April 15, 2020

USA: Will You Have To Pay Back The Coronavirus Federal Stimulus $1,200 Payment? Plus 6 Other Federal Stimulus Myths Debunked. The Left In America Are Spreading A Lot Of Lies About This.

UPDATE from Money.com: The Get My Payment tool allows taxpayers to check on the status of their stimulus payments and confirm whether the money is arriving via direct deposit or paper check. You can also enter new bank information if your direct deposit account isn’t on file.

At least in theory this is how the Get My Payment app is supposed to work. On Wednesday, April 15, the first day the service was available to the masses, people have been complaining on social media about how the app crashed or gave them frustrating messages like “Payment Status Not Available.” 👈

The Get My Payment app is strictly for people who file federal taxes. The IRS has a separate spot online where non-tax filers, including many low-income earners, can enter their information to get stimulus checks for themselves and qualifying dependents.
written by Alicia Adamczyk
Monday April 13, 2020

The IRS began depositing coronavirus stimulus relief checks this week to some eligible Americans. But questions about the payments, including how quickly Americans will actually receive them, still abound.

Below, CNBC Make It clarified seven myths about the stimulus checks. Here’s what you need to know, from whether or not they are taxed to how long it will take for them to hit your bank account.

Myth 1: The stimulus checks are taxed

The stimulus checks are not taxable income. The checks — which are worth $1,200 for individuals earning up to $75,000 and $2,400 for couples earning up to $150,000, plus $500 for dependents under 17 — are structured as refundable tax credits. That is why even people who do not typically file tax returns qualify for these payments, according to the Tax Foundation, an independent think tank.

Myth 2: I will have to pay back the stimulus check next tax season

Assuming all of the information on your tax returns is correct, you will not repay the check next spring.

You may even receive more money when you file your 2020 taxes. While the checks are based off of your 2019 or 2018 returns to get you money now, they are technically credits for 2020 taxes, per the Tax Foundation. If it turns out that you should receive a larger credit based on your 2020 adjusted gross income (AGI), then you will receive the difference next year. “If a taxpayer’s income drops in 2020, they will be eligible for any remaining rebate credit they were not able to claim using their 2019 or 2018 return,” writes the Tax Foundation.

On the other hand, you will not be penalized by the IRS if your 2020 AGI is higher than this year’s, according to the Tax Foundation. “If the amount of a credit a taxpayer qualifies for in 2020 is less than it was based on their 2019 return, it does not have to be paid back.”

Myth 3: It will take months to receive my check

If the IRS has your direct deposit banking information, then you should receive your payment in the next few weeks, according to the agency. In fact, the U.S. Treasury Department announced Monday that tens of millions of Americans should receive their deposits by Wednesday, April 15, and the department “expects a large majority of eligible Americans will receive Economic Impact Payments within the next two weeks.”

It is those who still need to file a return and those who get their tax refund via a paper check who will potentially wait months to receive their stimulus check, according to the IRS.

Myth 4: I can’t sign up for the stimulus checks

There is nothing most people need to do to receive a check. If you filed your tax return in 2018 or 2019 and the IRS has your banking information, you will receive a payment automatically.

The only people who might need to do something to receive a payment are low-income Americans who do not typically file a return and those who want to provide the IRS with their bank account information to get their payment faster via direct deposit, as opposed to a mailed check. An online portal to update your bank account information is expected to be available in the next few days on the IRS’s website.

Myth 5: Social Security and other benefits recipients aren’t eligible

With a few exceptions, as long as you have a Social Security number and meet the income eligibility requirements, you will receive a check. Those who receive Social Security retirement benefits, as well as disability (SSDI) and Railroad Retirement benefits, will not need to file a new tax return to receive their payments, if they otherwise qualify; the IRS will use the bank account information it already has.

Myth 6: I have not filed my 2019 taxes yet so I will not get a check

Everyone who is eligible will receive a check. If you haven’t filed for 2019 yet, then the IRS will use your 2018 return to estimate your credit.

That said, the IRS “has also advised all taxpayers expecting a refund to file their 2019 tax return as soon as possible,” says the Tax Foundation.

Myth 7: The IRS overpaid me, and now I have to pay back some of the money

The IRS will not ask for money back. Coronavirus pandemic scams are proliferating, and the Federal Trade Commission warns of several related specifically to the stimulus checks. One of the most common: Scammers send a check purportedly from the “IRS,” then claim that they overpaid and you need to wire some money back.

“If you get an official-looking check for more than what you were expecting — say, for $3,000 — the next call you’re likely to get is from a scammer,” warns the FTC. “They’ll tell you to keep your $1,200 payment, and return the rest by sending cash, gift cards or money transfers.” If you experience something like this, you can report it to the FTC.

