portal will allow taxpayers to find out the status of their payment. If a payment hasn't yet been issued, individuals can provide their banking information for direct deposit. Individuals who were not required to file 2018 or 2019 taxes can enter their information here so that they will receive economic impact payments.
The determination of salary is based on 2019 tax filings. Calculations for various situations:
Prorated checks will go out to those making up to $99,000 a year, with the payment decreasing by $5 for every $100 in income above $75,000.
Married couples are eligible for a check of $2,400, as long as adjusted gross income is less than $150,000 a year.
Cuomo will sign an executive order allowing New Yorkers to obtain marriage licenses remotely and allowing clerks to perform ceremonies by video (don’t know where to add this)
Married couples will also receive $500 for every child under 17, while parents who file as a “head of household” — a tax status usually reserved for single parents — are eligible for the $500 per child under 17 as well, and can receive the $1,200 check if they earn less than $112,500 a year.
If you do not follow these fact patterns check in here and if you want to calculate how much you will receive use this WaPo calculator here
How do I get the payment?
No action is required. Americans with Social Security numbers do not need to apply to receive the payments, the Internal Revenue Service needs to already have bank-account information on file in order to send out cash via direct deposit. For those who have not received tax refunds via direct deposit, the check will be mailed out-likely weeks later.
If you have not filed you are encouraged to do so immediately for the prior year. The IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can to receive an economic impact payment. Taxpayers should include direct deposit banking information on the return. Check out this CNET article to see where you can file for free.
The IRS is going to continue to provide updates here.