The United States Congress is working on a trillion stimulus bill to mitigate financial hardships due to coronavirus, with Americans set to get up to ,200 checks for that purpose.The U.S. Congress is currently pushing through a trillion stimulus bill to mitigate the financial effects of the COVID-19 pandemic. Some Americans can expect to receive checks from the government to assist them to cope with the hard times during this coronavirus crisis.Official reports confirm that the payments will be ,200 for individuals, which translates to ,400 for the married couples who file income taxes jointly. It also includes 0 per child.But, there are specific qualifications that one must meet to become eligible for the money. Decisions will be made based on individuals’ adjusted gross
Wanguba Muriuki considers the following as important: trillion stimulus bill, buckingham strategic wealth, coronavirus, coronavirus crisis, covid-19, jeffrey levine, News, Personal Finance, us congress
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The United States Congress is working on a $2 trillion stimulus bill to mitigate financial hardships due to coronavirus, with Americans set to get up to $1,200 checks for that purpose.
The U.S. Congress is currently pushing through a $2 trillion stimulus bill to mitigate the financial effects of the COVID-19 pandemic. Some Americans can expect to receive checks from the government to assist them to cope with the hard times during this coronavirus crisis.
Official reports confirm that the payments will be $1,200 for individuals, which translates to $2,400 for the married couples who file income taxes jointly. It also includes $500 per child.
But, there are specific qualifications that one must meet to become eligible for the money. Decisions will be made based on individuals’ adjusted gross income in their latest tax returns. Anyone who earns over $75,000 as an individual, $112,500 as the head of a household, or $150,000 if they are married and filing taxes jointly qualify. These amounts in the checks start to reduce as income increases.
The amount reduces by $5 for every $100 exceeding those thresholds. It is entirely depleted at $99,000 in income for the individuals, $146,500 for household head filers with one child, and $198,000 for joint filers with no children.
Nevertheless, individuals still qualify for these checks if they have no income or wholly rely on non-taxable government benefit programs. Some of the non-taxable programs include SSI or Supplemental Security Income benefits from Social Security. Everyone must have a valid Social Security number to get these funds.
Anyone who is yet to file a 2019 return will get the funds based on their 2018 information. Also, the government may use a 2019 Social Security benefits statement, or the Social Security Equivalent Benefit Statement, or Form SSA-1099, or Form RRB-1099.
Not everyone will receive these checks. Some people like the nonresident aliens and those whose deductions can go to another taxpayer will not receive anything. Also, trusts and estates are excluded from receiving these payments.
The bill calls for sending out these payments as quickly as possible. All eligible residents will get the funds electronically in the case that they authorized refunds previously to be delivered to them instantaneously. Otherwise, the checks will be sent out via postal mail.
Official reports reveal that Congress’ coronavirus relief bill would considerably expand unemployment benefits for the Americans who lose their jobs as a result of the country’s recent economic contagion.
The self-employed workers, individuals in search of part-time jobs, and workers that quit their jobs or cannot reach their workplaces due to COVID-19 are among those who qualify for these benefits.
Checks May Shortchange Various Americans on Social Security amid Coronavirus
This bill that calls for sending checks to most Americans due to the coronavirus pandemic seems interesting. However, based on its language, it appears like the majority of the Social Security recipients are covered.
But, whether it helps or hurts seniors depends on the fine print of this legislation. The amounts on these checks depend on the amount of income taxes filed by the eligible recipients. Anyone whose tax bill is below $600 as an individual receives $600. Anyone with a tax liability above $1,200 means that the amount they can receive is capped at $1,200; these amounts double for the married couples.
The catch in this entire explanation is that all the qualifying recipients must have an income. Thus, counting Social Security benefits as income will enable the senior citizens to get these checks. They qualify according to the explanation by Jeffrey Levine of Buckingham Strategic Wealth in Long Island, New York.
Nevertheless, there are isolated cases that could be overlooked according to the current proposal. Some of the checks that will go out will be based on the 2018 tax. Thus, some of the people’s needs now might not be reflected in information from back then.
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