Keep in mind that the IRS will not call, text or email you. “Scammers are sending official-looking messages — including postcards with a password to be used online to ‘access’ or ‘verify’ your payment or direct deposit information,” warns the FTC. “The IRS will not contact you to collect your personal information or bank account. It’s a scam.”
written by Zack FriedmanSenior Contributor
[source: Forbes Magazine]

Do I qualify for a stimulus check? When will I get my stimulus check? Will I really get $1,200?

Here’s what you need to know.

Stimulus Checks

As part of the CARES Act - the $2.2 trillion stimulus package - the federal government is sending stimulus checks (also known as Economic Impact Payments) to millions of Americans. There have been many assumptions about what this means, how it works, and how it impacts your wallet. Let’s set the record straight so you’re completely informed.

Well, how do I know if I get a stimulus check?

If one of the following describes you, then you will get a stimulus check:
  • You are a U.S. citizen or permanent resident who filed federal income taxes for 2018 or 2019 if you meet the income thresholds;
  • You receive Social Security retirement, disability (SSDI), or survivor benefits; or
  • You receive Railroad Retirement benefits.
How much money will I get?

If your adjusted gross income is less than these numbers, your stimulus check amount will be:

Individuals: $1,200

Married Couples: $2,400

Dependent Children: $500 (must be younger than 17-years-old)

What if my income is below the maximum income amount, but higher than the income levels that get the full $1,200 stimulus check?

Here’s what happens: the stimulus check amount phases out by $5 for every $100 above certain income levels based on your tax filing status. This means your stimulus check will get reduced by $5 for every $100 more in adjusted gross income that you have above $75,000 (individual/single filer), $112,500 (head of household) and $150,000 (married.joint filer) up to the maximum income threshold.

Do I have to pay income taxes on my stimulus check?

No, you don’t have to pay income taxes on your stimulus check.

When will I get my stimulus check?

The golden question. The answer is: it depends. If you included your direct deposit information on your 2018 or 2019 federal tax return, then you may receive your stimulus check this week. The first checks were sent as early as April 9 via direct deposit to taxpayers who provided their direct deposit information on their 2018 or 2019 federal tax return. Check your bank account to learn if your deposit has arrived. Most direct deposits should arrive by April 14.

I didn’t provide my direct deposit information on my tax return. When will my stimulus check arrive?

If you did not provide direct deposit information, the IRS will send you a paper stimulus check. The IRS will start sending paper stimulus checks beginning April 24. Each week, the IRS plans to send approximately 5 million paper stimulus checks, starting with taxpayers with the lowest adjusted gross income. If that schedule holds, paper checks could take several months between May and September (depending on your adjusted gross income) to arrive.

How do I get my stimulus check faster?

If you didn’t include your direct deposit information on your 2018 or 2019 federal income tax return, don’t worry. There’s good news for you. On April 17, the IRS will release a new online tool called Get My Payment, which will also enable you to input your direct deposit (bank account) information to get your stimulus check faster.

I’m a college student. Will I get a stimulus check?

It depends. If someone claimed you as a dependent on their federal tax return, then unfortunately, you won’t get a stimulus check. If you’re ages 17-24, and someone claimed you as a dependent on their federal tax return, that person also will not get the dependent payment either. Why? To qualify for the $500 dependent payment, the dependent must be 16-years-old or younger. Now, let’s assume that you’re a college student who is financially independent and filed a 2018 or 2019 tax return. In this scenario, you can qualify for a stimulus check.

My child is a senior in high school and I claimed my child as a dependent. Do I get paid?

If your child is older than 16-years-old, unfortunately you won’t receive the $500 for each dependent. That means that many high school juniors and seniors - even if you financially support them - won’t qualify as dependents for purposes of the stimulus check. Now, let’s assume that you’re a college student and you’re financially independent. In that scenario, assuming you meet all other requirements, you can get a stimulus check.

I claim my parents as dependents on my tax return. Can I get a stimulus check for them?

Unfortunately, no. A dependent for purposes of the stimulus check means the dependent must be 16-years-old or younger. So, they would not qualify for the $500 dependent payment, which uses the same language and requirements as the Child Tax Credit.

My husband owes taxes to the IRS. Will the government use my stimulus check to pay back taxes?

No, the federal government will not take your stimulus check to pay back taxes. The same is true if you’re currently on an installment payment plan for your taxes as well.

UPDATE 4/17/20 at 12:12pm: Added info below.
CNN Anderson Cooper interviews Senator Chris Murphy, Democrat representing Connecticut who says Trump, not China or WHO, to blame for US coronavirus crisis. Watch this outrageous video and Anderson Cooper agreeing with him. Unbelievable! (emphasis mine)

There were doctors and journalists who were "disappeared" warning of the spread of the virus and its contagious nature and human to human transmission. China moved quickly to shut down travel domestically from Wuhan to the rest of China, but DID NOT STOP international flights from Wuhan.
UPDATE 4/17/20 at 2:42pm: Added info below.

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